Pfizer EVP exercises stock appreciation rights

Pfizer Executive Vice President Payal Sahni reported transactions tied to stock appreciation rights.

Accepted by SEC EDGAR 02/27/2026 - 06:35 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Pfizer Executive Vice President Payal Sahni reported transactions tied to stock appreciation rights. She exercised stock appreciation rights for 56,888 shares of common stock on February 25, 2026, at a stated exercise price of $33.82 per share, increasing her direct holdings.

To cover related tax obligations and exercise costs, 1,083 shares at $27.09 per share and 54,066 shares at $26.92 per share were withheld, classified as tax-withholding dispositions rather than open-market sales. After these transactions, she directly owned 27,667 Pfizer common shares and indirectly held 14,630 shares through a Rule 16b-3 plan.

Insider Trade Summary

56,888 shares exercised/converted

Exercise 4 txns

Insider SAHNI PAYAL

Role Executive Vice President

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights	56,888	$0.00	$0.00
Exercise	Common Stock	56,888	$33.82	$1.92M
Exercise Price or Tax Liability	Common Stock	1,083	$27.09	$29K
Exercise Price or Tax Liability	Common Stock	54,066	$26.92	$1.46M
Holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Rights — 0 contracts (Direct); Common Stock — 27,667 shares (Direct); Common Stock — 14,630 shares (Indirect, By Rule 16b-3 Plan)

Holdings Before and After: Stock Appreciation Rights, 56,888 to 0 contracts (Direct); Common Stock, 25,928 to 27,667 shares (Direct)

Footnotes (4)

1. F1. The reported transaction constitutes the earn-out of stock appreciation rights (including dividend equivalents thereon).
2. F2. The reported transaction constitutes the withholding of shares to satisfy tax obligations in connection with earn-out of stock appreciation rights.
3. F3. The reported transaction constitutes the withholding of shares to cover payment of exercise price in connection with earn-out of stock appreciation rights (including dividend equivalents thereon).
4. F4. Under the terms of the settlement of the stock appreciation rights the 20-day average of the closing prices of Pfizer common stock ending on the settlement date is used.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Pfizer (PFE) disclose for Payal Sahni?

Pfizer reported that Executive Vice President Payal Sahni exercised stock appreciation rights for 56,888 common shares. Related shares were then withheld to cover taxes and exercise costs, leaving her with 27,667 directly held shares and 14,630 indirectly held shares.

Did Pfizer executive Payal Sahni sell shares in the open market?

The filing shows no open-market sales by Payal Sahni. Instead, shares were withheld to satisfy tax obligations and exercise price in connection with stock appreciation rights, which is recorded as a tax-withholding disposition, not a discretionary sale into the market.

How many Pfizer (PFE) shares did Payal Sahni acquire through derivative exercise?

She acquired 56,888 shares of Pfizer common stock through the exercise of stock appreciation rights. This transaction is recorded with code M, indicating an exercise or conversion of a derivative security, and reflects the earn-out of those rights including dividend equivalents.

How many Pfizer shares were withheld for taxes and exercise price?

The filing shows 1,083 shares withheld at $27.09 per share for tax obligations and 54,066 shares withheld at $26.92 per share for exercise price and related taxes, all tied to the settlement of stock appreciation rights arrangements.

What are Payal Sahni’s Pfizer share holdings after these Form 4 transactions?

After the reported transactions, Payal Sahni directly holds 27,667 Pfizer common shares. She also has 14,630 shares reported as indirectly owned through a Rule 16b-3 plan, reflecting shares held under a company-related compensation or benefit arrangement.

What do the footnotes in Payal Sahni’s Pfizer Form 4 explain?

The footnotes clarify that the transactions represent settlement (earn-out) of stock appreciation rights, plus dividend equivalents, and that share withholdings were used to satisfy tax obligations and the exercise price, using a 20-day average closing price formula at settlement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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^*

SAHNI PAYAL

(Last) (First) (Middle)

66 HUDSON BOULEVARD EAST

ATTN: CORPORATE SECRETARY

(Street)

NEW YORK NY 10001-2192

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

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

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

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

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
Common Stock	02/25/2026		M		56,888(1)	A	$33.82	82,816	D
Common Stock	02/25/2026		F		1,083(2)	D	$27.09	81,733	D
Common Stock	02/25/2026		F		54,066(3)	D	$26.92(4)	27,667	D
Common Stock								14,630	I	By Rule 16b-3 Plan

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
Stock Appreciation Rights	$33.82	02/25/2026		M			56,888	02/25/2026	02/25/2026	Common Stock	56,888	$0.0000	0.0000	D

Explanation of Responses:

1. The reported transaction constitutes the earn-out of stock appreciation rights (including dividend equivalents thereon).

2. The reported transaction constitutes the withholding of shares to satisfy tax obligations in connection with earn-out of stock appreciation rights.

3. The reported transaction constitutes the withholding of shares to cover payment of exercise price in connection with earn-out of stock appreciation rights (including dividend equivalents thereon).

4. Under the terms of the settlement of the stock appreciation rights the 20-day average of the closing prices of Pfizer common stock ending on the settlement date is used.

	/s/ Shanice A. Reid, by power of atty, for Payal Sahni	02/27/2026
	** 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.