DOUGLAS DYNAMICS, INC — Director's Dealing 2011

Mar 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC (PLOW)
CIK: 0001287213
Period of Report: 2011-03-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-15	Common Stock	M	5278	$4.21	Acquired	18821	Direct
2011-03-16	Common Stock	S	2872	$14.18	Disposed	15949	Direct
2011-03-17	Common Stock	S	2406	$13.7008	Disposed	13543	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-15	Employee Stock Option (right to buy)	$4.21	M	5278	Disposed	2017-08-27	Common Stock (5278)	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $14.15 to $14.33. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

F2: The price in Column 4 is a weighted average price. The prices actually received ranged from $13.67 to $13.73. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

F3: The option is exercisable at any time in respect of 26,733 of the underlying shares. With respect to the other 47,500 underlying shares, 23,750 will vest and become exercisable on each of August 27, 2011, and August 27, 2012.