Li Dean Y 4

What Happened Dean Y. Li, Executive Vice President & President, Merck Research Laboratories (MRL), received 20,469 shares of Merck common stock as a distribution of performance-based awards on January 26, 2026. The shares were valued at $107.40 each, for a total value of $2,198,371. This was an award/distribution (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-01-26; Filing date: 2026-01-28 (no late filing indicated).
• Transaction type/code: Award/Grant/Other Acquisition (A).
• Shares received: 20,469 at $107.40 per share; total value $2,198,371.
• Footnote F1: Distribution represents net after-tax shares paid on vested performance share units granted 3/31/2023; performance payout was at 94% of target and includes dividends accrued over the three-year performance period ending 12/31/2025.
• Footnote F2: Reported holdings include shares acquired via dividend reinvestment transactions.
• Shares owned after the transaction are not specified in the provided filing.

Context This was a compensation-related distribution (performance share payout) rather than a buy or sell. The award reflects vesting/performance results for a prior PSU grant and included withholding of shares for taxes (net-after-tax distribution). Awards like this are routine executive compensation events and should not be read as a direct market-timing signal.