Kenvue Inc. — Director's Dealing 2025

Dec 3, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Kenvue Inc. (KVUE)
CIK: 0001944048
Period of Report: 2025-12-01

Reporting Person: Smith Jeffrey C (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-01	Deferred Share Units	$	A	1451	Acquired		Common Stock (1451)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	20929938	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.

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.