Document:

EX-10.2

 Exhibit 10.2 

AMENDMENT NO. 1 TO 

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT 

This Amendment No. 1 (this “Amendment”) is made as of December 23, 2016 by e.l.f. Beauty, Inc., a Delaware
corporation (the “Company”) and TPG elf Holdings, L.P., a Delaware limited partnership (“TPG”) to the Amended and Restated Stockholders Agreement, dated as of September 21, 2016, by and among the Company, TPG
and the other security holders of the Company party thereto (the “Original Stockholders Agreement”). 
 BACKGROUND

 WHEREAS, the Company and TPG desire to amend certain terms and conditions of the Original Stockholders Agreement in accordance with
Section 8A of the Original Stockholders Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the premises set forth above,
the covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and TPG hereby amend the Original Stockholders Agreement as follows: 

AGREEMENT 
 1.
Amendments to Section 3 of the Original Stockholders Agreement. 
 (a) The first paragraph of
Section 3B of the Original Stockholders Agreement is amended and restated in its entirety to read as follows: 
 “Each Stockholder
(other than (A) any Stockholder who as of the date hereof is an employee, consultant or director of the Company or any of its Subsidiaries, including all trusts that are holders of Shares of which an employee, consultant or director of the
Company or any of its Subsidiaries or his or her family member is the trustee, trustor, grantor, donor, settlor or beneficiary, or that was otherwise established by such employee, consultant or director or any of his or her family members, other
than Tarang Amin and his Affiliates (the “Management Stockholders”) and (B) Tarang Amin or any of his Affiliates, including, but not limited to all trusts that are holders of Shares, of which Tarang Amin or his family member is
the trustee, trustor, grantor, donor, settlor or beneficiary, or that was otherwise established by Tarang Amin or any of his family members (the “Amin Stockholders”)) shall vote all of his, her or its Shares and any other voting
securities of the Company over which such Stockholder has voting control (whether at a stockholders’ meeting which has been duly called or by written consent, if applicable) and shall take all other Necessary Action within his, her or its
control (including attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings, if applicable), and the Company shall take all Necessary Action within its control (including
calling special board and stockholder meetings), so that the Board shall at all times be composed of the following persons:” 
  

 (b) The first sentence of Section 3B(i) of the Original Stockholders Agreement is
amended and restated in its entirety to read as follows: 
 “for so long as TPG holds a number of shares of Common Stock representing at
least the percentage of the outstanding Common Stock shown below, the Company shall, and the Stockholders (other than the Excluded Stockholders) shall take all Necessary Action to, include in the slate of nominees recommended by the Board for
election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by TPG that, if elected, will result in TPG having the number of directors serving on the
Board that is shown below.” 
 (c) Section 3B(ii) of the Original Stockholders Agreement is amended and restated in its
entirety to read as follows: 
 “for so long as the Rollover Stockholders hold a number of shares of Common Stock representing at least
ten percent (10%) of the outstanding Common Stock, the Company shall, and the Stockholders (other than the Excluded Stockholders) shall take all Necessary Action to, include in the slate of nominees recommended by the Board for election as directors
at each applicable annual or special meeting of stockholders at which directors are to be elected one (1) individual designated by the Rollover Stockholders.” 

(d) Section 3B(iii) of the Original Stockholders Agreement is amended and restated in its entirety to read as follows: 

“for so long as the Stockholders hold a number of shares of Common Stock representing at least fifty percent (50%) of the outstanding
Common Stock, the Company shall, and the Stockholders (other than the Excluded Stockholders) shall take all Necessary Action to, include in the slate of nominees recommended by the Board for election as directors at each applicable annual or special
meeting of stockholders at which directors are to be elected the CEO Director.” 
 (e) Section 3D of the Original
Stockholders Agreement is amended and restated in its entirety to read as follows: 
 “Except as provided for in Section 3A and
Section 3B, and to the extent not inconsistent with Section 141(k) of the General Corporation Law of the State of Delaware and the Company’s Governing Documents, (i) TPG and the Rollover Stockholders shall have the exclusive right
to remove their respective directors from the Board, and the Board and the Stockholders (other than the Excluded Stockholders) shall take all Necessary Action to cause the removal of any of the TPG Directors or the Rollover Stockholders Director at
the request of TPG or the Rollover Stockholders, as applicable, and (ii) TPG and the Rollover Stockholders shall have the exclusive right to designate for election to the Board directors to fill vacancies created by reason of death, removal or
resignation of their respective directors, and the Board and the Stockholders (other than the Excluded 

