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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-28	Common Stock	A	8750	—	Acquired	243840	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-28	Stock Option	$2.6321	A	8750	Acquired	2035-05-28	Common Stock (8750)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	60731	Indirect

Footnotes

F1: Represents shares of restricted stock awarded pursuant to a restricted stock agreement which vest on November 1, 2025.

F2: Represents shares held by the Irrevocable Trust of Rose Dempsey, of which the reporting person has sole voting and dispositive power.