Scott K. Milsten - 12 Sep 2025 Form 4 Insider Report for e.l.f. Beauty, Inc. (ELF)

Role: Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer
Signature: /s/ Scott K. Milsten
Issuer symbol: ELF
Transactions as of: 12 Sep 2025
Net transactions value: -$1,701,664
Form type: 4
Filing time: 12 Sep 2025, 19:01:32 UTC
Previous filing: 12 Sep 2025
Next filing: 18 Sep 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Milsten Scott	Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer	C/O E.L.F. BEAUTY, INC., 570 10TH STREET, OAKLAND	/s/ Scott K. Milsten	12 Sep 2025	0001448992

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ELF	Common Stock, $0.01 par value	Options Exercise	$402,600	+15,000	+13%	$26.84	127,406	12 Sep 2025	Direct	F1, F2
transaction	ELF	Common Stock, $0.01 par value	Sale	$2,104,264	-15,000	-12%	$140.28	112,406	12 Sep 2025	Direct	F1, F2, F3
holding	ELF	Common Stock, $0.01 par value						22,761	12 Sep 2025	By Milsten/Conner Trust dated October 17, 2008

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ELF	Stock Option (Right to Buy)	Options Exercise	$0	-15,000	-100%	$0.000000	0	12 Sep 2025	Common Stock	15,000	$26.84	Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id	Content
F1	Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on June 11, 2025.
F2	Includes 46,855 restricted stock units.
F3	The transaction was executed in multiple trades in prices ranging from $140.00 to $140.80, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.
F4	The option shall vest and become exercisable in three equal tranches on the the thirtieth consecutive trading day that the per share closing trading price of the Issuer's common stock equals or exceeds certain successively higher share price targets, subject to the Reporting Person continuing to provide services to the Issuer as an employee, consultant, director or officer of the Company through the applicable vesting date.

Remarks:

Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer