Merck & Co., Inc. Form 4 Filings

Merck & Co., Inc. EVP and General Counsel Jennifer Zachary exercised stock options for 41,494 shares at an exercise price of $117.89 and 13,433 shares at $84.71, then sold 80,315 common shares on 2026-08-12 at a weighted average price of $133.4557 per share, within a price range of $133.03 to $133.50. The options referenced in the footnotes vested or will vest in equal annual installments. The transactions are not reported as made under a Rule 10b5-1 trading plan.

Merck & Co., Inc. executive Richard R. DeLuca, EVP & President, Merck Animal Health, reported selling a total of 45,320 shares of Merck common stock in open-market or private transactions on August 10–12, 2026weighted averages based on multiple trades within price ranges from $130.0000 to $132.6514, as detailed in footnotes. The Rule 10b5‑1 trading-plan checkbox was not selected.

Merck & Co., Inc. executive Richard R. DeLuca, EVP & President, Merck Animal Health, reported selling a total of 6,050 shares of Merck common stock on 2026-08-06 in three open-market transactions. The reported per-share prices are weighted averages, with actual trade prices within disclosed ranges around $130–$131 per share.

Merck & Co., Inc. executive David R. Maraldo, EVP & President Merck Manufacturing Division, reported exercising stock options for a total of 18,706 shares of common stock on August 5, 2026, at exercise prices of $73.73, $87.10, and $84.71 per share. He then sold the resulting 18,706 shares in open-market transactions at a weighted average price of $128.7179 per share, with sale prices ranging from $128.64 to $128.85 per share.

Merck & Co., Inc. executive David Michael Williams, EVP and Chief Information & Digital Officer, exercised stock options covering 52,847 shares of common stock on August 5, 2026 at strike prices of $77.6200, $75.3600 and $73.7300 per share. He then sold all 52,847 shares at a weighted average price of $128.7707, with individual sale prices ranging from $128.7050 to $128.9700.

Merck & Co., Inc. executive Guindo Chirfi, EVP, Access, Policy & Comms, reported selling 15,000 shares of common stock on August 6, 2026 at $131.00 per share in an open‑market or private transaction. After the sale, he directly owned 46,613 shares of Merck common stock.

Seidman Christine E reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Christine E. Seidman reported a routine compensation-related award of 63.2296 phantom stock units on June 30, 2026 at a reference value of $128.5000 per unit, increasing her phantom stock balance to 21,291.2690 units. She also reported direct ownership of 100 shares of common stock. The phantom stock units are cash-settled on a 1-for-1 basis in accordance with Merck’s deferred compensation plan after her service ends.

Karsanbhai Surendralal Lanca reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Karsanbhai Surendralal Lanca reported a routine compensation grant of phantom stock units and updated share holdings. The filing shows an award of 126.4591 phantom stock units tied on a 1‑for‑1 basis to Merck common stock. These phantom units are to be settled entirely in cash after the director’s termination of service, under the company’s Plan for Deferred Payment of Directors' Compensation.

Following this grant, Lanca holds 5,518.8018 phantom stock units and 1 share of Merck common stock directly. The transactions do not involve any open‑market buying or selling of Merck shares and reflect non‑cash, deferred director compensation.

Merck & Co., Inc. director Mary Ellen Coe reported a routine compensation-related transaction involving phantom stock units. She received a grant of 233.4630 phantom stock units at a reference price of $128.5000 per unit, recorded as a grant or award acquisition.

Following this grant, Coe holds 31,999.1016 phantom stock units, each tied on a 1-for-1 basis to Merck common stock but settled 100% in cash upon her termination of service under the Plan for Deferred Payment of Directors' Compensation. Separately, she directly holds 10 shares of Merck common stock after the reported transactions.