  
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Stockholders) shall take all Necessary Action to cause any such vacancies to be filled by replacement directors designated by TPG or the Rollover Stockholders, as applicable, as promptly as
reasonably practicable; provided, that, for the avoidance of doubt and notwithstanding anything to the contrary in this paragraph, TPG and the Rollover Stockholders shall not have the right to designate a replacement director, and the Board and the
Stockholders shall not be required to take any action to cause any vacancy to be filled with any such TPG Director or Rollover Stockholder Director, as applicable, to the extent that election or appointment of such TPG Director or Rollover
Stockholder Director to the Board would result in a number of directors designated by TPG or the Rollover Stockholders in excess of the number of directors that TPG or the Rollover Stockholders are then entitled to designate for membership on the
Board pursuant to Section 3B.” 
 (f) The first sentence of Section 3I of the Original Stockholders Agreement is amended
and restated in its entirety to read as follows: 
 “In order to secure the obligation of each holder of Shares to vote his, her or its
Shares and other voting securities of the Company in accordance with Section 3A, Section 3B and Section 3D, for so long as TPG has the right to designate at least one (1) director for nomination under this Agreement, each
holder of Shares (other than the Excluded Stockholders) shall appoint TPG as his, her or its true and lawful proxy and attorney-in-fact, with full power of substitution,
to vote all of his, her or its Shares and other voting securities of the Company (whether now owned or hereafter acquired) for all matters in connection therewith; provided, however, that the irrevocable proxy granted to TPG by an Additional
Stockholder hereunder shall automatically terminate at such time as such Additional Stockholder becomes a Terminated Stockholder (as defined in Section 3J below).” 

(g) Section 3I of the Original Stockholders Agreement is amended by adding thereto the following new paragraph: 

“Notwithstanding anything to the contrary in the foregoing paragraph, the Amin Stockholders shall hereby appoint TPG, as his, her or its
true and lawful proxy and attorney-in-fact, with full power of substitution, to vote solely with respect to 5,400,634 shares of common stock of the Company on an as
converted basis owned by the Amin Stockholders immediately prior to the effectiveness of the Registration Statement on Form S-1 in connection with the initial public offering of shares of common stock of the
Company (for the avoidance of doubt, excluding any shares issuable pursuant to Mr. Amin’s outstanding equity awards as of such time) for all matters in connection with Section 3A, Section 3B and Section 3D.” 

2. Amendment to Section 7 of the Original Stockholders Agreement. Section 7 of the Original Stockholders
Agreement is hereby amended by adding thereto the following defined term and its definition in the correct alphabetical order: 

  
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 “Amin Stockholders” has the meaning set forth in Section 3B.

 “Excluded Stockholders” means the Amin Stockholders and the Management Stockholders. 

“Management Stockholders” has the meaning set forth in Section 3B. 

3. Affirmation. This Amendment is to be read and construed with the Original Stockholders Agreement as constituting one and the same
agreement. Except as specifically modified by this Amendment, all remaining provisions, terms and conditions of the Original Stockholders Agreement shall remain in full force and effect in accordance with their terms. 

4. Defined Terms. All terms not herein defined shall have the meanings ascribed to them in the Original Stockholders Agreement. 

5. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 6. Counterparts. This Agreement may be executed in separate counterparts each of which shall be an original and
all of which taken together shall constitute one and the same agreement. 
 7. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law
of any jurisdiction other than the State of Delaware. 
 [SIGNATURE PAGE FOLLOWS] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Amended and
Restated Stockholders Agreement as of the date first written above. 
  

			
	E.L.F. BEAUTY, INC.
		
	By:	 	 /s/ Scott K. Milsten

	Name:	 	Scott K. Milsten
	Title:	 	SVP, GC
	
	TPG ELF HOLDINGS, L.P.
	
