First — to be clear — these sales had nothing to do with any election outcomes. No, Mr. Frazier’s sales were all from long vested options, which he cashlessly exercised — and then some underlying sales — all pursuant to a pre-arranged trading plan (under a plan put in place well prior to 2016, in fact).
And so, stories suggesting he sold over $10 million worth of stock, fail to deduct the option exercise payments — and thus are. . . not accurate.
His overall holdings remain largely unchanged, after the transactions. He still holds just under $33 million worth of Merck stock outright, and much more in unvested options — so his interests are well aligned. He did net almost $6 million, pre tax, on the deal though.
Separately, earlier in the week, Dr. Geberding, the EVP of strategic communications, and global public policy in Kenilworth, sold shares, also via option exercises. She still directly owns almost 40,000 shares, post the transactions — or about $2.6 million in motivation.
Now you know — have a great weekend, smile much, in the face of adversity — and travel light, my friends!