DOUGLAS DYNAMICS, INC — Director's Dealing 2011

May 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC (PLOW)
CIK: 0001287213
Period of Report: 2011-05-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-20	Common Stock	M	47883	$4.21	Acquired	61272	Direct
2011-05-20	Common Stock	S	51850	$14.20	Disposed	9422	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-20	Employee Stock Option (right to buy)	$4.21	M	47883	Disposed	2017-08-27	Common Stock (47883)	Direct

Footnotes

F1: The option became fully exercisable on an accelerated basis on May 20, 2011.