Document:

EX-10.27

 Exhibit 10.27 

E.L.F. BEAUTY, INC. 

2016 EQUITY INCENTIVE AWARD PLAN 

RESTRICTED STOCK UNIT AWARD GRANT NOTICE 

e.l.f. Beauty, Inc., a Delaware corporation, (the “Company”), pursuant to its 2016 Equity Incentive Award Plan, as amended
from time to time (the “Plan”), hereby grants to the holder listed below (the “Participant”), an award of restricted stock units (“Restricted Stock Units” or “RSUs”). Each vested
Restricted Stock Unit represents the right to receive, in accordance with the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Agreement”), one share of Common Stock (“Share”). This
award of Restricted Stock Units is subject to all of the terms and conditions set forth herein and in the Agreement and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Restricted Stock Unit Award Grant Notice (the “Grant Notice”) and the Agreement. 
  

			
	 Participant:
	  	«Participant»
		
	 Grant Date:
	  	«Grant_Date»
		
	 Total Number of RSUs:
	  	«Shares»
		
	 Vesting Commencement Date:
	  	«VCD»
		
	 Vesting Schedule:
	  	«Vesting_Schedule»
		
	 Termination:
	  	Except as set forth in Section 2.3 of the Agreement, if the Participant experiences a Termination of Service prior to the applicable vesting date, all RSUs that have not become vested on or prior to the date of such Termination
of Service (after taking into consideration any vesting that may occur in connection with such Termination of Service, if any) will thereupon be automatically forfeited by the Participant without payment of any consideration therefor.

 By his or her signature and the Company’s signature below, the Participant agrees to be bound by the
terms and conditions of the Plan, the Agreement and this Grant Notice. The Participant has reviewed the Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant
Notice and fully understands all provisions of this Grant Notice, the Agreement and the Plan. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising
under the Plan, this Grant Notice or the Agreement. In addition, by signing below, the Participant also agrees that the Company, in its sole discretion, may satisfy any withholding obligations in accordance with Section 2.6(b) of the Agreement
by (i) withholding shares of Common Stock otherwise issuable to the Participant upon vesting of the RSUs, (ii) instructing a broker on the Participant’s behalf to sell shares of Common Stock otherwise issuable to the Participant upon
vesting of the RSUs and submit the proceeds of such sale to the Company, or (iii) using any other method permitted by Section 2.6(b) of the Agreement or the Plan. 
  

									
	E.L.F. BEAUTY, INC.:	 		 	PARTICIPANT:
					
	By:	 	 	 		 	By:	 	 
	 Print Name:    
	 	John P. Bailey	 		 	 Print Name:    
	 	«Participant»
	 Title:
	 	Chief Financial Officer	 		 		 	
	 Address:
	 	 570 10th Street

Oakland, CA 94607
	 		 	 Address:
	 	«Address»

 EXHIBIT A 

TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to the Restricted Stock Unit Award Grant Notice (the “Grant Notice”) to which this Restricted Stock Unit Award
Agreement (this “Agreement”) is attached, e.l.f. Beauty, Inc., a Delaware corporation (the “Company”), has granted to the Participant the number of restricted stock units (“Restricted Stock Units”
or “RSUs”) set forth in the Grant Notice under the Company’s 2016 Equity Incentive Award Plan, as amended from time to time (the “Plan”). Each vested Restricted Stock Unit represents the right to receive one
share of Common Stock (“Share”). Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and Grant Notice. 

