Summary
Pfizer Inc. (PFE) filed an 8-K on September 28, 2007, to report on an executive compensation adjustment for Ian C. Read, Senior Vice President and President of Worldwide Pharmaceutical Operations. This filing clarifies a previously announced change to his compensation structure. Specifically, the Compensation Committee of Pfizer's Board of Directors approved the grant of 25,000 stock options and 4,318 restricted stock units to Mr. Read. These awards are intended to provide pro-rata effect to an increase in his long-term incentive compensation target for the 2007 fiscal year, which was previously raised from $2 million to $3.5 million. The stock options and restricted stock units are effective September 28, 2007.
Key Highlights
- 1Pfizer Inc. reported on an executive compensation adjustment for Ian C. Read.
- 2Mr. Read's long-term incentive compensation target for 2007 was previously increased from $2 million to $3.5 million.
- 3On September 26, 2007, the Compensation Committee approved grants to Mr. Read.
- 4The approved grants include 25,000 stock options.
- 5The approved grants also include 4,318 restricted stock units.
- 6These awards are intended to provide pro-rata effect to the increased 2007 target.
- 7The stock options and restricted stock units are effective September 28, 2007.