Craig Pamela J. 4

What Happened
Pamela J. Craig, a director of Merck & Co., received 1,853.1 derivative stock units (phantom stock units) on 2026-05-29, valued at $118.72 per unit for a total value of about $220,000. This was an award (transaction type A) as part of Merck’s director compensation program—not an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-29; Form filed: 2026-06-02.
• Units awarded: 1,853.1 phantom stock units at $118.72/unit, total ~$220,000.
• Transaction type: A (Award/Grant) — derivative phantom stock units, not shares of common stock.
• Settlement: Footnote indicates a 1-for-1 relationship (F1) and that 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 (F2).
• Holdings after transaction: not specified in the provided details; filing notes holdings may include shares from dividend reinvestment (F3).
• Timeliness: Filed within a few days of the transaction date; not indicated as late.

Context
Phantom stock units are a form of deferred cash compensation tied to the company’s share price and generally do not represent immediate equity, voting rights, or open-market investment by the insider. Awards to non-employee directors are typically routine compensation rather than direct signals about the director’s view of short-term stock performance.