Pfizer SEC Filings

Bank of Montreal is offering US$435,000 of Senior Medium-Term Digital Return Notes, Series K, linked to FedEx Corporation (FDX) common stock. The three-year notes (Pricing Date : 30 Jun 2025; Maturity : 03 Jul 2028) pay a single 26.00% digital return if FDX’s closing price on the Valuation Date is at least equal to the Initial Level of $227.31. Should the Final Level fall below the Initial Level, investors receive only principal, resulting in a 0% return. There is no participation above 26% and the notes bear no periodic interest.

Key economic terms include: Digital Barrier = 100% of Initial Level; minimum denomination = $1,000; CUSIP 06376EHA3. The notes are unsecured, unsubordinated obligations of Bank of Montreal and are subject to issuer credit risk. They will not be listed, and any liquidity will rely on BMO Capital Markets Corp. acting as a market-maker. Issue price equals 100%, with a 0.75% selling commission; the estimated initial value is $986.68 per $1,000, reflecting embedded dealer compensation and hedging costs.

The filing highlights material risks: upside capped at 26%, potential under-performance versus conventional bonds, lack of dividends, secondary-market uncertainty, conflicts of interest in the calculation agent role, and complex U.S. tax treatment as contingent payment debt instruments. The product may appeal to investors seeking principal preservation plus a defined payoff contingent on non-negative FDX performance, but it sacrifices income and exposes holders to both FedEx share volatility and Bank of Montreal’s credit profile.

Bank of Montreal is offering US$435,000 of Senior Medium-Term Digital Return Notes, Series K, linked to FedEx Corporation (FDX) common stock. The three-year notes (Pricing Date : 30 Jun 2025; Maturity : 03 Jul 2028) pay a single 26.00% digital return if FDX’s closing price on the Valuation Date is at least equal to the Initial Level of $227.31. Should the Final Level fall below the Initial Level, investors receive only principal, resulting in a 0% return. There is no participation above 26% and the notes bear no periodic interest.

Key economic terms include: Digital Barrier = 100% of Initial Level; minimum denomination = $1,000; CUSIP 06376EHA3. The notes are unsecured, unsubordinated obligations of Bank of Montreal and are subject to issuer credit risk. They will not be listed, and any liquidity will rely on BMO Capital Markets Corp. acting as a market-maker. Issue price equals 100%, with a 0.75% selling commission; the estimated initial value is $986.68 per $1,000, reflecting embedded dealer compensation and hedging costs.

The filing highlights material risks: upside capped at 26%, potential under-performance versus conventional bonds, lack of dividends, secondary-market uncertainty, conflicts of interest in the calculation agent role, and complex U.S. tax treatment as contingent payment debt instruments. The product may appeal to investors seeking principal preservation plus a defined payoff contingent on non-negative FDX performance, but it sacrifices income and exposes holders to both FedEx share volatility and Bank of Montreal’s credit profile.

Bank of Montreal is offering US$435,000 of Senior Medium-Term Digital Return Notes, Series K, linked to FedEx Corporation (FDX) common stock. The three-year notes (Pricing Date : 30 Jun 2025; Maturity : 03 Jul 2028) pay a single 26.00% digital return if FDX’s closing price on the Valuation Date is at least equal to the Initial Level of $227.31. Should the Final Level fall below the Initial Level, investors receive only principal, resulting in a 0% return. There is no participation above 26% and the notes bear no periodic interest.

Key economic terms include: Digital Barrier = 100% of Initial Level; minimum denomination = $1,000; CUSIP 06376EHA3. The notes are unsecured, unsubordinated obligations of Bank of Montreal and are subject to issuer credit risk. They will not be listed, and any liquidity will rely on BMO Capital Markets Corp. acting as a market-maker. Issue price equals 100%, with a 0.75% selling commission; the estimated initial value is $986.68 per $1,000, reflecting embedded dealer compensation and hedging costs.

The filing highlights material risks: upside capped at 26%, potential under-performance versus conventional bonds, lack of dividends, secondary-market uncertainty, conflicts of interest in the calculation agent role, and complex U.S. tax treatment as contingent payment debt instruments. The product may appeal to investors seeking principal preservation plus a defined payoff contingent on non-negative FDX performance, but it sacrifices income and exposes holders to both FedEx share volatility and Bank of Montreal’s credit profile.

Insider activity overview: On 07/02/2025 ZimVie Inc. (ZIMV) filed a Form 4 indicating that independent director Richard Kuntz acquired 1,340.909 Deferred Share Units (DSUs) on 06/30/2025 under the company’s Deferred Compensation Plan for Non-Employee Directors.

• Economic terms: Each DSU is economically equivalent to one share of ZimVie common stock (1-for-1 conversion). The filing lists a reference price of $9.35 but the footnote clarifies the award settles in cash once board service ends.

• Post-transaction holdings: Kuntz now beneficially owns 12,410.656 DSUs; no open-market purchases or sales of common shares were reported. Ownership remains direct, and no derivative instruments with an expiration schedule were created.

• Materiality assessment: The transaction represents routine non-cash director compensation and does not alter ZimVie’s capital structure or cash flows. Therefore, it is considered neutral for near-term valuation but it modestly aligns director incentives with shareholder performance over time.

Form 4 snapshot: On 06/30/2025, Pfizer Inc. (PFE) Chairman & CEO Albert Bourla was credited with 25 Phantom Stock Units at a reference price of $24.24 under the company’s Non-funded Deferred Compensation and Supplemental Savings Plan (SSP). Each unit mirrors one share of Pfizer common stock but will be settled in cash after the executive’s separation from service and can be reallocated to other plan investments at any time.

After this routine accrual, Bourla’s total phantom-unit balance stands at 718,220 units. The filing discloses no open-market purchases or sales of Pfizer common stock, and there is no change to his direct share ownership.

Given the immaterial size of the grant (25 units) and its deferred-compensation nature, the transaction is considered administrative and non-market-moving. Investors should view the disclosure as a standard update required by Section 16 rather than a signal of management’s near-term view on Pfizer’s share price.