Avis Budget : Delisting/Transfer of Listing (Form 8-K)

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

The information included in Item 5.02 below is incorporated in this Item 3.01 by reference.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 27, 2021, Carl Sparks announced his intention to resign from the Board of Directors of Avis Budget Group, Inc. (the "Company"), effective October 1, 2021. Mr. Sparks will also resign from the Board's Audit Committee and the Board's Corporate Governance Committee. Mr. Sparks' resignation is not the result of a dispute or disagreement with the Company. The Company and the Board are very grateful to Mr. Sparks for his service on the Board, which commenced in 2018.

As a result of Mr. Sparks' resignation, the Company will no longer be in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires the Company's Audit Committee be comprised of three independent directors. As of October 1, 2021, the Company's Audit Committee will be comprised of two independent directors. Pursuant to Nasdaq Listing Rule 5605(c)(4)(B), the Company is entitled to a cure period to regain compliance with Listing Rule 5605(c)(2)(A). The Company notified Nasdaq of the noncompliance on September 28, 2021.

The Company expects to be compliant with the audit committee composition requirements of Nasdaq Listing Rule 5605(c)(2)(A) by the end of the cure period.