Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-01

Merck & Co., Inc. (MRK)

CEO Robert Davis was paid $20,797,845 in fiscal year 2025, ↓ down 10.3% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001193125-26-147704 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$20,797,845 ↓
Robert Davis total, FY2025
1st
CEO pay percentile vs peers
191:1
CEO-to-median pay ratio
94.06%
Say-on-pay support, latest vote

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- Robert Davis (Chairman, Chief Executive Officer and President), FY2025 total compensation $20,797,845 (base salary $1,645,302) [exec_comp, SEC accession 0001193125-26-147704, filed 2026-04-08]

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MRK's next annual pay disclosure, estimated April 7, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Robert Davis$1,645,302$0$12,102,838$3,380,004$2,326,500$685,143$658,058$20,797,845
Chairman, Chief Executive Officer and President
Dean Li1,460,00004,296,8641,199,9911,368,640398,839168,5478,892,881
Executive Vice President and President, Merck Research Laboratories
Caroline Litchfield1,173,21403,580,6811,000,0081,099,800532,764127,6187,514,085
Executive Vice President and Chief Financial Officer
Jennifer Zachary1,062,21702,685,571750,002995,749254,317112,7225,860,578
Executive Vice President and General Counsel
Sanat Chattopadhyay982,17002,363,261660,004920,710291,064191,1995,408,408
Executive Vice President and President, Merck Manufacturing Division

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Robert Davis$20,797,845$23,186,064$20,273,287↓ −2,388,219
Dean Li8,892,88110,086,3329,779,414↓ −1,193,451
Caroline Litchfield7,514,0857,507,7788,300,385↑ +6,307
Jennifer Zachary5,860,578———
Sanat Chattopadhyay5,408,408—6,240,360—

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$20,797,845 Robert Davis total, FY2025

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Data as of October 1, 2026 · Source: 0001193125-26-147704 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against MRK
28 companies name MRK as a compensation peer

