XCel Brands, Inc. — Director's Dealing 2025

Nov 3, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: XCel Brands, Inc. (XELB)
CIK: 0001083220
Period of Report: 2025-10-31

Reporting Person: D LOREN ROBERT W (Director, CEO and Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-31	Common Stock	A	23505	$1.26	Acquired	524739	Direct
2025-10-31	Common Stock	F	10859	$1.26	Disposed	513880	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	60731	Indirect

Footnotes

F1: Represents shares awarded by the issuer pursuant to the reporting person's employment agreement in lieu of cash salary.

F2: Represents shares surrendered to the issuer in payment of withholding tax liability increment to the stock award.

F3: Represents shares held by the Irrevocable Trust of Rose Dempsey, of which the reporting person has sole voting and dispositive power.