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: Adamson Mark (VP, Sales and Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-10	Common Stock	M	27531	$4.21	Acquired	29612	Direct
2010-05-10	Common Stock	F	10304	$11.25	Disposed	19308	Direct
2010-05-10	Common Stock	S	17227	$10.49	Disposed	2081	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	27531	Disposed	2017-08-27	Common Stock (27531)	Direct

Footnotes

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

F2: The option is exercisable at any time in respect of 19,969 of the underlying shares. With respect to the other 71,250 underlying shares, 23,750 will vest and become exercisable on each of August 27, 2010, August 27, 2011, and August 27, 2012.