X0306 4 2016-09-21 0 0001600033 e.l.f. Beauty, Inc. ELF 0001448992 Milsten Scott C/O E.L.F. BEAUTY, INC. 570 10TH STREET OAKLAND CA 94607 0 1 0 0 See remarks Stock Option (Right to Buy) (Common Stock) 17 2016-09-21 4 A 0 97281 0 A 2026-09-21 Common Stock 97281 97281 D Twenty percent (20%) of the stock options vest and become exercisable on each anniversary of September 21, 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. Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer /s/ Scott K. Milsten 2016-09-21