X0306 4 2018-03-01 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 2018-03-01 4 A 0 81340 0.00 A 269232 D Common Stock, $0.01 par value 174399 I By Milsten/Conner Trust dated October 17, 2008 Stock Option (Right to Buy) 18.43 2018-03-01 4 A 0 72000 0.00 A 2028-03-01 Common Stock 72000 72000 D Includes 24,982 Restricted Stock Units ("RSUs"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof. Option vests with respect to 25% of the total shares subject thereto on each of the first, second, third and fourth anniversary of March 1, 2018, subject to the Reporting Person continuing to provide services to the Issuer as an employee, consultant, director or officer of the Company through each applicable vesting date. Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer /s/ Scott K. Milsten 2018-03-09