Each company listed discloses MRK in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MRK in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Christine E. Seidman, M.DIndependent Director$385,000
Douglas M. Baker JrIndependent Director$350,000
Inge G. ThulinIndependent Director$340,000
Kathy J. WardenIndependent Director$340,000
Mary Ellen CoeIndependent Director$340,000
Pamela J. CraigIndependent Director$405,000
Patricia F. RussoIndependent Director$365,000
Paul B. Rothman, M.DIndependent Director$405,000
Risa J. Lavizzo-Mourey, M.DIndependent Director$340,000
Stephen L. Mayo, Ph.DIndependent Director$350,000
Surendralal L. KarsanbhaiIndependent Director$405,000
Thomas H. GlocerLead Independent Director$415,000
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Caroline LitchfieldEVP & CFO2026-04-29D3,935$0$0Derivative, Class A CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-04-29D1,938110213,238CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-04-29A3,935110432,968CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-04-29D2,95100Derivative, Class A CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-04-29D4,72200Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-04-29—5,665——4 insiders, 4 accrual rows
Sanat ChattopadhyayExe V-P & Pres. MMD2026-04-29D2,59700Derivative, Class A CommonForm 4 ↗
Sanat ChattopadhyayExe V-P & Pres. MMD2026-04-29D1,130110124,334CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-04-29D67911074,710CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-04-29A1,377110151,511CommonForm 4 ↗
Robert M. DavisDirector2026-04-29D6,551110720,807CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-29D2,08500Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-29A2,085110229,413CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-04-29D1,454110159,984CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-04-29D2,326110255,930CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-04-29A1,377110151,511CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-04-29D1,241110136,547CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-04-29A2,518110277,056CommonForm 4 ↗
Sanat ChattopadhyayExe V-P & Pres. MMD2026-04-29A2,597110285,748CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-04-29D969110106,619CommonForm 4 ↗
Robert M. DavisDirector2026-04-29A13,3001101,463,399CommonForm 4 ↗
Robert M. DavisDirector2026-04-29D13,30000Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-29D71511078,671CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-04-29A2,951110324,699CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-04-29A4,722110519,562CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-29A944110103,868CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-04-29D67911074,710CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-04-29D2,51800Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-04-29A1,967110216,429CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-29D32411035,650CommonForm 4 ↗
Dividend-equivalent accruals2026-04-30—464——1 insider, 1 accrual row
Betty D. LarsonEVP, Chief HR Officer2026-04-30D11,35000Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-30D5,143111570,616CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-30A11,3501111,259,283CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-30D15911117,641CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-30A46411151,481CommonForm 4 ↗
Dividend-equivalent accruals2026-05-02—935——2 insiders, 2 accrual rows
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-02D13211214,805CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-02A38311242,957CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-02D15911217,833CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-02A55211261,912CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-05-05A31,04400Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-05A7,42400Derivative, Class A CommonForm 4 ↗
Brian FoardEVP, Specialty, Pharma, & ID2026-05-05A10,60500Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-05-05A23,28300Derivative, Class A CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-05-05A19,88500Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-05-05A4,64000Derivative, Class A CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-05-05A58,20700Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-05-05A19,40200Derivative, Class A CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-05A5,04500Derivative, Class A CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-05A2,29800Derivative, Class A CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-05-05A10,60500Derivative, Class A CommonForm 4 ↗
Brian FoardEVP, Specialty, Pharma, & ID2026-05-05A35,35100Derivative, Class A CommonForm 4 ↗
Robert M. DavisDirector2026-05-05A139,69700Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-05-05A13,58200Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-05-05A12,06400Derivative, Class A CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-05-05A46,56600Derivative, Class A CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-05-05A15,90800Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-05-05A35,31200Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-05-05A6,62800Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-05A21,73100Derivative, Class A CommonForm 4 ↗
Brian FoardEVP, Specialty, Pharma, & ID2026-05-05A31,04400Derivative, Class A CommonForm 4 ↗
Robert M. DavisDirector2026-05-05A47,72400Derivative, Class A CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-05-05A34,92400Derivative, Class A CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-05-05A11,93100Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-05-05A7,95400Derivative, Class A CommonForm 4 ↗
Kathy J. WardenDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Risa J. Lavizzo-MoureyDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Christine E. SeidmanDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Surendralal L. KarsanbhaiDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Patricia F. RussoDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Paul RothmanDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Douglas M. Baker JrDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Pamela J. CraigDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Thomas H. GlocerDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Inge G. ThulinDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Mary Ellen CoeDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Stephen MayoDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Mary Ellen CoeDirector2026-06-30A233.4612930,000Derivative, Class A CommonForm 4 ↗
Surendralal L. KarsanbhaiDirector2026-06-30A126.4612916,250Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-06-30—63—~8,1251 insider, 1 accrual row
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05A4,60078357,052CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05A9,70987845,654CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05A6,31174465,310CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D34,70500Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D13,54200Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D34,7051294,468,987CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D13,5421291,743,813CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D4,600129592,345CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D2,686129345,736CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05A2,68685227,531CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D9,7091291,249,722CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D6,311129812,339CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D4,60000Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05A34,705742,558,800CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05A13,542751,020,525CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D2,68600Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D9,70900Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D6,31100Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-08-06D15,0001311,965,000CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-06D30013139,307CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-06D4,945130643,993CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-06D805131105,472CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-10D20,7841302,710,951CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-11D5,427132718,261CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-11D7,410131973,165CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12D13,43300Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12D80,31513310,718,495CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12A41,4941184,891,728CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-12D60013279,222CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-12D11,0991321,460,770CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12D41,49400Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12A13,433851,137,909CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-08-13D10,0001351,350,000CommonForm 4 ↗
Dividend-equivalent accruals2026-09-30—56—~8,1251 insider, 1 accrual row
Mary Ellen CoeDirector2026-09-30A206.4614530,000Derivative, Class A CommonForm 4 ↗
Surendralal L. KarsanbhaiDirector2026-09-30A111.8314516,250Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 121 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Caroline LitchfieldEVP & CFO2026-04-29D3,935$0$0Derivative, Class A CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-04-29D1,938110213,238CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-04-29A3,935110432,968CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-04-29D2,95100Derivative, Class A CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-04-29D4,72200Derivative, Class A CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-29D94400Derivative, Class A CommonForm 4 ↗
Sanat ChattopadhyayExe V-P & Pres. MMD2026-04-29D2,59700Derivative, Class A CommonForm 4 ↗
Sanat ChattopadhyayExe V-P & Pres. MMD2026-04-29D1,130110124,334CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-04-29D1,37700Derivative, Class A CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-04-29D67911074,710CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-04-29A1,377110151,511CommonForm 4 ↗
Robert M. DavisDirector2026-04-29D6,551110720,807CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-29D2,08500Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-29A2,085110229,413CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-04-29D1,454110159,984CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-04-29D2,326110255,930CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-04-29D1,37700Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-04-29A1,377110151,511CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-04-29D1,241110136,547CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-04-29A2,518110277,056CommonForm 4 ↗
Sanat ChattopadhyayExe V-P & Pres. MMD2026-04-29A2,597110285,748CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-04-29D969110106,619CommonForm 4 ↗
Robert M. DavisDirector2026-04-29A13,3001101,463,399CommonForm 4 ↗
Robert M. DavisDirector2026-04-29D13,30000Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-29D71511078,671CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-04-29A2,951110324,699CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-04-29A4,722110519,562CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-29A944110103,868CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-04-29D67911074,710CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-04-29D2,51800Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-04-29D1,96700Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-04-29A1,967110216,429CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-29D32411035,650CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-30D46400Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-30D11,35000Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-30D5,143111570,616CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-04-30A11,3501111,259,283CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-30D15911117,641CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-04-30A46411151,481CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-02D55200Derivative, Class A CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-02D13211214,805CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-02A38311242,957CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-02D15911217,833CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-02D38300Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-02A55211261,912CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-05-05A31,04400Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-05A7,42400Derivative, Class A CommonForm 4 ↗
Brian FoardEVP, Specialty, Pharma, & ID2026-05-05A10,60500Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-05-05A23,28300Derivative, Class A CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-05-05A19,88500Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-05-05A4,64000Derivative, Class A CommonForm 4 ↗
Dean LiExecutive VP & President, MRL2026-05-05A58,20700Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-05-05A19,40200Derivative, Class A CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-05A5,04500Derivative, Class A CommonForm 4 ↗
Dalton E. Smart IIISVP Fin. - Global Controller2026-05-05A2,29800Derivative, Class A CommonForm 4 ↗
Johannes Jacobus OosthuizenEVP, Oncology & Int?l2026-05-05A10,60500Derivative, Class A CommonForm 4 ↗
Brian FoardEVP, Specialty, Pharma, & ID2026-05-05A35,35100Derivative, Class A CommonForm 4 ↗
Robert M. DavisDirector2026-05-05A139,69700Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-05-05A13,58200Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-05-05A12,06400Derivative, Class A CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-05-05A46,56600Derivative, Class A CommonForm 4 ↗
Caroline LitchfieldEVP & CFO2026-05-05A15,90800Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-05-05A35,31200Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-05-05A6,62800Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-05-05A21,73100Derivative, Class A CommonForm 4 ↗
Brian FoardEVP, Specialty, Pharma, & ID2026-05-05A31,04400Derivative, Class A CommonForm 4 ↗
Robert M. DavisDirector2026-05-05A47,72400Derivative, Class A CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-05-05A34,92400Derivative, Class A CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-05-05A11,93100Derivative, Class A CommonForm 4 ↗
Betty D. LarsonEVP, Chief HR Officer2026-05-05A7,95400Derivative, Class A CommonForm 4 ↗
Kathy J. WardenDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Risa J. Lavizzo-MoureyDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Christine E. SeidmanDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Surendralal L. KarsanbhaiDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Patricia F. RussoDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Paul RothmanDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Douglas M. Baker JrDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Pamela J. CraigDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Thomas H. GlocerDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Inge G. ThulinDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Mary Ellen CoeDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Stephen MayoDirector2026-05-29A1,853.1119220,000Derivative, Class A CommonForm 4 ↗
Mary Ellen CoeDirector2026-06-30A233.4612930,000Derivative, Class A CommonForm 4 ↗
Surendralal L. KarsanbhaiDirector2026-06-30A126.4612916,250Derivative, Class A CommonForm 4 ↗
Christine E. SeidmanDirector2026-06-30A63.231298,125Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05A4,60078357,052CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05A9,70987845,654CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05A6,31174465,310CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D34,70500Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D13,54200Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D34,7051294,468,987CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D13,5421291,743,813CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D4,600129592,345CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D2,686129345,736CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05A2,68685227,531CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D9,7091291,249,722CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D6,311129812,339CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05D4,60000Derivative, Class A CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05A34,705742,558,800CommonForm 4 ↗
David Michael WilliamsEVP,Chief Info&Digital Officer2026-08-05A13,542751,020,525CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D2,68600Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D9,70900Derivative, Class A CommonForm 4 ↗
David R. MaraldoEVP & Pres. MMD2026-08-05D6,31100Derivative, Class A CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-08-06D15,0001311,965,000CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-06D30013139,307CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-06D4,945130643,993CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-06D805131105,472CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-10D20,7841302,710,951CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-11D5,427132718,261CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-11D7,410131973,165CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12D13,43300Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12D80,31513310,718,495CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12A41,4941184,891,728CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-12D60013279,222CommonForm 4 ↗
Richard R. DeLucaEVP&Pres, Merck Animal Heallth2026-08-12D11,0991321,460,770CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12D41,49400Derivative, Class A CommonForm 4 ↗
Jennifer ZacharyEVP, General Counsel2026-08-12A13,433851,137,909CommonForm 4 ↗
Chirfi GuindoEVP, Access, Policy & Comms2026-08-13D10,0001351,350,000CommonForm 4 ↗
Christine E. SeidmanDirector2026-09-30A55.911458,125Derivative, Class A CommonForm 4 ↗
Mary Ellen CoeDirector2026-09-30A206.4614530,000Derivative, Class A CommonForm 4 ↗
Surendralal L. KarsanbhaiDirector2026-09-30A111.8314516,250Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Dean LiOPTION2025-04-29——64,481—$1,199,991
Caroline LitchfieldRSU2025-04-29——11,805—1,000,002
Robert DavisRSU2025-04-29——39,901—3,380,014
Dean LiRSU2025-04-29——14,166—1,200,002
Jennifer ZacharyRSU2025-04-29——8,854—750,022
Sanat ChattopadhyayOPTION2025-04-29——35,465—660,004
Sanat ChattopadhyayRSU2025-04-29——7,791—659,976
Jennifer ZacharyOPTION2025-04-29——40,301—750,002
Caroline LitchfieldOPTION2025-04-29——53,735—1,000,008
Robert DavisOPTION2025-04-29——181,623—3,380,004
Dean LiPSU2025-03-31040,107—80,2143,096,862
Caroline LitchfieldPSU2025-03-31033,422—66,8442,580,680
Jennifer ZacharyPSU2025-03-31025,067—50,1341,935,548
Sanat ChattopadhyayPSU2025-03-31022,059—44,1181,703,286
Robert DavisPSU2025-03-310112,968—225,9368,722,824
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Dean Li$1,200,002$3,096,862$1,199,99156.3%
Caroline Litchfield1,000,0022,580,6801,000,00856.3%
Robert Davis3,380,0148,722,8243,380,00456.3%
Jennifer Zachary750,0221,935,548750,00256.3%
Sanat Chattopadhyay659,9761,703,286660,00456.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Sanat ChattopadhyayPSU44,118—$4,643,861
Dean LiOption21,01475.36—
Sanat ChattopadhyayOption35,46584.71—
Caroline LitchfieldRSU11,805—1,242,594
Dean LiOption15,08756.04—
Sanat ChattopadhyayRSU7,791—820,081
Robert DavisOption62,242117.89—
Jennifer ZacharyOption13,832117.89—
Sanat ChattopadhyayOption25,782129.22—
Jennifer ZacharyPSU31,830—3,350,426
Dean LiOption64,48184.71—
Robert DavisRSU39,901—4,199,979
Robert DavisPSU164,456—17,310,639
Jennifer ZacharyRSU8,854—931,972
Jennifer ZacharyOption40,30184.71—
Sanat ChattopadhyayOption66,91377.62—
Caroline LitchfieldPSU45,092—4,746,384
Caroline LitchfieldOption33,204129.22—
Caroline LitchfieldPSU66,844—7,035,999
Dean LiPSU59,416—6,254,128
Sanat ChattopadhyayOption87,17075.36—
Sanat ChattopadhyayPSU35,014—3,685,574
Jennifer ZacharyOption56,79273.73—
Sanat ChattopadhyayOption15,215117.89—
Jennifer ZacharyOption25,94675.36—
Caroline LitchfieldOption20,31375.36—
Caroline LitchfieldOption17,45577.62—
Dean LiOption3,89175.36—
Caroline LitchfieldOption19,595117.89—
Robert DavisOption121,094129.22—
Dean LiOption43,750129.22—
Jennifer ZacharyOption23,438129.22—
Robert DavisOption181,62384.71—
Robert DavisOption228,15587.1—
Robert DavisOption116,37077.62—
Robert DavisOption96,76073.73—
Robert DavisOption83,02075.36—
Caroline LitchfieldOption41,99753.06—
Sanat ChattopadhyayOption58,25287.1—
Dean LiOption75,72887.1—
Caroline LitchfieldOption53,73584.71—
Caroline LitchfieldOption26,46562.07—
Caroline LitchfieldOption22,63056.04—
Dean LiOption17,45577.62—
Robert DavisPSU225,936—23,782,023
Dean LiPSU80,214—8,443,326
Jennifer ZacharyPSU50,134—5,277,105
Dean LiOption94,65473.73—
Sanat ChattopadhyayOption88,34373.73—
Caroline LitchfieldOption69,41373.73—
Caroline LitchfieldOption53,39887.1—
Jennifer ZacharyOption38,83587.1—
Dean LiRSU14,166—1,491,113
Dean LiOption25,819117.89—
05

