Jeffrey C. Smith - 11 Dec 2025 Form 4 Insider Report for Kenvue Inc. (KVUE)

Role: Director
Signature: /s/ Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith
Issuer symbol: KVUE
Transactions as of: 11 Dec 2025
Transactions value $: $110,986,526
Form type: 4
Filing time: 15 Dec 2025, 16:00:25 UTC
Previous filing: 03 Dec 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	15 Dec 2025	0001362697

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KVUE	Common Stock, $0.01 par value	Purchase	$55.4M	+3.18M	+15.18%	$17.43	24.1M	11 Dec 2025	By Starboard Value LP	F1, F5
transaction	KVUE	Common Stock, $0.01 par value	Purchase	$55.6M	+3.2M	+13.27%	$17.37	27.3M	12 Dec 2025	By Starboard Value LP	F1, F6

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
holding	KVUE	Deferred Share Units						13.6K	11 Dec 2025	Common Stock	13.6K		Direct	F2, F3, F4

* 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	Each Deferred Share Unit ("DSU") represents the right to receive one share of Issuer common stock.
F3	The DSUs represent deferral of cash compensation under the Issuer's Amended and Restated Deferred Fee Plan for Directors and will be settled in shares of common stock following the Reporting Person's separation from service.
F4	Includes DSUs acquired as dividend equivalents.
F5	Represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $17.3720 to $17.5550, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased in each transaction.
F6	Represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $17.3580 to $17.3880, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased in each transaction.