Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 6)1
e.l.f. Beauty, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
26856L103
(CUSIP Number)
MARIO D. CIBELLI
C/O MARATHON PARTNERS EQUITY MANAGEMENT, LLC
One Grand Central Place
60 East 42nd Street, Suite 2306
New York, New York 10165
(212) 490-0399
ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 3, 2019
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☒.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 26856L103
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Marathon Partners L.P. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| NEW YORK | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 2,762,500 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 2,762,500 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 2,762,500 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 5.5% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 2 | |||||||||||||||||||
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Marathon Focus Fund L.P. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 330,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 330,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 330,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 3 |
CUSIP No. 26856L103
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Marathon Partners LUX Fund, L.P. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | -0- | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 795,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| -0- | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 795,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 795,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 1.6% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 4 |
CUSIP No. 26856L103
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cibelli Research & Management, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | -0- | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 1,125,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| -0- | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 1,125,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 1,125,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.3% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 |
CUSIP No. 26856L103
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Marathon Partners Equity Management, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 3,887,500 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 3,887,500 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 3,887,500 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 7.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IA | |||||||||||||||||||
| 6 |
CUSIP No. 26856L103
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Mario D. Cibelli | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| PF, AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| USA | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 10,200 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 3,887,500 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 10,200 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 3,887,500 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 3,897,700 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 7.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 7 |
CUSIP No. 26856L103
The following constitutes Amendment No. 6 to the Schedule 13D filed by the undersigned (the “Amendment No. 6”). This Amendment No. 6 amends the Schedule 13D as specifically set forth herein.
| Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows:
The Shares purchased by each of Partners LP, Focus Fund and Lux Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 2,762,500 Shares beneficially owned by Partners LP is approximately $45,782,268, excluding brokerage commissions. The aggregate purchase price of the 330,000 Shares beneficially owned by Focus Fund is approximately $5,347,410, excluding brokerage commissions. The aggregate purchase price of the 795,000 Shares beneficially owned by Lux Fund is approximately $15,087,769, excluding brokerage commissions.
The Shares held in Mr. Cibelli’s personal accounts and in the accounts of his family members were purchased in the open market with personal funds. The aggregate purchase price of the 10,200 Shares held in Mr. Cibelli’s personal accounts and in the accounts of his family members is approximately $204,123, excluding brokerage commissions.
| Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On December 3, 2019, Marathon Partners Equity Management, LLC (“Marathon”) delivered a letter (the “Letter”) to the Issuer’s board of directors (the “Board”) strongly urging the Board to seek a sale of the Issuer through a strategic alternatives process to maximize shareholder value.
Marathon stated its belief that the Issuer trades at a significant discount to intrinsic value, and that the Issuer’s high cost structure and potential for expense consolidation in a transaction create a nearly insurmountable hurdle in justifying the Issuer’s continued independence.
Marathon further expressed its disappointment that the Board continues to ignore constructive and well-reasoned feedback from shareholders, and believes that with TPG Growth reducing its ownership levels, the Board will be forced to tackle critical issues or again face a low level of support from public shareholders as Chairman and CEO, Tarang Amin, and Lead Independent Director, Beth Pritchard, did in an uncontested election at the last annual meeting.
The foregoing description of the Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 5. | Interest in Securities of the Issuer. |
Items 5(a)-(c) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each Reporting Person is based upon 49,999,358 Shares outstanding, which is the total number of Shares outstanding as of October 31, 2019, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2019.
