DOUGLAS DYNAMICS, INC — Director's Dealing 2010

May 12, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC (PLOW)
CIK: 0001287213
Period of Report: 2010-05-10

Reporting Person: Peiffer Jack O (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-10	Common Stock	M	11355	$4.21	Acquired	11355	Direct
2010-05-10	Common Stock	F	4250	$11.25	Disposed	7105	Direct
2010-05-10	Common Stock	S	7105	$10.49	Disposed	0	Direct
2010-05-10	Common Stock	P	2000	$11.25	Acquired	2000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-10	Employee Stock Option (right to buy)	$4.21	M	11355	Disposed	2014-04-25	Common Stock (11355)	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.