Incentive-plan design — the Compensation Discussion & Analysis

Our overarching strategy is to position executive compensation competitively relative to the market for comparable roles. In evaluating target Total Direct Compensation (TDC), the C&MD Committee considers the median level of compensation as a reference point.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-261,730,192,132109,310,63318,017,63594.06%Passed
20252025-05-271,673,231,538156,312,96810,607,10791.46%Passed
20242024-05-281,696,772,487117,948,4439,862,23093.5%Passed
20232023-05-231,697,425,819161,718,63310,693,40891.3%Passed
20222022-05-241,638,611,142144,654,6548,939,00691.89%Passed
20212021-05-251,619,442,173156,048,26124,424,84991.21%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2694.06%a
20252025-05-2791.46%b
20242024-05-2893.5%c

a. Approved under the standard stated in the filing — “Do not count for all six proposals (no effect)”.

b. Approved under the standard stated in the filing — “ation Broker discretionary voting allowed? Votes required for approval Abstentions and Broker Non-Votes Proposal 1 Election of Directors Page 32 FOR each Nominee No Majority of votes cast Do not count for all seven proposals (no effect) Proposal 2 Non-binding Advisory Vote to Approve the Compensation of our Named Executive Officers (Say-on-Pay) Page 42 FOR No Majority of votes cast Proposal 3 Ratification of Appointment of Independent Registered Public Accounting Firm for 2025 Page 84 FOR Yes Majority of votes cast Proposals 4, 5, 6, and 7 Shareholder Proposals Pages 87 - 93 AGAINST No Majority of votes cast Why did I receive this Proxy Statement? The Board of Directors is soliciting your proxy entions and Broker Non-Votes Proposal 1 Election of Directors Page 32 FOR each Nominee No Majority of votes cast Do not count for all seven proposals (no effect) Proposal 2 Non-binding Advisory Vote to Approve the Compensation of our Named Executive Officers (Say-on-Pay) Page 42 FOR No Majority of votes cast Proposal 3 Ratification of Appointment of Independent Registered Public Accounting Firm for 2025 Page 84 FOR Yes Majority of votes cast Proposals 4, 5, 6, and 7 Shareholder Proposals Pages 87 - 93 AGAINST No Majority of votes cast Why did I receive this Proxy Statement? The Board of Directors is soliciting your proxy uested report.”.

