Director Paul J. Diaz filed a Form 4 with the SEC on November 3, 2026, disclosing the acquisition of 613.073 phantom stock units in Merck & Co., Inc. (NYSE:MRK) on November 1, 2026, under the company's deferred compensation plan for directors.

Key Highlights

  • Reporting person: Paul J. Diaz, identified as a Director of Merck & Co., Inc.
  • Phantom stock acquired: 613.073 units acquired (transaction code A) on November 1, 2026, at a price of $149.52 per unit.
  • Price basis: The $149.52 price reported is the closing price of Merck Common Stock on the business day immediately prior to the effective date of the director's service, according to the filing.
  • Settlement terms: The phantom stock units are to be settled 100% in cash upon the reporting person's termination of service, in accordance with a distribution schedule elected under the Plan for Deferred Payment of Directors' Compensation.
  • Conversion ratio: The phantom stock carries a 1-for-1 conversion to common stock for valuation purposes.
  • Direct common stock holdings: Following the reported transaction, Diaz directly held 200 shares of common stock and 96 shares indirectly through his revocable trust.
  • Total phantom stock position: Diaz beneficially owned 613.073 phantom stock units following the transaction, held directly.

Paul J. Diaz's November 2026 Deferred Compensation Award at Merck

According to the Form 4 filed November 3, 2026, Paul J. Diaz, a director of Merck & Co., Inc. (NYSE:MRK), acquired 613.073 phantom stock units on November 1, 2026, under the company's Plan for Deferred Payment of Directors' Compensation. The filing reports the acquisition using transaction code A, indicating securities acquired. The price of $149.52 per unit reflects the closing price of Merck common stock on the business day immediately prior to the effective date of the director's service, as stated in the filing's explanatory notes.

The filing discloses that the phantom stock units carry a 1-for-1 relationship with Merck common stock and are to be "settled 100% in cash upon reporting person's termination of service in accordance with a distribution schedule elected pursuant to the terms of the Plan for Deferred Payment of Directors' Compensation." No expiration date or exercisability date is listed, consistent with the cash-settlement structure described. Following the transaction, Diaz held 613.073 phantom stock units directly.

In addition to the phantom stock position, the filing shows Diaz held 200 shares of Merck common stock directly and 96 shares indirectly through his revocable trust. No transaction date, price, or transaction code is listed for those common stock positions in the filing. The Form 4 was signed by Kelly Grez as Attorney-in-Fact for Paul J. Diaz and was filed on November 3, 2026.

What Was Disclosed

Paul J. Diaz, a Merck director, reported the acquisition of 613.073 phantom stock units on November 1, 2026, at $149.52 each under Merck's director deferred compensation plan. The units are cash-settled upon his termination of service. He also held 200 direct and 96 indirect shares of common stock.