X0306 4 2018-03-06 0 0001287213 DOUGLAS DYNAMICS, INC PLOW 0001489527 Janik James L C/O DOUGLAS DYNAMICS, INC. 7777 NORTH 73RD STREET MILWAUKEE WI 53223 1 1 0 0 Chairman, President and CEO Common Stock 2018-03-06 4 A 0 21667 0 A 284615 D Common Stock 2018-03-06 4 S 0 18085 43.4855 D 266530 D Common Stock 7834.3571 I By 401(k) Plan Includes 14,444 shares that will vest in two equal annual installments beginning on March 6, 2019. The price in Column 4 is a weighted average price. The prices actually received ranged from $43.35 to $43.65. 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 James L. Janik 2018-03-07