[Form 4] DULUTH HOLDINGS INC. Insider Trading Activity

Rhea-AI Filing Summary

Richard W. Schlecht, listed as SVP, Product Dev. & Sourcing of Duluth Holdings Inc. (DLTH), purchased 1,000 shares of Class B common stock on 09/30/2025 at a price of $1.82 per share under the company’s Employee Stock Purchase Plan. After the transaction he directly owns 306,679 Class B shares and has indirect ownership of 54,660 Class B shares held in UTMA accounts for his children. The Form 4 was signed by a power of attorney on 10/02/2025. The filing identifies the acquisition code and explains the UTMA holdings.

Positive

• Participation in ESPP: Purchased 1,000 shares under the Employee Stock Purchase Plan at $1.82
• Significant ongoing ownership: Holds 306,679 Class B shares directly and 54,660 indirectly via UTMA

Negative

• None.

Insights

Corporate Insider / Compensation Analyst

Insider bought a small ESPP block, modestly increasing personal stake.

The report documents an ESPP purchase of 1,000 Class B shares at $1.82, reflecting participation in a compensation benefit rather than a market open‑market trade.

The filing also clarifies ownership structure: 306,679 shares directly and 54,660 indirectly via UTMA accounts for children, which matters for voting and control analysis because those indirect shares are attributable to the reporting person.

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).

1. Name and Address of Reporting Person^*

Schlecht Richard W

(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)
	SVP, Product Dev. & Sourcing

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		A(1)	V	1,000	A	$1.82	306,679	D
Class B Common Stock								54,660	I	By Children(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. These shares were acquired under the Duluth Holdings Inc. Employee Stock Purchase Plan.

2. These shares are held by reporting person's children in UTMA accounts.

	Dennis F. Connolly, as POA	10/02/2025
	** 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 Duluth Holdings (DLTH) Form 4 disclose for Richard W. Schlecht?

The Form 4 shows Mr. Schlecht purchased 1,000 Class B shares on 09/30/2025 at $1.82 under the company ESPP and now directly owns 306,679 shares with 54,660 held indirectly.

How were the 54,660 indirect shares held according to the filing?

The filing states those shares are held in UTMA accounts for the reporting person’s children, which creates indirect beneficial ownership.

Was the Form 4 filed jointly or by a single reporting person?

The form was filed by one reporting person; the filing indicates an individual Form 4 submission.

When was the Form 4 signed and by whom?

The signature block shows the form was signed by a power of attorney, Dennis F. Connolly, on 10/02/2025.

What transaction code and acquisition source are listed for the purchase?

The transaction is coded as an acquisition under the ESPP (noted as A(1) in the table) and explained as part of the company’s Employee Stock Purchase Plan.