Sarbaugh Keith 4

What Happened
Keith Sarbaugh, Executive Vice President of Zoetis (ZTS), received an award of 230.76 phantom stock units on 2026-04-10 (transaction code A). The units were valued at $39.64 each, for a total grant value of approximately $9,147. This is an award/derivative grant (not an open-market purchase or sale) and typically reflects compensation or a deferred savings plan election rather than an active buy/sell decision.

Key Details

• Transaction date and price: 2026-04-10; 230.76 phantom units at $39.64 each; total ≈ $9,147.
• Filing: Form 4 filed 2026-04-13 (no late filing indicated in the report).
• Shares owned after transaction: Not specified in the provided report.
• Transaction type: A = Award/Grant; reported as a derivative (phantom stock units).
• Footnote F1: Units were acquired under the Zoetis Supplemental Savings Plan and are cash-settled after separation; they may be transferred into an alternative investment fund subject to company limits.
• Footnote F2: Each phantom unit tracks a fraction of a share plus ~5% cash-equivalent; value is tied to Zoetis common stock market value plus cash-equivalents.

Context
Phantom stock units are cash-settled deferred compensation that track the value of company stock (and here include a small cash-equivalent component). They do not represent current issued shares and typically do not convey voting rights; payout occurs later (commonly upon separation from service or according to plan terms). Because this was an award under a supplemental savings plan, it should be read as a compensation/deferral action rather than a direct insider purchase indicating a personal bullish bet.