Smith Jeffrey C 4

What Happened
Jeffrey C. Smith, a director of Kenvue Inc. (KVUE), received a grant of 1,331 deferred share units (DSUs) on March 30, 2026. The award is reported as a derivative acquisition (transaction code A). No per-share price or immediate cash value is provided in the filing; the DSUs represent rights to shares rather than an open‑market purchase.

Key Details

• Transaction date: 2026-03-30; Form 4 filed 2026-04-01 (appears to be within the standard 2-business‑day reporting window).
• Instrument: 1,331 Deferred Share Units (DSUs) — derivative award; price shown as N/A.
• Settlement: DSUs represent the right to receive one share of Kenvue common stock each and will be settled in shares following the reporting person's separation from service (Deferred Fee Plan for Directors).
• Footnotes of note:
  • F1: Mentions Starboard Value LP as investment manager of certain accounts holding reported securities; the reporting person, as a Managing Member of Starboard, may be deemed to beneficially own securities held by those accounts but expressly disclaims ownership except for pecuniary interest.
  • F2/F3: Confirms each DSU equals one share and DSUs reflect deferral of cash compensation to be settled in stock after separation.
  • F4: Notes inclusion of shares acquired through dividend reinvestment transactions (if applicable to totals).
• Shares owned after the transaction are not specified in the summary data provided.

Context
DSUs are a form of deferred compensation for directors and do not involve an immediate open‑market purchase or sale. They convert into actual shares only upon the director’s separation from service, so this award reflects compensation deferral rather than an active buy or sell signal.