PFIZER INC

For the period ended Apr 25, 2024. Filed Mar 14, 2024.

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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Apr 25, 2024 · Filed Mar 14, 2024

PFE$29.39-1.6%Stored close · as of Nov 6, 2026

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Contents

Section 4: Benefit Programs Summary of Benefit Programs

Executive Compensation

SECTION 4 — Benefit Programs

The following outlines some of our benefit programs available to eligible U.S.-based colleagues, including eligible NEOs (unless otherwise noted):

All eligible U.S. colleagues accumulate retirement benefits through the savings plans in the form of elective deferrals, matching contributions and/or the RSC.
Plan/Eligibility	Description of Benefit
Pension and Savings Plans:•Savings Plan (qualified defined contribution savings plan)•Supplemental Savings Plan (non-qualified plan)•Pension Plan (qualified defined benefit pension plan (frozen))•Supplemental Pension Plan (non-qualified plan (frozen))* Benefits under the Pension Plan and Supplemental Pension Plan were frozen in 2017 for all participants, although participants may continue to grow into retirement plan milestones.	All eligible colleagues earn retirement benefits through age- and service-weighted annual company-provided Retirement Savings Contributions (RSC) (5%-9%) on salary and bonus to the Pfizer Savings Plan (PSP), and, as applicable, to the Pfizer Supplemental Savings Plan (PSSP), in addition to our matching contributions to these plans. The PSP permits eligible U.S. colleagues, including NEOs, to make pre- and after-tax and/or Roth contributions, from their eligible pay, up to certain limits and to receive company matching contributions. We also maintain the PSSP which permits participants, including NEOs, to make pre-tax contributions in excess of IRC limits on qualified plans and provides applicable matching contributions and the RSC for amounts not permitted under the PSP.The provisions and features of the Pension Plan and Supplemental Pension Plan are described in the narrative accompanying the “2023 Pension Benefits Table” and the “2023 Non-Qualified Deferred Compensation Table.”
Insurance PlansMedical, dental, life and long-term disability insurance.	Programs are designed to provide certain basic quality of life benefits and protections to U.S. eligible colleagues, including the NEOs, and at the same time enhance our attractiveness as an employer of choice.The cost of these plans is shared between the colleague and the company. The company’s cost of coverage for the NEOs ranges up to approximately $30,000 annually based on the coverage selected.
Supplemental Individual Disability InsuranceAdditional disability insurance coverage.	This is an optional individual disability benefit providing for coverage in excess of the limit provided under the company’s group long-term disability plan. Participants pay the full cost of this additional insurance coverage.
Deferred CompensationExecutives may elect to defer certain compensation into the Deferred Compensation Plan (DCP).	Annual incentive awards and performance share award settlements may be deferred under the DCP. Deferrals into the DCP may be notionally invested in a selection of investment options, Pfizer stock unit funds, and/or a cash equivalent fund.
Retiree Healthcare BenefitsPfizer maintains post-retirement medical coverage.	Generally, access to post-retirement medical coverage at the colleague’s cost is available to active colleagues who are at least age 55 with at least 10 years of service. A retiree medical subsidy is provided to those colleagues with at least 15 years of service (after age of 40). For U.S. eligible colleagues, including the NEOs, the total company-provided subsidy can range from $61,500 to $275,000 (based on service after age 40, subject to a cap of 25 years, and coverage tier). The subsidy may only be used to cover Pfizer’s share of the cost. Coverage at the retiree’s cost may continue after the subsidy is depleted.
Executive Severance PlanProvides severance benefits to NEOs (and the other ELT members) in the event of involuntary termination of employment without Cause (including position elimination or reorganization-related termination (other than for Cause)).Severance payments and benefits under the Executive Severance Plan are described in "Estimated Payments and Benefits upon Termination Table.”	Cash severance is equal to the greater of:(a)one times pay (defined as base salary plus target annual incentive), or(b)13 weeks’ pay plus three weeks’ pay per full year of service, subject to a maximum of 104 weeks’ pay.The Committee adopted an executive severance policy, effective in 2023, which provides that without shareholder approval, cash severance paid to our executives (including the NEOs) cannot exceed 2.99 times of base salary and target bonus. Since 2009, the Executive Severance Plan has provided and continues to provide, cash severance with a cap of 2 year's pay (104 weeks), which aligns with the current executive severance policy.In addition to the cash severance, participants may continue participation in certain health and insurance benefits at active employee rates for a period of time and receive outplacement assistance.

2024 Proxy Statement Pfizer	69

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