[Form 4] XPEL, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Barry Wood, Senior Vice President/CFO of XPEL, Inc. (XPEL) reported transactions on 09/07/2025. He was credited with 1,095 restricted stock units (RSUs) that represent the contingent right to receive 1,095 shares of common stock; those RSUs were originally granted on 09/07/2022 and vest in four equal annual installments beginning on the first anniversary of the grant. The Form 4 also reports a disposition of 267 shares sold at $35.68 and an additional 1,095 RSUs recorded as acquired (code M), leaving the reporting person with 28,368 shares beneficially owned after the transactions.

Positive

• RSU vesting reflects retention incentives from the XPEL 2020 Equity Incentive Plan, promoting executive alignment with shareholders
• Clear disclosure and timely filing of the transactions, including signature dated 09/09/2025

Negative

• Small sale of 267 shares at $35.68 reduces direct shareholdings, though not materially
• No information provided on tax withholding or conversion of RSUs into shares in this report

Insights

Financial Analyst

TL;DR: Routine executive equity vesting and a small open-market sale; modest net change in economic exposure.

The filing shows a standard vesting event tied to a 2022 RSU grant plus a small sale of 267 shares at $35.68. The RSU mechanics confirm multi-year retention incentives rather than a one-time cash award. Net beneficial ownership remains around 28,000 shares, indicating no material change to ownership stakes or control. For investors, this is operational insider activity consistent with compensation and portfolio management, not a material corporate event.

Corporate Governance Expert

TL;DR: Compensation-driven disclosure with clear vesting schedule; compliance with Section 16 reporting.

The Form 4 documents an annual vesting schedule from a 2022 equity grant and the reporting of a concomitant sale. The disclosure references the XPEL 2020 Equity Incentive Plan and specifies the vesting cadence, which aligns with typical retention-focused governance practices. The form is properly signed and dated, showing timely reporting and no indications of atypical related-party arrangements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wood Barry

(Last) (First) (Middle)

711 BROADWAY STREET

SUITE 320

(Street)

SAN ANTONIO TX 78215

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
XPEL, Inc. [ XPEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice President/CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/07/2025		M		1,095	A	(1)	28,635	D
Common Stock	09/07/2025		F		267	D	$35.68	28,368	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/07/2025		M			1,095	(2)	(2)	Common Stock	1,095	$0	1,095	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of XPEL common stock.

2. On September 7, 2022, the Reporting Person was granted 4,379 RSUs pursuant to the XPEL 2020 Equity Incentive Plan which was approved by the Board of Directors and stockholders. Provided the reporting person remains in continuous service, RSUs vest annually in four equal installments beginning on the first anniversary of the grant.

Remarks:

	/s/ Barry Wood	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Barry Wood report for XPEL on Form 4?

The Form 4 reports acquisition of 1,095 RSUs (treated as 1,095 shares) and a disposition of 267 shares sold at $35.68 on 09/07/2025.

How many XPEL shares does Barry Wood beneficially own after these transactions?

The filing shows Barry Wood beneficially owns 28,368 shares following the reported transactions.

What is the origin and vesting schedule of the RSUs reported?

The RSUs were granted on 09/07/2022 under the XPEL 2020 Equity Incentive Plan and vest in four equal annual installments beginning on the first anniversary of the grant.

Was the Form 4 filed timely and properly signed?

Yes. The form includes a signature from Barry Wood dated 09/09/2025, indicating timely reporting.

Does the filing show any material change in control or stake at XPEL?

No. The transactions are routine compensation vesting and a small sale; there is no material change in control or ownership percentage disclosed.