X0306 4 2021-12-22 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 0 0 1 See remarks Common Stock, $0.01 par value 2021-12-22 4 S 0 5398 30.8251 D 183405 D Common Stock, $0.01 par value 2021-12-22 4 S 0 4602 30.7445 D 47761 I By Milsten/Conner Trust dated October 17, 2008 Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person. The transaction was executed in multiple trades in prices ranging from $30.62 to $30.90, 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. Includes 27,200 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. The transaction was executed in multiple trades in prices ranging from $30.62 to $30.93, 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. Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer /s/ Scott K. Milsten 2021-12-23