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: Fielding James D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-03	Common Stock	A	6000	—	Acquired	12000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-03	Stock Options	$0.94	A	19000	Acquired	2030-12-03	Common Stock (19000)	Direct

Footnotes

F1: Represents shares of restricted stock awarded pursuant to a restricted stock agreement, which vests on March 31, 2026, provided that the reporting person may extend the vesting date as to all or a portion of the shares, one or more times, in six month increments, at his sole discretion.