On December 12, 2023, Pfizer Inc. (?Pfizer? or ?the Company?) announced that given the size and geographic scope of Pfizer?s commercial operations and the anticipated close of the acquisition of Seagen Inc. (?Seagen?), the following changes to its commercial operations will become effective on January 1, 2024. Pfizer will create an end-to-end business organization called Pfizer Oncology Division, which will integrate certain Oncology Commercial and R&D operations from both Pfizer and Seagen and will be led by Dr. Chris Boshoff, who will become Chief Oncology Officer, Executive Vice President, and continue reporting to Dr. Albert Bourla, Chairman and Chief Executive Officer.

Pfizer will split its non-oncology commercial organization into two more focused business divisions: the Pfizer U.S. Commercial Division, which will be led by Aamir Malik, who will become Chief U.S. Commercial Officer, Executive Vice President, and continue reporting to Dr. Bourla, and the Pfizer International Commercial Division, which will be led by Alexandre de Germay, who will join Pfizer as Chief International Commercial Officer, Executive Vice President, and will report to Dr. Bourla. Dr. Boshoff and Messrs. Malik and de Germay?s new roles will be effective December 15, 2023.

As a result of this reorganization, the role currently held by Angela Hwang, Chief Commercial Officer, Executive Vice President, is being eliminated and she will cease serving in her current role and as a member of the Company?s Executive Leadership Team effective as of December 15, 2023. Ms. Hwang has agreed to assist with the reorganization and transition of her duties and will serve as Advisor to the Chief Executive Officer continuing until a date to be determined. As a result of the elimination of Ms. Hwang?s role, which the Company determined to be an involuntary termination without cause (due to position elimination and reorganization) under the Executive Severance Plan, she will be entitled to severance benefits under the terms and conditions of the Executive Severance Plan.

Severance benefits are subject to Ms. Hwang?s execution and non-revocation of a release of claims in favor of the Company and continued compliance with restrictive covenants and her confidentiality obligations. In addition, due to her age and years of service, Ms. Hwang will also be eligible for retirement benefits under the pension and savings plans and retiree medical plan, as well as retirement treatment for her long-term incentive awards in accordance with their terms. All payments and benefits being provided to Ms. Hwang in connection with her departure are consistent with her existing benefit entitlements.