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

Rhea-AI Filing Summary

Kory Marchisotto, Senior Vice President and Chief Marketing Officer of e.l.f. Beauty, Inc. (ELF), reported the sale of 10,812 shares of common stock on 09/17/2025 at a reported price of $150 per share. Following the reported sale, the filing shows beneficial ownership of 133,976 shares, which the filer discloses includes 47,398 restricted stock units. The sale was executed under a 10b5-1 trading plan adopted by the reporting person on 12/10/2024. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 09/19/2025.

Positive

• Sale executed under a 10b5-1 trading plan, indicating the transaction was pre-planned and reduces concerns about opportunistic timing.
• Substantial remaining ownership of 133,976 shares, including 47,398 restricted stock units, demonstrating continued equity stake by the reporting officer.

Negative

• Insider sale of 10,812 shares at $150 reduces the reporting person’s stake and represents insider liquidity rather than additional insider buying.

Insights

Financial Analyst

TL;DR: Insider sold a modest number of shares under a pre-established 10b5-1 plan; ownership remains significant at 133,976 shares.

The reported sale of 10,812 shares at $150 each appears to be a scheduled transaction under a 10b5-1 plan, which typically indicates non-discretionary trading rather than opportunistic selling. Retained beneficial ownership of 133,976 shares, including 47,398 RSUs, represents continued alignment with shareholder value. There is no earnings or operational data in this filing to assess broader company performance; this disclosure only conveys an insider liquidity event and remaining equity stake.

Corporate Governance Expert

TL;DR: Transaction follows a documented trading plan, reducing potential concerns about timing but still signals insider liquidity.

The filing explicitly states the sale was made pursuant to a 10b5-1 trading plan adopted on 12/10/2024, which provides procedural safeguards against claims of improper trading on material nonpublic information. The reporting person remains an officer and retains material holdings including RSUs. From a governance standpoint, disclosure is timely and includes necessary remarks; no other governance actions or changes are disclosed.

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).

1. Name and Address of Reporting Person^*

MARCHISOTTO KORY

(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)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

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	09/17/2025		S(1)		10,812	D	$150	133,976(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 10, 2024.

2. Includes 47,398 restricted stock units.

Remarks:

Senior Vice President, Chief Marketing Officer

	/s/ Scott Milsten, Attorney-in-Fact for Kory Marchisotto	09/19/2025
	** 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 ELF insider Kory Marchisotto report on Form 4?

The filing reports the sale of 10,812 shares of e.l.f. Beauty (ELF) common stock on 09/17/2025 at $150 per share and beneficial ownership of 133,976 shares.

Was the ELF insider sale part of a 10b5-1 plan?

Yes. The Form 4 states the transaction was made pursuant to a 10b5-1 trading plan adopted on 12/10/2024.

How many restricted stock units does the reporting person hold?

The filing discloses that the beneficial ownership total includes 47,398 restricted stock units.

When was the Form 4 signed and by whom?

The Form 4 was signed on behalf of Kory Marchisotto by an attorney-in-fact, Scott Milsten, on 09/19/2025.

Does this Form 4 include any derivative transactions?

No. The filing shows only a non-derivative sale of common stock and contains no reported derivative transactions.