NARAYEN SHANTANU 4

What Happened
Shantanu Narayen, a member of Pfizer's Board of Directors, was granted 1,849.112 phantom-share units on 2026-03-27 at a per-unit value of $27.04, for a total grant value of $50,000. This filing reports an award/acquisition (transaction code A) of a derivative security (phantom shares), not an open-market purchase of common stock.

Key Details

• Transaction date and terms: 2026-03-27; 1,849.112 units @ $27.04 per unit; total value $50,000.
• Security type: Derivative (phantom-share units), each unit equals one phantom share of Pfizer common stock (Footnote F1).
• Purpose and settlement: These units are deferred director compensation (including dividend equivalents) and will be settled in cash or common stock at the director’s election following his retirement from the Board (Footnote F2).
• Transaction code: A (award/grant/acquisition of derivative).
• Filing timeliness: Report filed 2026-03-30—within the normal Form 4 reporting window for directors (timely).
• Shares owned after transaction: Not specified in this filing.

Context
Director awards of deferred compensation (phantom shares) are a routine form of board pay and do not necessarily indicate a personal purchase or sale of company stock. Because these units are payable in cash or stock after the director’s retirement, they are compensation-related and should be viewed differently than an open-market purchase by an insider.