ARTICLE I. 
 GENERAL

 1.1 Defined Terms. Wherever the following terms are used in this Agreement they shall have the meanings specified below,
unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 

(a) “Cause” shall mean (i) a breach by the Participant of the Participant’s obligations pursuant to his or her
employment or other similar agreement (other than as a result of physical or mental incapacity) which constitutes material nonperformance by the Participant of his or her obligations and duties thereunder, which the Participant has failed to remedy
after the Board of Directors or delegate thereof has given the Participant written notice of, and at least fifteen (15) days to remedy, such breach, (ii) commission by the Participant of an act of fraud, embezzlement, misappropriation,
willful misconduct or breach of fiduciary duty against the Company (other than acts, such as making personal use of Company office supplies, as have only a de minimis effect on the Company), (iii) a material breach by the Participant of any
non-solicitation and or non-competition covenants contained in his or her employment or other similar agreement with the Company, (iv) the Participant’s conviction, plea of no contest or nolo contendere, deferred adjudication or
unadjudicated probation for any felony or any crime involving moral turpitude, (v) the failure of the Participant to carry out, or comply with, in any material respect, any lawful directive of the Board of Directors or delegate thereof (other
than any such failure resulting from the Participant’s physical or mental incapacity) which the Participant has failed to remedy after the Board of Directors or delegate thereof has given the Participant written notice of, and at least fifteen
(15) days to remedy, such failure, or (vi) the Participant’s unlawful use (including being under the influence) or possession of illegal drugs. For purposes of the previous sentence, no act or failure to act on the Participant’s
part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s action or omission was in the best interest of the Company. 

(b) “Good Reason” shall mean (i) a material diminution of the Participant’s responsibilities, duties or authority,
or the responsibilities, duties or authority of the Participant’s direct supervisor, (ii) a material diminution of the Participant’s base compensation; or (iii) the relocation of the Participant’s principal office to a
location that is in excess of fifty (50) miles from the Participant’s principal office prior to such change (it being understood and agreed that the Participant’s reasonable travel for business purposes shall not be considered such a
relocation); provided, however, that the Participant’s termination will not be for Good Reason unless (x) the Participant has given the Company at least thirty (30) days prior written notice of his or her intent to terminate his or
her employment for Good Reason, which notice shall specify the facts and circumstances constituting Good Reason and be 

  
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given within ninety (90) days of the initial occurrence thereof, (y) the Company has not remedied such facts and circumstances constituting Good Reason within thirty (30) days
following the receipt of such notice, and (z) the Participant terminates employment within six (6) months following the expiration of such thirty (30)-day cure period. 

1.2 Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions of the Plan, which are incorporated herein by
reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
 ARTICLE II.

 GRANT OF RESTRICTED STOCK UNITS 

2.1 Grant of RSUs. Pursuant to the Grant Notice and upon the terms and conditions set forth in the Plan and this Agreement, effective
as of the Grant Date set forth in the Grant Notice, the Company hereby grants to the Participant an award of RSUs under the Plan in consideration of the Participant’s past and/or continued employment with or service to the Company or any
Affiliates and for other good and valuable consideration. 
 2.2 Unsecured Obligation to RSUs. Unless and until the RSUs have vested
in the manner set forth in Article 2 hereof, the Participant will have no right to receive Common Stock under any such RSUs. Prior to actual payment of any vested RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at
all) only from the general assets of the Company. 
 2.3 Vesting Schedule; Accelerated Vesting. Subject to Section 2.5 hereof,
the RSUs shall vest and become nonforfeitable with respect to the applicable portion thereof according to the vesting schedule set forth in the Grant Notice (rounding down to the nearest whole Share). Notwithstanding the foregoing, in the event the
Participant experiences a Termination of Service by the Company (or any successor thereof) for other than Cause or by the Participant for Good Reason within twelve (12) months following the consummation of a Change in Control, one hundred
percent (100%) of the RSUs shall immediately vest and become nonforfeitable. 
 2.4 Consideration to the Company. In
consideration of the grant of the award of RSUs pursuant hereto, the Participant agrees to render faithful and efficient services to the Company or any Affiliate. 

