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: Janik James L (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-13	Common Stock	M	48984	$4.21	Acquired	197002	Direct
2010-05-13	Common Stock	F	18092	$11.40	Disposed	178910	Direct
2010-05-14	Common Stock	S	30892	$10.49	Disposed	148018	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	48984	Disposed	2014-03-30	Common Stock (48984)	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.