Warden Kathy J reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Kathy J. Warden reported a compensation-related update rather than an open-market trade. She received a grant of 1,853.0997 phantom stock units tied 1-for-1 to Merck common stock at a reference value of $118.7200 per unit, bringing her phantom stock holdings to 17,890.2917 units. These units will be settled entirely in cash after her service ends, under the Plan for Deferred Payment of Directors' Compensation. Separately, she reported direct ownership of 500 shares of Merck common stock, which includes shares accumulated through dividend reinvestment transactions.

Karsanbhai Surendralal Lanca reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Karsanbhai Surendralal Lanca reported a compensation-related award of phantom stock units rather than an open-market trade. On 2026-05-29, he received 1,853.0997 phantom stock units, bringing his total phantom stock holdings to 5,392.3427 units.

Each phantom unit is linked on a 1-for-1 basis to Merck common stock but will be settled 100% in cash after his service ends, following a distribution schedule under the Plan for Deferred Payment of Directors' Compensation. He also reports direct ownership of 1 share of Merck common stock, with holdings including shares from dividend reinvestment transactions.

Merck & Co., Inc. director Mary Ellen Coe reported a routine compensation-related change in holdings. She received a grant of 1,853.0997 phantom stock units, each on a 1-for-1 basis referencing Merck common stock. These phantom units are to be settled 100% in cash upon her termination of service, following a distribution schedule elected under the Plan for Deferred Payment of Directors' Compensation. After the grant, she holds 31,765.6386 phantom stock units and 10 shares of Merck common stock, with share holdings including amounts acquired through dividend reinvestment transactions.

Merck & Co., Inc. director Inge G. Thulin reported updated holdings that include a new grant of phantom stock units. On 2026-05-29, the director acquired 1,853.0997 phantom stock units, each linked on a 1-for-1 basis to Merck common stock. These phantom units are designed as deferred compensation and will be settled 100% in cash after the director’s termination of service, following a distribution schedule elected under the Plan for Deferred Payment of Directors' Compensation. After this grant, the director holds 27,469.7107 phantom stock units and 2,932.8610 shares of common stock, with the common stock holdings including shares acquired through dividend reinvestment transactions.

Seidman Christine E reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Christine E. Seidman reported a compensation-related change in her holdings. She received an award of 1,853.0997 phantom stock units tied to Merck common stock at a reference price of $118.72 per unit. After this grant, her phantom stock balance is 21,228.0394 units, which will be settled 100% in cash after her service ends under the company’s deferred compensation plan. Separately, she reports holding 100 shares of Merck common stock directly, including shares accumulated through dividend reinvestment.

RUSSO PATRICIA F reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Patricia F. Russo received 1,853.0997 phantom stock units as a grant of deferred compensation tied to Merck common stock. 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. After this award, she holds 62,390.7517 phantom stock units and 13,148 shares of Merck common stock directly.

Merck & Co., Inc. director Paul Rothman reported compensation-related equity activity. He received a grant of 1,853.0997 phantom stock units tied to Merck common stock at a reference price of $118.7200 per unit.

After this grant, his phantom stock holdings total 34,944.9417 units, which are to be settled 100% in cash upon his termination of service under the Plan for Deferred Payment of Directors' Compensation. He also reports direct ownership of 100 shares of Merck common stock, including shares acquired through dividend reinvestment transactions.

Merck & Co., Inc. director Stephen Mayo reported a compensation-related award of phantom stock units linked to the company’s common stock. He received 1,853.0997 phantom stock units, which are tied 1-for-1 to Merck common shares and are to be settled 100% in cash after his service ends under a deferred compensation plan. Following this award, he holds 14,824.5202 phantom stock units and 100 shares of Merck common stock, with the share holdings including amounts acquired through dividend reinvestment transactions.

LAVIZZO-MOUREY RISA J reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Risa J. Lavizzo-Mourey reported a compensation-related award of phantom stock units rather than a market trade. She received 1,853.0997 phantom stock units tied on a 1-for-1 basis to Merck common stock at a reference price of $118.72 per unit, increasing her phantom stock balance to 17,749.3517 units. These units are designed to be settled 100% in cash after her service ends, under the Plan for Deferred Payment of Directors' Compensation. The filing also notes she directly holds 1,000 shares of Merck common stock, including shares accumulated through dividend reinvestment.

