Warden Kathy J 4

What Happened

• Kathy J. Warden, a director of Merck & Co., received an award of 1,853.1 notional shares (phantom stock units) reported as a derivative acquisition on 2026-05-29. The units are valued at $118.72 each for a total reported value of $220,000. This was an award/grant (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-29; reported on Form 4 filed 2026-06-02.
• Units/shares: 1,853.1 phantom stock units at $118.72 per unit; total $220,000.
• Transaction type: Award/Grant (derivative phantom stock units).
• Settlement: Footnote states 100% of these phantom units are to be settled in cash upon the reporting person's termination of service under the Plan for Deferred Payment of Directors' Compensation.
• Conversion/ratio: Footnote indicates a 1-for-1 treatment.
• Holdings after transaction: Not specified in the provided excerpt.
• Other note: Holdings referenced may include shares from dividend reinvestment programs (footnote).

Context

• Phantom stock units are a form of deferred cash compensation tied to the company’s share value; they do not confer voting rights or immediate share ownership and will be paid in cash per the plan’s distribution schedule. Director awards are common as part of non-employee director compensation and are not direct purchases that signal immediate insider buying.