Merck (NYSE: MRK) director receives new cash-settled phantom stock grant

Rhea-AI Filing Summary

Merck & Co., Inc. director Christine E. Seidman received a grant of 67.5451 phantom stock units on March 31, 2026. These units track Merck common stock on a 1-for-1 basis at a reference value of $120.29 per unit.

The phantom stock units are to be settled 100% in cash upon her termination of service under the Plan for Deferred Payment of Directors' Compensation. Following this grant, her phantom stock holdings total 19,238.3277 units, and she also holds 100 shares of Merck common stock, including shares acquired through dividend reinvestment transactions.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Seidman Christine E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	67.545	$120.29	$8K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 19,238.328 shares (Direct); Common Stock — 100 shares (Direct)

Footnotes (1)

1. 1-for-1 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. Holdings include shares acquired in dividend reinvestment transactions.

Key Figures

Phantom stock units granted: 67.5451 units Reference price per phantom unit: $120.29 per unit Total phantom units after grant: 19,238.3277 units +2 more

5 metrics

Phantom stock units granted 67.5451 units Grant on March 31, 2026

Reference price per phantom unit $120.29 per unit Grant valuation

Total phantom units after grant 19,238.3277 units Phantom stock holdings following transaction

Common stock holdings 100 shares Direct Merck common stock held, including dividend reinvestment

Conversion ratio 1-for-1 Phantom stock units to underlying Merck common stock

Key Terms

Phantom Stock, Plan for Deferred Payment of Directors' Compensation, dividend reinvestment transactions

3 terms

Phantom Stock financial

"Phantom Stock units are to be settled 100% in cash upon reporting person's termination of service"

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

"pursuant to the terms of the Plan for Deferred Payment of Directors' Compensation"

dividend reinvestment transactions financial

"Holdings include shares acquired in dividend reinvestment transactions"

Form 4 Insider Transactions: What Each Field Means →

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^*

Seidman Christine E

(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)
03/31/2026

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								100	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)	03/31/2026		A		67.5451		(2)	(2)	Common Stock	67.5451	$120.29	19,238.3277(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 Christine E. Seidman	04/01/2026
	** 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)

FAQ

What did Merck (MRK) director Christine Seidman report in this Form 4?

Christine Seidman reported receiving a grant of 67.5451 phantom stock units tied to Merck common stock. The units are part of director compensation and increase her total phantom stock holdings to 19,238.3277 units, alongside 100 directly held common shares.

What are the key details of the phantom stock grant reported by Merck (MRK)?

The filing shows a grant of 67.5451 phantom stock units valued at $120.29 per unit. Each unit is structured on a 1-for-1 basis with Merck common stock and is payable in cash under the company’s deferred compensation plan for directors.

How and when will Christine Seidman’s Merck (MRK) phantom stock be settled?

The phantom stock units will be settled 100% in cash upon Christine Seidman’s termination of service as a director. Settlement timing and distribution follow a schedule she elected under Merck’s Plan for Deferred Payment of Directors' Compensation.

How many Merck (MRK) phantom stock units does Christine Seidman hold after this transaction?

After the reported grant, Christine Seidman holds a total of 19,238.3277 phantom stock units. These units mirror Merck common stock value on a 1-for-1 basis and represent deferred cash-based director compensation rather than currently deliverable shares.

Does Christine Seidman hold actual Merck (MRK) common stock in addition to phantom stock?

Yes. The Form 4 indicates she directly owns 100 shares of Merck common stock. The filing notes that these holdings include shares acquired through dividend reinvestment transactions, separate from her larger phantom stock balance.

Is this Merck (MRK) Form 4 a market purchase or sale of stock?

No. The primary reported event is a grant of 67.5451 phantom stock units as director compensation. These units are cash-settled in the future and do not represent an open-market purchase or sale of Merck common shares.