Maureen Watson Sells 785 ELF Shares; Holds 1,642 RSUs

Rhea-AI Filing Summary

Maureen C. Watson, a director of e.l.f. Beauty, Inc. (ELF), reported a sale of 785 shares of the issuer's common stock on 08/28/2025 at a price of $128.3982 per share. After the reported transaction, she beneficially owned 2,745 shares in total, which the filing states includes 1,642 restricted stock units. The Form 4 was filed as a single reporting person report and signed by Scott K. Milsten as attorney-in-fact on 08/29/2025.

Positive

• None.

Negative

• Director sold 785 shares of ELF common stock on 08/28/2025 at $128.3982 per share
• Post-transaction beneficial ownership is 2,745 shares, largely composed of 1,642 restricted stock units, indicating limited immediately liquid holdings

Insights

Corporate Governance Expert

TL;DR: A routine director sale was disclosed; holdings remain concentrated in restricted stock units.

The sale of 785 shares by a director is a straightforward Section 16 disclosure. The filing identifies the reporting person as a director and indicates 1,642 restricted stock units are part of the 2,745 shares beneficially owned after the sale. The disclosure was executed by an attorney-in-fact, which is common for Form 4 filings. There is no additional context in the form about any planned sale program or reason for the disposition, and no derivative transactions or other material changes were reported.

Securities Analyst

TL;DR: Insider sale disclosed; transaction size and retained RSUs limit immediate material impact.

The director sold 785 shares at $128.3982, reducing direct holdings to 2,745 shares including 1,642 RSUs. Without information on total outstanding company shares or additional holdings, the transaction appears limited in scope. The Form 4 shows a single non-derivative disposition and does not disclose participation in a Rule 10b5-1 plan or other systematic selling arrangement.

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^*

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)
08/28/2025

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	08/28/2025		S		785	D	$128.3982	2,745(1)	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. Includes 1,642 restricted stock units.

	/s/ Scott K. Milsten, Attorney-in-Fact for Maureen Watson	08/29/2025
	** 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 transaction did Maureen C. Watson report on Form 4 for ELF?

She reported a sale of 785 shares of e.l.f. Beauty, Inc. common stock on 08/28/2025 at a price of $128.3982 per share.

How many ELF shares does Maureen C. Watson beneficially own after the reported transaction?

The Form 4 reports she beneficially owns 2,745 shares following the transaction, which includes 1,642 restricted stock units.

Was the Form 4 filed by more than one reporting person or as a joint filing?

The filing indicates it was a Form filed by One Reporting Person and not a joint/group filing.

Who signed the Form 4 filing for Maureen C. Watson?

The Form 4 was signed by Scott K. Milsten, Attorney-in-Fact for Maureen Watson on 08/29/2025.

Does the Form 4 disclose any derivative transactions or a 10b5-1 plan?

No derivative transactions are reported in Table II, and the form does not indicate the transaction was made pursuant to a 10b5-1 plan.