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

Rhea-AI Filing Summary

Denise Alexandra Lucie, reported as a Vice President of Dillard's, Inc. (DDS), executed a securities transaction on 09/29/2025. The Form 4 shows an acquisition (code A) of 9 shares of Dillard's Class A common stock at a reported price of $622.50 per share, increasing her direct holdings to 37,022 shares. The filing also discloses 5,068 shares held in a retirement plan (direct) and additional indirect beneficial ownership totaling 38,423 shares held in trust where she is trustee and 13,389 shares held in children’s trusts where she is grantor, as explained in the footnotes. The form is signed and dated 10/01/2025.

Positive

• Insider purchase disclosed, showing continued insider ownership and compliance with Section 16 reporting
• Clear footnotes explain indirect holdings (trustee and grantor), improving transparency about beneficial ownership

Negative

• Transaction quantity is very small (9 shares), making the purchase immaterial relative to total holdings
• High per-share price reported may reflect aggregated reporting format and could confuse some readers (no explanation in form)

Insights

Securities Analyst

TL;DR: Officer purchased a small number of Class A shares, modestly increasing direct holdings; several material indirect holdings held in trusts.

The filing documents a routine insider acquisition: a purchase of 9 Class A shares at a high per-share price, which suggests a non-typical lot size or reporting of aggregated transaction value per share. Direct beneficial ownership after the transaction is disclosed as 37,022 shares, with an additional 5,068 shares in a retirement plan and significant indirect holdings through trusts (38,423 and 13,389 shares) identified in footnotes. For investors and compliance reviewers, the key points are the mix of direct and indirect ownership and the roles of trustee/grantor that create indirect beneficial ownership. The transaction size is immaterial relative to the aggregate holdings disclosed but is relevant for transparency on insider activity.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting: officer reports acquisition and clarifies trust holdings; transaction appears routine.

The Form 4 clearly identifies the reporting person as a company officer (Vice President) and sets out direct and indirect ownership via trusts and a retirement account. Footnotes explain the nature of indirect holdings (trustee and grantor roles). The filing includes a manual signature and date, satisfying formal requirements. There is no indication of option exercise, derivative transactions, or disposition activity. From a governance perspective, the report provides appropriate transparency about insider ownership structure without revealing any compensatory or extraordinary transactions.

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
Estimated average burden
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).

1. Name and Address of Reporting Person^*

Lucie Denise Alexandra

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	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		9	A	$622.5	37,022	D
Common Class A - Retirement Plan								5,068	D
Common Class A								38,423(1)	I	See Footnote(1)
Common Class A								13,389(2)	I	See Footnote(2)

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. Trustee on shares held in Trust accounts.

2. Grantor for shares held in children's Trust accounts.

	/s/ Denise Alexandra Lucie	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 did the DDS insider file disclose on 09/29/2025?

The Form 4 reports that Vice President Denise Alexandra Lucie acquired 9 Class A shares at $622.50 per share on 09/29/2025.

How many DDS shares does the reporting person beneficially own after the transaction?

The filing reports 37,022 shares beneficially owned directly after the reported acquisition.

Does the Form 4 disclose indirect holdings for DDS (symbol DDS)?

Yes. The filing discloses 38,423 shares held in trusts where the reporting person is trustee and 13,389 shares in children’s trusts where she is grantor.

Are there any derivative or option transactions reported in this Form 4 for DDS?

No. Table II (derivative securities) contains no reported transactions; only non-derivative Class A shares are listed.

Was the Form 4 properly signed and dated?

Yes. The form bears the reporting person’s signature and is dated 10/01/2025.