	BY: TPG GROWTH II ADVISORS, INC. ITS GENERAL PARTNER
		
	By:	 	 /s/ Michael LaGatta

	Name:	 	Michael LaGatta
	Title:	 	Vice President

 [Signature Page to Amendment No. 1 to Amended and Restated Stockholders Agreement]EX-10.1

 Exhibit 10.1 

GUARANTEE 
 This Guarantee, dated as of
December 21, 2016 (this “Guarantee”), is made by BW Offshore Singapore Pte Ltd (the “Guarantor”), a limited liability company organized under the laws of Singapore, in favor of HNR Energia B.V.
(“HNR Energia”), a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized and existing under the Laws of Curaçao.

 WHEREAS, HNR Energia has agreed to sell its shares in Harvest Dussafu B.V. to BW Energy Gabon Pte. Ltd (the
“Purchaser”) pursuant to a Sale and Purchase Agreement, dated December 21, 2016 (the “Purchase Agreement”); and 

WHEREAS, it is a condition and inducement to the willingness of HNR Energia to enter into the Purchase Agreement that the Guarantor has agreed
to execute and deliver this Guarantee in favor of HNR Energia. 
 NOW, THEREFORE, in consideration of HNR Energia entering into the Purchase
Agreement and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

Section 1.    Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings
given to them in the Purchase Agreement. 
 Section 2.    Guarantee. At the request of the Purchaser, the
Guarantor hereby irrevocably and unconditionally guarantees to HNR Energia the due and punctual payment of all monies payable by the Purchaser or any Affiliate or other permitted transferee (each a “Permitted
Transferee”) under the Purchase Agreement, as and when the same has become due and payable, subject to the terms and conditions thereof (the “Guaranteed Obligations”). If the
Purchaser or a Permitted Transferee defaults on the payment of any amount due and payable to HNR Energia under the Purchase Agreement, the Guarantor shall within three (3) Business Days of receiving a written demand by HNR Energia
unconditionally pay that amount to HNR Energia in the manner prescribed in the Purchase Agreement as if it was the Purchaser. To the fullest extent permitted by Applicable Law (but subject always to the terms of this Guarantee), the Guarantor waives
presentment to, demand of payment from and protest to any other Person of any of the Guaranteed Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. The obligations of the Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or
termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations, or otherwise. Notwithstanding any of the foregoing, nothing herein shall be deemed to waive or limit the Guarantor’s ability to
assert any claims, defenses or other rights that the Purchaser or its Affiliates or Permitted Transferees may have under the Purchase Agreement, other than defenses based on the failure of the Purchase Agreement to be duely authorized, executed and
delivered by the Purchaser, the invalidity, illegality or unenforceability of the Purchase Agreement as against the Purchaser or the bankruptcy, insolvency or other similar status of the Purchaser. In 

 
the event that the Guarantor or any of its successors or assigns (a) consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such
consolidation or merger or (b) transfers or conveys all or substantially all of its properties and other assets to any Person, then, and in each such case, the Guarantor shall (to the extent required by Applicable Law) cause proper provision to
be made so that such successor or assign shall expressly assume the obligations set forth in this Section 2. This Guarantee is a guarantee of payment and not of collection, and the Guarantor waives any rights that it may
now or in the future have to compel HNR Energia to proceed in respect of the Guaranteed Obligations against the Purchaser or any other Person or against any security for or other guarantee of the payment or performance of the Guaranteed Obligations
before proceeding against, or as a condition to proceeding against, the Guarantor. 
 Section 3.    Term and
Termination. This Guarantee shall become effective as of the date hereof and shall remain in full force and effect, and the obligations of the Guarantor hereunder shall continue and not be discharged until all Guaranteed Obligations have been
paid in full. The Guarantor agrees that, if any payment made by any Person applied to the Guaranteed Obligations is at any time avoided, annulled, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to
be refunded or repaid, or is repaid in whole or in part pursuant to a good faith settlement of a pending or threatened avoidance claim, or the proceeds of any collateral are required to be refunded by any Guaranteed party or any other secured party
to the Company, its estate, trustee, receiver or any other Person, including, without limitation, the Guarantor, under any Applicable Law or equitable cause, then, to the extent of such payment or repayment, the Guarantor’s liability hereunder
(and any lien or collateral securing such liability) shall be and remain in full force and effect, as fully as if such payment had never been made, and, if prior thereto, this Guaranty shall have been canceled or surrendered, this Guaranty shall be
reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of the Guarantor in respect of the amount of such payment. 

