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: 2010-05-13

Reporting Person: WICKHAM MICHAEL W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-13	Common Stock	M	4826	$4.21	Acquired	4826	Direct
2010-05-13	Common Stock	F	1782	$11.40	Disposed	3044	Direct
2010-05-14	Common Stock	S	3044	$10.49	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-13	Employee Stock Option (right to buy)	$4.21	M	4826	Disposed	2014-04-25	Common Stock (4826)	Direct

Footnotes

F1: These shares were withheld by the Issuer to cover the exercise price of the exercised options reported above.

F2: These options are fully vested and can be exercised at any time.