PLOW · Douglas Dynamics, Inc

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 11, 2022.

Includes 4,123 shares that will vest in three annual installments beginning on March 6, 2027.

Includes 9,917 shares that will vest in three annual installments beginning on March 6, 2027.

Includes 2,023 shares that will vest in three annual installments beginning on March 6, 2027.

Includes 21,475 shares that will vest in three annual installments beginning on March 6, 2027.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 11, 2022.

Includes 13,978 restricted stock units that will vest in three annual installments beginning on March 6, 2026.

Includes 5,989 restricted stock units that will vest in three annual installments beginning on March 6, 2026.

Includes 13,694 shares that will vest in three annual installments beginning on March 6, 2026.

Includes 1,996 shares that will vest in three annual installments beginning on March 6, 2026.

Includes 8,386 shares that will vest in three annual installments beginning on March 6, 2026

Represents performance shares earned based on the achievement of performance targets for the period beginning January 1, 2022 and ending on December 31, 2024.

Represents performance shares earned based on the achievement of performance targets for the period beginning January 1, 2022 and ending on December 31, 2024.

Represents performance shares earned based on the achievement of performance targets for the period beginning January 1, 2022 and ending on December 31, 2024.

Represents shares that will vest on March 6, 2027.

Represents shares that will vest on March 6, 2027.

Includes 37,370 restricted stock units that will vest one year from the date of grant, subject to the reporting person's continued service as an officer or director as of such date.

Includes 43,202 restricted stock units, two-thirds of which will vest on December 31, 2025 and one-third of which will vest on July 1, 2026.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 7, 2022.

The price in Column 4 is a weighted average price. The prices actually received ranged from $24.8200 to $24.9900. 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.

Includes 4,554 shares that will vest in three annual installments beginning on March 6, 2025.