Exhibit 10.2

Amendment to the e.l.f. Beauty, Inc. 2016 Equity Incentive Award Plan
Effective July 2, 2020
This Amendment to the e.l.f. Beauty, Inc. 2016 Equity Incentive Award Plan (as
amended, the “Plan”) is effective as of the date first set forth above, such
amendment having been approved by the Board of Directors of e.l.f. Beauty, Inc.,
a Delaware corporation (the “Company”), on June 30, 2020 in accordance with the
Plan.
As of result of the foregoing approval:
1.
Section 3.1(a)(iii) of the Plan is hereby amended and restated in its entirety
to read as follows:

“(iii) an annual increase on the first day of each calendar year beginning in
2021 and ending in 2026 equal to the lesser of (A) two percent (2%) of the
Shares outstanding on the last day of the immediately preceding calendar year
and (B) such smaller number of Shares as determined by the Board”
(Signature Page Follows)

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The undersigned, being the duly appointed and acting Corporate Secretary of the
Company, hereby certifies that the foregoing amendment was duly approved and
adopted by the Board of Directors of the Company effective as of the date first
referenced above.
 
By:
/s/ Scott Milsten
 
 
 
Name: Scott Milsten
 
 
 
Title: Corporate Secretary
 

Signature Page to Amendment to the e.l.f. Beauty, Inc. 2016 Equity Incentive
Award Plan