Kenvue Director Jeffrey C. Smith Acquires Deferred Share Units via Fee Deferral

Insider Filing Overview

On September 29, 2026, Kenvue Inc. ($KVUE) director Jeffrey C. Smith (Managing Member of Starboard Value LP) filed a Form 4 reporting an acquisition of derivative securities.

Transaction Summary

• Security: Deferred Share Units (DSUs)
• Transaction Date: September 28, 2026
• Transaction Code: A (Award / Acquisition pursuant to Rule 16b-3)
• Units Acquired: 1,300 DSUs
• Price Per Share: $0 (Deferral of cash director fees)
• Direct Holdings Following Transaction: 28,618.343 DSUs
• Indirect Holdings: 27,307,632 common shares held through Starboard Value LP

Context & Significance

• Nature of Acquisition: The 1,300 DSUs were granted under Kenvue's Amended and Restated Deferred Fee Plan for Directors as a deferral of cash board compensation. Each unit converts to one share of common stock upon separation from service.
• Significance: Low. This represents standard non-employee director compensation deferral rather than an open-market purchase or discretionary capital deployment. However, Smith maintains significant indirect exposure to KVUE with over 27.3 million shares managed through Starboard Value accounts.