LANKLER DOUGLAS M 4

What Happened Douglas M. Lankler, Executive Vice President of Pfizer, had an earn-out settlement of stock appreciation rights (SARs) on 2026-02-25 that resulted in the issuance of 122,907 Pfizer shares valued at $4,156,715 (avg. $33.82/share). To satisfy the exercise price and tax withholding, 116,811 shares were withheld to cover the exercise price ($26.92/share, $3,144,552) and 2,198 shares were withheld for taxes ($27.09/share, $59,544). After withholding, Lankler received a net of 3,898 shares (approx. $132k at $33.82/share). These transactions are coded as M (exercise/conversion) and F (withholding).

Key Details

• Transaction date: 2026-02-25; Form filed 2026-02-27 (timely filing).
• SAR settlement: 122,907 shares acquired at $33.82/share (total $4,156,715).
• Withheld to cover exercise price: 116,811 shares @ $26.92 = $3,144,552 (F).
• Withheld for tax obligations: 2,198 shares @ $27.09 = $59,544 (F).
• Net shares delivered to insider: 3,898 shares (approx. $131,830 at $33.82).
• Footnotes: F1–F3 confirm these were SAR earn-out and routine share withholdings to satisfy tax and exercise obligations; F4 indicates the 20‑day average closing price was used to determine settlement.
• Shares owned after transaction: not specified in the provided filing details.

Context This was not an open-market purchase or sale but a settlement of stock appreciation rights (an award/derivative). The withholding of shares to cover the exercise price and taxes is a common "cashless" settlement mechanism and does not, by itself, imply a change in insider sentiment.