c. Approved under the standard stated in the filing — “ndation Broker discretionary voting allowed? Votes required for approval Abstentions and Broker Non-Votes Proposal 1 Election of Directors Page 35 FOR each Nominee No Majority of votes cast Do not count for all six proposals (no effect) Proposal 2 Non-binding Advisory Vote to Approve the Compensation of our Named Executive Officers (Say-on-Pay) Page 44 FOR No Majority of votes cast Proposal 3 Ratification of Appointment of Independent Registered Public Accounting Firm for 2024 Page 88 FOR Yes Majority of votes cast Proposals 4, 5, and 6 Shareholder Proposals Pages 91 -96 AGAINST No Majority of votes cast Why did I receive this Proxy Statement? The Board of Directors is soliciting your proxy to v stentions and Broker Non-Votes Proposal 1 Election of Directors Page 35 FOR each Nominee No Majority of votes cast Do not count for all six proposals (no effect) Proposal 2 Non-binding Advisory Vote to Approve the Compensation of our Named Executive Officers (Say-on-Pay) Page 44 FOR No Majority of votes cast Proposal 3 Ratification of Appointment of Independent Registered Public Accounting Firm for 2024 Page 88 FOR Yes Majority of votes cast Proposals 4, 5, and 6 Shareholder Proposals Pages 91 -96 AGAINST No Majority of votes cast Why did I receive this Proxy Statement? The Board of Directors is soliciting your proxy to v eak Up culture.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)191 : 1
CEO total compensation$20,797,845
Median employee compensation$108,614
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Thomas H. GlocerIndependent · Lead Independent Director · Governance (Chair) · Compensation and Management Development$195,000——$0$220,000$415,000
Surendralal L. KarsanbhaiIndependent · Audit · Governance · Newly elected130,000——0275,000405,000
Pamela J. CraigIndependent · Audit (Chair) · Governance155,000——0250,000405,000
Paul B. Rothman, M.DIndependent · Audit · Research (Chair)155,000——0250,000405,000
Christine E. Seidman, M.DIndependent · Audit · Research130,000——0255,000385,000
Patricia F. RussoIndependent · Compensation and Management Development (Chair) · Governance145,000——0220,000365,000
Douglas M. Baker JrIndependent · Audit · Research130,000—0—220,000350,000
Stephen L. Mayo, Ph.DIndependent · Audit · Research (Chair)130,000——0220,000350,000
Risa J. Lavizzo-Mourey, M.DIndependent · Compensation and Management Development120,000——0220,000340,000
Inge G. ThulinIndependent · Compensation and Management Development · Governance120,000——0220,000340,000
Kathy J. WardenIndependent · Compensation and Management Development · Governance120,000——0220,000340,000
Mary Ellen CoeIndependent · Compensation and Management Development · Research120,000——0220,000340,000
Robert M. DavisEmployee director · Board Chair0———00
09

