---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-22-003481"
form_type: "8-K"
ticker: "CAR"
cik: "0000723612"
company_name: "AVIS BUDGET GROUP, INC."
filed_at: "2022-12-27T23:59:59+00:00"
generated_at: "2026-06-20T23:07:54.280844+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Avis Budget enters amended cooperation agreement with SRS through Dec 2024

## Summary
- SRS can designate two board seats (Pahwa, Sarma) plus a third; board may expand to 7 or 8.
- Standstill until Dec 31, 2024, or if SRS ownership drops below 5% or 1,973,485 shares.
- SRS ownership cap raised to 44.5% of voting securities (18.5M shares maximum).
- SRS gets chair of Compensation Committee and Vice Chairman designation rights.
- SRS must vote proportionally if voting rights exceed 35% of outstanding shares.

## SEC filing metadata
- accession: 0000950142-22-003481
- form_type: 8-K
- ticker: CAR
- cik: 0000723612
- company_name: AVIS BUDGET GROUP, INC.
- filed_at: 2022-12-27T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723612/000095014222003481/0000950142-22-003481-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000095014222003481/eh220316264_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-22-003481
- JSON: https://secwatch.observer/filing/0000950142-22-003481.json
- Plain text: https://secwatch.observer/filing/0000950142-22-003481.txt

## Key facts
- Material Agreements
  AVIS BUDGET GROUP, INC. amended Fourth Amended and Restated Cooperation Agreement with SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”) (effective 2022-12-23).
  - Action: amendment
  - Counterparty: SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”)
  - Effective: 2022-12-23
  source text: On December 23, 2022, Avis Budget Group, Inc. (the “Company”) entered into a Fourth Amended and Restated Cooperation Agreement (the “Fourth A&R Cooperation Agreement”) with SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”), regarding the membership and composition of the Company’s board of directors (the “Board”) and related matters, following approval thereof by the directors not designated by SRS.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014222003481/0000950142-22-003481-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.