<SEC-DOCUMENT>0001214659-19-002821.txt : 20190422
<SEC-HEADER>0001214659-19-002821.hdr.sgml : 20190422
<ACCEPTANCE-DATETIME>20190422171059
ACCESSION NUMBER:		0001214659-19-002821
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190422
DATE AS OF CHANGE:		20190422
EFFECTIVENESS DATE:		20190422

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merck & Co., Inc.
		CENTRAL INDEX KEY:			0000310158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				221918501
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06571
		FILM NUMBER:		19760080

	BUSINESS ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033
		BUSINESS PHONE:		908-740-4000

	MAIL ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Merck & Co. Inc.
		DATE OF NAME CHANGE:	20091103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHERING PLOUGH CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Seventh Generation Interfaith Inc.
		CENTRAL INDEX KEY:			0001773705
		IRS NUMBER:				475298655
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
		BUSINESS PHONE:		708-315-0571

	MAIL ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
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<SEQUENCE>1
<FILENAME>j422191px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United States Securities and Exchange
Commission</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXEMPT SOLICITATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:&nbsp;</B>Seventh
Generation Interfaith Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSONS RELYING ON EXEMPTION:</B>&nbsp;Province
of Saint Joseph of the Capuchin Order</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:&nbsp;</B>P.O.
Box 5830, Milwaukee, WI 53205-0830</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WRITTEN MATERIALS</B>: The attached
written materials are submitted pursuant to Rule 14a-6(g)(1) (the &ldquo;Rule&rdquo;) promulgated under the Securities Exchange
Act of 1934. Submission is not required of this filer under the terms of the Rule, but is made voluntarily in the interest of public
disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subject</B>: Shareholder Memo in Support of Resolution Concerning
Drug Pricing at Merck &amp; Co., Inc. (Item #7)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the upcoming Merck and Co., Inc. (&ldquo;Merck&rdquo;
or the &ldquo;Company&rdquo;) annual shareholders&rsquo; meeting on May 28, 2019, shareholders will have the opportunity to vote
on a Proposal (the &ldquo;Proposal&rdquo;) sponsored by multiple shareholders<SUP>1</SUP> asking Merck to disclose how it incorporates
risks stemming from public concern over high drug prices in setting incentive pay arrangements for senior executives. <B>We urge
you to vote FOR proposal #7 as described below.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>RESOLVED, that shareholders of Merck &amp; Co., Inc. (&ldquo;Merck&rdquo;)
urge the Compensation Committee (the &ldquo;Committee&rdquo;) to report annually to shareholders on the extent to which risks related
to public concern over drug pricing strategies are integrated into Merck&rsquo;s incentive compensation policies, plans and programs
(&ldquo;arrangements&rdquo;) for senior executives. The report should include, but need not be limited to, discussion of whether
(i) incentive compensation arrangements reward, or not penalize, senior executives for adopting pricing strategies, or making and
honoring commitments about pricing, that incorporate public concern regarding prescription drug prices; and (ii) such concern is
considered when setting financial targets for incentive compensation arrangements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proponents submitted the Proposal to
Merck because we believe shareholders would benefit from a fuller understanding of whether senior executive incentive compensation
arrangements reward price increases, or discourage policies of price restraint, both of which can boost short-term performance,
even though long-term success could depend on pricing moderation. In our view, repeated price increases are likely to lead to backlash
from payers, policy makers and the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Adrian Dominican Sisters Portfolio Advisory Board;
Benedictine Sisters of Virginia; Benedictine Sisters of Mount St. Scholastica; Boston Common Asset Management; Clean Yield Group,
Dominican Sisters of Springfield Illinois; Friends Fiduciary Corporation; Mercy Investment Services, Inc.; Province of St. Joseph
of the Capuchin Order (Midwest Capuchins); UAW Retiree Medical Benefits Trust; Sisters of St. Francis Charitable Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that incentive compensation
programs should not just encourage executives to achieve financial objectives, but also to manage key business risks effectively.
