[Form 4] Designer Brands Inc. Insider Trading Activity

Rhea-AI Filing Summary

Designer Brands Inc. (DBI) reported an insider equity award by a director. On 10/17/2025, the director acquired 2,775 stock units (Transaction Code: A) at $0.0000. These units represent dividend equivalent rights accrued on previously awarded stock units and vest on the grant date.

The stock units will convert into an equal number of Class A common shares upon the director’s termination of service from the Board of Directors. Following the transaction, the director beneficially owns 189,139 derivative securities, held directly.

Insights

Corporate governance analyst

Routine director stock units; non-cash award, neutral impact.

A DBI director reported an acquisition of 2,775 stock units on 10/17/2025 with a price of $0.0000. The filing states these are dividend equivalent rights tied to prior awards, a common mechanism to align board compensation with shareholder returns.

The units vest on the grant date and convert into Class A shares upon termination of board service, deferring delivery while maintaining alignment. Post-transaction beneficial ownership is 189,139 derivative securities, held directly.

This is administrative and typical for equity compensation; actual market impact depends on future delivery timing and any subsequent transactions disclosed.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cobb Peter

(Last) (First) (Middle)

810 DSW DRIVE

(Street)

COLUMBUS OH 43219

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Designer Brands Inc. [ DBI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Unit	(1)	10/17/2025		A		2,775(2)		(3)	(3)	Class A Common Shares	2,775	$0.0000	189,139(4)	D

Explanation of Responses:

1. Each stock unit represents a contingent right to receive one share of the Issuer's Class A common stock.

2. Shares represent dividend equivalent rights accrued on previously awarded stock units.

3. The stock unit becomes vested upon the date of grant and will be converted to an equal number of shares of Issuer's Class A common stock upon Insider's termination of service from the Board of Directors.

4. Total includes accrued dividend equivalent rights.

	Katherine Alfano, Attorney-in-Fact	10/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did DBI’s director report on Form 4?

An acquisition of 2,775 stock units on 10/17/2025 as dividend equivalent rights, priced at $0.0000.

How many derivative securities does the DBI director hold after the transaction?

The director beneficially owns 189,139 derivative securities, held directly.

What does the 2,775-unit award represent for DBI (DBI)?

They are dividend equivalent rights accrued on previously awarded stock units, each representing a contingent right to one Class A share.

When will the DBI stock units convert into shares?

They vest on the grant date and will convert to an equal number of Class A common shares upon the director’s termination of service from the Board.

What was the transaction code on the DBI Form 4?

The transaction code was A, indicating an acquisition.

What is the ownership form of the reported DBI securities?

The filing shows Direct (D) ownership.