Form 4: Pfizer Executive Alexandre de Germay Acquires Stock Appreciation Rights

Executive Vice President Alexandre de Germay acquired stock appreciation rights (SARs) for 371,824 shares of Pfizer common stock, exercisable in 2030.

Summary

• Alexandre de Germay, an Executive Vice President at Pfizer Inc., filed a Form 4 on March 6, 2025, reporting a transaction involving derivative securities.
• On March 4, 2025, de Germay acquired 371,824 stock appreciation rights (SARs) with an exercise price of $25.75.
• These SARs will vest and be settled in shares of Pfizer common stock on March 4, 2030, the fifth anniversary of the grant date.
• The reporting person holds 371,824 derivative securities beneficially owned following the reported transaction.
• The filing also includes a power of attorney, effective December 13, 2024, authorizing several individuals to act on de Germay's behalf for SEC filings related to Pfizer securities.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reflects a standard executive compensation practice. The acquisition of SARs is neither overwhelmingly positive nor negative.

Positives

• The acquisition of stock appreciation rights aligns the executive's interests with the long-term performance of Pfizer.

Future Outlook

The stock appreciation rights will be settled in shares of Pfizer common stock on the fifth anniversary of the grant date, contingent on meeting vesting requirements.

Industry Context

Stock appreciation rights are a common form of executive compensation in the pharmaceutical industry, aligning executive incentives with shareholder value creation.

Comparison to Industry Standards

• Companies like Johnson & Johnson and Merck also use stock appreciation rights as part of their executive compensation packages.
• The vesting period of five years is fairly standard for SARs in the pharmaceutical industry.

Stakeholder Impact

• The acquisition of stock appreciation rights aligns the executive's interests with shareholders, potentially driving long-term value creation.

Key Dates