Director Betsy D. Holden filed a Form 4 with the SEC on November 4, 2026, disclosing the disposition and conversion of 37,794.81 Kenvue Inc. deferred share units following Kimberly-Clark Corporation's acquisition of Kenvue on November 2, 2026.

Key Highlights

  • Reporting person: Betsy D. Holden, identified as a Director of Kenvue Inc. (NYSE:KVUE)
  • Transaction date: November 2, 2026, the date of the merger's effective time
  • Units disposed: 37,794.81 deferred share units (DSUs), each representing the right to receive one share of Kenvue common stock
  • Post-transaction DSU balance: 0 Kenvue DSUs remaining following the reported transaction
  • Merger consideration: Each share of Kenvue common stock was exchanged for 0.14625 shares of Kimberly-Clark common stock plus $3.50 in cash, according to the filing
  • DSU conversion: Each Kenvue DSU was assumed and converted into a Kimberly-Clark stock unit award under a formula specified in the Merger Agreement

Holden's Kenvue DSUs Disposed and Converted Upon Kimberly-Clark Merger Closing

According to the filing, on November 2, 2026, Kimberly-Clark Corporation, a Delaware corporation, acquired Kenvue Inc. pursuant to an Agreement and Plan of Merger dated November 2, 2025. The parties to that agreement, as described in the filing, included Kenvue, Kimberly-Clark, Vesta Sub I, Inc. (a direct wholly owned subsidiary of Kimberly-Clark), and Vesta Sub II, LLC (also a direct wholly owned subsidiary of Kimberly-Clark).

The filing discloses that Director Betsy D. Holden held 37,794.81 Kenvue deferred share units immediately prior to the effective time of the merger. Each DSU represented the right to receive one share of Kenvue common stock. Under the terms of the Merger Agreement, those DSUs were disposed of and simultaneously converted into a Kimberly-Clark stock unit award. The number of Kimberly-Clark shares underlying the new award was calculated by multiplying the number of Kenvue shares subject to the DSU (including any additional DSUs credited as dividend equivalent rights prior to the effective time) by an equity award exchange ratio determined under a formula set out in the Merger Agreement. The filing states the converted award is "subject to the same terms and conditions that applied prior to the Effective Time."

As a result of these transactions, Holden's directly held Kenvue DSU balance fell to zero. The Form 4 was signed by Pinto Adhola as attorney in fact and filed on November 4, 2026. The filing also notes that the box indicating the reporting person is "no longer subject to Section 16" was checked, consistent with the completion of the acquisition.

What Was Disclosed

Betsy D. Holden's Form 4 disclosed the conversion of 37,794.81 Kenvue DSUs into a Kimberly-Clark stock unit award upon the November 2, 2026 closing of K-C's acquisition of Kenvue, leaving Holden with zero remaining Kenvue DSUs.