X0206 3 2016-09-21 0 0001600033 e.l.f. Beauty, Inc. ELF 0001411337 SIMMONS SABRINA C/O E.L.F. BEAUTY, INC. 570 10TH STREET OAKLAND CA 94607 1 0 0 0 Stock Option (Right to Buy) 3.51 2026-03-28 Common Stock 34500 D Twenty percent (20%) of the stock options vest and become exercisable on each anniversary of March 17, 2016 until all such stock options have vested and become exercisable, subject to the Reporting Person's continued service relationship with the Issuer on each such vesting date. /s/ Scott K. Milsten, Attorney-in-Fact for Sabrina L. Simmons 2016-09-21