Jeffrey C. Smith - May 22, 2025 Form 4 Insider Report for Kenvue Inc. (KVUE)

Role: Director
Signature: /s/ Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith
Stock symbol: KVUE
Transactions as of: May 22, 2025
Transactions value $: $179,987
Form type: 4
Date filed: 5/27/2025, 08:48 PM
Previous filing: May 16, 2025
Next filing: Jul 2, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Smith Jeffrey C	Director	201 E LAS OLAS BOULEVARD, SUITE 1000, FORT LAUDERDALE	/s/ Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith	2025-05-27	0001362697

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	KVUE	Common Stock, $0.01 par value						20.9M	May 22, 2025	By Starboard Value LP	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	KVUE	Deferred Share Units	Award	$180K	+7.66K	+383.53%	$23.50	9.66K	May 22, 2025	Common Stock	7.66K		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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") acquired 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).

Content

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.

Grant of Deferred Share Units ("DSUs") acquired 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).