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: Aurora Advisors II LLC (10% Owner)
Reporting Person: AURORA CAPITAL PARTNERS II L P (10% Owner)
Reporting Person: Aurora Equity Partners II LP (10% Owner)
Reporting Person: Aurora Overseas Advisors II LDC (10% Owner)
Reporting Person: Aurora Overseas Capital Partners II LP (10% Owner)
Reporting Person: Aurora Overseas Equity Partners II LP (10% Owner)
Reporting Person: Mapes John T (10% Owner)
Reporting Person: PARSKY GERALD L (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7124199	Direct
Series B Preferred Stock	1	Direct
Common Stock	29687	Direct
Common Stock	11875	Direct

Footnotes

F1: Consists of 7,031,662 shares held by Aurora Equity Partners II LP ("AEPII") and 93,337 shares held by Aurora Overseas Equity Partners II, LP ("AOEPII"). The number of shares of Common Stock 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.

F2: Aurora Capital Partners II LP ("ACPII") is the general partner of AEPII. Aurora Overseas Capital Partners II, LP ("AOCPII") is the general partner of AOEPII. Aurora Advisors II LLC ("AAII") is the general partner of ACPII. Aurora Overseas Advisors II, LDC ("AOAII") is the general partner of AOCPII. AEPII, AOEPII, ACPII, AOCPII, AAII, and AOAII are collectively referred to as the "Aurora Entities." In their capacities as direct or indirect general partners of AEPII and/or AOEPII, ACPII, AOCPII, AAII, and AOAII may be deemed to have a pecuniary interest in an indeterminable portion of the shares owned or controlled by AEPII and AOEPII. ACPII, AOCPII, AAII, and AOAII disclaim beneficial ownership of all such shares except to the extent that they may be deemed to have a pecuniary interest therein.

F3: Mssrs. Mapes and Parsky are controlling persons of the Aurora Entities. As such, they may be deemed to have a pecuniary interest in an indeterminable portion of the shares owned or controlled by the Aurora Entities. Mssrs. Mapes and Parsky disclaim beneficial ownership of all such shares except to the extent that they may be deemed to have a pecuniary interest therein.

F4: This security is owned solely by AEPII. Mr. Mapes, Mr. Parsky, ACPII, and AAII, each may be deemed to have a pecuniary interest in an indeterminable portion of the share owned by AEPII, and each hereby disclaims beneficial ownership of such share except to the extent he or it may be deemed to have a pecuniary interest therein.

F5: These securities are owned solely by Mr. Parsky through a 401(k) account. The number of shares of Common Stock 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.

F6: These securities are owned solely by Mr. Mapes through a 401(k) account. The number of shares of Common Stock 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.