**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**



CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 16,
  2009

**PFIZER INC.**
  (Exact name of registrant as specified in its charter)

|**Delaware**                                                                                       | **1-3619**               | **13-5315170**                      
|-------------------------------------------------------------------------------------------------- | ------------------------ | ------------------------------------
|(State or other Jurisdiction of incorporation)                                                     | (Commission File Number) | (I.R.S. Employer Identification No.)
|**235 East 42nd Street 
          New York, New York**(Address of principal executive offices)**** |                          | **10017**
        (Zip Code)        

> Registrant's telephone number, including area code:(212) 573-2323 ****
>       (Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended
  to simultaneously satisfy the obligation of the registrant under any of the
  following provisions (see General Instruction A.2. below):

[ ] Written communication pursuant to Rule 425 under the Securities Act (17
  CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
  CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
  Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
  Act (17 CFR 240.13e-4(c))



|I**tem 5.02**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Departure of Directors or Certain Officers; Election
        of Directors; Appointment of Certain Officers; Compensatory Arrangements
        of Certain Officers.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Termination of Change-in-Control Severance Agreements with Executive
        Officers
        As described in the Company's Definitive Proxy Statement filed with the
        Securities and Exchange Commission on March 14, 2008, we previously entered
        into change-in-control severance agreements with all of our executive
        officers. Effective February 16, 2009, all of those agreements were terminated
        voluntarily by our executive officers.
      Adoption of Executive Severance Plan
      Effective February 16, 2009, the Compensation Committee of the Company's
        Board of Directors (the "Compensation Committee") adopted an
        Executive Severance Plan (the "Plan"). Participants in the Plan
        include each of our executive officers and will include any other employee
        who is selected, or is a member of a group that is selected, for participation
        by the Compensation Committee, provided that such executive officer or
        employee is based in the United States or Puerto Rico or is paid from
        the United States. However, if a person otherwise eligible to participate
        in the Plan is a party to an individual agreement with the Company that
        provides for severance benefits in the event of the termination of his
        or her employment with the Company, such person will not be eligible to
        participate in the Plan until the termination or expiration of such individual
        agreement. All of the Company's executive officers became participants
        in the Plan on February 16, 2009 except (i) Joseph M. Feczko, who will
        retire from the Company in April 2009, and (ii) Frank A. D'Amelio, who
        will become a participant in the Plan upon the expiration on September
        10, 2009 of the severance agreement that he and the Company entered into
        at the time he joined the Company (as described in the Company's Form
        8-K filed with the Securities and Exchange Commission on August 22, 2007).
      Under the terms of the Plan, if a participant's employment is terminated
        by us without cause (as such term is defined in the Plan), the participant
        will be entitled to the following payments and benefits upon the execution
        of a release agreement provided by the Company:
         a
        severance payment in a minimum amount equal to one year's pay and a maximum
        amount equal to two years' pay, the exact amount to be based upon the
        participant's length of service; for this purpose, pay is defined as the
        participant's base salary plus target annual incentive payment for the
        year in which the termination occurs;
         at
        the participant's election, the continuation of group term life insurance
        at active employee rates for up to 12 months following termination at
        the then-current coverage amount; and
         at
        the participant's election if he or she is not eligible for post-retirement
        medical coverage, the continuation of medical coverage at active employee
        rates for up to 12 months following termination.
      Except as set forth above, benefits under all Company benefit plans and
        programs will terminate in accordance with the terms of those plans and
        programs as they normally are applied to employees who resign or whose
        employment is terminated by the Company.
      We may amend, modify, suspend or terminate the Plan and disqualify employees
        from eligibility under the Plan at any time for any reason or for no reason
        with or without notice.
      The foregoing discussion is qualified in its entirety by reference to
        the Plan, which is filed as an exhibit hereto.



|**Item 9.01** | **Financial Statements and Exhibits.** | 
|------------- | -------------------------------------- | 

|(d) Exhibits |                                          | 
|------------ | ---------------------------------------- | 
|10.1         | The Pfizer Inc. Executive Severance Plan | 





**SIGNATURE**

Under the requirements of the Securities Exchange Act of 1934, the registrant
  has caused this report to be signed on its behalf by the authorized undersigned.

|                         |  | PFIZER INC.                                                                                       
|------------------------ |  | --------------------------------------------------------------------------------------------------
|                         |  |                                                                                                   
|                         |  | By: /s/  Matthew Lepore
         Matthew Lepore                                                   
|                         |  | Title: Vice President, Chief Counsel - Corporate Governance,
        and Assistant General Counsel
|Dated: February 20, 2009 |  |                                                                                                   

> EXHIBIT INDEX

|Exhibit No. | Description                             
|----------- | ----------------------------------------
|10.1        | The Pfizer Inc. Executive Severance Plan