Board fee structure and ownership guideline

Annual cash retainer$120,000
Annual equity retainer$220,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 25,000 / 25,000
Stock ownership guideline5x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,650,000
Equity awards (grant-date value)$0
All other compensation$2,790,000
Total cost of the board$4,440,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Merck & Co., Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Merck & Co., Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Microsoft2025Satya Nadella$2,500,000$84,245,496$0$9,555,000$96,496,790
2Apple2025Tim Cook3,000,00057,535,293012,000,00074,294,811
3UnitedHealth Group2025Stephen Hemsley596,154060,000,024060,938,062
4Cisco Systems2025Charles Robbins1,390,00045,870,69005,117,42452,838,751
5Salesforce.com2026Marc Benioff1,550,00027,265,36010,743,0973,602,58849,379,252
6Eli Lilly2025David Ricks1,700,00023,325,00006,485,50036,698,337
7Nvidia2026Jen-Hsun Huang1,497,62724,800,51106,000,00036,343,830
8Nike2026Elliott Hill1,500,00028,137,7983,967,1132,220,00036,340,876
9Verizon2025Daniel Schulman375,00032,774,7950937,50034,311,016
10Johnson & Johnson2025Joaquin Duato1,600,00015,028,9485,927,9954,298,70032,758,111
11Visa2025Ryan McInerney1,505,78218,723,3065,687,5095,250,00031,560,660
12Coca-Cola2025James Quincey1,675,00012,516,10910,352,2555,025,00031,208,165
13Walmart2026Doug McMillon1,500,00021,051,60504,032,00029,240,930
14Gilead Sciences2025Daniel O'Day1,795,19215,238,4024,500,0604,848,12028,437,198
15Pfizer2025Albert Bourla1,800,0009,442,7058,998,1415,400,00027,585,301
16Chevron2025Michael Wirth1,900,00013,524,9954,376,6403,562,50026,828,240
17Amgen2025Robert Bradway1,925,40912,599,5895,399,9963,907,00024,693,120
18Boeing2025Robert Ortberg1,500,0007,874,8189,624,9593,930,00023,581,389
19Bristol-Myers Squibb2025Christopher Boerner1,586,34616,061,39903,754,68421,879,919
203M2025William Brown1,800,0007,753,8527,001,2423,745,32221,005,009
21Merck & Co., Inc.2025Robert Davis1,645,30212,102,8383,380,0042,326,50020,797,845
22McDonald's2025Christopher Kempczinski1,550,0008,000,2158,000,0662,367,16020,574,525
23Procter & Gamble2026Shailesh Jejurikar1,387,50011,035,2093,500,010018,976,742
24Caterpillar2025Joseph Creed1,381,8929,538,4843,101,1172,476,80017,008,077
25Home Depot2025Edward Decker1,400,0009,612,2512,369,9172,657,63116,191,127
26Sherwin-Williams2025Heidi Petz1,373,0776,456,2074,253,8592,390,00014,914,317
27Amazon2025Andrew Jassy365,0000002,069,861
—AstraZeneca——————not in coverage universe
—GlaxoSmithKline——————not in coverage universe
—Novartis——————not in coverage universe
—Sanofi——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Merck & Co., Inc.94%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (R-TSR)FW Cook
3M118.9%PSU 50 · Options 50NoFW Cook
Amazonnot disclosedRSU 100not disclosedNone (Committee may engage compensation consultants but did not do so in 2025)
Amgen136.0%PSU 50 · Options 30 · RSU 20Yes — relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Applenot disclosednot disclosedYes — Relative TSRPay Governance LLC
AstraZenecanot disclosednot disclosednot disclosednot disclosed
Boeing131%Options 55 · RSU 45NoFW Cook (Frederic W. Cook & Co., Inc.)
Bristol-Myers Squibb157.66%PSU 60 · MSU 40Yes — 3-Year Relative TSR CAGRFarient Advisors LLC
Caterpillar118%PSU 50 · RSU 25 · Options 25Yes — relative Total Shareholder Return (rTSR)Meridian Compensation Partners, LLC
Chevron125%PSU 50 · RSU 25 · Options 25Yes — Relative Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
Cisco Systems142%PSU 60 · RSU 40Yes — Relative TSRExequity
Coca-Cola150%PSU 50 · Options 50Yes — Relative TSR modifierMeridian Compensation Partners, LLC
Eli Lilly218%PSU 100NoFW Cook
Gilead Sciences180%PSU 50 · Options 25 · RSU 25Yes — Relative TSRFW Cook
GlaxoSmithKlinenot disclosednot disclosednot disclosednot disclosed
Home Depot95%PSU 50 · RSU 30 · Options 20NoPay Governance
Johnson & Johnsonnot disclosednot disclosedYes — Relative TSRSemler Brossy Consulting Group
McDonald'snot disclosedPRSU 50 · Option 50NoSemler Brossy Consulting Group LLC
Microsoftnot disclosedPSA 100NoPay Governance LLC
Nike74%PSU 50 · Option 25 · RSU 25Yes — Relative TSRnot disclosed
Novartisnot disclosednot disclosednot disclosednot disclosed
Nvidia200%PSU 100Yes — TSR relative to the S&P 500Semler Brossy
Pfizer150%PSU 50 · MSU 50Yes — relative TSR as compared to the NYSE Arca Pharmaceutical Index (DRG Index or DRG)Meridian Compensation Partners, LLC
Procter & Gamblenot disclosedPSU 50 · Options 25 · RSU 25Yes — Relative TSR MultiplierMeridian Compensation Partners, LLC
Salesforce.com103.3%PSU 67 · Options 33Yes — Relative TSRSemler Brossy
Sanofinot disclosednot disclosednot disclosednot disclosed
Sherwin-Williams110.86%PSU 60 · Options 40NoMercer (US) LLC
UnitedHealth Groupnot disclosedPSU 50 · Options 25 · RSU 25NoPay Governance
Verizon100%PSU 60 · RSU 40Yes — relative total shareholder return (TSR) position compared with the companies in the S&P 100Meridian Compensation Partners, LLC
Visa140%PSU 50 · RSU 25 · Options 25Yes — Relative TSR vs. S&P 500Meridian
Walmart112%not disclosedNoFarient Advisors LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Merck & Co., Inc. in fiscal 2025?
As disclosed, Robert Davis (Chairman, Chief Executive Officer and President) was the highest-paid executive at Merck & Co., Inc. in fiscal 2025, with total compensation of $20,797,845.
How does Merck & Co., Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Robert Davis's total compensation ranked at the 1st percentile of Merck & Co., Inc.'s disclosed peer group.
What is Merck & Co., Inc.'s CEO-to-median employee pay ratio?
As disclosed, Merck & Co., Inc.'s CEO-to-median employee pay ratio was 191:1.
How did shareholders vote on Merck & Co., Inc.'s executive compensation?
As disclosed, 94.06% of shareholders supported Merck & Co., Inc.'s executive compensation in the latest say-on-pay vote.
How much does Merck & Co., Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Merck & Co., Inc. reported total board compensation of $4,440,000 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Robert DavisDEF 14A2026-04-080001193125-26-147704Section “Summary Compensation Table” · page 62. As printed: 20,797,845. Filing ↗machine: span 1371012–1371022
2Section 01, Dean LiDEF 14A2026-04-080001193125-26-147704Section “Summary Compensation Table” · page 62. As printed: 8,892,881. Filing ↗machine: r11 · c35 · span 1428543–1428552
3Section 01, Caroline LitchfieldDEF 14A2026-04-080001193125-26-147704Section “Summary Compensation Table” · page 62. As printed: 7,514,085. Filing ↗machine: r5 · c35 · span 1390128–1390137
4Section 01, Jennifer ZacharyDEF 14A2026-04-080001193125-26-147704Section “Summary Compensation Table” · page 62. As printed: 5,860,578. Filing ↗machine: r14 · c35 · span 1447636–1447645
5Section 01, Sanat ChattopadhyayDEF 14A2026-04-080001193125-26-147704Section “Summary Compensation Table” · page 62. As printed: 5,408,408. Filing ↗machine: r8 · c35 · span 1409249–1409258
6Section 03, Dean Li OPTIONDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1913636–1913645
7Section 03, Caroline Litchfield RSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1848680–1848689
8Section 03, Robert Davis RSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1819786–1819795
9Section 03, Dean Li RSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1906526–1906535
10Section 03, Jennifer Zachary RSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1935423–1935430
11Section 03, Sanat Chattopadhyay OPTIONDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1884747–1884754
12Section 03, Sanat Chattopadhyay RSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1877639–1877646
13Section 03, Jennifer Zachary OPTIONDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1942531–1942538
14Section 03, Caroline Litchfield OPTIONDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1855790–1855799
15Section 03, Robert Davis OPTIONDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1826898–1826907
16Section 03, Dean Li PSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1899295–1899304
17Section 03, Caroline Litchfield PSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1841449–1841458
18Section 03, Jennifer Zachary PSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1928193–1928202
19Section 03, Sanat Chattopadhyay PSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1870409–1870418
20Section 03, Robert Davis PSUDEF 14A1900-01-010001193125-26-147704Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1812554–1812564
