Anthony Lebiedzinski

Michael Kupinski

Howard Brous

Aaron Warwick

Jacob Mutchler

- Xcel Brands, Inc. entered into a **Membership Interest Transfer Agreement** and a **Settlement Agreement** with IMWHP, LLC and IMWHP2, LLC, effective **September 25, 2025**, to resolve existing disputes.  **[1083220_0001104659-25-096144_xelb-20250926xex10d2.htm:0]** **[1083220_0001104659-25-096144_xelb-20250926xex10d1.htm:0]** 
- As part of these agreements, Xcel Brands will transfer its **17.5% equity interest** in IM Topco, LLC to IMWHP2, LLC on **October 1, 2025**.  **[1083220_0001104659-25-096144_xelb-20250926xex10d2.htm:0]** **[1083220_0001104659-25-096144_xelb-20250926x8k.htm:1]** **[1083220_0001104659-25-096144_xelb-20250926xex10d2.htm:7]** 
- In exchange, Xcel Brands received a **capital appreciation right** entitling it to **15%** of the net consideration exceeding **$46 million** from a capital transaction involving IM Topco, LLC, occurring on or before **September 1, 2032**.  **[1083220_0001104659-25-096144_xelb-20250926x8k.htm:1]** **[1083220_0001104659-25-096144_xelb-20250926xex10d1.htm:1]** 
- Additionally, Xcel-CT MFG, LLC, a subsidiary of Xcel Brands, was **released from certain liabilities** under a License Termination Agreement.  **[1083220_0001104659-25-096144_xelb-20250926x8k.htm:1]** **[1083220_0001104659-25-096144_xelb-20250926xex10d1.htm:3]**  Xcel Brands will also provide staffing services to IM Topco, LLC, for which it will receive **$33,333.33 per month** from **October 1, 2025, through December 31, 2025**, and **$12,500 per month** from **January 1, 2026, through December 31, 2026**.  **[1083220_0001104659-25-096144_xelb-20250926xex10d1.htm:3]**

XCel Brands (XELB)