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

Rhea-AI Filing Summary

Scott Milsten, a senior executive of e.l.f. Beauty, Inc. (ELF), reported the sale of 15,000 shares of the company’s common stock under a pre-established 10b5-1 trading plan adopted June 11, 2025. The shares were sold on 09/17/2025 in multiple trades at prices ranging from $150.00 to $150.77, with a weighted average sale price of $150.2285. After the sale the reporting person beneficially owned 97,406 shares directly, plus an additional 22,761 shares held indirectly by the Milsten/Conner Trust dated October 17, 2008, which includes 46,855 restricted stock units.

The Form 4 identifies Milsten’s roles as Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer and confirms the transaction was executed pursuant to the specified 10b5-1 plan. No derivative securities were reported.

Insights

Securities Analyst

TL;DR: Officer sold 15,000 shares under a documented 10b5-1 plan; holding remains substantial and includes RSUs.

The sale of 15,000 shares at a weighted average price of $150.2285 was executed under a 10b5-1 trading plan, which reduces the likelihood that the disposal was based on nonpublic information. The reporting person retains direct beneficial ownership of 97,406 shares and indirect ownership of 22,761 shares via a trust, and the indirect holdings include 46,855 restricted stock units. For investors, this disclosure documents routine liquidity by an insider while showing continued significant alignment with equity through remaining direct and indirect holdings.

Corporate Governance Expert

TL;DR: Transaction appears procedural and compliant; officer retains meaningful equity exposure including RSUs.

The Form 4 discloses a sale pursuant to an established 10b5-1 plan adopted June 11, 2025, and explicitly provides a price range and weighted average. The filing also clarifies the reporting person’s corporate roles and the existence of indirect holdings via a trust. From a governance perspective, the presence of a documented trading plan and continued significant ownership (direct plus indirect) are indicators of procedural compliance and ongoing executive stake in the company.

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^*

Milsten Scott

(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
	Officer (give title below)	X	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)		15,000	D	$150.2285(2)	97,406(3)	D
Common Stock, $0.01 par value								22,761	I	By Milsten/Conner Trust dated October 17, 2008

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 June 11, 2025.

2. The transaction was executed in multiple trades in prices ranging from $150.00 to $150.77, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

3. Includes 46,855 restricted stock units.

Remarks:

Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer

	/s/ Scott K. Milsten	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 e.l.f. Beauty (ELF) insider Scott Milsten report on Form 4?

The Form 4 reports that Scott Milsten sold 15,000 shares of ELF common stock on 09/17/2025 under a 10b5-1 plan.

At what price were the shares sold in the Form 4 filing for ELF?

The shares were sold in multiple trades at prices ranging from $150.00 to $150.77, with a weighted average sale price of $150.2285.

How many ELF shares does Scott Milsten beneficially own after the reported sale?

After the reported sale, Milsten beneficially owns 97,406 shares directly and 22,761 shares indirectly via the Milsten/Conner Trust.

Does the Form 4 indicate any derivative securities for Scott Milsten?

No. Table II shows no derivative securities; the filing reports only the non-derivative sale of common stock and restricted stock units included in holdings.

Was the sale executed under a trading plan?

Yes. The sale was executed pursuant to a 10b5-1 trading plan adopted by the reporting person on June 11, 2025.