21Section 07, pay ratioDEF 14A2026-04-080001193125-26-147704Section “CEO Pay Ratio”. As printed: 191 : 1. Filing ↗machine: span 1584866–1584874
22Section 08, Thomas H. GlocerDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 415,000. Filing ↗machine: t176 · r10 · c11 · span 973126–973133
23Section 08, Surendralal L. KarsanbhaiDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 405,000. Filing ↗machine: t176 · r12 · c11 · span 975046–975053
24Section 08, Pamela J. CraigDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 405,000. Filing ↗machine: t176 · r8 · c11 · span 971271–971278
25Section 08, Paul B. Rothman, M.DDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 405,000. Filing ↗machine: t176 · r18 · c11 · span 980674–980681
26Section 08, Christine E. Seidman, M.DDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 385,000. Filing ↗machine: t176 · r22 · c11 · span 984395–984402
27Section 08, Patricia F. RussoDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 365,000. Filing ↗machine: t176 · r20 · c11 · span 982530–982537
28Section 08, Douglas M. Baker JrDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 350,000. Filing ↗machine: t176 · r4 · c11 · span 967563–967571
29Section 08, Stephen L. Mayo, Ph.DDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 350,000. Filing ↗machine: t176 · r16 · c11 · span 978814–978821
30Section 08, Risa J. Lavizzo-Mourey, M.DDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 340,000. Filing ↗machine: t176 · r14 · c11 · span 976953–976960
31Section 08, Inge G. ThulinDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 340,000. Filing ↗machine: t176 · r24 · c11 · span 986248–986255
32Section 08, Kathy J. WardenDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 340,000. Filing ↗machine: t176 · r26 · c11 · span 988099–988106
33Section 08, Mary Ellen CoeDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 340,000. Filing ↗machine: t176 · r6 · c11 · span 969417–969424
34Section 08, Robert M. DavisDEF 14A2026-04-080001193125-26-147704Section “Director Compensation”. As printed: 0. Filing ↗
35Section 02, Caroline Litchfield 2026-04-29Form 42026-05-010000310158-26-000082Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Caroline Litchfield 2026-04-29Form 42026-05-010000310158-26-000082Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Caroline Litchfield 2026-04-29Form 42026-05-010000310158-26-000082Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Jennifer Zachary 2026-04-29Form 42026-05-010000310158-26-000086Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Dean Li 2026-04-29Form 42026-05-010000310158-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Dalton E. Smart III 2026-04-29Form 42026-05-010000310158-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Sanat Chattopadhyay 2026-04-29Form 42026-05-010000310158-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Sanat Chattopadhyay 2026-04-29Form 42026-05-010000310158-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Johannes Jacobus Oosthuizen 2026-04-29Form 42026-05-010000310158-26-000078Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Johannes Jacobus Oosthuizen 2026-04-29Form 42026-05-010000310158-26-000078Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Johannes Jacobus Oosthuizen 2026-04-29Form 42026-05-010000310158-26-000078Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Robert M. Davis 2026-04-29Form 42026-05-010000310158-26-000080Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Betty D. Larson 2026-04-29Form 42026-05-010000310158-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Betty D. Larson 2026-04-29Form 42026-05-010000310158-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Jennifer Zachary 2026-04-29Form 42026-05-010000310158-26-000086Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Dean Li 2026-04-29Form 42026-05-010000310158-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, David Michael Williams 2026-04-29Form 42026-05-010000310158-26-000092Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, David Michael Williams 2026-04-29Form 42026-05-010000310158-26-000092Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Richard R. DeLuca 2026-04-29Form 42026-05-010000310158-26-000096Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Richard R. DeLuca 2026-04-29Form 42026-05-010000310158-26-000096Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Sanat Chattopadhyay 2026-04-29Form 42026-05-010000310158-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Chirfi Guindo 2026-04-29Form 42026-05-010000310158-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Robert M. Davis 2026-04-29Form 42026-05-010000310158-26-000080Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Robert M. Davis 2026-04-29Form 42026-05-010000310158-26-000080Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Betty D. Larson 2026-04-29Form 42026-05-010000310158-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Jennifer Zachary 2026-04-29Form 42026-05-010000310158-26-000086Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Dean Li 2026-04-29Form 42026-05-010000310158-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Dalton E. Smart III 2026-04-29Form 42026-05-010000310158-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, David Michael Williams 2026-04-29Form 42026-05-010000310158-26-000092Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Richard R. DeLuca 2026-04-29Form 42026-05-010000310158-26-000096Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Chirfi Guindo 2026-04-29Form 42026-05-010000310158-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Chirfi Guindo 2026-04-29Form 42026-05-010000310158-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Dalton E. Smart III 2026-04-29Form 42026-05-010000310158-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Dalton E. Smart III 2026-04-30Form 42026-05-010000310158-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Betty D. Larson 2026-04-30Form 42026-05-010000310158-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Betty D. Larson 2026-04-30Form 42026-05-010000310158-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Betty D. Larson 2026-04-30Form 42026-05-010000310158-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Dalton E. Smart III 2026-04-30Form 42026-05-010000310158-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Dalton E. Smart III 2026-04-30Form 42026-05-010000310158-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, David R. Maraldo 2026-05-02Form 42026-05-050000310158-26-000113Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Dalton E. Smart III 2026-05-02Form 42026-05-050000310158-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Dalton E. Smart III 2026-05-02Form 42026-05-050000310158-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, David R. Maraldo 2026-05-02Form 42026-05-050000310158-26-000113Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Dalton E. Smart III 2026-05-02Form 42026-05-050000310158-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, David R. Maraldo 2026-05-02Form 42026-05-050000310158-26-000113Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Johannes Jacobus Oosthuizen 2026-05-05Form 42026-05-070000310158-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, David R. Maraldo 2026-05-05Form 42026-05-070000310158-26-000123Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Brian Foard 2026-05-05Form 42026-05-070000310158-26-000125Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Betty D. Larson 2026-05-05Form 42026-05-070000310158-26-000131Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Dean Li 2026-05-05Form 42026-05-070000310158-26-000133Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, David Michael Williams 2026-05-05Form 42026-05-070000310158-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Dean Li 2026-05-05Form 42026-05-070000310158-26-000133Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Chirfi Guindo 2026-05-05Form 42026-05-070000310158-26-000117Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Dalton E. Smart III 2026-05-05Form 42026-05-070000310158-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Dalton E. Smart III 2026-05-05Form 42026-05-070000310158-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Johannes Jacobus Oosthuizen 2026-05-05Form 42026-05-070000310158-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Brian Foard 2026-05-05Form 42026-05-070000310158-26-000125Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Robert M. Davis 2026-05-05Form 42026-05-070000310158-26-000127Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, David Michael Williams 2026-05-05Form 42026-05-070000310158-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, Jennifer Zachary 2026-05-05Form 42026-05-070000310158-26-000139Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Caroline Litchfield 2026-05-05Form 42026-05-070000310158-26-000135Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Caroline Litchfield 2026-05-05Form 42026-05-070000310158-26-000135Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Jennifer Zachary 2026-05-05Form 42026-05-070000310158-26-000139Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, Chirfi Guindo 2026-05-05Form 42026-05-070000310158-26-000117Insider equity transaction reported since the proxy statement. Filing ↗