2.5 Forfeiture, Termination and Cancellation upon Termination of Service. Notwithstanding any contrary provision of this Agreement or
the Plan, upon the Participant’s Termination of Service for any or no reason, all Restricted Stock Units which have not vested prior to or in connection with such Termination of Service (after taking into consideration any accelerated vesting
which may occur in connection with such Termination of Service (if any)) shall thereupon automatically be forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and the
Participant, or the Participant’s beneficiary or personal representative, as the case may be, shall have no further rights hereunder. No portion of the RSUs which has not become vested as of the date on which the Participant incurs a
Termination of Service shall thereafter become vested. 
 2.6 Issuance of Common Stock upon Vesting. 

(a) As soon as administratively practicable following the vesting of any Restricted Stock Units pursuant to Section 2.3 hereof, but in no
event later than thirty (30) days after such vesting date (for the avoidance of doubt, this deadline is intended to comply with the “short term deferral” 

  
 A-2 

 
exemption from Section 409A of the Code), the Company shall deliver to the Participant (or any transferee permitted under Section 3.2 hereof) a number of Shares (either by delivering
one or more certificates for such Shares or by entering such Shares in book entry form, as determined by the Company in its sole discretion) equal to the number of RSUs subject to this Award that vest on the applicable vesting date, unless such RSUs
terminate prior to the given vesting date pursuant to Section 2.5 hereof. Notwithstanding the foregoing, in the event Shares cannot be issued pursuant to Section 12.4 of the Plan, the Shares shall be issued pursuant to the preceding
sentence as soon as administratively practicable after the Administrator determines that Shares can again be issued in accordance with such Section. 

(b) As set forth in Section 12.2 of the Plan, the Company shall have the authority and the right to deduct or withhold, or to require the
Participant to remit to the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the Restricted Stock Units. The Company
shall not be obligated to deliver any new certificate representing Shares to the Participant or the Participant’s legal representative or enter such Shares in book entry form unless and until the Participant or the Participant’s legal
representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of the Participant resulting from the grant or vesting of the Restricted Stock Units or the issuance of
Shares. 
 2.7 Conditions to Delivery of Shares. The Shares deliverable hereunder may be either previously authorized but unissued
Shares, treasury Shares or issued Shares which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any certificates or make any book entries evidencing
Shares deliverable hereunder prior to fulfillment of the conditions set forth in Section 12.4 of the Plan. 
 2.8 Rights as
Stockholder. The holder of the RSUs shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the RSUs and any Shares underlying
the RSUs and deliverable hereunder unless and until such Shares shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company). No adjustment shall be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 14.2 of the Plan. 

ARTICLE III. 
 OTHER
PROVISIONS 
 3.1 Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt
such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in
good faith shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Administrator or the Board shall be personally liable for any action, determination or interpretation made in good faith with
respect to the Plan, this Agreement or the RSUs. 
 3.2 RSUs Not Transferable. The RSUs shall be subject to the restrictions on
transferability set forth in Section 12.3 of the Plan; provided, however, that this Section 3.2 notwithstanding, with the consent of the Administrator, the RSUs may be transferred to one or more Permitted Transferees, subject to and
in accordance with Section 12.3 of the Plan. 

  
 A-3 

 3.3 Tax Consultation. The Participant understands that the Participant may suffer adverse
tax consequences in connection with the RSUs granted pursuant to this Agreement (and the Shares issuable with respect thereto). The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in
connection with the RSUs and the issuance of Shares with respect thereto and that the Participant is not relying on the Company for any tax advice. 

3.4 Binding Agreement. Subject to the limitation on the transferability of the RSUs contained herein, this Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 3.5
Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the RSUs in such circumstances as it, in its sole discretion, may determine. The Participant acknowledges that the RSUs are subject to adjustment, modification
and termination in certain events as provided in this Agreement and Section 14.2 of the Plan. 
 3.6 Notices. Any notice to be
given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the
Participant at the Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 3.6, either party may hereafter designate a different address for notices to be given to that party. Any
notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

 3.7 Participant’s Representations. If the Shares issuable hereunder have not been registered under the Securities Act or any
applicable state laws on an effective registration statement at the time of such issuance, the Participant shall, if required by the Company, concurrently with such issuance, make such written representations as are deemed necessary or appropriate
by the Company and/or its counsel. 
 3.8 Titles. Titles are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement. 
 3.9 Governing Law. The laws of the State of Delaware shall govern the
interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

3.10 Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent
necessary with all provisions of the Securities Act and the Exchange Act and any other Applicable Law. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to
Applicable Law. To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such Applicable Law. 

