DOUGLAS DYNAMICS, INC — Director's Dealing 2010

May 17, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC (PLOW)
CIK: 0001287213
Period of Report: 2010-05-14

Reporting Person: ARES CORPORATE OPPORTUNITIES FUND LP (Director, 10% Owner)
Reporting Person: ACOF MANAGEMENT LP (Director, 10% Owner)
Reporting Person: ACOF OPERATING MANAGER LP (Director, 10% Owner)
Reporting Person: ARES MANAGEMENT LLC (Director, 10% Owner)
Reporting Person: ARES PARTNERS MANAGEMENT CO LLC (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-14	Common Stock, par value $0.01 per share	M	2006	$4.21	Acquired	3650742	Direct
2010-05-14	Common Stock, par value $0.01 per share	D	741	$11.40	Disposed	3650001	Direct
2010-05-14	Common Stock, par value $0.01 per share	S	473235	$10.49	Disposed	3176766	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-14	Stock Option	$4.21	M	2006	Disposed	2015-01-14	Common Stock, par value $0.01 per share (15634)	Direct

Footnotes

F1: The general partner of Ares Corporate Opportunities Fund, L.P. ("ACOF") is ACOF Management, L.P. ("ACOF Management") and the general partner of ACOF Management is ACOF Operating Manager, L.P. ("ACOF Operating Manager"). ACOF Operating Manager is indirectly controlled by Ares Management LLC ("AM LLC"), which, in turn, is indirectly controlled by Ares Partners Management Company LLC ("APMC" and, together with ACOF, ACOF Management, ACOF Operating Manager and AM LLC, the "Ares Entities").

F2: APMC is managed by an executive committee. Each of the Ares Entities (other than ACOF, with respect to the securities held by ACOF) and the partners, members and managers of the ACOF Entities and the executive committee of APMC expressly disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes. The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.

F3: Price reflects the net price per share of additional common stock sold as a result of the underwriters' exercise of their over-allotment option, after excluding underwriting discounts and commissions of $0.759 per share. The Form 4 filed by the Reporting Persons on May 10, 2010 listed a price to the public of $11.25 per share for the common stock sold, which, after excluding such underwriting discounts and commissions, results in a net price per share of $10.49.

F4: These options are fully vested and can be exercised at any time.