[Form 4] DILLARD'S, INC. Insider Trading Activity

Rhea-AI Filing Summary

Dillard's, Inc. reporting person William T. Dillard III purchased 18 Class A shares on 09/29/2025 at $622.50 per share, increasing his direct holdings to 31,706 shares. The Form 4 shows the reporting person also holds 15,763 Class A shares in a retirement plan, has indirect beneficial ownership of 189,065 Class A shares held in trust for him and his family, and 13,655 Class A shares owned by his spouse. A footnote explains the filing corrects a prior Form 4 (filed Feb 3, 2025) that had an incorrect gift attribution of 3,300 shares and a 2-share rounding adjustment. The form is signed by the reporting person on 10/01/2025.

Insights

Securities Analyst

TL;DR: Insider purchased a small number of shares, corrected prior filing; total beneficial holdings remain concentrated through trusts and family.

The 09/29/2025 acquisition of 18 Class A shares at $622.50 is a routine direct purchase and represents a minor change relative to the reporting person's overall beneficial ownership reported on this Form 4. The filing's footnote corrects an earlier misattribution of a 3,300-share gift and records a 2-share rounding adjustment, which clarifies prior public records. Material ownership is primarily via an indirect trust (189,065 shares) and family-held shares (13,655), with an additional retirement-plan stake (15,763 shares), indicating control exposure concentrated among related-party holdings.

Corporate Governance Expert

TL;DR: Administrative correction improves disclosure accuracy; the small purchase itself is immaterial to governance dynamics.

The corrected attribution reduces ambiguity in the insider ownership history, which is important for transparency and compliance with Section 16 reporting obligations. The direct purchase of 18 shares is immaterial by size but consistent with insiders periodically transacting in company stock. The presence of a trustee-held block and spouse ownership underscores that control and alignment with shareholders remain routed through family and trust arrangements rather than solely through direct holdings.

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

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

1. Name and Address of Reporting Person^*

Dillard William T. III

(Last) (First) (Middle)

1600 CANTRELL RD

(Street)

LITTLE ROCK AR 72201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DILLARD'S, INC. [ DDS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

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
Common Class A	09/29/2025		A		18	A	$622.5	31,706(1)	D
Common Class A - Retirement Plan								15,763	D
Common Class A								189,065(1)(2)	I	See Footnote(2)
Common Class A								13,655(3)	I	See Footnote(3)

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

Explanation of Responses:

1. Reflects an adjustment to amount of securities beneficially owned based on the Form 4 filed by the Reporting Person on February 3, 2025 inadvertently reflecting a gift of 3,300 shares from the Reporting Person's indirect ownership instead of from his direct ownership. Direct holding also reflects 2 share rounding adjustment.

2. Trustee on shares held in trust for the benefit of the reporting person and his family.

3. Owned by Spouse

	/s/ William T. Dillard III	10/01/2025
	** 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 transaction did William T. Dillard III report on Form 4 for DDS?

The reporting person purchased 18 Class A shares on 09/29/2025 at a price of $622.50 per share.

How many Class A shares does William T. Dillard III beneficially own after the reported transaction?

Following the reported transaction, he directly beneficially owns 31,706 Class A shares.

Does the filing correct any prior reports for DDS insider William T. Dillard III?

Yes. A footnote states the Form 4 corrects a prior filing (Feb 3, 2025) that incorrectly reflected a gift of 3,300 shares from indirect ownership instead of direct ownership and includes a 2-share rounding adjustment.

What indirect or related-party holdings are disclosed by William T. Dillard III?

The Form 4 discloses 189,065 Class A shares held in trust for him and his family (trustee) and 13,655 Class A shares owned by his spouse, plus 15,763 Class A shares in a retirement plan.

When was the Form 4 signed for this disclosure?

The Form 4 bears the reporting person's signature dated 10/01/2025.