X0306 4 2017-02-14 0 0001600033 e.l.f. Beauty, Inc. ELF 0001684319 Bailey John P. C/O E.L.F. BEAUTY, INC. 570 10TH STREET OAKLAND CA 94607 0 1 0 0 President and CFO Common Stock, $0.01 par value 2017-02-14 4 A 0 121200 0.00 A 805690 D Stock Option (Right to Buy) 26.84 2017-02-14 4 A 0 96900 0.00 A 2027-02-14 Common Stock 96900 96900 D Includes 66,618 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. /s/ Scott K. Milsten, Attorney-in-Fact for John P. Bailey 2017-02-16