XCel Brands, Inc. — Director's Dealing 2025

May 2, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: XCel Brands, Inc. (XELB)
CIK: 0001083220
Period of Report: 2025-04-30

Reporting Person: Burroughs Seth (EVP of BD Treasurer Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-04-30	Common Stock	A	4770	$2.38	Acquired	51335	Direct
2025-04-30	Common Stock	F	2660	$2.38	Disposed	48675	Direct

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.