3.11 Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or
otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of
this Agreement shall adversely affect the RSUs in any material way without the prior written consent of the Participant. 

  
 A-4 

 3.12 Successors and Assigns. The Company may assign any of its rights under this Agreement
to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 3.2 hereof, this Agreement shall be binding upon
the Participant and his or her heirs, executors, administrators, successors and assigns. 
 3.13 Limitations Applicable to
Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, then the Plan, the RSUs and this Agreement shall be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by
Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 3.14 Not
a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of the Company or any of its Affiliates or interfere with or
restrict in any way with the right of the Company or any of its Affiliates, which rights are hereby expressly reserved, to discharge or to terminate for any reason whatsoever, with or without cause, the services of the Participant’s at any
time. 
 3.15 Entire Agreement. The Plan, the Grant Notice and this Agreement (including all Exhibits thereto, if any) constitute the
entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. 

3.16 Section 409A. This Award is not intended to constitute “nonqualified deferred compensation” within the meaning of
Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof,
“Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that this Award (or any portion thereof) may be subject to Section 409A,
the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt
other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate for this Award either to be exempt from the application of
Section 409A or to comply with the requirements of Section 409A. 
 3.17 Limitation on Participant’s Rights.
Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the
Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Company and its Affiliates with respect to amounts credited and benefits payable, if any, with
respect to the RSUs, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with respect to RSUs, as and when payable hereunder. 

  
 A-5EX-10.28

 Exhibit 10.28 

AMENDMENT TO THE E.L.F. BEAUTY, INC. 

2014 PHANTOM EQUITY PLAN 

September 5, 2016 
 This
Amendment (this “Amendment”) to the e.l.f. Beauty, Inc. (f/k/a J.A. Cosmetics Holdings, Inc.) 2014 Phantom Equity Plan (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. (the “Company”) pursuant to Section 8(b) of the Plan. The Plan is hereby amended as follows: 
  

	 	1.	The following will replace Section 4(c) of the Plan in its entirety as follows: 

 “(c)
Settlement of Phantom Shares. Notwithstanding anything in the Plan or any Phantom Shares Award Agreement to the contrary, on, or as soon as administratively practicable following, the vesting of any Phantom Shares, the Company shall settle
the Phantom Shares so vesting by making a payment in the form of either (i) cash denominated in RMB or (ii) shares of Company common stock, as determined by the Company, in its sole discretion. The amount of any such payment shall be
calculated in good faith by the Committee. In the event of the payment in cash denominated in RMB, such payment shall be made by J.A. Cosmetics Trading (Shanghai) Co., Ltd., less any applicable taxes and other withholdings, by check or wire transfer
of immediately available funds or through normal payroll processing within sixty (60) days of the date any payment is owed. In the event of the payment in shares of Company common stock, such Company common stock shall be issued subject to the
satisfaction of any applicable taxes and other withholdings in such form as the Company shall determine is necessary or appropriate and the completion of any regulatory filings or approvals the Company shall determine is necessary or appropriate.
All payments under the Plan are final, and no Participant will have the right to challenge or otherwise to object to the Committee’s calculation of any payment hereunder.” 

 

	 	2.	Except as provided in this Amendment, the Plan shall remain in full force and effect. 

*    *    *    *    * 

 The undersigned, being the duly elected and acting 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 K. Milsten
		 	 Scott K. Milsten
 Corporate
Secretary

 (Signature Page to Plan Amendment)

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