| 8 |
CUSIP No. 26856L103
| A. | Partners LP |
| (a) | As of the close of business on December 2, 2019, Partners LP beneficially owned 2,762,500 Shares. |
Percentage: Approximately 5.5%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 2,762,500 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 2,762,500 |
| (c) | The transactions in the Shares by Partners LP since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and incorporated herein by reference. |
| B. | Focus Fund |
| (a) | As of the close of business on December 2, 2019, Focus Fund beneficially owned 330,000 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 330,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 330,000 |
| (c) | The transactions in the Shares by Focus Fund since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and incorporated herein by reference. |
| C. | Lux Fund |
| (a) | As of the close of business on December 2, 2019, Lux Fund beneficially owned 795,000 Shares. |
Percentage: Approximately 1.6%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 795,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 795,000 |
| (c) | The transactions in the Shares by Lux Fund since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and incorporated herein by reference. |
| 9 |
CUSIP No. 26856L103
| D. | Cibelli Research |
| (a) | Cibelli Research, as the general partner of each of Focus Fund and Lux Fund, may be deemed the beneficial owner of the (i) 330,000 Shares owned by Focus Fund and (ii) 795,000 Shares owned by Lux Fund. |
Percentage: Approximately 2.3%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 1,125,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 1,125,000 |
| (c) | Cibelli Research has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D. The transactions in the Shares on behalf of each of Focus Fund and Lux Fund since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and incorporated herein by reference. |
| E. | Marathon Partners |
| (a) | Marathon Partners, as the investment manager of each of Partners LP, Focus Fund and Lux Fund and the general partner of Partners LP, may be deemed the beneficial owner of the (i) 2,762,500 Shares owned by Partners LP; (ii) 330,000 Shares owned by Focus Fund and (iii) 795,000 Shares owned by Lux Fund. |
Percentage: Approximately 7.8%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 3,887,500 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 3,887,500 |
| (c) | Marathon Partners has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D. The transactions in the Shares on behalf of each of Focus Fund, Lux Fund and Partners LP since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and incorporated herein by reference. |
| F. | Mr. Cibelli |
| (a) | As of the close of business on December 2, 2019, 10,200 Shares were held in Mr. Cibelli’s personal accounts and in the accounts of his family members. Mr. Cibelli, as the managing member of each of Cibelli Research and Marathon Partners, may be deemed the beneficial owner of the (i) 2,762,500 Shares owned by Partners LP; (ii) 330,000 Shares owned by Focus Fund and (iii) 795,000 Shares owned by Lux Fund. |
Percentage: Approximately 7.8%
| 10 |
CUSIP No. 26856L103
| (b) | 1. Sole power to vote or direct vote: 10,200 2. Shared power to vote or direct vote: 3,887,500 3. Sole power to dispose or direct the disposition: 10,200 4. Shared power to dispose or direct the disposition: 3,887,500 |
| (c) | Mr. Cibelli has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D. The transactions in the Shares on behalf of each of Focus Fund, Lux Fund and Partners LP since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and incorporated herein by reference. |
Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
Lux Fund has purchased in the over the counter market put options referencing an aggregate of 200,000 Shares, which have an exercise price of $5.00 and expire on February 21, 2020.
| Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to add the following exhi bit:
| 99.1 | Letter, dated December 3, 2019. |
| 11 |
CUSIP No. 26856L103
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: December 3, 2019
| Marathon Partners L.P | |||
| By: |
Marathon Partners Equity Management, LLC, its General Partner | ||
| By: |
/s/ Mario D. Cibelli | ||
| Name: | Mario D. Cibelli | ||
| Title: | Managing Member | ||
| Marathon Focus Fund L.P. | |||
| By: |
Cibelli Research & Management, LLC, its General Partner | ||
| By: |
/s/ Mario D. Cibelli | ||
| Name: | Mario D. Cibelli | ||
| Title: | Managing Member | ||
| Marathon Partners LUX Fund, L.P. | |||
| By: |
Cibelli Research & Management, LLC, its General Partner | ||
| By: |
/s/ Mario D. Cibelli | ||
| Name: | Mario D. Cibelli | ||
| Title: | Managing Member | ||
| Cibelli Research & Management, LLC | |||
| By: |
/s/ Mario D. Cibelli | ||
| Name: | Mario D. Cibelli | ||
| Title: | Managing Member | ||
| Marathon Partners Equity Management, LLC | |||
| By: |
/s/ Mario D. Cibelli | ||
| Name: | Mario D. Cibelli | ||
| Title: | Managing Member | ||
|
/s/ Mario D. Cibelli | |
| MARIO D. CIBELLI |
| 12 |
CUSIP No. 26856L103
SCHEDULE A
Transaction in the Shares of the Issuer since the Filing of Amendment No. 5 to the Schedule 13D
| Nature of the Transaction |
Securities Purchased/(Sold) |
Price Per Share($) |
Date of Purchase / Sale |
MARATHON PARTNERS L.P.
| Sale of Common Stock | (12,500) | 17.5607 | 11/14/2019 |
| Sale of Common Stock | (25,000) | 16.7141 | 11/18/2019 |
| Sale of Common Stock | (25,000) | 17.4355 | 11/19/2019 |
| Sale of Common Stock | (12,500) | 16.8946 | 11/22/2019 |
| Sale of Common Stock | (12,500) | 16.7608 | 11/25/2019 |
MARATHON FOCUS FUND L.P.
| Sale of Common Stock | (2,500) | 17.5607 | 11/14/2019 |
| Sale of Common Stock | (5,000) | 16.7141 | 11/18/2019 |
| Sale of Common Stock | (5,000) | 17.4355 | 11/19/2019 |
| Sale of Common Stock | (5,000) | 16.8946 | 11/22/2019 |
| Sale of Common Stock | (2,500) | 16.7608 | 11/25/2019 |
MARATHON PARTNERS LUX FUND L.P.
| Sale of Common Stock | (2,500) | 17.5534 | 11/12/2019 |
| Purchase of February 21, 2020 Put Option ($5.00 Strike Price) | 2,000 | 0.1100 | 11/15/2019 |