Merck & Co. Director Paul J. Diaz Awarded Phantom Stock Units

Executive Summary

On November 3, 2026, Merck & Co., Inc. ($MRK) filed a Form 4 detailing an equity award to Director Paul J. Diaz. On November 1, 2026, Diaz acquired 613.073 phantom stock units at a valuation price of $149.52 per share, equating to an aggregate transaction value of approximately $91,666.67.

Transaction Details

• Security: Phantom Stock (convertible 1-for-1 into common stock value)
• Transaction Code: A (Grant or award under an issuer equity compensation plan)
• Shares/Units Acquired: 613.073
• Reported Price: $149.52 (reflecting closing price on the business day prior to effective service)
• Settlement Terms: To be settled 100% in cash following termination of service as a director under the Plan for Deferred Payment of Directors' Compensation.
• Direct/Indirect: Direct

Current Holdings Overview

Following the reported transaction, Paul J. Diaz's holdings in Merck & Co., Inc. include:

• Phantom Stock: 613.073 units (Direct)
• Common Stock: 200 shares (Direct)
• Common Stock: 96 shares (Indirect via Revocable Trust)

Market & Trading Significance

This transaction carries Low trading significance. It represents a standard board retainer or director compensation grant credited under Merck's deferred compensation program rather than an open-market purchase or sale.