ELF Form 4: Lori Keith Receives 1,680 Restricted Stock Units

Rhea-AI Filing Summary

e.l.f. Beauty director Lori Keith received a grant of 1,680 restricted stock units (RSUs) on 08/21/2025, each converting into one share upon vesting. The Form 4 shows the acquisition was reported as a non‑derivative transaction with a reported price of $0, and the reporting person's total beneficial ownership following the grant is 22,698 shares (which includes the 1,680 RSUs). The filing identifies Lori Keith as a director and was signed by an attorney‑in‑fact on 08/25/2025.

Positive

• Director alignment via equity: Grant of 1,680 RSUs increases Lori Keith's stake, aligning her interests with shareholders
• Transparent disclosure: Form 4 filed showing transaction date 08/21/2025 and total beneficial ownership of 22,698 shares

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A routine equity compensation grant to a director increases potential ownership but raises no immediate cash impact.

The Form 4 documents a standard grant of 1,680 RSUs to director Lori Keith on 08/21/2025, reported as a non‑derivative acquisition at a $0 price per unit, consistent with typical restricted equity awards for service. The disclosure increases the director's beneficial ownership to 22,698 shares inclusive of the RSUs. This is a routine governance disclosure that confirms alignment of a board member with shareholder interests through equity compensation and does not indicate any sale or disposition.

Securities Analyst

TL;DR: The transaction is an equity grant, not a market purchase or sale, so it is immaterial to short‑term trading volume.

The reported transaction is the grant of restricted stock units rather than an open‑market trade. The Form 4 lists the transaction date as 08/21/2025, shows 1,680 RSUs added, and reports total beneficial ownership of 22,698 shares after the grant. Because the grant is reported with a $0 price and no disposals, there is no immediate cash flow or change in float from this filing. For investors focused on insider trading flows, this filing represents a compensation issuance rather than insider selling.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Keith Lori

(Last) (First) (Middle)

C/O E.L.F. BEAUTY, INC.

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		1,680(1)	A	$0	22,698(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 1,680 RSUs.

	/s/ Scott K. Milsten, Attorney-in-Fact for Lori Keith	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 Lori Keith report on the Form 4 for e.l.f. Beauty (ELF)?

The Form 4 reports a grant of 1,680 RSUs on 08/21/2025, each converting to one share upon vesting, and total beneficial ownership of 22,698 shares after the grant.

Was the RSU grant reported as a purchase or a gift and what price was listed?

The transaction was reported as an acquisition of RSUs with a reported price of $0, consistent with typical compensated equity grants.

Does the Form 4 show any sales or dispositions by Lori Keith?

No. The filing shows an acquisition of 1,680 RSUs and does not report any dispositions.

When was the Form 4 signed and who signed it?

The filing bears a signature by Scott K. Milsten, Attorney‑in‑Fact for Lori Keith dated 08/25/2025.

Is the RSU grant included in the reported beneficial ownership total?

Yes. The filing explicitly states the 22,698 shares figure includes the 1,680 RSUs.