Merck & Co., Inc. director Christine E. Seidman reported a change in beneficial ownership on Form 4 tied to Merck common stock on June 30, 2026. The filing was signed on her behalf by Kelly E. W. Grez, attorney-in-fact, on July 1, 2026. The reported security relates to phantom stock units under Merck’s Plan for Deferred Payment of Directors’ Compensation. The filing notes that the units are credited on a “1-for-1” basis with Merck common stock, meaning each phantom unit corresponds economically to one share of Merck common stock. However, these are not shares issued outright: the explanatory note states that the phantom stock units will be settled 100% in cash upon Seidman’s termination of service, according to a distribution schedule she elected under the plan. The document excerpt does not provide the transaction table details typically found in a Form 4, such as the number of phantom stock units involved, transaction code, acquisition or disposition price, or Seidman’s resulting beneficial ownership after the transaction. No open-market purchase or sale price is disclosed in the provided text. The filing matters because it reflects a director’s deferred compensation arrangement linked to Merck’s stock value. Although phantom stock units do not represent immediate ownership of actual shares and will be cash-settled, they are designed to align director compensation with shareholder returns by tracking the value of Merck common stock.