Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-21

Avis Budget Group (CAR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,995,354
Joseph Ferraro total, FY2025
Former President and CEOhighest-paid officer; CEO Brian Choi: $5,921,410
8th
CEO (Brian Choi) pay percentile vs peers
CEO-to-median pay ratio
98.8%
Say-on-pay support, latest vote
Companies that benchmark against CAR
7 companies name CAR as a compensation peer

Each company listed discloses CAR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CAR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Ferraro$1,550,000$0$5,566,691$0$741,000$716$136,947$7,995,354
Former President and CEO
Brian Choi837,50004,285,0140765,351033,5455,921,410
CEO
Jagdeep Pahwa4,65505,000,05000005,004,705
Executive Chairman
Izzy Martins350,00002,119,98800019,1612,489,149
Former CFO
Ravi Simhambhatla500,00001,150,0080381,6000161,7652,193,373
EVP, Chief Digital & Innovation Officer
Daniel Cunha325,00001,207,1760262,0960127,7501,922,022
EVP, CFO
Edward Linnen600,0000829,9790390,960066,4501,887,389
EVP, CHRO

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Joseph Ferraro$7,995,354$6,922,790$10,274,921+1,072,564
Brian Choi5,921,4102,709,0963,601,377+3,212,314
Jagdeep Pahwa5,004,705
Izzy Martins2,489,1492,514,3862,525,859−25,237
Ravi Simhambhatla2,193,3731,553,0082,474,816+640,365
Daniel Cunha1,922,022
Edward Linnen1,887,3891,312,541+574,848

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Brian ChoiPSU2025-03-124,2718,5418,541$535,008
Brian ChoiRSU2025-03-1229,933
Brian ChoiPSU2025-03-1214,96729,93344,9001,875,003
Daniel CunhaPSU2025-07-231,4552,9094,364603,588
Daniel CunhaRSU2025-07-232,909
Joseph FerraroRSU2025-03-1228,4381,781,356
Joseph FerraroPSU2025-03-1230,21560,43090,6453,785,335
Edward LinnenRSU2025-03-125,188
Edward LinnenPSU2025-03-122,5945,1887,782324,976
Edward LinnenPSU2025-03-121,4372,8742,874180,027
Izzy MartinsPSU2025-03-123,1536,3066,306395,008
Izzy MartinsRSU2025-03-1213,769
Izzy MartinsPSU2025-03-126,88513,76920,654862,490
Jagdeep PahwaPSU2025-03-1219,95639,91159,8672,500,025
Jagdeep PahwaRSU2025-03-1239,911
Ravi SimhambhatlaPSU2025-03-121,9963,9913,991249,996
Ravi SimhambhatlaRSU2025-03-127,184
Ravi SimhambhatlaPSU2025-03-123,5927,18410,776450,006
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Brian Choi$0$2,410,011$0100.0%
Daniel Cunha0603,5880100.0%
Joseph Ferraro1,781,3563,785,335068.0%
Edward Linnen0505,0030100.0%
Izzy Martins01,257,4980100.0%
Jagdeep Pahwa02,500,0250100.0%
Ravi Simhambhatla0700,0020100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Daniel CunhaRSU373,283$76,149,732
Ravi SimhambhatlaRSU340,43369,448,332
Edward LinnenRSU245,86150,155,644
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation philosophy is centered on 'pay-for-performance,' rewarding the attainment of challenging financial and individual performance goals while aligning executive interests with shareholders. The program is designed to attract and retain a high-caliber leadership team by tying a significant portion of compensation to variable performance metrics.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPay Governance LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2026,617,695323,06116,65498.8%Passed
