Summary by Moomoo AI
Pfizer Inc. has announced a voluntary Modification Offer for eligible employees holding performance share awards (PSAs) and total shareholder return units (TSRUs) granted in 2022 and 2023. The offer, which commenced on August 12, 2024, allows participants to modify their existing equity awards, extending the performance period by two years with adjusted terms. The offer aims to retain key talent by enhancing the incentive and retention value of these awards, following a decline in Pfizer's stock price which impacted the potential achievement of performance goals. The offer is open until 11:59 p.m., Eastern Time, on September 12, 2024, unless extended. Eligible participants include current active employees who have been continuously employed since July 24, 2024. The offer does not apply to independent board members. Pfizer's executive officers, including the CEO, are eligible to participate. The offer is not conditioned on a minimum number of acceptances and is subject to certain conditions outlined by the company. Pfizer's common stock is traded on the NYSE under the symbol 'PFE'.
