Howard Liebman - Dec 3, 2025 Form 4 Insider Report for XCel Brands, Inc. (XELB)

Role: Director
Signature: /s/ Howard Liebman
Stock symbol: XELB
Transactions as of: Dec 3, 2025
Transactions value $: $0
Form type: 4
Date filed: 12/5/2025, 08:43 PM
Previous filing: May 30, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
LIEBMAN HOWARD M	Director	C/O XCEL BRANDS, INC., 550 SEVENTH AVENUE, NEW YORK	/s/ Howard Liebman	2025-12-05	0001368425

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	XELB	Common Stock	Award	$0	+11.6K	+100.01%	$0.00	23.2K	Dec 3, 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	XELB	Stock Options	Award	$0	+36.5K		$0.00	36.5K	Dec 3, 2025	Common Stock	36.5K	$0.94	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.