DOUGLAS DYNAMICS, INC — Director's Dealing 2011

Jan 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC (PLOW)
CIK: 0001287213
Period of Report: 2011-01-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-03	Common Stock	A	8774	—	Acquired	10855	Direct
2011-01-05	Common Stock	S	415	$14.8998	Disposed	10440	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$4.21	2017-08-27	Common Stock (79511)	79511	Direct

Footnotes

F1: Includes 3,098 shares that will vest in two equal annual installments beginning on January 3, 2012 and 4,644 shares that will vest in three equal annual installments beginning on January 3, 2012.

F2: The price in Column 4 is a weighted average price. The prices actually received ranged from $14.85 to $14.99. 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 a weighted average price.

F3: The option is exercisable at any time in respect of 79,511 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.