Merck director receives cash-settled phantom stock grant

Craig Pamela J. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Craig Pamela J. reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Pamela J. Craig reported a compensation-related award of phantom stock units and updated share holdings. She received 1,853.0997 phantom stock units, each valued at $118.72 per unit on the grant date, increasing her phantom stock balance to 34,944.9297 units. These units track Merck common stock on a 1-for-1 basis but are designed to be settled 100% in cash after her service ends, under the Plan for Deferred Payment of Directors' Compensation. Following the transactions, she also directly holds 1,715 shares of Merck common stock, which includes shares accumulated through dividend reinvestment.

Insider Trade Summary

Grant/Award: 1,853.0997 shares

Grant/Award 2 txns

Insider Craig Pamela J.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	1,853.0997	$118.72	$220K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 34,944.9297 contracts (Direct); Common Stock — 1,715 shares (Direct)

Footnotes (3)

1. F1. 1-for-1
2. F2. Phantom stock units are to be settled 100% in cash upon reporting person's termination of service in accordance with a distribution schedule elected pursuant to the terms of the Plan for Deferred Payment of Directors' Compensation.
3. F3. Holdings include shares acquired in dividend reinvestment transactions.

Key Figures

Phantom stock grant: 1,853.0997 units Grant reference price: $118.72 per unit Total phantom units after grant: 34,944.9297 units +2 more

5 metrics

Phantom stock grant 1,853.0997 units Grant of phantom stock units on 2026-05-29

Grant reference price $118.72 per unit Value per phantom stock unit on grant date

Total phantom units after grant 34,944.9297 units Phantom stock balance following the transaction

Common shares held 1,715 shares Direct Merck common stock holdings after transactions

Conversion ratio 1-for-1 Phantom stock units track Merck common stock value

Key Terms

Phantom stock, Plan for Deferred Payment of Directors' Compensation, dividend reinvestment transactions, grant/award acquisition

4 terms

Phantom stock financial

"The security title is listed as "Phantom Stock" with units granted as compensation."

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Plan for Deferred Payment of Directors' Compensation financial

"Units are settled in cash under the Plan for Deferred Payment of Directors' Compensation."

dividend reinvestment transactions financial

"Holdings include shares acquired in dividend reinvestment transactions."

grant/award acquisition financial

"The transaction action is described as a grant/award acquisition."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Merck (MRK) director Pamela J. Craig report?

Pamela J. Craig reported receiving a grant of phantom stock units as compensation. She acquired 1,853.0997 phantom stock units tied to Merck’s common stock value, plus updated her direct common share holdings in the same Form 4 filing.

How many phantom stock units did Pamela J. Craig hold in Merck (MRK) after this filing?

After the reported grant, Pamela J. Craig held 34,944.9297 phantom stock units. These units mirror Merck’s common stock value on a 1-for-1 basis but are scheduled to be settled entirely in cash after her board service ends.

Are Pamela J. Craig’s Merck (MRK) phantom stock units settled in shares or cash?

The phantom stock units are settled 100% in cash, not shares. Payment occurs upon her termination of service, following a distribution schedule she elected under Merck’s Plan for Deferred Payment of Directors' Compensation.

What was the reference price for the Merck (MRK) phantom stock units granted to Pamela J. Craig?

Each phantom stock unit in the grant was valued at $118.72 on the transaction date. This price is used to measure the size of the compensation award and ties the units’ value to Merck’s common stock performance over time.

How many Merck (MRK) common shares does Pamela J. Craig directly own after this Form 4?

Following the reported transactions, Pamela J. Craig directly owns 1,715 shares of Merck common stock. The filing notes that this total includes shares acquired through dividend reinvestment transactions over time, reflecting automatic share accumulation.

Do Pamela J. Craig’s Merck (MRK) phantom stock units carry a conversion right into common shares?

The phantom stock units track Merck common stock on a 1-for-1 basis but do not convert into shares. Instead, they are paid entirely in cash according to the deferred compensation plan rules once her board service ends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/02/2026 - 02:03 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Craig Pamela J.

(Last) (First) (Middle)

MERCK & CO., INC.

126 EAST LINCOLN AVENUE

(Street)

RAHWAY NEW JERSEY 07065

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Merck & Co., Inc. [ MRK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								1,715	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	05/29/2026		A		1,853.0997		(2)	(2)	Common Stock	1,853.0997	$118.72	34,944.9297(3)	D

Explanation of Responses:

1. 1-for-1

2. Phantom stock units are to be settled 100% in cash upon reporting person's termination of service in accordance with a distribution schedule elected pursuant to the terms of the Plan for Deferred Payment of Directors' Compensation.

3. Holdings include shares acquired in dividend reinvestment transactions.

	/s/ Kelly E. W. Grez as Attorney-in-Fact for Pamela J. Craig	06/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)