[Form 4] e.l.f. Beauty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Maureen C. Watson, a director of e.l.f. Beauty, Inc. (ELF), was granted 1,642 restricted stock units (RSUs) on 08/21/2025. Each RSU converts into one share of common stock upon vesting, and the reported acquisition price is $0, indicating these were awards rather than open-market purchases. After the grant, the reporting person is shown as beneficially owning 3,530 shares in total, which the filer states includes the 1,642 RSUs. The Form 4 was signed by an attorney-in-fact for Maureen Watson on 08/25/2025. The filing identifies the reporting person as a director.

Positive

• Director received equity alignment: Grant of 1,642 RSUs aligns director interests with shareholders by granting equity rather than cash
• Increased beneficial ownership: Post-transaction beneficial ownership of 3,530 shares signals additional insider stake

Negative

• None.

Insights

Securities Analyst

TL;DR: A director received 1,642 RSUs, increasing beneficial ownership to 3,530 shares; this is a routine equity award.

The transaction is recorded as an acquisition of 1,642 restricted stock units at a reported price of $0 on 08/21/2025. The filer explicitly notes that each RSU converts to one share upon vesting, and that the 3,530 shares reported after the transaction include the RSUs. There is no additional compensation detail, vesting schedule, or sale activity disclosed in this Form 4. Impact to outstanding share count or dilution is not provided in the filing and cannot be inferred from this document alone.

Corporate Governance Expert

TL;DR: Director equity grant disclosed; materiality appears limited and consistent with routine director compensation practices.

The Form 4 shows an award of 1,642 RSUs to a director, reported as an acquisition (code A) with zero purchase price, and a resulting beneficial ownership of 3,530 shares. The filing is limited to the securities change and the reporter's role; it does not include governance changes, option exercises, or dispositions. This disclosure fulfills Section 16 reporting requirements but provides no information on vesting conditions or broader governance implications.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Watson Maureen C.

(Last) (First) (Middle)

570 10TH STREET

(Street)

OAKLAND CA 94607

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
e.l.f. Beauty, Inc. [ ELF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value	08/21/2025		A		1,642(1)	A	$0	3,530(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Grant of 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.

2. Includes 1,642 RSUs.

	/s/ Scott K. Milsten, Attorney-in-Fact for Maureen Watson	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Maureen C. Watson report on the Form 4 for ELF?

She reported a grant of 1,642 restricted stock units (RSUs) on 08/21/2025, increasing her reported beneficial ownership to 3,530 shares.

Does the Form 4 show a purchase price for the RSUs?

The reported price for the RSU acquisition is $0, indicating these were awards rather than purchases.

Do the RSUs immediately convert into shares according to the filing?

The filing states each RSU is entitled to one share upon vesting, but it does not disclose vesting dates or conditions.

When was the Form 4 filed or signed?

The transaction date is 08/21/2025 and the Form 4 bears a signature by an attorney-in-fact dated 08/25/2025.

What is Maureen Watson's relationship to e.l.f. Beauty?

The Form 4 identifies Maureen C. Watson as a director of e.l.f. Beauty, Inc.