Director at XPEL, Inc. (XPEL) exercises 1,596 RSUs for stock

Rhea-AI Filing Summary

XPEL, Inc. director Stacy L. Bogart reported stock-based compensation activity, not open-market trading. On September 16, 2025, December 16, 2025, and March 16, 2026, she exercised a total of 1,596 Restricted Stock Units into 1,596 shares of common stock at $0.00 per share.

Each RSU converts into one XPEL common share under the XPEL 2020 Equity Incentive Plan. After the most recent exercise on March 16, 2026, Bogart directly holds 7,934 shares of XPEL common stock. No shares were sold in these transactions.

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

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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^*

BOGART STACY L

(Last) (First) (Middle)

711 BROADWAY ST

(Street)

SAN ANTONIO TEXAS 78215

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

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

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

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

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	09/16/2025		M		532	A	(1)	6,870	D
Common Stock	12/16/2025		M		532	A	(1)	7,402	D
Common Stock	03/16/2026		M		532	A	(1)	7,934	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)	09/16/2025		M			532	(2)	(2)	Common Stock	532	$0	1,596	D
Restricted Stock Units	(1)	12/16/2025		M			532	(2)	(2)	Common Stock	532	$0	1,064	D
Restricted Stock Units	(1)	03/16/2026		M			532	(2)	(2)	Common Stock	532	$0	532	D

Explanation of Responses:

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

2. The RSUs were granted on June 16, 2025 pursuant to the XPEL 2020 Equity Incentive Plan approved by the Board of Directors and stockholders and will vest in quarterly installments over a one year period with a final vesting date of June 16, 2026.

Remarks:

	/s/ Barry R. Wood, XPEL Senior Vice President/CFO (Attorney-in-Fact)	03/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Stacy L. Bogart report in the latest XPEL (XPEL) Form 4?

Stacy L. Bogart reported exercises of Restricted Stock Units into common shares. On three dates in 2025 and 2026, she converted RSUs into XPEL common stock at no cash exercise price, reflecting routine vesting of equity compensation rather than open-market trading.

How many XPEL shares did Stacy L. Bogart acquire through RSU exercises in this Form 4?

Bogart acquired 1,596 XPEL common shares through RSU exercises. She exercised 532 RSUs on each of September 16, 2025, December 16, 2025, and March 16, 2026, with every unit converting into one share of common stock at a stated price of $0.00.

Were any XPEL (XPEL) shares sold in Stacy L. Bogart’s reported transactions?

No XPEL shares were sold in these reported transactions. All entries are coded “M” for derivative exercises, converting Restricted Stock Units into common stock. The transaction data show only acquisitions via exercises, with no open-market sales or tax-withholding dispositions.

What equity plan governs Stacy L. Bogart’s RSU grants at XPEL?

The RSUs were granted under the XPEL 2020 Equity Incentive Plan. Footnotes explain the awards were approved by the Board of Directors and stockholders, vesting in quarterly installments over one year following a June 16, 2025 grant date, with each unit delivering one common share.

How many XPEL shares does Stacy L. Bogart own after these RSU exercises?

After the March 16, 2026 transaction, Bogart directly holds 7,934 XPEL shares. The Form 4 reports this post-transaction balance for her common stock holdings, reflecting cumulative RSU vesting and exercises disclosed in the filing, with all shares listed as directly owned.

What do the “M” transaction codes mean in Stacy L. Bogart’s XPEL Form 4?

The “M” codes indicate exercises or conversions of derivative securities. In this case, they show Restricted Stock Units being converted into XPEL common stock. These are compensation-related events, not open-market purchases, and occur as the RSUs vest according to the equity plan’s schedule.