Form 4: Pfizer SVP & Controller Jennifer B. Damico Modifies Stock Appreciation Rights

Jennifer B. Damico, SVP & Controller of Pfizer Inc., modifies stock appreciation rights (TSRUs) to extend the vesting and settlement dates by two years.

Summary

• Jennifer B. Damico, a Senior Vice President & Controller at Pfizer Inc., filed a Form 4 on September 16, 2024, regarding changes in beneficial ownership.
• The filing pertains to the modification of stock appreciation rights (TSRUs) under Pfizer's one-time Modification Offer.
• Damico elected to modify certain outstanding TSRUs to extend their vesting and settlement dates by two years.
• Specifically, 12,169 TSRUs with a grant price of $42.3 were modified from a vesting/settlement date of February 23, 2028, to February 23, 2030.
• Additionally, 11,623 TSRUs with a grant price of $45.96 were modified from a vesting/settlement date of February 24, 2027, to February 24, 2029.
• The grant price and the number of shares underlying the modified TSRUs remain unchanged.

Sentiment

Score: 6

Explanation: The document is neutral. It simply reports a transaction involving the modification of stock appreciation rights, which is a fairly standard practice.

Positives

• The modification offer provides eligible participants the opportunity to extend the dates upon which the awards vest and settle.

Industry Context

Modification of stock appreciation rights is a fairly common practice that companies use to incentivize employees and align their interests with the long-term performance of the company. The modification offer allows eligible participants the opportunity to elect to modify certain outstanding TSRUs to extend the dates upon which the awards vest and settle by two years.

Stakeholder Impact

• The modification of TSRUs could potentially impact employee retention and motivation, as it extends the period required for vesting and settlement.

Key Dates