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PFIZER INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-20

PFIZER INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-20

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PFIZER INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-20
PFIZER INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-20

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Published by: http://secwatch.com on Feb 25, 2009
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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549FORM8-
CURRENTREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934DateofReport(Dateofearliesteventreported):February16,2009
PFIZERINC.
(Exactnameofregistrantasspecifiedinitscharter)
Delaware1-361913-5315170
(StateorotherJurisdictionofincorporation)(CommissionFile Number)(I.R.S.EmployerIdentification No.)
235East42ndStreetNewYork,NewYork 
(Addressofprincipalexecutiveoffices)
10017
(ZipCode)Registrant'stelephonenumber,includingareacode:(212)573-2323(FormerNameorFormerAddress,ifchangedsincelastreport)ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfytheobligationoftheregistrantunderanyofthefollowingprovisions(seeGeneralInstructionA.2.below):[]WrittencommunicationpursuanttoRule425undertheSecuritiesAct(17CFR230.425)[]SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)[]Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))[]Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))
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I
tem5.02
DepartureofDirectorsorCertainOfficers;ElectionofDirectors;Appointmentof CertainOfficers;CompensatoryArrangementsofCertainOfficers.
TerminationofChange-in-ControlSeveranceAgreementswithExecutiveOfficersAsdescribedintheCompany'sDefinitiveProxyStatementfiledwiththeSecuritiesandExchangeCommissiononMarch14,2008,wepreviouslyenteredintochange-in-controlseveranceagreementswithallofourexecutiveofficers.EffectiveFebruary16,2009,allofthoseagreementswereterminatedvoluntarily byourexecutiveofficers.AdoptionofExecutiveSeverancePlanEffectiveFebruary16,2009,theCompensationCommitteeoftheCompany'sBoardofDirectors(the"CompensationCommittee")adoptedanExecutiveSeverancePlan(the"Plan").ParticipantsinthePlanincludeeachofourexecutiveofficersandwillincludeanyotheremployeewhoisselected,orisamemberof agroupthatisselected,forparticipationbytheCompensationCommittee,providedthatsuchexecutiveofficeroremployeeisbasedintheUnitedStatesorPuertoRicoorispaidfromtheUnitedStates.However,ifapersonotherwiseeligibletoparticipateinthePlanisapartytoanindividualagreementwiththeCompanythatprovidesforseverancebenefitsintheeventoftheterminationofhisorheremploymentwiththeCompany,suchpersonwillnotbeeligibletoparticipateinthePlanuntiltheterminationorexpirationofsuchindividualagreement.AlloftheCompany'sexecutiveofficersbecameparticipantsinthePlanonFebruary16,2009except(i)JosephM.Feczko,whowillretirefromtheCompanyinApril2009,and(ii)FrankA.D'Amelio,whowillbecomeaparticipantinthePlanupontheexpirationonSeptember10,2009oftheseveranceagreementthatheandtheCompanyenteredintoatthetimehejoinedtheCompany(asdescribedintheCompany'sForm8-KfiledwiththeSecuritiesandExchangeCommissiononAugust22,2007).UnderthetermsofthePlan,ifaparticipant'semploymentisterminatedbyuswithoutcause(assuchtermisdefinedinthePlan),theparticipantwillbeentitledtothefollowingpaymentsandbenefitsupontheexecutionofareleaseagreementprovidedbytheCompany:
aseverancepaymentinaminimumamountequaltooneyear'spayandamaximumamountequaltotwoyears'pay,theexactamounttobebasedupontheparticipant'slengthofservice;forthispurpose,payisdefinedastheparticipant'sbasesalaryplustargetannualincentivepaymentfortheyearinwhichtheterminationoccurs;
attheparticipant'selection,thecontinuationofgrouptermlifeinsuranceatactiveemployeeratesforupto12monthsfollowingterminationatthethen-currentcoverageamount;and
attheparticipant'selectionifheorsheisnoteligibleforpost-retirementmedicalcoverage,thecontinuationofmedicalcoverageatactiveemployeeratesforupto12monthsfollowingtermination.Exceptassetforthabove,benefitsunderallCompanybenefitplansandprogramswillterminateinaccordancewiththetermsofthoseplansandprogramsastheynormallyareappliedtoemployeeswhoresignorwhoseemploymentisterminatedbytheCompany.Wemayamend,modify,suspendorterminatethePlananddisqualifyemployeesfromeligibilityunderthePlanatanytimeforanyreasonorfornoreasonwithorwithoutnotice.TheforegoingdiscussionisqualifiedinitsentiretybyreferencetothePlan,whichisfiledasanexhibithereto.
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Item9.01FinancialStatementsandExhibits.
(d)Exhibits10.1ThePfizerInc.ExecutiveSeverancePlan
SIGNATURE
UndertherequirementsoftheSecuritiesExchangeActof1934,theregistranthascausedthisreporttobesignedonitsbehalf  bytheauthorizedundersigned.PFIZERINC.By:/s/MatthewLeporeMatthewLeporeTitle:VicePresident,ChiefCounsel-CorporateGovernance,andAssistantGeneralCounselDated:February20,2009
EXHIBITINDEXExhibitNo.Description
10.1ThePfizerInc.ExecutiveSeverancePlan
EXHIBIT10.1
INTRODUCTION
ThePfizerInc.ExecutiveSeverancePlan(the"Plan")isintendedtoprovideseverancebenefitswhenaneligibleemployee'semploymentwithPfizerInc(the"Company")isterminatedbytheCompanywithout"Cause"(asdefinedherein).
ELIGIBLITY
YouareeligibletoparticipateinthePlanifallofthefollowingapply:Youarearegularpart-timeorfull-timeemployeeinoneofthe50UnitedStates,PuertoRicoortheDistrictof Columbia,oranemployeepaidinwholeorinpartfromtheUnitedStatesundertheGlobalEmployeePolicy;
and
Youare(i)amemberoftheCompany'sExecutiveLeadershipTeam(oritssuccessor),or(ii)selectedforparticipation bytheCompensationCommittee(the"CompensationCommittee")oftheCompany'sBoardofDirectors(the"Board").However,ifyouwouldotherwisebeeligibletoparticipateinthePlanbutareapartytoanindividualagreementwiththeCompanythatprovidesforseverancebenefitsintheeventofyourterminationofemploymentwiththeCompany,youwillnotbeeligibletoparticipateinthePlanuntiltheterminationorexpirationofsuchindividualagreement.ForanyandallpurposesunderthisPlan,theterm"employee"and"eligibleemployee"shallnotincludeapersonhiredasanindependentcontractor,leasedemployee,consultantorapersonotherwisedesignatedbytheCompanyatthetimeofhireasnotonthePfizerpayrollornoteligibletoparticipateinorreceivebenefitsunderthePlan,evenifsuchineligiblepersonissubsequentlydeterminedtobean"employee"byanygovernmentalorjudicialauthority.Forpurposesofthepreceding
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