[Form 4] Kenvue Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kenvue Inc. (KVUE) director Richard E. Allison Jr. reported acquisition of 1,204 Deferred Share Units (DSUs) on 10/01/2025 under the company's Amended and Restated Deferred Fee Plan for Directors. Each DSU represents the right to receive one share of common stock and will be settled in shares following the reporting person's separation from service. The report shows 34,045.048 shares beneficially owned following the transaction, which includes DSUs acquired as dividend equivalents. The Form 4 was filed by one reporting person and signed by an attorney-in-fact on 10/01/2025.

Positive

• Director alignment: Conversion of fees into DSUs increases the reporting person's long-term equity exposure to Kenvue common stock.
• Dividend equivalents included: DSUs acquired as dividend equivalents enhance the economic value of the deferred units.

Negative

• No immediate share issuance: DSUs will be settled in shares only upon separation from service, so there is no immediate voting or liquidity impact.
• Deferred settlement timing: The eventual timing and tax consequences of settlement depend on separation events and are not specified in the filing.

Insights

Corporate Governance Expert

TL;DR: Director deferred cash fees into equity-like units, increasing long-term ownership alignment without immediate share issuance.

The filing documents a routine director compensation election converting fees into 1,204 Deferred Share Units, each equating to one share on settlement. This structure aligns the director's economic interest with shareholders by converting compensation into stock-settled units that vest on separation from service. The inclusion of dividend equivalents is explicitly noted, increasing the effective value of the DSUs. No sale or disposition occurred; the transaction is an acquisition under the deferred fee plan and is administratively reported via Form 4.

Securities Analyst

TL;DR: A non-cash, administrative acquisition that modestly increases reported beneficial ownership but has limited immediate market impact.

The 1,204 DSUs reported are to be settled in shares upon separation, so there is no immediate change to the public float or trading supply. The filing shows total beneficial ownership of 34,045.048 shares after the transaction, including dividend-equivalent DSUs. This is a standard disclosure for director compensation deferrals and does not indicate open-market purchases or sales that would directly affect liquidity or share price in the short term.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ALLISON RICHARD E JR

(Last) (First) (Middle)

C/O 1 KENVUE WAY

(Street)

SUMMIT NJ 07901

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Kenvue Inc. [ KVUE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Share Units(1)	(2)	10/01/2025		A		1,204		(2)	(2)	Common Stock	1,204	(1)	34,045.048(3)	D

Explanation of Responses:

1. Each Deferred Share Unit ("DSU") represents the right to receive one share of Issuer common stock.

2. 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.

3. Includes DSUs acquired as dividend equivalents.

Remarks:

	/s/ Alla Berenshteyn, as attorney-in-fact	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Richard E. Allison Jr. report on Form 4 for Kenvue (KVUE)?

He reported acquiring 1,204 Deferred Share Units (DSUs) on 10/01/2025 under the company's Deferred Fee Plan for Directors.

What does each Deferred Share Unit (DSU) represent?

Each DSU represents the right to receive one share of Kenvue common stock upon settlement.

When will the DSUs be settled into shares?

The filing states the DSUs "will be settled in shares of common stock following the reporting person's separation from service."

How many shares did the reporting person beneficially own after the transaction?

The Form 4 reports 34,045.048 shares beneficially owned following the reported transaction, which includes dividend-equivalent DSUs.

Was this Form 4 filed by more than one reporting person?

No. The form indicates it was filed by one reporting person.