XCel Brands, Inc. — Director's Dealing 2015

Jan 2, 2015

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: XCel Brands, Inc. (XELB)
CIK: 0001083220
Period of Report: 2014-12-22

Reporting Person: HILCO TRADING, LLC (10% Owner)
Reporting Person: HECKTMAN JEFFREY BRUCE (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000000	Indirect
Common Stock	666667	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrant	$12.00	2019-12-22	Common Stock (750000)		Direct

Footnotes

F1: The reported shares of Common Stock are held directly by The H Company IP, LLC ("H Company"). House of Halston, LLC ("Halston") is the parent company of H Company and may be deemed to share beneficial ownership of the reported shares by virtue of its ability to direct the business and investment decisions of H Company. The H Investment Company, LLC ("H Investment") isthe controlling member of Halston and has the ability to direct the disposition of the reported shares; therefore, H Investment may be deemed to beneficially own the reported shares. Hilco Brands, LLC ("Hilco Brands"), in its capacity as a member of the Board of Managers of H Investment, has the ability to direct the management of H Investment's business, including the power to direct the disposition of the reported shares; therefore, Hilco Brands may be deemed to have indirect beneficial ownership of the reported shares. (Continued in Footnote 2)

F2: Hilco Trading, LLC ("Hilco Trading") as the parent company of Hilco Brands may direct the disposition of the reported shares; therefore, Hilco Trading may be deemed to have indirect beneficial ownership of the reported shares. Hilco Trading hereby disclaims any direct beneficial ownership of the reported shares directly held by H Company, except to the extent of its pecuniary interests therein.