Kenvue (KVUE) director Merlo awarded 16,036 deferred share units as board fees

Rhea-AI Filing Summary

Kenvue Inc. director Larry J. Merlo received a grant of 16,036 Deferred Share Units (DSUs). The DSUs were awarded at a reference price of $17.46 per unit and are structured to convert into an equal number of Kenvue common shares when his board service ends. After this award, Merlo holds a total of 56,975.45 DSUs, which includes units previously credited as dividend equivalents under the company’s Amended and Restated Deferred Fee Plan for Directors.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider MERLO LARRY J

Role null

Type	Security	Shares	Price	Value
Grant/Award	Deferred Share Units	16,036	$17.46	$280K

Holdings After Transaction: Deferred Share Units — 56,975.45 shares (Direct, null)

Footnotes (1)

1. Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares of the Issuer's common stock upon termination of the Reporting Person's directorship (with each DSU representing the right to receive one share of Common Stock on the settlement date). Includes DSUs acquired as dividend equivalents.

Key Figures

Deferred Share Units granted: 16,036 units Reference price per DSU: $17.46 per unit Total DSUs after transaction: 56,975.45 units +2 more

5 metrics

Deferred Share Units granted 16,036 units Director DSU award on 2026-05-21

Reference price per DSU $17.46 per unit Transaction price for DSU grant

Total DSUs after transaction 56,975.45 units Holdings following grant

Underlying common stock 16,036 shares Each DSU represents one share

Conversion or exercise price $0.00 DSUs settle into shares without cash exercise

Key Terms

Deferred Share Units, Amended and Restated Deferred Fee Plan for Directors, dividend equivalents, Common Stock

4 terms

Deferred Share Units financial

"Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors"

Deferred share units are promises that give an executive or director the right to receive company shares or their cash value at a future date, often when they retire or leave the company. Think of them as a paycheck held in a savings account that converts into stock later; they matter to investors because they tie pay to long-term performance, create potential future dilution of shares, and represent a delayed cash or share obligation the company must eventually fulfill.

Amended and Restated Deferred Fee Plan for Directors financial

"under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares"

dividend equivalents financial

"Includes DSUs acquired as dividend equivalents."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Common Stock financial

"each DSU representing the right to receive one share of Common Stock on the settlement date"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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Form 4 Insider Transactions: What Each Field Means →

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
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MERLO LARRY J

(Last) (First) (Middle)

C/O 1 KENVUE WAY

(Street)

SUMMIT NEW JERSEY 07901

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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

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

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

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)	05/21/2026		A		16,036		(1)	(1)	Common Stock	16,036	$17.46	56,975.45(2)	D

Explanation of Responses:

1. Grant of Deferred Share Units ("DSUs") under the Issuer's Amended and Restated Deferred Fee Plan for Directors are to be settled in shares of the Issuer's common stock upon termination of the Reporting Person's directorship (with each DSU representing the right to receive one share of Common Stock on the settlement date).

2. Includes DSUs acquired as dividend equivalents.

Remarks:

	/s/ Alla Berenshteyn, as attorney-in-fact	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Kenvue (KVUE) director Larry J. Merlo report in this Form 4?

Larry J. Merlo reported receiving 16,036 Deferred Share Units as director compensation. These units convert into Kenvue common stock when his board service ends, increasing his total DSU holdings to 56,975.45 units under the company’s deferred fee plan.

How many Kenvue Deferred Share Units did Larry J. Merlo receive?

He received 16,036 Deferred Share Units. Each DSU represents the right to receive one share of Kenvue common stock upon settlement, so this grant adds 16,036 potential future shares to his deferred director compensation balance.

At what price were Larry J. Merlo’s Kenvue Deferred Share Units valued?

The 16,036 Deferred Share Units were recorded at $17.46 per unit. This price is used as the reference transaction value for the award, but the DSUs themselves are settled in shares rather than cash when his directorship ends.

What is Larry J. Merlo’s total Kenvue DSU balance after this award?

Following the grant, Larry J. Merlo holds 56,975.45 Deferred Share Units. This balance includes both the newly granted units and DSUs previously credited as dividend equivalents, all payable in Kenvue common stock at the end of his board service.

How are Kenvue Deferred Share Units for directors settled?

The Deferred Share Units are settled in Kenvue common stock when a director’s service terminates. Each DSU equals one share on the settlement date, and the total includes additional DSUs credited over time as dividend equivalents under the deferred fee plan.