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SRS Investment Management Signs Cooperation Agreement With Avis Budget Group, Inc. (CAR)

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In a 13D filing with the Securities and Exchange Commission, Karthik Sarma‘s SRS Investment Management reiterated its position in Avis Budget Group Inc. (NASDAQ:CAR). SRS reported holding 9.50 million shares, the stake amassing 9.5% of the company’s outstanding stock. In addition, the filing stated:

“On January 25, 2016, the Investment Manager, along with the Funds (collectively, the “SRS Parties”), entered into a cooperation agreement with the Issuer (the “Cooperation Agreement”) whereby the parties agreed, among other things, and subject to certain conditions, that: (i) the Issuer will increase the size of the Board to twelve directors and appoint Brian Choi, a senior employee of the Investment Manager, to the Board no later than two business days following the execution and delivery of the Cooperation Agreement; (ii) the Issuer will increase the size of its Board and appoint a reasonably acceptable additional independent director recommended by the SRS Parties (the “Subsequent New Director” and, together with Mr. Choi, the “New Directors”); (iii) the Company will include the previously appointed New Directors in its slate of nominees for election as directors at the 2016 annual meeting of stockholders (the “2016 Annual Meeting”) and on certain committees of the Board; (iv) the SRS Parties will abide by certain standstill provisions during the Standstill Period (as defined in the Cooperation Agreement); and (v) the SRS Parties will vote their shares of Common Stock in favor of the Issuer’s nominees and other ordinary course proposals at the 2016 Annual Meeting.”

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
SRS INVESTMENT MANAGEMENT, LLC2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) 9,500,000 9,500,000 9,500,000 9.5%
KARTHIK R. SARMA2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) 9,500,000 9,500,000 9,500,000 9.5%
Karthik Sarma
Karthik Sarma
SRS Investment Management

Page 1 of 7 SEC Filing

SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
13D
Under
the Securities Exchange Act of 1934

AVIS
BUDGET GROUP, INC.

(Name
of Issuer)

Common
Stock, par value $0.01 per share

(Title
of Class of Securities)

053774105

(CUSIP
Number)

David
Zales

SRS Investment
Management, LLC

One Bryant
Park

39th
Floor

New York,
New York 10036

(212)
520-7900

with
a copy to:

Marc
Weingarten, Esq.

Eleazer
Klein, Esq.

Schulte
Roth & Zabel LLP

919 Third
Avenue

New York,
New York 10022

(212)
756-2000

(Name,
Address and Telephone Number of Person
Authorized
to Receive Notices and Communications)

January
13, 2016

(Date
of Event Which Requires Filing of This Statement)

If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule
because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]

(Page 1
of 7 Pages)

______________________________

* The remainder of this cover
page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act
of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).

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