X0306 4 2017-02-14 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 Common Stock, $0.01 par value 2017-02-14 4 A 0 60600 0.00 A 361630 D Common Stock, $0.01 par value 179399 I By Milsten/Conner Trust dated October 17, 2008 Stock Option (Right to Buy) 26.84 2017-02-14 4 A 0 48300 0.00 A 2027-02-14 Common Stock 48300 48300 D Includes 33,310 Restricted Stock Units. 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. Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer /s/ Scott K. Milsten 2017-02-16