NARAYEN SHANTANU 4

What Happened

• Shantanu Narayen, a member of Pfizer's Board of Directors, was granted 7,686.539 derivative units on 2026-04-23. The units were valued at $26.67 each for a total grant value of $205,000. The transaction is reported as an award/grant (Code A) rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-04-23; filing date (Form 4): 2026-04-27 (timely).
• Units granted: 7,686.539 phantom units at $26.67 per unit; aggregate value $205,000.
• Nature of award: These are phantom share units (each unit represents one phantom share of common stock) granted under the Pfizer Inc. Nonfunded Deferred Compensation and Unit Award Plan for Non‑Employee Directors (footnotes F1–F3).
• Settlement terms: Units represent deferred director compensation and may be settled in cash or common stock at the director’s election following the director’s retirement from the Board.
• Shares owned after transaction: Not specified in the provided excerpt.
• No indication of a 10b5-1 plan, tax withholding sale, or late filing in this report.

Context

• This is a routine director compensation grant (deferred comp), not a market purchase or sale—such awards are common for non‑employee directors and do not by themselves signal immediate buying or selling in the market.
• Because these are derivative phantom units settled later in cash or stock, they function as deferred pay rather than newly acquired tradable shares today.