Pfizer Inc. has announced modifications to its long-term incentive plans, specifically the Five-Year Total Shareholder Return Units (TSRUs) and Performance Share Awards (PSAs), initially granted in 2022 and 2023. The changes, approved by the Compensation Committee on July 24, 2024, are designed to retain key employees and align their compensation with the company's total shareholder return. The modifications will allow approximately 9,000 eligible participants, including executive officers Albert Bourla, David M. Denton, Mikael Dolsten, Aamir Malik, Angela Hwang, and Douglas M. Lankler, to extend the terms of their TSRUs by two additional years, changing the settlement period to 2029 for 2022 grants and to 2030 for 2023 grants. Additionally, the vesting period will be extended to the fifth anniversary of the grant date. The PSAs will...Show More

Pfizer Inc. has announced modifications to its long-term incentive plans, specifically the Five-Year Total Shareholder Return Units (TSRUs) and Performance Share Awards (PSAs), initially granted in 2022 and 2023. The changes, approved by the Compensation Committee on July 24, 2024, are designed to retain key employees and align their compensation with the company's total shareholder return. The modifications will allow approximately 9,000 eligible participants, including executive officers Albert Bourla, David M. Denton, Mikael Dolsten, Aamir Malik, Angela Hwang, and Douglas M. Lankler, to extend the terms of their TSRUs by two additional years, changing the settlement period to 2029 for 2022 grants and to 2030 for 2023 grants. Additionally, the vesting period will be extended to the fifth anniversary of the grant date. The PSAs will also have an extended performance period, with vesting and settlement occurring two years later than originally planned. The Committee's decision comes in response to the impact of the COVID-19 pandemic on Pfizer's stock price and aims to ensure the retention of key talent and continued alignment of executive interests with shareholder interests. Pfizer will initiate a tender offer to allow active employees to accept the modifications, with details to be provided in the Modification Offer documents to be filed with the U.S. Securities and Exchange Commission.