Pfizer (PFE) director Shantanu Narayen receives 1,849 Phantom Stock Units as deferred pay

Rhea-AI Filing Summary

NARAYEN SHANTANU reported acquisition or exercise transactions in this Form 4 filing.

Pfizer Inc. director Shantanu Narayen received a compensation grant of 1,849.112 Phantom Stock Units tied to Pfizer common stock. The units were credited at a reference price of $27.04 per unit and increase his phantom stock balance to 187,925.141 units.

Each unit represents one phantom share of common stock and forms part of deferred director compensation, including dividend equivalents. According to the disclosure, these units will be settled in cash or Pfizer common stock, at the director's election, after he retires from the Board.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider NARAYEN SHANTANU

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	1,849.112	$27.04	$50K

Holdings After Transaction: Phantom Stock Units — 187,925.141 shares (Direct)

Footnotes (1)

1. Each unit represents one phantom share of common stock. These units represent deferred director's compensation (including dividend equivalents thereon) that are settled in cash or common stock at the director's election following the reporting person's retirement from the Board of Directors.

Key Figures

Phantom units granted: 1,849.112 units Reference price per unit: $27.04 per unit Total phantom units after grant: 187,925.141 units +2 more

5 metrics

Phantom units granted 1,849.112 units Grant of Phantom Stock Units on 2026-03-27

Reference price per unit $27.04 per unit Phantom Stock Unit grant value basis

Total phantom units after grant 187,925.141 units Phantom Stock Units held following transaction

Underlying common shares 1,849.112 shares Common Stock underlying the new Phantom Stock Units

Conversion or exercise price $0.00 Conversion price for Phantom Stock Units

Key Terms

Phantom Stock Units, deferred director's compensation, dividend equivalents, underlying security

4 terms

Phantom Stock Units financial

"The security is described as "Phantom Stock Units" tied to common stock."

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

deferred director's compensation financial

"These units represent deferred director's compensation, including dividend equivalents thereon."

dividend equivalents financial

"Deferred director's compensation includes dividend equivalents thereon for the phantom units."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

underlying security financial

"The underlying security title for the units is listed as Common Stock."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

NARAYEN SHANTANU

(Last) (First) (Middle)

66 HUDSON BOULEVARD EAST

ATTN: CORPORATE SECRETARY

(Street)

NEW YORK NEW YORK 10001-2192

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PFIZER INC [ PFE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	03/27/2026		A		1,849.112		(2)	(2)	Common Stock	1,849.112	$27.04	187,925.141	D

Explanation of Responses:

1. Each unit represents one phantom share of common stock.

2. These units represent deferred director's compensation (including dividend equivalents thereon) that are settled in cash or common stock at the director's election following the reporting person's retirement from the Board of Directors.

	/s/ Shanice A. Reid, by power of atty., for Shantanu Narayen	03/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Pfizer (PFE) director Shantanu Narayen report in this Form 4?

Shantanu Narayen reported receiving 1,849.112 Phantom Stock Units as deferred director compensation. Each unit tracks one share of Pfizer common stock and is credited at a reference price of $27.04, increasing his total phantom units to 187,925.141 after this grant.

How many Phantom Stock Units did Shantanu Narayen hold after this Pfizer (PFE) transaction?

After the award, Shantanu Narayen held 187,925.141 Phantom Stock Units. These units represent deferred director compensation linked to Pfizer common stock, including dividend equivalents, and will be settled in cash or stock at his election following retirement from the Board of Directors.

What are Phantom Stock Units in this Pfizer (PFE) Form 4 filing?

In this filing, Phantom Stock Units are deferred compensation instruments where each unit represents one phantom share of Pfizer common stock. They accumulate dividend equivalents and are ultimately settled in cash or common stock, based on the director’s choice after leaving the Board.

At what reference price were the Pfizer (PFE) Phantom Stock Units granted to Shantanu Narayen?

The 1,849.112 Phantom Stock Units were granted using a reference price of $27.04 per unit. This price is used for accounting the deferred compensation value, while the units themselves track the value of Pfizer common stock over time until settlement.

When will Shantanu Narayen’s Pfizer (PFE) Phantom Stock Units be settled?

The Phantom Stock Units will be settled after Shantanu Narayen retires from Pfizer’s Board of Directors. At that time, the deferred director compensation, including dividend equivalents, will be paid either in cash or common stock, depending on his election at settlement.