AMENDMENT TO CHANGE IN CONTROL SEVERANCE AGREEMENT

EX-10.22 3 c46660_ex10-22.htm

Exhibit 10.22

AMENDMENT TO CHANGE IN CONTROL SEVERANCE AGREEMENT

 

AMENDMENT dated as of February 22, 2007 to Change in Control Severance Agreement (the “Severance Agreement”) between Pfizer Inc. (the “Company”) and ______________ (the “Executive”).

WHEREAS, the Company and the Executive entered into the Severance Agreement; and

WHEREAS, the Company and the Executive wish to amend the provisions of the Severance Agreement relating to the severance payment and to Performance-Contingent Share Awards;

NOW, THEREFORE, it is hereby agreed as follows:

1.     

The first paragraph of Section 4(iv)(B) of the Severance Agreement is amended in its entirety to read as follows: “The Company shall pay you, on a date that is no later than the fifth day following the Date of Termination, as severance pay to you a severance payment equal to 2.99 times the sum of (i) your full base salary and (ii) your annual incentive payment, in each case in effect at the time the Notice of Termination is given. In addition, the Company shall pay or otherwise transfer to you, on a date that is no later than the fifth day following the Date of Termination, amounts and property that you are eligible to receive in respect of awards made to you prior to the Date of Termination pursuant to the Company’s Performance- Contingent Share Awards (or any successor long-term compensation plan or award in effect as of the Date of Termination) that remain outstanding as of the Date of Termination, such amounts and property to be calculated using the target number of shares, payments or other benefits that you could have received pursuant to all such outstanding awards.”
 
2.

The second paragraph of Section 4(iv)(B) of the Severance Agreement is deleted in its entirety.
 
3.

The Severance Agreement, as amended in Sections 1 and 2 hereof, shall remain in full force and effect in accordance with its terms.

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IN WITNESS WHEREOF, the Company and the Executive have voluntarily caused this Amendment to be signed as of the day and year first above written.

PFIZER INC.

By
 
  
  Margaret M. Foran  
  Senior Vice President-Corporate Governance,  
  Associate General Counsel and Corporate Secretary  
     
     
     
EXECUTIVE  
     
 
  

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