XCel Brands, Inc. — Director's Dealing 2025

Dec 5, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: XCel Brands, Inc. (XELB)
CIK: 0001083220
Period of Report: 2025-12-03

Reporting Person: Burroughs Seth (EVP of BD Treasurer Secretary)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-03	Stock Options	$0.9457	A	35811	Acquired	2030-12-03	Common Stock (35811)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	65314	Direct

Footnotes

F1: The options vest as to 10,263 shares upon the common stock having a closing price of $3.00 or higher; 8,579 shares upon the common stock having a closing price of $5.00 or higher; 7,053 shares upon the common stock having a closing price of $7.00 or higher, 5,705 shares upon the common stock having a closing price of $9.00 or higher and 4,211 upon the common stock having a closing price of $11.00 or higher