GLOCER THOMAS H reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Thomas H. Glocer reported updated holdings, including a new grant of phantom stock units tied to the company’s common shares. He received 1853.0997 phantom stock units, each tracked on a 1-for-1 basis to Merck common stock and awarded at a reference price of $118.7200 per unit.

Following this grant, Glocer holds 110911.7587 phantom stock units, which are to be settled entirely in cash after his termination of service under the Plan for Deferred Payment of Directors' Compensation. His direct common stock holdings total 5100.0000 shares, including shares accumulated through dividend reinvestment transactions.

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.

Merck & Co., Inc. director Douglas M. Baker Jr. reported updated holdings and a new compensation award. He now directly holds 16,000 shares of Common Stock, which the filing notes include shares acquired through dividend reinvestment transactions. He also received a grant of 1,853.0997 Phantom Stock units, bringing his Phantom Stock balance to 11,518.2084 units.

The Phantom Stock units reference Merck common shares on a 1-for-1 basis at a value of $118.72 per unit but are designed to be settled entirely in cash after his service ends, following a distribution schedule elected under the Plan for Deferred Payment of Directors' Compensation.

Merck & Co., Inc. executive Zachary Jennifer, EVP and General Counsel, reported new equity compensation awards. She received stock options for 35,312 shares of common stock at an exercise price of $113.15 per share, vesting in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029, and expiring on 5/4/2036. She was also granted 12,064 restricted stock units, each representing a contingent right to one share of common stock, vesting and distributing in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029. Following these awards, she directly holds 70,897.254 shares of Merck common stock.

Merck & Co., Inc. executive vice president and Chief Information & Digital Officer David Michael Williams reported new equity awards. He received stock options on 13,582 shares of common stock at an exercise price of $113.15 per share and 4,640 restricted stock units, both vesting in three equal installments from 2027 to 2029. Following these awards, his directly held common stock position is reported as 31,716.037 shares.

Merck & Co., Inc. EVP & CFO Caroline Litchfield reported new equity awards in the form of stock options and restricted stock units. She now directly holds 92,300.657 shares of Merck common stock.

She received stock options for 46,566 shares at an exercise price of $113.15 per share, vesting in three equal installments on May 5, 2027, 2028, and 2029, and expiring on May 4, 2036. She also received 15,908 restricted stock units, each representing a right to one Merck share, vesting and settling in shares in three equal installments on May 5, 2027, 2028, and 2029.

Merck & Co., Inc. Executive VP & President, MRL, Dean Y. Li reported new equity awards. The filing shows a grant of 58,207 stock options with a $113.15 exercise price and a separate grant of 19,885 restricted stock units, each tied to one share of Merck common stock.

The options vest and become exercisable in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029, and expire on 5/4/2036. The restricted stock units vest and are delivered as shares on the same three annual dates. Following these transactions, Li directly holds 94,431.0500 shares of Merck common stock.

Merck & Co., Inc. executive Betty D. Larson, EVP and Chief HR Officer, reported equity awards and updated her holdings. She now directly holds 13,774 shares of Merck common stock.

On 5/5/2026, she received a grant of 23,283 stock options with an exercise price of $113.15 per share, expiring on 5/4/2036. These options vest in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029.

She was also granted 7,954 restricted stock units, each representing one share of common stock. These RSUs vest and are distributed in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029.

Merck & Co., Inc. executive Richard R. DeLuca, EVP & President of Merck Animal Health, reported compensation-related equity grants rather than open-market trades. He received 34,924 stock options with an exercise price of $113.15 per share, which vest in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029, and expire on 5/4/2036.