99Section 02, David R. Maraldo 2026-05-05Form 42026-05-070000310158-26-000123Insider equity transaction reported since the proxy statement. Filing ↗
100Section 02, Brian Foard 2026-05-05Form 42026-05-070000310158-26-000125Insider equity transaction reported since the proxy statement. Filing ↗
101Section 02, Robert M. Davis 2026-05-05Form 42026-05-070000310158-26-000127Insider equity transaction reported since the proxy statement. Filing ↗
102Section 02, Richard R. DeLuca 2026-05-05Form 42026-05-070000310158-26-000129Insider equity transaction reported since the proxy statement. Filing ↗
103Section 02, Richard R. DeLuca 2026-05-05Form 42026-05-070000310158-26-000129Insider equity transaction reported since the proxy statement. Filing ↗
104Section 02, Betty D. Larson 2026-05-05Form 42026-05-070000310158-26-000131Insider equity transaction reported since the proxy statement. Filing ↗
105Section 02, Kathy J. Warden 2026-05-29Form 42026-06-020000310158-26-000177Insider equity transaction reported since the proxy statement. Filing ↗
106Section 02, Risa J. Lavizzo-Mourey 2026-05-29Form 42026-06-020000310158-26-000153Insider equity transaction reported since the proxy statement. Filing ↗
107Section 02, Christine E. Seidman 2026-05-29Form 42026-06-020000310158-26-000161Insider equity transaction reported since the proxy statement. Filing ↗
108Section 02, Surendralal L. Karsanbhai 2026-05-29Form 42026-06-020000310158-26-000171Insider equity transaction reported since the proxy statement. Filing ↗
109Section 02, Patricia F. Russo 2026-05-29Form 42026-06-020000310158-26-000159Insider equity transaction reported since the proxy statement. Filing ↗
110Section 02, Paul Rothman 2026-05-29Form 42026-06-020000310158-26-000157Insider equity transaction reported since the proxy statement. Filing ↗
111Section 02, Douglas M. Baker Jr 2026-05-29Form 42026-06-020000310158-26-000146Insider equity transaction reported since the proxy statement. Filing ↗
112Section 02, Pamela J. Craig 2026-05-29Form 42026-06-020000310158-26-000148Insider equity transaction reported since the proxy statement. Filing ↗
113Section 02, Thomas H. Glocer 2026-05-29Form 42026-06-020000310158-26-000150Insider equity transaction reported since the proxy statement. Filing ↗
114Section 02, Inge G. Thulin 2026-05-29Form 42026-06-020000310158-26-000163Insider equity transaction reported since the proxy statement. Filing ↗
115Section 02, Mary Ellen Coe 2026-05-29Form 42026-06-020000310158-26-000166Insider equity transaction reported since the proxy statement. Filing ↗
116Section 02, Stephen Mayo 2026-05-29Form 42026-06-020000310158-26-000155Insider equity transaction reported since the proxy statement. Filing ↗
117Section 02, Mary Ellen Coe 2026-06-30Form 42026-07-010000310158-26-000198Insider equity transaction reported since the proxy statement. Filing ↗
118Section 02, Surendralal L. Karsanbhai 2026-06-30Form 42026-07-010000310158-26-000200Insider equity transaction reported since the proxy statement. Filing ↗
119Section 02, Christine E. Seidman 2026-06-30Form 42026-07-010000310158-26-000202Insider equity transaction reported since the proxy statement. Filing ↗
120Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
121Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
122Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
123Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
124Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
125Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
126Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
127Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
128Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
129Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
130Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
131Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
132Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
133Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
134Section 02, David Michael Williams 2026-08-05Form 42026-08-070000310158-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
135Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
136Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
137Section 02, David R. Maraldo 2026-08-05Form 42026-08-070000310158-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
138Section 02, Chirfi Guindo 2026-08-06Form 42026-08-070000310158-26-000213Insider equity transaction reported since the proxy statement. Filing ↗
139Section 02, Richard R. DeLuca 2026-08-06Form 42026-08-100000310158-26-000217Insider equity transaction reported since the proxy statement. Filing ↗
140Section 02, Richard R. DeLuca 2026-08-06Form 42026-08-100000310158-26-000217Insider equity transaction reported since the proxy statement. Filing ↗
141Section 02, Richard R. DeLuca 2026-08-06Form 42026-08-100000310158-26-000217Insider equity transaction reported since the proxy statement. Filing ↗
142Section 02, Richard R. DeLuca 2026-08-10Form 42026-08-120000310158-26-000219Insider equity transaction reported since the proxy statement. Filing ↗
143Section 02, Richard R. DeLuca 2026-08-11Form 42026-08-120000310158-26-000219Insider equity transaction reported since the proxy statement. Filing ↗
144Section 02, Richard R. DeLuca 2026-08-11Form 42026-08-120000310158-26-000219Insider equity transaction reported since the proxy statement. Filing ↗
145Section 02, Jennifer Zachary 2026-08-12Form 42026-08-130000310158-26-000221Insider equity transaction reported since the proxy statement. Filing ↗
146Section 02, Jennifer Zachary 2026-08-12Form 42026-08-130000310158-26-000221Insider equity transaction reported since the proxy statement. Filing ↗
147Section 02, Jennifer Zachary 2026-08-12Form 42026-08-130000310158-26-000221Insider equity transaction reported since the proxy statement. Filing ↗
148Section 02, Richard R. DeLuca 2026-08-12Form 42026-08-120000310158-26-000219Insider equity transaction reported since the proxy statement. Filing ↗
149Section 02, Richard R. DeLuca 2026-08-12Form 42026-08-120000310158-26-000219Insider equity transaction reported since the proxy statement. Filing ↗
150Section 02, Jennifer Zachary 2026-08-12Form 42026-08-130000310158-26-000221Insider equity transaction reported since the proxy statement. Filing ↗
151Section 02, Jennifer Zachary 2026-08-12Form 42026-08-130000310158-26-000221Insider equity transaction reported since the proxy statement. Filing ↗
152Section 02, Chirfi Guindo 2026-08-13Form 42026-08-130000310158-26-000223Insider equity transaction reported since the proxy statement. Filing ↗
153Section 02, Christine E. Seidman 2026-09-30Form 42026-10-010000310158-26-000234Insider equity transaction reported since the proxy statement. Filing ↗
154Section 02, Mary Ellen Coe 2026-09-30Form 42026-10-010000310158-26-000230Insider equity transaction reported since the proxy statement. Filing ↗
155Section 02, Surendralal L. Karsanbhai 2026-09-30Form 42026-10-010000310158-26-000232Insider equity transaction reported since the proxy statement. Filing ↗
156Section 06, 2026 voteForm 8-K2026-05-280001104659-26-067509Item 5.07 · say-on-pay result. As reported: 94.06% (votes for as printed: 1,730,192,132). Filing ↗
157Section 06, 2025 voteForm 8-K2025-05-290001104659-25-054131Item 5.07 · say-on-pay result. As reported: 91.46% (votes for as printed: 1,673,231,538). Filing ↗
158Section 06, 2024 voteForm 8-K2024-05-300001628280-24-025800Item 5.07 · say-on-pay result. As reported: 93.5% (votes for as printed: 1,696,772,487). Filing ↗
159Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
160Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
161Section 09b board cost (computed)Computed——Cash 1,650,000 + equity 0 + all other 2,790,000 = 4,440,000, summed across the director compensation table rows.machine: formula: Σ = 4,440,000
162Microsoft, Section 10b CEO totalDEF 14A2025-10-210001193125-25-245150CEO total compensation as printed in Microsoft's own proxy. As printed: 96,496,790. Filing ↗machine: r2 · c27 · span 1059364–1059374
