Pfizer's Compensation Committee of the Board of Directors recently approved modifications to the 2022 and 2023 5-year Total Shareholder Return Units (TSRUs) in an effort to enhance retention and motivation among colleagues while focusing on long-term performance and stock price recovery. The modifications allow active participants to elect to extend their 2022 and 2023 5-year TSRUs by an additional two years, effectively making them 7-year TSRUs. This extension is designed to provide more time for stock price recovery and future performance. The Modification Offer is voluntary, and if not elected, the terms of the original awards will continue. Steve Pennacchio, Senior Vice President, People Experience, Total Rewards, is expected to hold information sessions to explain program details. The offer has not yet commenced, but eligible holders of the 2022 and 2023 5-year TSRUs and/or 2022 and 2023 PSAs can expect related materials to be made available shortly after the offer's commencement.
This press release does not provide specific metrics or financial figures related to the modifications made to the TSRUs. As a result of these announcements, the company's shares have moved 3.5% on the market, and are now trading at a price of $30.8. If you want to know more, read the company's complete 8-K report here.