DeLuca also received 11,931 restricted stock units, each representing one share of Merck common stock, vesting and settling in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029. Following these grants, he holds 161,537.0700 common shares directly and 1,320.9907 shares indirectly through a 401(k) plan.

Merck & Co., Inc. Chairman, CEO & President Robert M. Davis reported new equity awards and updated his shareholdings. He now holds 450,350.757 shares of common stock directly. On May 5, 2026, he was granted 139,697 stock options with an exercise price of $113.15 per share, vesting in three equal installments on May 5, 2027, 2028 and 2029. He also received 47,724 restricted stock units, each representing a right to one Merck common share, vesting and settling in three equal installments on May 5, 2027, 2028 and 2029.

Merck & Co., Inc. reported that EVP, Specialty, Pharma, & ID Brian Foard received new equity awards. On May 5, 2026, he was granted a stock option covering 31,044 shares of common stock with an exercise price of $113.15 per share, vesting in three equal annual installments on May 5 of 2027, 2028, and 2029.

He was also granted restricted stock units for 35,351 shares and an additional 10,605 shares. Each restricted stock unit represents a contingent right to receive one share of Merck common stock and vests, with shares distributed, in three equal installments on May 5, 2027, May 5, 2028, and May 5, 2029. These are compensation grants, not open-market purchases or sales.

Merck & Co., Inc. executive David R. Maraldo reported new equity awards and updated holdings. As EVP & Pres. MMD, he received a grant of stock options for 21,731 shares of common stock at an exercise price of $113.15 per share, vesting in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029. He also received 7,424 restricted stock units, each representing a contingent right to one Merck common share, vesting and settling in three equal installments on those same dates. Following these transactions, he reports direct ownership of 18,212.434 shares of common stock and indirect ownership of 8,359.14 shares through a 401(k) plan.

Oosthuizen Johannes Jacobus reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. executive vice president for Oncology & International, Johannes Jacobus Oosthuizen, reported new equity awards. He received a grant of 31,044 stock options, each allowing him to buy Merck common stock at $113.15 per share, expiring in 2036 and vesting in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029. He was also granted 10,605 restricted stock units, each representing a right to receive one Merck share, vesting and settling in stock in three equal installments on the same dates. Following these awards, he directly holds 21,895.389 shares of Merck common stock.

Merck & Co., Inc. senior vice president of finance and global controller Dalton E. Smart III received new equity awards. He was granted stock options for 5,045 shares of common stock at an exercise price of $113.15 per share and 2,298 restricted stock units, both vesting in three equal annual installments beginning 5/5/2027. Each restricted stock unit represents a contingent right to receive one Merck common share. After these awards, he directly holds 9,388.315 shares of Merck common stock.

Merck & Co., Inc. executive vice president Chirfi Guindo reported new equity awards and updated share holdings. He received a grant of 19,402 stock options with an exercise price of $113.15 per share, vesting in three equal installments on 5/5/2027, 5/5/2028, and 5/5/2029.

He also received 6,628 restricted stock units, each representing one share of common stock, scheduled to vest and be distributed in three equal installments on the same dates. Following these awards, he holds 61,613.127 shares of common stock directly and 57.1377 shares indirectly through a 401(k) plan. These are compensation-related grants rather than open-market purchases or sales.

Merck & Co., Inc. senior vice president of finance and global controller Dalton E. Smart III reported routine equity compensation activity involving restricted stock units. On May 2, 2026, restricted stock units covering 383 shares of common stock were exercised and converted into common shares.

To cover tax obligations, 132 shares of common stock were disposed of in a tax-withholding transaction at $112.16 per share, a non‑market event. After these transactions, Smart directly held 9,388.315 shares of Merck common stock. The restricted stock units, each representing a contingent right to one Merck share, vest and are distributed in three equal installments on May 2 of 2024, 2025, and 2026.

