BOURLA ALBERT 4

What Happened

• Albert Bourla, Pfizer's Chairman & CEO, settled/received shares from the earn-out of stock appreciation rights (SARs) on Feb 25, 2026. The SARs resulted in the issuance of 491,626 Pfizer shares valued at $33.82 each (total $16,626,791).
• To cover the exercise price and tax withholding, 467,241 shares were withheld for the exercise price (reported at $26.92, $12,578,128) and 8,303 shares were withheld for taxes (reported at $27.09, $224,928). Net shares retained by Bourla after withholding: 16,082.

Key Details

• Transaction date: 2026-02-25; Form 4 filed: 2026-02-27 (appears timely).
• Reported transactions and codes: M = exercise/conversion of derivative (491,626 shares acquired); F = withholding for tax/exercise (467,241 and 8,303 shares disposed).
• Total gross value credited on exercise: $16,626,791. Shares withheld total value: $12,803,056. Net value retained (gross minus withheld): ~$3.82M (calculated from reported amounts).
• Footnotes: F1–F4 indicate this was the earn-out settlement of SARs (including dividend equivalents), with share withholding to satisfy tax obligations and to cover the exercise price; the settlement used the 20-day average closing price ending on the settlement date.
• Shares owned after the transaction: not specified in this filing.

Context

• This was not an open-market purchase or sale. It was a cashless/net settlement of SARs: shares were issued on exercise and a large portion was withheld to cover taxes and the exercise price (common practice for option/SAR settlements).
• These transactions reflect compensation settlement and tax mechanics rather than an independent open-market sell or purchase decision; they are routine for executive equity awards.