[Form 4] XPEL, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ryan Pape, President, CEO and Director of XPEL, Inc., reported transactions on 09/07/2025. He had 2,737 restricted stock units vest and was issued 2,737 shares, and separately disposed of 667 shares at $35.68 per share. After these transactions he beneficially owned 1,077,608 shares. The RSUs originated from a grant dated 09/07/2022 for 10,947 RSUs that vest in four equal annual installments, subject to continued service.

Positive

• Scheduled RSU vesting converted to 2,737 shares, reflecting compensation delivered under the approved equity plan
• Substantial ongoing ownership: reporting person beneficially owns 1,077,608 shares after the transactions

Negative

• Partial disposition of 667 shares was reported, indicating a sale at $35.68 per share

Insights

Financial Analyst

TL;DR: Insider vesting and a modest sale; ownership remains substantial at over 1.07 million shares.

These filings reflect routine equity compensation mechanics rather than market-moving insider activity. The receipt of 2,737 shares arises from scheduled vesting of RSUs granted in 2022 under the company equity plan. The reported sale of 667 shares at $35.68 reduces immediate holdings slightly but leaves the executive with a large position of 1,077,608 shares, indicating continued alignment with shareholder interests. No debt, litigation, or other financial metrics are disclosed here.

Corporate Governance Expert

TL;DR: Governance action appears routine: scheduled RSU vesting and a small open-market sale disclosed as required.

The Form 4 documents a standard compensation vesting event from a 2022 grant and a contemporaneous disposition. The RSU schedule—four equal annual installments—matches common executive equity practices. The filing includes required ownership disclosure and an authorized signature, fulfilling Section 16 reporting obligations. No indication of special arrangements, 10b5-1 plan checkbox, or unusual acceleration is present in the disclosure.

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
Estimated average burden
hours per response:			0.5

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^*

Pape Ryan

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

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		2,737	A	(1)	1,077,608	D
Common Stock	09/07/2025		F		667	D	$35.68	1,076,941	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			2,737	(2)	(2)	Common Stock	2,737	$0	2,737	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 10,947 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/ Ryan Pape	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 Ryan Pape report on the XPEL Form 4?

The filing reports 2,737 RSUs vested and converted to 2,737 shares and a sale of 667 shares at $35.68, both dated 09/07/2025.

How many XPEL shares does Ryan Pape beneficially own after the transactions?

He beneficially owns 1,077,608 shares following the reported transactions.

What is the origin and vesting schedule of the RSUs noted in the filing?

The RSUs were granted on 09/07/2022 for 10,947 RSUs and vest in four equal annual installments beginning on the first anniversary, subject to continued service.

When were the transactions executed?

The transactions are dated 09/07/2025 and the Form 4 is signed on 09/09/2025.

Was a Rule 10b5-1 trading plan indicated for these transactions?

The Form 4 does not indicate that the transactions were made pursuant to a Rule 10b5-1 plan.