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

Rhea-AI Filing Summary

Joshua Allen Franks, SVP, Operations at e.l.f. Beauty, Inc. (ELF), reported an insider sale on 09/16/2025 carried out under a pre-established 10b5-1 trading plan adopted December 9, 2024. The filing shows 7,913 shares were sold at $145 per share. After the sale Mr. Franks beneficially owned 99,369 shares, which the filing notes include 47,398 restricted stock units. The Form 4 was signed by an attorney-in-fact on 09/18/2025. No derivatives or other transactions are reported in this filing.

Positive

• Transaction executed under a 10b5-1 plan, indicating a pre-established trading arrangement
• Substantial retained ownership of 99,369 shares, which includes 47,398 restricted stock units

Negative

• Insider sold 7,913 shares on 09/16/2025, which is an instance of insider selling

Insights

Securities Analyst

TL;DR: Insider sale of 7,913 shares under a 10b5-1 plan; meaningful remaining stake of 99,369 shares including RSUs.

The Form 4 discloses a single non-derivative sale by SVP Operations Joshua Allen Franks on 09/16/2025 of 7,913 common shares at $145 each executed pursuant to a 10b5-1 plan established 12/09/2024. The report clarifies post-transaction ownership at 99,369 shares including 47,398 RSUs, indicating continued stake alignment with shareholders. The filing contains no options or other derivative activity.

Corporate Governance Expert

TL;DR: Sale was pre-planned under a 10b5-1 arrangement; disclosure is timely and shows substantial retained RSUs.

The transaction was reported on Form 4 and executed under a documented 10b5-1 plan, which is consistent with established insider trading controls. The inclusion of 47,398 restricted stock units in the beneficial ownership total is notable for retention and potential future vesting considerations. The filing appears complete for the single-class transaction reported.

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
Estimated average burden
hours per response:			0.5

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

1. Name and Address of Reporting Person^*

Franks Joshua Allen

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

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	09/16/2025		S(1)		7,913	D	$145	99,369(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. Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on December 9, 2024.

2. Includes 47,398 restricted stock units.

	/s/ Scott K. Milsten, Attorney-in-fact for Joshua Allen Franks	09/18/2025
	** 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 Joshua Allen Franks report on Form 4 for ELF?

The Form 4 reports a sale of 7,913 shares at $145 per share executed on 09/16/2025 under a 10b5-1 trading plan.

How many ELF shares does Joshua Allen Franks own after the reported transaction?

He beneficially owned 99,369 shares following the reported transaction, which include 47,398 restricted stock units.

Was the sale part of a pre-established trading plan?

Yes. The filing states the transaction was made pursuant to a 10b5-1 trading plan adopted on December 9, 2024.

When was the Form 4 signed and by whom?

The Form 4 was signed by Scott K. Milsten, Attorney-in-fact for Joshua Allen Franks on 09/18/2025.

Does the filing report any derivative transactions (options, warrants)?

No. The filing contains only a non-derivative sale of common stock and notes no derivative securities.