=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-10-01
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: e.l.f. Beauty, Inc. (ELF)
CIK: 0001600033
--- Reporting Owner ---
Name: AMIN TARANG
CIK: 0001513988
Role: Director, Officer (Chief Executive Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Common Stock, $0.01 par value
Date: 2026-10-01 | Code: M (Exercise of derivative)
Shares: +71,000 | Price: $26.84
Total Value: $1,905,640.00
Shares Owned After: 181,496 | Ownership: D (Direct)
Footnotes:
[F1] Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 20, 2025.
[F2] Includes 110,496 restricted stock units.
[Transaction #2]
Security: Common Stock, $0.01 par value
Date: 2026-10-01 | Code: S (Open market sale)
Shares: -23,072 | Price: $102.84
Total Value: $2,372,611.43
Shares Owned After: 158,424 | Ownership: D (Direct)
Footnotes:
[F1] Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 20, 2025.
[F3] The transaction was executed in multiple trades in prices ranging from $102.29 to $103.28, 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. Shares were sold solely to satisfy tax or other government withholding obligations in connection with the exercise of the options made pursuant to the 10b5-1 trading plan.
[F2] Includes 110,496 restricted stock units.
[Transaction #3]
Security: Common Stock, $0.01 par value
Date: 2026-10-01 | Code: S (Open market sale)
Shares: -21,902 | Price: $103.66
Total Value: $2,270,304.37
Shares Owned After: 136,522 | Ownership: D (Direct)
Footnotes:
[F1] Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 20, 2025.
[F4] The transaction was executed in multiple trades in prices ranging from $103.30 to $104.28, 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. Shares were sold solely to satisfy tax or other government withholding obligations in connection with the exercise of the options made pursuant to the 10b5-1 trading plan.
[F2] Includes 110,496 restricted stock units.
[Transaction #4]
Security: Common Stock, $0.01 par value
Date: 2026-10-01 | Code: S (Open market sale)
Shares: -2,026 | Price: $105.01
Total Value: $212,745.60
Shares Owned After: 134,496 | Ownership: D (Direct)
Footnotes:
[F1] Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 20, 2025.
[F5] The transaction was executed in multiple trades in prices ranging from $104.90 to $105.37, 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. Shares were sold solely to satisfy tax or other government withholding obligations in connection with the exercise of the options made pursuant to the 10b5-1 trading plan.
[F2] Includes 110,496 restricted stock units.
--- Derivative Transactions ---
[Transaction #1]
Security: Stock Option (Right to Buy)
Date: 2026-10-01 | Code: M (Exercise of derivative)
Shares: -71,000 | Price: $0.00
Exercise Price: $26.84
Exercisable: N/A | Expires: 2027-02-14
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[F1] Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 20, 2025.
[F6] Fully vested.
--- Holdings ---
[Holding #1]
Security: Common Stock, $0.01 par value
Ownership: I (Indirect)
[Holding #2]
Security: Common Stock, $0.01 par value
Ownership: I (Indirect)
[Holding #3]
Security: Common Stock, $0.01 par value
Ownership: I (Indirect)
[Holding #4]
Security: Common Stock, $0.01 par value
Ownership: I (Indirect)
[Holding #5]
Security: Common Stock, $0.01 par value
Ownership: I (Indirect)
--- Footnotes (Complete Index) ---
F1: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 20, 2025.
F2: Includes 110,496 restricted stock units.
F3: The transaction was executed in multiple trades in prices ranging from $102.29 to $103.28, 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. Shares were sold solely to satisfy tax or other government withholding obligations in connection with the exercise of the options made pursuant to the 10b5-1 trading plan.
F4: The transaction was executed in multiple trades in prices ranging from $103.30 to $104.28, 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. Shares were sold solely to satisfy tax or other government withholding obligations in connection with the exercise of the options made pursuant to the 10b5-1 trading plan.
F5: The transaction was executed in multiple trades in prices ranging from $104.90 to $105.37, 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. Shares were sold solely to satisfy tax or other government withholding obligations in connection with the exercise of the options made pursuant to the 10b5-1 trading plan.
F6: Fully vested.
--- Signature ---
/s/ /s/ Scott K. Milsten, Attorney-in-Fact for Tarang Amin (2026-10-05)
