Kenvue (KVUE)

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-05-21 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: Kenvue Inc. (KVUE) CIK: 0001944048 --- Reporting Owner --- Name: Smith Jeffrey C CIK: 0001362697 Role: Director --- Derivative Transactions --- [Transaction #1] Security: Deferred Share Units Date: 2026-05-21 | Code: A (Grant or award) Shares: +10,309 | Price: $17.46 Shares Owned After: 25,432.688 | Ownership: D (Direct) Footnotes: [F2] Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares of the Issuer's common stock upon termination of the Reporting Person's directorship (with each DSU representing the right to receive one share of common stock on the settlement date). [F2] Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares of the Issuer's common stock upon termination of the Reporting Person's directorship (with each DSU representing the right to receive one share of common stock on the settlement date). [F2] Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares of the Issuer's common stock upon termination of the Reporting Person's directorship (with each DSU representing the right to receive one share of common stock on the settlement date). [F2] Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares of the Issuer's common stock upon termination of the Reporting Person's directorship (with each DSU representing the right to receive one share of common stock on the settlement date). [F3] Includes shares acquired in dividend reinvestment transactions. --- Holdings --- [Holding #1] Security: Common Stock, $0.01 par value Ownership: I (Indirect) Footnotes: [F1] Starboard Value LP ("Starboard") serves as the investment manager or manager of certain managed accounts and private investment funds (collectively, the "Starboard Accounts"), which hold the securities reported herein and as such may be deemed to beneficially own such securities. The Reporting Person, as a Managing Member of Starboard, may be deemed to beneficially own the securities directly held by the Starboard Accounts for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. --- Footnotes (Complete Index) --- F1: Starboard Value LP ("Starboard") serves as the investment manager or manager of certain managed accounts and private investment funds (collectively, the "Starboard Accounts"), which hold the securities reported herein and as such may be deemed to beneficially own such securities. The Reporting Person, as a Managing Member of Starboard, may be deemed to beneficially own the securities directly held by the Starboard Accounts for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. F2: Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares of the Issuer's common stock upon termination of the Reporting Person's directorship (with each DSU representing the right to receive one share of common stock on the settlement date). F3: Includes shares acquired in dividend reinvestment transactions. --- Signature --- /s/ /s/ Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith (2026-05-26)