20252025-05-1428,284,299283,09038,75698.87%Passed
20242024-05-2228,073,883292,654121,89698.97%Passed
20232023-05-2431,331,3502,401,15540,98292.88%Passed
20222022-05-2541,171,892615,34042,13498.53%Passed
20212021-05-2645,462,3471,576,41660,82296.65%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2098.8%a
20252025-05-1498.87%b
20242024-05-2298.97%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have the same effect as a vote against such proposal.”.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$125,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)35,000 / 30,000 / 30,000
Stock ownership guideline$5
10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Avis Budget Group names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Avis Budget Group.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1AutoNation, Inc.2025Michael Manley$1,425,000$28,064,546$0$4,647,956$34,391,069
2United Airlines Holdings, Inc.2025Scott Kirby1,200,00022,565,80408,010,00032,282,253
3Hyatt Hotels Corporation2025Mark Hoplamazian1,410,41720,478,7492,562,4902,056,50026,699,762
4Travel + Leisure Co.2025Michael Brown1,331,75610,849,96203,331,30016,000,693
5American Airlines Group Inc.2025Robert Isom1,300,00012,489,0000013,871,825
6Norwegian Cruise Line Holdings Ltd.2025Harry Sommer1,300,0009,499,96002,880,80013,752,560
7Group 1 Automotive, Inc.2025Daryl Kenningham1,300,0006,999,81901,986,65611,120,439
8Ryder System, Inc.2025Robert Sanchez1,100,0017,159,49501,675,89410,178,386
9Alaska Air Group, Inc.2025Ben Minicucci847,6926,769,22201,632,7219,904,339
10Choice Hotels International, Inc.2025Patrick Pacious1,288,4624,000,09802,464,4238,074,700
11Schneider National, Inc.2025Mark Rourke1,000,0005,704,1740569,1207,380,101
12Hertz Global Holdings, Inc.2025Kevin Holleran975,9624,113,20401,325,0006,736,782
13Avis Budget Group2025Brian Choi837,5004,285,0140765,3515,921,410
14JetBlue Airways Corporation2025Joanna Geraghty700,0003,249,99601,102,5005,191,318
Asbury Automotive Group, Inc.not in coverage universe
KAR Auction Services, Inc.not in coverage universe
InterContinental Hotels Group PLCnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Avis Budget Groupnot disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
Alaska Air Group, Inc.110.0%RSU 50 · PSU 50NoMeridian Compensation Partners, LLC
American Airlines Group Inc.50.97%PSU 50 · RSU 50NoKorn Ferry
Asbury Automotive Group, Inc.not disclosednot disclosednot disclosednot disclosed
AutoNation, Inc.163%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Choice Hotels International, Inc.95.5%PSU 100NoMeridian Compensation Partners
Group 1 Automotive, Inc.not disclosednot disclosednot disclosedPearl Meyer & Partners, LLC
Hertz Global Holdings, Inc.not disclosednot disclosednot disclosednot disclosed
Hyatt Hotels Corporation84%PSU 40 · SAR 30 · RSU 30NoKorn Ferry
InterContinental Hotels Group PLCnot disclosednot disclosednot disclosednot disclosed
JetBlue Airways Corporationnot disclosednot disclosedYesPay Governance
KAR Auction Services, Inc.not disclosednot disclosednot disclosednot disclosed
Norwegian Cruise Line Holdings Ltd.110.8%PSU 50 · RSU 50NoKorn Ferry
Ryder System, Inc.90%PSU 60 · RSU 40NoFW Cook
Schneider National, Inc.not disclosedPSU 60 · RSU 40not disclosedFrederic W. Cook & Co, Inc.
