X0306 4 2017-05-01 0001552800 TILE SHOP HOLDINGS, INC. TTS 0001526378 KRASNOW TODD C/O TILE SHOP HOLDINGS, INC. 14000 CARLSON PARKWAY PLYMOUTH MN 55441 1 0 0 0 Common Stock 2017-05-01 4 S 0 7380 21.0045 D 84210 D Common Stock 2017-05-02 4 S 0 11 21.00 D 84199 D Common Stock 2017-05-09 4 S 0 5000 20.1598 D 0 I By Todd & Deborah Krasnow Foundation Common Stock 2017-05-09 4 S 0 2000 20.1538 D 8000 I By Hobart Road Charitable Remainder CRUT Common Stock 2017-05-09 4 S 0 1000 20.0064 D 2000 I By Todd & Deborah Krasnow Charitable Remainder CRUT Common Stock 2600 I By Spouse The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.00 to $21.03. The reporting person undertakes to provide Tile Shop Holdings, Inc., any security holder of Tile Shop Holdings, Inc. or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Includes 3,233 shares of restricted stock granted pursuant to the Company's 2012 Omnibus Award Plan, which are subject to a purchase option in favor of the Company until the earlier of (a) the date of the Company's next annual meeting of stockholders and (2) August 22, 2017. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.155 to $20.175. The reporting person undertakes to provide Tile Shop Holdings, Inc., any security holder of Tile Shop Holdings, Inc. or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.15 to $20.175. The reporting person undertakes to provide Tile Shop Holdings, Inc., any security holder of Tile Shop Holdings, Inc. or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.005 to $20.0068. The reporting person undertakes to provide Tile Shop Holdings, Inc., any security holder of Tile Shop Holdings, Inc. or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. These securities are owned by reporting person's spouse. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for Section 16 or any other purpose. /s/ John R. Houston, as Attorney-in-Fact for Todd Krasnow pursuant to Power of Attorney previously filed. 2017-05-09