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: Haran James (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-03	Stock Options	$0.94	A	53716	Acquired	2030-12-03	Common Stock (53716)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20401	Direct

Footnotes

F1: The options vest as to 15,395 shares upon the common stock having a closing price of $3.00 or higher; 12,868 shares upon the common stock having a closing price of $5.00 or higher; 10,579 shares upon the common stock having a closing price of $7.00 or higher, 8,558 shares upon the common stock having a closing price of $9.00 or higher and 6,316 upon the common stock having a closing price of $11.00 or higher