DOUGLAS DYNAMICS, INC — Director's Dealing 2010

May 4, 2010

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC (PLOW)
CIK: 0001287213
Period of Report: 2010-05-04

Reporting Person: Adamson Mark (VP, Sales and Marketing)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$4.21	2017-08-27	Common Stock (118750)		Direct

Footnotes

F1: The option is exercisable at any time in respect of 47,500 of the underlying shares. Of 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.

F2: The number of shares of Common Stock underlying the options reported reflects a 23.75 for 1 stock split of the Issuer's Common Stock that will become effective immediately prior to the consummation of the Issuer's initial public offering of its Common Stock.