X0306 4 2016-01-04 0 0001287213 DOUGLAS DYNAMICS, INC PLOW 0001489479 Adamson Mark C/O DOUGLAS DYNAMICS, INC. 7777 NORTH 73RD STREET MILWAUKEE WI 53223 0 1 0 0 SVP, Sales and Marketing Common Stock 2016-01-04 4 S 0 776 20.2121 D 50532 D The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. The price in Column 4 is a weighted average price. The prices actually received ranged from $20.11 to $20.32. 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. /s/ Jon J. Sisulak, Attorney-in-Fact for Mark Adamson 2016-01-05