XCel Brands, Inc. — Director's Dealing 2025

May 30, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: XCel Brands, Inc. (XELB)
CIK: 0001083220
Period of Report: 2025-05-28

Reporting Person: LIEBMAN HOWARD M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-28	Common Stock	A	1000	—	Acquired	11616	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-28	Stock Options	$2.6321	A	2500	Acquired	2030-05-28	Common Stock (2500)	Direct

Footnotes

F1: Represents shares of restricted stock awarded pursuant to a restricted stock agreement, which vests as to 50% of the shares on each of April 1, 2026 and April 1, 2027, 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.

F2: The options vest as to 50% of the shares on each of May 28, 2025 and May 1, 2026.