Form 4: Dillard's senior VP disposes of 500 Common Class A shares

Rhea-AI Filing Summary

Dillard's, Inc. (DDS) reporting person Phillip R. Watts, a Senior Vice President and director, disclosed an insider sale. The Form 4 shows a transaction dated 09/17/2025 in which Mr. Watts disposed of 500 shares of Common Class A at a reported price of $0. Following the reported transaction, he is shown as directly owning 8,894 shares and holding 10,317 shares in a retirement plan. The form is signed 09/19/2025.

Insights

Financial Analyst

TL;DR: Routine small insider disposal with no clear material impact on company fundamentals.

The disclosure documents a 500-share disposal by a senior officer and director. The size of the sale is small relative to typical institutional volumes and the filing lists remaining direct and retirement-plan holdings of 8,894 and 10,317 shares respectively. There are no derivative transactions or additional context on price rationale, so this appears to be a routine personal transaction rather than a company-significant event.

Corporate Governance Expert

TL;DR: Compliance filing meets reporting requirements but provides limited governance signal.

The Form 4 is properly signed and discloses the reporting person's relationship to the issuer as Senior Vice President and director. The filing lists a disposal of 500 Common Class A shares and shows post-transaction holdings, including a retirement plan allocation. There is no indication of unusual timing, related-party transfers, or derivative exercises in this filing.

Insider Trade Summary

500 shares gifted

Mixed 2 txns

Insider Watts Phillip R.

Role SENIOR VICE PRESIDENT

Type	Security	Shares	Price	Value
Gift	Common Class A	500	$0.00	--
holding	Common Class A - Retirement Plan	--	--	--

Holdings After Transaction: Common Class A — 8,894 shares (Direct); Common Class A - Retirement Plan — 10,317 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

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^*

Watts Phillip R.

(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)
	SENIOR VICE PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

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
Common Class A	09/17/2025		G		500	D	$0	8,894	D
Common Class A - Retirement Plan								10,317	D

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:

	/s/ Phillip R. Watts	09/19/2025
	** 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 insider transaction did Phillip R. Watts report for Dillard's (DDS)?

The Form 4 reports a disposition of 500 shares of Common Class A on 09/17/2025.

How many Dillard's shares does Phillip R. Watts own after the reported transaction?

Following the reported transaction he beneficially owns 8,894 shares directly and holds 10,317 shares in a retirement plan.

What is the reported price for the sale on the Form 4?

The Form 4 lists a price of $0 for the reported disposition.

When was the Form 4 signed and filed?

The signature on the form is dated 09/19/2025.

What is Phillip R. Watts's role at Dillard's as listed on the Form 4?

He is identified as a Senior Vice President and a Director of Dillard's, Inc.