[Form 4] DULUTH HOLDINGS INC. Insider Trading Activity

Rhea-AI Filing Summary

Heena Agrawal, Senior Vice President and CFO of Duluth Holdings Inc. (DLTH), purchased 10,000 shares of Class B common stock on 09/26/2025 at a weighted average price of $3.4989 per share. After the purchase she beneficially owned 248,093 shares. The filing notes the price is a weighted average from multiple trades priced between $3.46 and $3.50, and the Form 4 was signed by a power of attorney on 09/29/2025.

Positive

• Officer purchase disclosed: Senior Vice President and CFO purchased 10,000 Class B shares, increasing direct ownership.
• Full price transparency: Weighted average price reported as $3.4989 with disclosed range of $3.46 to $3.50 for multiple executions.
• Clear post-transaction ownership: Reporting person beneficially owns 248,093 shares after the purchase.

Negative

• None.

Insights

Securities Analyst

TL;DR: Company CFO executed a direct purchase of 10,000 Class B shares at a ~$3.50 weighted average.

The transaction shows an officer-level insider increasing direct ownership, which can signal confidence by management in the company's outlook. The purchase size (10,000 shares) and post-transaction ownership (248,093 shares) are explicitly disclosed; the filing clarifies the trade prices ranged from $3.46 to $3.50, indicating multiple executions. This is a straightforward Section 16 disclosure with no derivatives, dispositions, or other complex instruments reported.

Corporate Governance Expert

TL;DR: Filing documents a routine insider buy by the CFO with full price-range disclosure.

The Form 4 contains required detail: transaction date, number of shares, weighted average price, and resulting beneficial ownership. The signature via power of attorney is noted and acceptable under filing rules. There are no amendments, joint filers, or indirect ownership claims disclosed. From a governance perspective this is a compliant, routine insider filing without additional governance flags.

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^*

AGRAWAL HEENA

(Last) (First) (Middle)

201 EAST FRONT STREET

(Street)

MOUNT HOREB WI 53572

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DULUTH HOLDINGS INC. [ DLTH ]

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 and CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

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
Class B Common Stock	09/26/2025		P		10,000	A	$3.4989(1)	248,093	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:

1. The price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.46 to $3.50, inclusive. The reporting person undertakes to provide to Duluth Holdings Inc., any security holders of Duluth Holdings Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	Dennis F. Connolly, as POA	09/29/2025
	** 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 was reported for DLTH on this Form 4?

The Form 4 reports that Heena Agrawal, Senior Vice President and CFO, purchased 10,000 Class B shares on 09/26/2025.

What price did the DLTH insider pay per share?

The weighted average price reported is $3.4989, with individual trade prices disclosed as between $3.46 and $3.50.

How many DLTH shares does the reporting person own after the transaction?

After the reported purchase the reporting person beneficially owned 248,093 shares.

Was the Form 4 signed directly by the reporting person?

The filing shows it was signed by a power of attorney, Dennis F. Connolly, as POA, on 09/29/2025.

Does the Form 4 report any derivative transactions for DLTH?

No. The filing reports only a non-derivative purchase of Class B common stock and no derivative securities.