Merck & Co., Inc. reported an insider ownership change involving Christine E. Seidman, a company director, for a transaction dated June 30, 2026. The Form 4 was filed July 1, 2026, and was signed on Seidman’s behalf by Kelly E. W. Grez as attorney-in-fact. The filing relates to Merck common stock and references phantom stock units credited under the company’s Plan for Deferred Payment of Directors’ Compensation. The securities are described as having a “1-for-1” relationship to Merck common stock, meaning each phantom stock unit tracks one share of Merck common stock for valuation purposes. The filing’s explanatory note states that the phantom stock units will be settled 100% in cash when Seidman terminates service as a director, according to a distribution schedule she elected under the deferred compensation plan. Because the units are cash-settled, the report reflects an economic interest tied to Merck shares rather than a transfer of actual common shares at settlement. The text provided does not include the transaction table that would normally show the transaction code, number of units acquired or disposed of, price, or Seidman’s post-transaction beneficial ownership. As a result, the filing clearly indicates a reported ownership change connected to director deferred compensation, but the supplied document excerpt does not disclose the specific share or unit count, transaction price, or resulting holdings.