Reactions from the public, health care payers, policymakers and prescribers to high drug prices pose a serious challenge, in our
view, to sustainable value creation by pharmaceutical companies. High drug prices may create several kinds of risk:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">According to Gallup, the pharmaceutical
industry&rsquo;s favorability rating stands at 33 percent, lower than the 23 other industries included in the poll.<SUP>2</SUP>
Poor reputation can make it more difficult to recruit and retain talented employees.<SUP>3</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legislative and regulatory risk is apparent
not only in the President&rsquo;s blueprint. At least 30 pieces of legislation addressing prescription drug prices have been introduced
in the 116th Congress and various Congressional committees have held high-profile hearings.<SUP>45</SUP> In 2018, at least 24 states
passed legislation to curb rising drug costs.<SUP>6</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Merck in its 2019 proxy statement states that its executive
compensation and governance programs are designed to closely link pay with operational performance and increases in long-term shareholder
value while minimizing excessive risk taking, it is not clear whether &ldquo;excessive risk taking&rdquo; includes risks related
to high drug prices. <FONT STYLE="background-color: white">Merck uses revenue, pre-tax income and pipeline achievements to determine
the payout for the annual incentive, and three-year operating cash flow and relative TSR as metrics for performance share awards
(PSAs). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Some companies have responded
to public concerns about prices by committing not to raise prices by more than a certain amount per year. Merck has committed to
limit average price increases of its drugs to no more than the rate of inflation<SUP>7</SUP>, but incentive compensation arrangements
may be inconsistent with that commitment</FONT><FONT STYLE="background-color: white">. </FONT><FONT STYLE="font-size: 10pt">Specifically,
Merck&rsquo;s incentive pay arrangements, which take into account revenue and pre-tax income to determine payouts, may disregard
pricing pressure risks. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our view, rewarding executives for boosting
revenue can create additional risks when that revenue is generated primarily or solely through price increases. In 2017, holders
of approximately 80 percent of Mylan shares voted opposed management&rsquo;s &ldquo;say on pay&rdquo; proposal,<SUP>8</SUP> following
a &ldquo;vote no&rdquo; campaign by institutional investors that cited high pay &ldquo;amid a public and regulatory backlash&rdquo;
related to EpiPen pricing.<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>2</SUP></FONT> news.gallup.com/poll/12748/business-industry-sector-ratings.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>3</SUP></FONT> http://www.mandrake.ca/bill/images/corporate_responsibility_white_paper.pdf
(summarizing evidence that perceptions regarding corporate social responsibility drive higher levels of employee engagement and
retention); <U>see also</U> https://business.missouri.edu/sites/default/files/publication/turban_greening_1997_amj.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>4</SUP></FONT> https://www.govtrack.us/congress/bills/subjects/prescription_drugs/6184?congress=99#congress=116&amp;text=prescription&amp;terms2=__ALL__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>5</SUP></FONT> https://www.nytimes.com/2019/02/26/us/politics/prescription-drug-prices.html?module=inline</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>6</SUP></FONT> https://www.nytimes.com/2018/08/18/us/politics/states-drug-costs.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>7</SUP></FONT> https://www.marketwatch.com/story/merck-to-lower-price-of-hep-c-treatment-zepatier-by-60-commits-to-responsible-pricing-2018-07-19</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
<A HREF="http://www.sec.gov/Archives/edgar/data/1623613/000119312517216777/d412323d8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.sec.gov/Archives/edgar/data/1623613/000119312517216777/d412323d8k.htm</FONT></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
<A HREF="http://www.sec.gov/Archives/edgar/data/1517047/000121465917003708/d530170px14a6g.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.sec.gov/Archives/edgar/data/1517047/000121465917003708/d530170px14a6g.htm</FONT></A></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We
believe that the information sought by the Proposal would give shareholders valuable insight about how Merck&rsquo;s executive
pay practices balance financial goals and management of pricing-related risks.</FONT> <B>We therefore urge shareholders to vote
FOR proposal #7.</B></P>

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