Pfizer (PFE) director Narayen receives new Phantom Stock Unit grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

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

Pfizer director Shantanu Narayen reported a new compensation grant linked to company stock. He received 2,058.460 Phantom Stock Units on June 26, 2026 at a reference value of $24.29 per unit, bringing his total Phantom Stock Unit balance to 200,879.336 units.

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

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider NARAYEN SHANTANU

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	2,058.46	$24.29	$50K

Holdings After Transaction: Phantom Stock Units — 200,879.336 shares (Direct, null)

Footnotes (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 Stock Units granted: 2,058.460 units Reference value per unit: $24.29 per unit Total Phantom Stock Units after grant: 200,879.336 units +1 more

4 metrics

Phantom Stock Units granted 2,058.460 units Grant on June 26, 2026 as deferred director compensation

Reference value per unit $24.29 per unit Transaction price for Phantom Stock Units grant

Total Phantom Stock Units after grant 200,879.336 units Balance following June 26, 2026 grant

Underlying common stock equivalence 1 share per unit Each unit represents one phantom share of common stock

Key Terms

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

3 terms

Phantom Stock Units financial

"Each unit represents one phantom share of 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

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

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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/30/2026 - 03:17 PM Accepted by SEC EDGAR 06/30/2026 - 03:16 PM

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

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)
06/26/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units	⁽¹⁾	06/26/2026		A		2,058.46		⁽²⁾	⁽²⁾	Common Stock	2,058.46	$24.29	200,879.336	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	06/30/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Pfizer (PFE) director Shantanu Narayen report?

Pfizer director Shantanu Narayen reported receiving 2,058.460 Phantom Stock Units as deferred compensation. Each unit mirrors one Pfizer common share and will be settled in cash or stock after he retires from the Board, reflecting non-cash, compensation-related exposure.

How many Phantom Stock Units does Shantanu Narayen hold after this Pfizer (PFE) Form 4?

After this grant, Shantanu Narayen holds 200,879.336 Phantom Stock Units tied to Pfizer common stock. These units represent deferred director compensation, including dividend equivalents, and are payable in cash or shares following his retirement from Pfizer’s Board of Directors.

Is Shantanu Narayen’s Pfizer (PFE) Form 4 transaction an open-market stock purchase or sale?

The Form 4 shows a grant of Phantom Stock Units, not an open-market trade. It is classified as a compensation-related acquisition, awarded as deferred director compensation rather than a discretionary buy or sell of Pfizer common shares in the market.

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. At that time, the deferred director compensation can be paid in cash or Pfizer common stock, at his election, based on the plan’s terms and the company’s disclosure.

What does each Phantom Stock Unit reported by Pfizer (PFE) represent?

Each Phantom Stock Unit represents one phantom share of Pfizer common stock. The units track the value of Pfizer shares and accumulate dividend equivalents, but they are part of a deferred compensation arrangement, payable later in cash or stock instead of being current, tradeable shares.