Zoetis Inc. reported an insider ownership change involving Keith Sarbaugh on July 10, 2026, in a Form 4 filed July 14, 2026. The filing concerns derivative securities tied to Zoetis common stock rather than a conventional open-market purchase or sale of ZTS shares. The securities described are phantom stock units acquired under the Zoetis Supplemental Savings Plan. According to the filing’s explanatory notes, these units are cash-settled after the reporting person separates from service. They do not appear to represent immediately deliverable common shares; instead, their value is linked to Zoetis stock and related cash-equivalent investments. Each phantom stock unit represents a fraction of a phantom share of Zoetis common stock, plus a small cash-equivalent component. The filing notes that the cash-equivalent investments typically represent about 5% of the total value of each phantom stock unit. As a result, the units’ value is determined primarily by reference to Zoetis’ market price, with a smaller portion tied to cash-equivalent holdings. The filing also states that Sarbaugh may transfer the phantom stock units into an alternative investment fund at any time, although Zoetis may restrict the timing, frequency or permissibility of transfers among investment funds. This suggests the reported change relates to deferred compensation or supplemental savings plan activity rather than an insider’s discretionary stock-market trade. The provided filing text does not include the specific number of phantom stock units involved, the transaction code, transaction price, or the total number of derivative securities beneficially owned after the transaction. No vesting schedule, option exercise price, expiration date, or direct common-stock ownership figure is disclosed in the excerpt. The form was signed on Sarbaugh’s behalf by Brenda Santuccio as attorney-in-fact on July 14, 2026.