Merck & Co., Inc. executive David R. Maraldo reported routine equity compensation activity involving restricted stock units that convert into common shares. On May 2, 2026, 552 restricted stock units vested and were exercised into 552 shares of common stock. To cover related tax obligations, 159 shares were disposed of in a tax-withholding transaction at $112.16 per share, a non-market sale handled by the company. Following these transactions, Maraldo directly holds about 18,212.434 Merck common shares. The vested restricted stock units are part of an award scheduled to vest in three equal installments on May 2 of 2024, 2025, and 2026.

Merck & Co., Inc. EVP Chirfi Guindo reported routine equity compensation activity. On April 29, 2026, he exercised 1,967 restricted stock units, receiving the same number of Merck common shares. Of these, 969 shares were withheld to cover tax obligations.

After these transactions, Guindo held 61,613.127 Merck common shares directly, plus 57.1377 shares indirectly through a 401(k) plan, and 3,935 restricted stock units. The filing notes that restricted stock units vest and are distributed in three equal installments on April 29, 2026, 2027 and 2028, and holdings include shares from dividend reinvestment.

Merck & Co., Inc. executive vice president and president of MMD Sanat Chattopadhyay reported routine equity compensation activity. On April 29, 2026, he exercised 2,597 restricted stock units, converting them into the same number of Merck common shares. Of these, 1,130 shares were withheld to cover tax obligations, leaving a net increase in his directly held common stock. After these transactions, he directly owned 16,477 common shares and held additional indirect positions through three Grantor Retained Annuity Trusts, with 53,417, 57,622 and 74,289 common shares, respectively, over which he serves as sole trustee with complete investment control. He also continued to hold 5,194 restricted stock units that vest in three equal installments in 2026, 2027 and 2028.

Merck & Co., Inc. executive Richard R. DeLuca, EVP and President of Merck Animal Health, reported routine equity compensation activity. On April 29, 2026, he exercised 2,518 restricted stock units, receiving an equivalent number of Merck common shares.

To cover tax obligations, 1,241 common shares were disposed of at $110.03 per share through a tax-withholding transaction, leaving a net increase in his directly held stock. After these transactions, DeLuca directly holds 161,537.07 shares of common stock and indirectly holds 1,320.9907 shares through a 401(k) plan. Footnotes note that restricted stock units convert into one common share each and vest in three equal installments on April 29, 2026, 2027, and 2028, with remaining units outstanding.

Merck & Co., Inc. executive David Michael Williams reported routine equity compensation activity involving restricted stock units and related tax withholding. He exercised 1,377 restricted stock units into the same number of common shares at a stated value of $110.03 per share and 679 common shares were disposed of to cover tax obligations.

Following these transactions, he directly held 31,716.037 shares of Merck common stock. He also held 2,755 restricted stock units, each representing a contingent right to receive one Merck common share, which are scheduled to vest and be distributed in three equal installments on April 29, 2026, April 29, 2027 and April 29, 2028. Holdings include shares acquired through dividend reinvestment.

Merck & Co., Inc. senior vice president Dalton E. Smart III reported routine equity compensation activity. On April 29–30, 2026, he exercised restricted stock units covering 1,408 shares of common stock, converting them into directly held shares.

Across these transactions, 483 shares of common stock were withheld at prices of $110.03 and $110.95 per share to satisfy tax obligations, so they were not open-market sales. Following the transactions, he directly holds 9,137.315 shares of Merck common stock.

Footnotes show he also holds 1,889 restricted stock units, each representing a contingent right to one share of Merck common stock. These units vest and are distributed in three equal installments on 4/29/2026, 4/29/2027, 4/29/2028, and on 4/30/2025, 4/30/2026, and 4/30/2027.

Merck & Co., Inc. Executive VP & President, MRL, Dean Y. Li exercised restricted stock units and settled related taxes in shares. On April 29, 2026, 4,722 restricted stock units converted into the same number of common shares, while 2,326 shares were withheld to cover tax obligations at $110.03 per share.

