BAKER DOUGLAS M JR 4

What Happened

• Douglas M. Baker Jr., a member of Merck & Co.'s board of directors, was granted 1,853.1 units (derivative award) on May 29, 2026. The units are reported at $118.72 each, for a total reported value of $220,000. This was an award (not an open-market purchase or sale).

Key Details

• Transaction date and terms: May 29, 2026 — 1,853.1 units at $118.72 per unit; total value $220,000.
• Transaction type: A = Grant/award (derivative/phantom stock units), not a stock purchase or sale.
• Settlement: Footnote F2 states these phantom stock units are to be settled 100% in cash upon the reporting person's termination of service, per the Plan for Deferred Payment of Directors' Compensation.
• Other footnotes: F1 notes a 1-for-1 treatment; F3 notes holdings include dividend reinvestment transactions.
• Timeliness: Report filed June 2, 2026; filing appears to be timely (within Form 4 filing window).

Context

• These are phantom/derivative units (cash-settled on termination), so they do not represent immediate issuance of common shares or voting power. Such director awards are routine compensation for board service and are different from open-market buys, which are often treated as stronger bullish signals by investors.