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: Janik James L (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-10	Common Stock	M	115195	$4.21	Acquired	263213	Direct
2010-05-10	Common Stock	F	43114	$11.25	Disposed	220099	Direct
2010-05-10	Common Stock	S	72081	$10.49	Disposed	148018	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	115195	Disposed	2014-03-30	Common Stock (115195)	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.