After these transactions, Li directly owned 94,431.05 shares of Merck common stock and held 9,444 restricted stock units outstanding. The RSUs vest and are distributed in three equal installments on April 29, 2026, April 29, 2027, and April 29, 2028.

Merck & Co., Inc. EVP and General Counsel Jennifer Zachary reported compensation-related equity transactions. On 4/29/2026, she exercised 2,951 restricted stock units into an equal number of Merck common shares. In a related move, 1,454 common shares were disposed of to cover tax obligations.

Following the derivative exercise, one transaction line shows 72,351.254 common shares owned directly, while another reflects 70,897.254 shares after the tax-withholding disposition. Footnotes explain that each restricted stock unit represents a contingent right to one Merck share and that these units vest in three equal installments on 4/29/2026, 4/29/2027, and 4/29/2028.

Merck & Co., Inc. executive vice president and Chief HR Officer Betty D. Larson reported routine equity compensation activity over two days. She exercised restricted stock units to acquire 13,435 shares of common stock at reference prices of $110.95 and $110.03 per share, and 5,858 shares were disposed of to cover tax obligations through share withholding rather than open-market sales.

Following these transactions, Larson directly owned 13,774 shares of Merck common stock. The filing reflects compensation-related derivative exercises and associated tax-withholding dispositions, without any open-market buying or selling.

Merck & Co., Inc. Executive Vice President and CFO Caroline Litchfield reported routine equity compensation activity. She exercised 3,935 restricted stock units, converting them into the same number of common shares at a stated value of $110.03 per share. To cover tax obligations, 1,938 common shares were disposed of in a tax-withholding transaction, rather than an open-market sale. After these transactions, she directly holds about 94,238.657 common shares and 7,870 restricted stock units that continue to vest over time. Footnotes indicate her holdings also include shares acquired through dividend reinvestment.

Merck & Co., Inc. Chairman, CEO & President Robert M. Davis reported routine equity compensation activity. On 4/29/2026, he exercised 13,300 restricted stock units into common shares at a reported value of $110.03 per share, while 6,551 shares were withheld to cover tax obligations. Following these transactions, he directly held about 450,350.757 shares of Merck common stock and 26,601 restricted stock units. The remaining restricted stock units vest and are distributed in equal installments on 4/29/2027 and 4/29/2028.

Merck & Co., Inc. executive vice president for Oncology & International, Johannes Jacobus Oosthuizen, reported routine equity compensation activity. He exercised 1,377 Restricted Stock Units (RSUs), converting them into the same number of Merck common shares at a reported value of $110.03 per share. To cover tax obligations, 679 common shares were disposed of through a tax-withholding transaction rather than an open-market sale. Following these transactions, Oosthuizen directly holds about 21,895.389 common shares. Footnotes state that each RSU represents a contingent right to one share of common stock and that the RSUs vest in three equal installments on 4/29/2026, 4/29/2027, and 4/29/2028, highlighting that this event is part of an ongoing vesting schedule.

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.

GLOCER THOMAS H reported acquisition or exercise transactions in this Form 4 filing.

Merck & Co., Inc. director Thomas H. Glocer received a grant of 405.2706 phantom stock units on March 31, 2026, credited at $120.29 per unit on a 1-for-1 basis with common stock. These phantom units are payable 100% in cash after his board service ends under the deferred compensation plan. He also reports direct ownership of 5,100 shares of Merck common stock, including shares accumulated through dividend reinvestment.

Merck & Co., Inc. director Mary Ellen Coe received a grant of 249.3973 phantom stock units on common stock equivalents. The units were awarded at a reference price of $120.2900 per unit and are structured on a 1-for-1 basis with Merck common stock.

The phantom stock units are to be settled 100% in cash upon Coe’s termination of service, following a distribution schedule elected under the Plan for Deferred Payment of Directors' Compensation. After this award, her phantom stock holdings total 29,702.6519 units. A separate holding entry shows she directly owns 10 shares of Merck common stock, including shares acquired through dividend reinvestment transactions.