E.L.F. Beauty agreement with Marathon Partners includes vote on 'say-on-pay' proposals

E.L.F. Beauty Inc. said Thursday that it has entered into an agreement with investment firm Marathon Partners, which owns about 5.2% of the company's outstanding stock. As part of the agreement, E.L.F. has included a "say-on-pay" proposal as well as a proposal on the frequency of future "say-on-pay" votes to the upcoming 2020 annual meeting. Shareholders will be able to vote on the proposals as well. E.L.F. Chief Executive Tarang Amin's salary is about $7.5 million, according to FactSet. The agreement also includes a reduction in the automatic annual increase of shares under the Equity Incentive Award Plan to 2% from 4%. E.L.F. has also expanded its board to nine members from eight with the addition of Lori Keith, portfolio manager of Parnassus Investments $5 billion Mid Cap Fund. Six of E.L.F.'s board members are women, making it one of the few U.S. publicly-traded companies with a board comprised of more than 60% women, according to the cosmetics company. E.L.F. stock has soared more than 102% over the past three months while the S&P 500 index has rallied 23.3% for the period.

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