X0306 4 2016-05-04 0 0001083220 XCel Brands, Inc. XELB 0001629131 HILCO TRADING, LLC 5 REVERE DRIVE, SUITE 206 NORTHBROOK IL 60062 0 0 1 0 0001629134 HECKTMAN JEFFREY BRUCE C/O HILCO TRADING, LLC 5 REVERE DRIVE, SUITE 206 NORTHBROOK IL 60062 0 0 1 0 Warrants (right to buy) 12.00 2016-05-04 4 J 0 100000 0.00 D 2014-12-22 2019-12-22 Common Stock 100000 650000 D On May 4, 2016, Hilco Trading LLC assigned to Ben Malka Common Stock Purchase Warrants with respect to 100,000 shares of Common Stock of the Issuer in exchange for services. Jeffrey B. Hecktman is the majority owner of Hilco and may direct the disposition of all warrants beneficially owned by Hilco reported herein. Mr. Hecktman hereby disclaims any direct beneficial ownership of the warrants directly held by Hilco, except to the extent of his pecuniary interests therein. Hilco Trading, LLC /s/ Eric W. Kaup, General Counsel & EVP 2016-05-04 /s/ Jeffrey B. Hecktman 2016-05-04