Pfizer (NYSE: PFE) director awarded new phantom stock units

Rhea-AI Filing Summary

SMITH JAMES C reported acquisition or exercise transactions in this Form 4 filing.

Pfizer Inc. director James C. Smith received a grant of 1,664.2010 Phantom Stock Units linked to common stock as deferred board compensation. The units were valued at $27.0400 per unit and increase his phantom stock balance to 170,424.7630 units after the transaction.

Each unit represents one phantom share of Pfizer common stock and includes dividend equivalents. The award is part of deferred director compensation that will be settled in cash or common stock, at Smith’s election, after he retires from the Board of Directors, rather than an open-market purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SMITH JAMES C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	1,664.201	$27.04	$45K

Holdings After Transaction: Phantom Stock Units — 170,424.763 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: 1,664.2010 units Grant valuation price: $27.0400 per unit Total phantom units after grant: 170,424.7630 units +1 more

4 metrics

Phantom units granted 1,664.2010 units Grant of Phantom Stock Units on March 27, 2026

Grant valuation price $27.0400 per unit Reference price for Phantom Stock Unit grant

Total phantom units after grant 170,424.7630 units Director’s Phantom Stock Unit balance following transaction

Underlying common stock linkage 1 unit = 1 share Each Phantom Stock Unit represents one phantom share of common stock

Key Terms

Phantom Stock Units, deferred director's compensation, dividend equivalents, settled in cash or common stock

4 terms

Phantom Stock Units financial

"security_title: "Phantom Stock Units""

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

"including dividend equivalents thereon that are settled in cash or common stock"

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.

settled in cash or common stock financial

"settled in cash or common stock at the director's election following retirement"

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^*

SMITH JAMES C

(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		1,664.201		(2)	(2)	Common Stock	1,664.201	$27.04	170,424.763	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 James C. Smith	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 insider transaction did Pfizer (PFE) director James C. Smith report?

Pfizer director James C. Smith reported receiving 1,664.2010 Phantom Stock Units as a grant. These units are part of his deferred director compensation and are tied to Pfizer common stock, rather than an open-market stock purchase or sale.

What are the terms of the Phantom Stock Units granted to the Pfizer (PFE) director?

Each Phantom Stock Unit represents one phantom share of Pfizer common stock, valued at $27.0400 per unit. The units accrue dividend equivalents and are settled later in cash or Pfizer common stock, based on the director’s election after retirement from the Board.

How many Phantom Stock Units does the Pfizer (PFE) director hold after this grant?

After receiving 1,664.2010 additional Phantom Stock Units, James C. Smith holds a total of 170,424.7630 phantom units. This reflects his accumulated deferred director compensation tied to Pfizer’s common stock value over time.

Is the Pfizer (PFE) director’s Phantom Stock Unit award an open-market share purchase?

No, the Phantom Stock Unit award is not an open-market purchase. It is a compensation grant representing deferred director fees, which will be settled in cash or Pfizer common stock after the director retires from the Board.

When will the Pfizer (PFE) director’s Phantom Stock Units be settled?

The Phantom Stock Units will be settled following James C. Smith’s retirement from Pfizer’s Board of Directors. At that time, he may elect settlement in either cash or Pfizer common stock, as stipulated in the deferred compensation arrangement.