Travel + Leisure Co.142.8%PSU 50 · RSU 50NoAon
United Airlines Holdings, Inc.not disclosednot disclosednot disclosedExequity

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joseph FerraroDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation”. As printed: 7,995,354. Filing ↗
2Section 01, Brian ChoiDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation”. As printed: 5,921,410. Filing ↗machine: r2 · c28 · span 648111–648120
3Section 01, Jagdeep PahwaDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation”. As printed: 5,004,705. Filing ↗machine: r6 · c28 · span 669985–669994
4Section 01, Izzy MartinsDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation”. As printed: 2,489,149. Filing ↗machine: r15 · c28 · span 713786–713795
5Section 01, Ravi SimhambhatlaDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation”. As printed: 2,193,373. Filing ↗machine: r7 · c28 · span 674836–674845
6Section 01, Daniel CunhaDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation”. As printed: 1,922,022. Filing ↗machine: r5 · c28 · span 663732–663741
7Section 01, Edward LinnenDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation”. As printed: 1,887,389. Filing ↗machine: r10 · c28 · span 689076–689085
8Section 03, Brian Choi PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 916805–916812
9Section 03, Brian Choi RSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Brian Choi PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 910003–910012
11Section 03, Daniel Cunha PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 927818–927825
12Section 03, Daniel Cunha RSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
13Section 03, Joseph Ferraro RSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1011312–1011321
14Section 03, Joseph Ferraro PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1017124–1017133
15Section 03, Edward Linnen RSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
16Section 03, Edward Linnen PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 987661–987668
17Section 03, Edward Linnen PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1000459–1000466
18Section 03, Izzy Martins PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1040922–1040929
19Section 03, Izzy Martins RSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1028972–1028978
20Section 03, Izzy Martins PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1029572–1029579
21Section 03, Jagdeep Pahwa PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 946484–946493
22Section 03, Jagdeep Pahwa RSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
23Section 03, Ravi Simhambhatla PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 975182–975189
24Section 03, Ravi Simhambhatla RSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
25Section 03, Ravi Simhambhatla PSUDEF 14A2026-04-020001140361-26-012980Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 964091–964098
26Section 06, 2026 voteForm 8-K2026-05-210000950142-26-001467Item 5.07 · say-on-pay result. As reported: 98.8% (votes for as printed: 26,617,695). Filing ↗
27Section 06, 2025 voteForm 8-K2025-05-190000950142-25-001421Item 5.07 · say-on-pay result. As reported: 98.87% (votes for as printed: 28,284,299). Filing ↗
28Section 06, 2024 voteForm 8-K2024-05-240001140361-24-027443Item 5.07 · say-on-pay result. As reported: 98.97% (votes for as printed: 28,073,883). Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31AutoNation, Inc., Section 10b CEO totalDEF 14A2026-03-170001628280-26-018696CEO total compensation as printed in AutoNation, Inc.'s own proxy. As printed: 34,391,069. Filing ↗machine: span 461406–461416
32United Airlines Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040467CEO total compensation as printed in United Airlines Holdings, Inc.'s own proxy. As printed: 32,282,253. Filing ↗machine: t375 · r8 · c16 · span 2556272–2556282
33Hyatt Hotels Corporation, Section 10b CEO totalDEF 14A2026-04-020001104659-26-038759CEO total compensation as printed in Hyatt Hotels Corporation's own proxy. As printed: 26,699,762. Filing ↗machine: span 775055–775065
34Travel + Leisure Co., Section 10b CEO totalDEF 14A2026-04-100001361658-26-000019CEO total compensation as printed in Travel + Leisure Co.'s own proxy. As printed: 16,000,693. Filing ↗machine: r2 · c21 · span 1085495–1085505