Section 4.    Representations. The Guarantor represents and warrants on the date of this Guarantee that: 

 

	 	a.	it is authorised to enter into this Guarantee, such entry does not need the approval or consent of any third party, or contravene any existing applicable law or regulation or any judgment, decree or permit to which the
Guarantor is subject, and that the execution and delivery of this Guarantee will not violate the terms of any other agreement to which it is a party; 

  

	 	b.	it is a company duly incorporated and validly existing under the laws of the jurisdiction of its incorporation and has the power to carry on its business as it is now being conducted and to own its assets;

  

	 	c.	the Guarantor’s obligations under this Guarantee are, subject to any general principles of law limiting obligations, legal, valid, binding and enforceable in accordance with their respective terms;

	 	d.	all necessary authorisations of, registrations with or declarations to, governmental or public bodies or authorities or courts required of the Guarantor in connection with the execution, delivery, validity, performance,
enforceability or admissibility in evidence of this Guarantee have been obtained, made or effected (as appropriate) and are in full force and effect; and 

  

	 	e.	it has not taken any corporate action nor (to the best of its knowledge and belief) have any steps been taken or legal proceedings started or threatened against it in any applicable jurisdiction for its winding-up, liquidation, dissolution or reorganisation or for the appointment of a receiver, administrative receiver, administrator, trustee or similar officer of it or any or all of its assets and revenues.

 Section 5.    Notices. Any notice required to be given hereunder shall be sufficient if in
writing and sent by e-mail of a PDF attachment (with confirmation of receipt by non-automated reply e-mail from the recipient);
provided, that any notice received by e-mail transmission or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (local time) shall be deemed to have been received at 9:00
a.m. (local time) on the next Business Day), by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt requested and first-class postage prepaid), addressed as follows (or at such
other address for a party as shall be specified in a notice given in accordance with this Section 5): 
  

			
	if to the Guarantor:	  	
		
		  	 BW Offshore Singapore Pte Ltd
 30 Pasir
Panjang Road
 Mapletree Business City, #14-31/32
 Singapore
117440
 email: magda.vakil@bwoffshore.com
 Attention:
Magda Vakil

		
	if to HNR Energia:	  	
		
		  	 Harvest Energia B.V.
 1177 Enclave Parkway,
Suite 300
 Houston, Texas, USA 77077
 email:
khead@harvestnr.com
 Attention: Keith L. Head, General Counsel

			
		  	 With a copy to Intertrust:
  

Intertrust (Netherlands) B.V.
 Prins Bernhardplein 200

1097 JB Amsterdam
 the Netherlands

email: Diana.Kerekes@intertrustgroup.com
 Attention: Diana
Kerekes

 Section 6.    Liability. Notwithstanding anything to the contrary contained in
this Guarantee, the Guarantor’s liability shall never be greater than Purchaser’s liability would have been under the Purchase Agreement. 

Section 7.    Third Party Rights. A person who is not a party to this Guarantee shall not have any rights
under the Contracts (Rights of Third Parties) Act 1999 to enforce, or enjoy the benefit of, any term of this Guarantee. 

Section 8.    Counterparts. This Guarantee may be executed in any number of counterparts, each of which when
executed shall constitute a duplicate original, but all counterparts shall together constitute one document. 

Section 9.    Amendments. No amendment of this Guarantee shall be effective unless it is in writing and signed
by, or on behalf of each Party (or its authorized representative). 
 Section 10.    Severability. The
provisions of clause 14.9 of the Purchase Agreement shall apply, mutatis mutandis, to this Guarantee and be an integral part of it. 

Section 11.    Governing law. This Guarantee and any dispute or claim arising out of or in connection with it
or its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the laws of England and Wales, except for any conflicts of laws
principles which require the application of the laws of another jurisdiction. 
 Section 12.    Dispute
Resolution. The provisions of clause 16.2 of the Purchase Agreement shall apply, mutatis mutandis, to this Guarantee and be an integral part of it. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed on the date first
above written. 
  

			
	BW OFFSHORE SINGAPORE PTE LTD
		
	By:	 	 /s/ Carl Krogh Arnet

	Name:	 	Carl Krogh Arnet
	Title:	 	Director

  

			
	ACKNOWLEDGED AND AGREED
	
	HNR ENERGIA B.V.
		
	By:	 	 /s/ Keith L. Head

	Name:	 	Keith L. Head
	Title:	 	Attorney-in-Fact

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