PFIZER INC — Director's Dealing 2014

Feb 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Flexion Therapeutics Inc (FLXN)
CIK: 0001419600
Period of Report: 2014-02-18

Reporting Person: PFIZER INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-18	Common Stock	C	1452944	—	Acquired	1452944	Direct
2014-02-18	Common Stock	C	234306	—	Acquired	1687250	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-18	Series A Preferred Stock	$	C	11812438	Disposed		Common Stock (1452944)	Direct
2014-02-18	Series B Preferred Stock	$	C	1904905	Disposed		Common Stock (234306)	Direct

Footnotes

F1: Every 8.13 shares of Series A Preferred Stock automatically converted into 1 share of Common Stock without payment of further consideration upon the closing of the Issuer's initial public offering. The shares have no expiration date.

F2: Every 8.13 shares of Series B Preferred Stock automatically converted into 1 share of Common Stock without payment of further consideration upon the closing of the Issuer's initial public offering. The shares have no expiration date.