35American Airlines Group Inc., Section 10b CEO totalDEF 14A2026-04-280001193125-26-187096CEO total compensation as printed in American Airlines Group Inc.'s own proxy. As printed: 13,871,825. Filing ↗machine: r3 · c34 · span 1427237–1427247
36Norwegian Cruise Line Holdings Ltd., Section 10b CEO totalDEF 14A2026-04-300001104659-26-052146CEO total compensation as printed in Norwegian Cruise Line Holdings Ltd.'s own proxy. As printed: 13,752,560. Filing ↗machine: r1 · c56 · span 938613–938623
37Group 1 Automotive, Inc., Section 10b CEO totalDEF 14A2026-04-020001031203-26-000100CEO total compensation as printed in Group 1 Automotive, Inc.'s own proxy. As printed: 11,120,439. Filing ↗machine: r2 · c24 · span 985509–985519
38Ryder System, Inc., Section 10b CEO totalDEF 14A2026-03-110001628280-26-016651CEO total compensation as printed in Ryder System, Inc.'s own proxy. As printed: 10,178,386. Filing ↗machine: t211 · r2 · c8 · span 970489–970499
39Alaska Air Group, Inc., Section 10b CEO totalDEF 14A2026-03-300001193125-26-132048CEO total compensation as printed in Alaska Air Group, Inc.'s own proxy. As printed: 9,904,339. Filing ↗machine: t40 · r2 · c17 · span 1199860–1199869
40Choice Hotels International, Inc., Section 10b CEO totalDEF 14A2026-04-220001046311-26-000013CEO total compensation as printed in Choice Hotels International, Inc.'s own proxy. As printed: 8,074,700. Filing ↗machine: r2 · c27 · span 1071913–1071922
41Schneider National, Inc., Section 10b CEO totalDEF 14A2026-03-170001104659-26-029426CEO total compensation as printed in Schneider National, Inc.'s own proxy. As printed: 7,380,101. Filing ↗machine: r1 · c42 · span 1012102–1012111
42Hertz Global Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-020001834622-26-000026CEO total compensation as printed in Hertz Global Holdings, Inc.'s own proxy. As printed: 6,736,782. Filing ↗machine: r3 · c8 · span 1830962–1830971
43Avis Budget Group (subject), Section 10b CEO totalDEF 14A2026-04-020001140361-26-012980CEO total compensation as printed in Avis Budget Group's own proxy. As printed: 5,921,410. Filing ↗machine: r2 · c28 · span 648111–648120
44JetBlue Airways Corporation, Section 10b CEO totalDEF 14A2026-04-020001158463-26-000041CEO total compensation as printed in JetBlue Airways Corporation's own proxy. As printed: 5,191,318. Filing ↗machine: r5 · c7 · span 2148744–2148753
45Section 10a, Hyatt Hotels Corporation reciprocityDEF 14A0001104659-26-038759Hyatt Hotels Corporation's most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
46Section 10a, Group 1 Automotive, Inc. reciprocityDEF 14A0001031203-26-000100Group 1 Automotive, Inc.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
47Section 10a, AutoNation, Inc. reciprocityDEF 14A0001628280-26-018696AutoNation, Inc.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
48Section 10a, United Airlines Holdings, Inc. reciprocityDEF 14A0001104659-26-040467United Airlines Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
49Section 10a, JetBlue Airways Corporation reciprocityDEF 14A0001158463-26-000041JetBlue Airways Corporation's most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
50Section 10a, Choice Hotels International, Inc. reciprocityDEF 14A0001046311-26-000013Choice Hotels International, Inc.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
51Section 10a, Schneider National, Inc. reciprocityDEF 14A0001104659-25-024115Schneider National, Inc. names Avis Budget Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Ryder System, Inc. reciprocityDEF 14A0001628280-26-016651Ryder System, Inc. names Avis Budget Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Travel + Leisure Co. reciprocityDEF 14A0001361658-26-000019Travel + Leisure Co.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
54Section 10a, Alaska Air Group, Inc. reciprocityDEF 14A0001193125-26-132048Alaska Air Group, Inc. names Avis Budget Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
55Section 10a, Hertz Global Holdings, Inc. reciprocityDEF 14A0001834622-26-000026Hertz Global Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
56Section 10a, American Airlines Group Inc. reciprocityDEF 14A0001193125-26-187096American Airlines Group Inc.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗
57Section 10a, Norwegian Cruise Line Holdings Ltd. reciprocityDEF 14A0001104659-26-052146Norwegian Cruise Line Holdings Ltd.'s most recent proxy was read; its disclosed peer group does not include Avis Budget Group. Filing ↗