163Apple, Section 10b CEO totalDEF 14A2026-01-080001308179-26-000008CEO total compensation as printed in Apple's own proxy. As printed: 74,294,811. Filing ↗machine: span 549351–549361
164UnitedHealth Group, Section 10b CEO totalDEF 14A2026-04-210001104659-26-046125CEO total compensation as printed in UnitedHealth Group's own proxy. As printed: 60,938,062. Filing ↗machine: r1 · c48 · span 1832651–1832661
165Cisco Systems, Section 10b CEO totalDEF 14A2025-10-280000858877-25-000150CEO total compensation as printed in Cisco Systems's own proxy. As printed: 52,838,751. Filing ↗machine: r2 · c33 · span 1073719–1073729
166Salesforce.com, Section 10b CEO totalDEF 14A2026-04-160001108524-26-000085CEO total compensation as printed in Salesforce.com's own proxy. As printed: 49,379,252. Filing ↗machine: r4 · c24 · span 1710833–1710843
167Eli Lilly, Section 10b CEO totalDEF 14A2026-03-200000059478-26-000029CEO total compensation as printed in Eli Lilly's own proxy. As printed: 36,698,337. Filing ↗machine: t92 · r2 · c20 · span 925013–925024
168Nvidia, Section 10b CEO totalDEF 14A2026-05-120001045810-26-000036CEO total compensation as printed in Nvidia's own proxy. As printed: 36,343,830. Filing ↗machine: span 967967–967977
169Nike, Section 10b CEO totalDEF 14A2026-07-150000320187-26-000089CEO total compensation as printed in Nike's own proxy. As printed: 36,340,876. Filing ↗machine: r2 · c24 · span 647557–647567
170Verizon, Section 10b CEO totalDEF 14A2026-04-060001308179-26-000210CEO total compensation as printed in Verizon's own proxy. As printed: 34,311,016. Filing ↗machine: t26 · r1 · c16 · span 239072–239082
171Johnson & Johnson, Section 10b CEO totalDEF 14A2026-03-110000200406-26-000063CEO total compensation as printed in Johnson & Johnson's own proxy. As printed: 32,758,111. Filing ↗machine: r3 · c27 · span 1621235–1621246
172Visa, Section 10b CEO totalDEF 14A2025-12-080001308179-25-000635CEO total compensation as printed in Visa's own proxy. As printed: 31,560,660. Filing ↗machine: t249 · span 1369402–1369412
173Coca-Cola, Section 10b CEO totalDEF 14A2026-03-160001104659-26-028215CEO total compensation as printed in Coca-Cola's own proxy. As printed: 31,208,165. Filing ↗machine: t286 · r11 · c26 · span 3291227–3291237
174Walmart, Section 10b CEO totalDEF 14A2026-04-230001193125-26-173673CEO total compensation as printed in Walmart's own proxy. As printed: 29,240,930. Filing ↗machine: r4 · c16 · span 3840466–3840476
175Gilead Sciences, Section 10b CEO totalDEF 14A2026-03-200001308179-26-000106CEO total compensation as printed in Gilead Sciences's own proxy. As printed: 28,437,198. Filing ↗machine: t414 · r1 · c29 · span 989582–989592
176Pfizer, Section 10b CEO totalDEF 14A2026-03-120000078003-26-000033CEO total compensation as printed in Pfizer's own proxy. As printed: 27,585,301. Filing ↗machine: t242 · r3 · c12 · span 1506825–1506835
177Chevron, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145617CEO total compensation as printed in Chevron's own proxy. As printed: 26,828,240. Filing ↗machine: span 1241206–1241216
178Amgen, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145588CEO total compensation as printed in Amgen's own proxy. As printed: 24,693,120. Filing ↗machine: span 1591156–1591166
179Boeing, Section 10b CEO totalDEF 14A2026-03-060001193125-26-096787CEO total compensation as printed in Boeing's own proxy. As printed: 23,581,389. Filing ↗machine: r2 · c44 · span 1170571–1170581
180Bristol-Myers Squibb, Section 10b CEO totalDEF 14A2026-03-250000014272-26-000006CEO total compensation as printed in Bristol-Myers Squibb's own proxy. As printed: 21,879,919. Filing ↗machine: t168 · r3 · c15 · span 1302160–1302170
1813M, Section 10b CEO totalDEF 14A2026-03-250000066740-26-000151CEO total compensation as printed in 3M's own proxy. As printed: 21,005,009. Filing ↗machine: r2 · c9 · span 2797692–2797702
182Merck & Co., Inc. (subject), Section 10b CEO totalDEF 14A2026-04-080001193125-26-147704CEO total compensation as printed in Merck & Co., Inc.'s own proxy. As printed: 20,797,845. Filing ↗machine: span 1371012–1371022
183McDonald's, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145548CEO total compensation as printed in McDonald's's own proxy. As printed: 20,574,525. Filing ↗machine: r4 · c25 · span 2683025–2683035
184Procter & Gamble, Section 10b CEO totalDEF 14A2026-08-280001193125-26-372211CEO total compensation as printed in Procter & Gamble's own proxy. As printed: 18,976,742. Filing ↗
185Caterpillar, Section 10b CEO totalDEF 14A2026-04-300001308179-26-000358CEO total compensation as printed in Caterpillar's own proxy. As printed: 17,008,077. Filing ↗machine: span 855862–855872
186Home Depot, Section 10b CEO totalDEF 14A2026-04-070000354950-26-000090CEO total compensation as printed in Home Depot's own proxy. As printed: 16,191,127. Filing ↗machine: t169 · r4 · c15 · span 1200990–1201000
187Sherwin-Williams, Section 10b CEO totalDEF 14A2026-03-110000089800-26-000025CEO total compensation as printed in Sherwin-Williams's own proxy. As printed: 14,914,317. Filing ↗machine: r2 · c8 · span 1976552–1976562
188Amazon, Section 10b CEO totalDEF 14A2026-04-090001104659-26-041026CEO total compensation as printed in Amazon's own proxy. As printed: 2,069,861. Filing ↗machine: span 1010745–1010754
189Section 10a, Chevron reciprocityDEF 14A—0001193125-26-145617Chevron names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
190Section 10a, Nike reciprocityDEF 14A—0000320187-26-000089Nike's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
191Section 10a, Amgen reciprocityDEF 14A—0001193125-26-145588Amgen names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
192Section 10a, Bristol-Myers Squibb reciprocityDEF 14A—0000014272-26-000006Bristol-Myers Squibb names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
193Section 10a, Gilead Sciences reciprocityDEF 14A—0001308179-26-000106Gilead Sciences names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
194Section 10a, Johnson & Johnson reciprocityDEF 14A—0000200406-26-000063Johnson & Johnson names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
195Section 10a, Pfizer reciprocityDEF 14A—0000078003-26-000033Pfizer names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
196Section 10a, Eli Lilly reciprocityDEF 14A—0000059478-26-000029Eli Lilly names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
197Section 10a, Amazon reciprocityDEF 14A—0001104659-26-041026Amazon's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
198Section 10a, Apple reciprocityDEF 14A—0001308179-26-000008Apple's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
199Section 10a, Boeing reciprocityDEF 14A—0001193125-26-096787Boeing's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
200Section 10a, Caterpillar reciprocityDEF 14A—0001308179-26-000358Caterpillar's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
201Section 10a, Cisco Systems reciprocityDEF 14A—0000858877-25-000150Cisco Systems's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
202Section 10a, Coca-Cola reciprocityDEF 14A—0001104659-26-028215Coca-Cola's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
203Section 10a, Microsoft reciprocityDEF 14A—0001193125-25-245150Microsoft names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
204Section 10a, Nvidia reciprocityDEF 14A—0001045810-26-000036Nvidia's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
205Section 10a, Procter & Gamble reciprocityDEF 14A—0001193125-26-372211Procter & Gamble names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
206Section 10a, Salesforce.com reciprocityDEF 14A—0001108524-26-000085Salesforce.com's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
207Section 10a, Sherwin-Williams reciprocityDEF 14A—0000089800-26-000025Sherwin-Williams's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
208Section 10a, UnitedHealth Group reciprocityDEF 14A—0001104659-26-046125UnitedHealth Group's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
209Section 10a, Verizon reciprocityDEF 14A—0001308179-26-000210Verizon names Merck & Co., Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
210Section 10a, Visa reciprocityDEF 14A—0001308179-25-000635Visa's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
211Section 10a, Walmart reciprocityDEF 14A—0001193125-26-173673Walmart's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
212Section 10a, 3M reciprocityDEF 14A—0000066740-26-0001513M's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗
213Section 10a, Home Depot reciprocityDEF 14A—0000354950-26-000090Home Depot's most recent proxy was read; its disclosed peer group does not include Merck & Co., Inc.. Filing ↗

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