Merck & Co. Director Christine E. Seidman Acquires Phantom Stock Units

Executive Summary

On October 1, 2026, Merck & Co., Inc. ($MRK) filed a Form 4 on behalf of Director Christine E. Seidman. The report details the routine acquisition of 55.9149 shares of phantom stock on September 30, 2026, at a price of $145.31 per share, representing an aggregate transaction value of approximately $8,125.

Transaction Details

• Security: Phantom Stock (convertible 1-for-1 to common stock value)
• Transaction Code: 'A' (Grant, award, or other acquisition)
• Shares Acquired: 55.9149
• Price per Share: $145.31
• Total Consideration: $8,124.99
• Settlement Terms: Phantom stock units settle 100% in cash upon termination of service in accordance with the Plan for Deferred Payment of Directors' Compensation.
• Direct Ownership After Transaction: 21,490.4009 phantom shares (includes dividend reinvestment) and 100 shares of common stock directly held.

Market and Governance Impact

This filing reflects routine quarterly director compensation deferred into phantom stock under Merck's standard director compensation program. Because this is an automated/plan-based deferral rather than an open-market purchase or sale, it does not indicate any shift in insider sentiment or strategic outlook.