Kenvue COO Meredith Stevens Disposes of Equity Holdings Following Kimberly-Clark Merger

Executive Summary

On November 4, 2026, Kenvue Inc. (KVUE) filed a Form 4 on behalf of Chief Operations Officer Meredith Stevens reporting the disposition of all common stock holdings and derivative securities effective November 2, 2026. This transaction reflects the closing of the acquisition of Kenvue Inc. by Kimberly-Clark Corporation ("K-C").

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Transaction Breakdown

1. Common Stock Disposition:

   • Shares Disposed: 114,183 shares of Common Stock (Transaction Code: D).
   • Consideration: Under the Merger Agreement, each share was exchanged for 0.14625 shares of Kimberly-Clark common stock plus $3.50 in cash.
   • Post-Transaction Beneficial Ownership: 0 shares.

2. Derivative Security Treatment:

   • Stock Options: Multiple option tranches totaling 811,155 shares (exercise prices ranging from $19.01 to $23.92) were assumed and converted into options to acquire Kimberly-Clark common stock based on the contractual Equity Award Exchange Ratio.
   • Restricted Stock Units (RSUs): 115,118 RSUs were assumed and converted into equivalent Kimberly-Clark equity awards.
   • Performance Stock Units (PSUs): Earned PSUs (23,917.45 units and 91,384.36 units after performance certification) were assumed and converted into Kimberly-Clark stock unit awards.

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Market & Trading Significance

• Significance Level: Low
• Rationale: The transaction represents a non-discretionary corporate event resulting from the consummation of the merger with Kimberly-Clark Corporation rather than an open-market insider transaction. The Form 4 also notes that the reporting owner is no longer subject to Section 16 reporting obligations for Kenvue Inc.