XCel Brands, Inc. — Director's Dealing 2018

May 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: XCel Brands, Inc. (XELB)
CIK: 0001083220
Period of Report: 2018-05-03

Reporting Person: Burroughs Seth (See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-03	Common Stock	F	19950	$3.10	Disposed	331994	Direct

Footnotes

F1: Represents the surrender of shares to the issuer in payment of tax liability incident to the vesting of restricted stock.

F2: Represents the fair market value of the shares surrendered.