[Form 4] Duluth Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Duluth Holdings Inc. (DLTH) Form 4 filing discloses that Senior Vice President David Homolka purchased 1,000 Class B common shares on 06/30/2025 at $1.42 per share through the company’s Employee Stock Purchase Plan. Following the transaction, Homolka directly owns 274,413 shares, up from 273,413 previously. No derivative securities were reported. The filing signals a modest increase in executive equity ownership but involves a small dollar value (~$1,420), limiting its materiality for investors.

Positive

• Insider purchase by a senior executive can signal confidence in the company’s prospects.
• Acquisition executed through the Employee Stock Purchase Plan, promoting ownership culture.

Negative

• Transaction size is immaterial (1,000 shares; ~$1.4k), offering limited insight into management’s conviction.
• No accompanying information on company fundamentals or outlook, reducing the filing’s investor relevance.

Insights

Financial Analyst

TL;DR: Small insider buy; mildly positive signal but likely immaterial to valuation.

The purchase adds less than 0.4% to Homolka’s holdings and represents a negligible monetary outlay relative to DLTH’s market cap and daily trading volume. While insider buying is generally viewed as a vote of confidence, the modest size and routine nature of an ESPP acquisition limit its informational value. I view the impact on share price or investor sentiment as neutral-to-slightly positive.

Corporate Governance Expert

TL;DR: Routine ESPP participation; governance implications minimal.

This filing fulfills Section 16 reporting requirements and shows the officer adhering to disclosure obligations. The use of the Employee Stock Purchase Plan suggests participation in broad-based ownership programs, aligning management and shareholder interests. However, because the acquisition is small and plan-driven, it does not materially enhance alignment incentives. Governance impact is therefore limited.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Homolka David

(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,Talent,Oper.,AP&Safety

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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	06/30/2025		A(1)	V	1,000	A	$1.42	274,413	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. These shares were acquired under the Duluth Holdings Inc. Employee Stock Purchase Plan.

	Dennis F. Connolly, as POA	07/02/2025
	** 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 Duluth Holdings (DLTH) report in the latest Form 4?

Senior VP David Homolka bought 1,000 Class B shares at $1.42 on 06/30/2025 under the ESPP.

How many DLTH shares does David Homolka now own?

After the purchase, Homolka directly holds 274,413 Class B shares.

Was the DLTH insider transaction a purchase or sale?

The Form 4 shows an acquisition (Code A) of shares.

Did the insider use a 10b5-1 trading plan?

The filing does not indicate that the transaction was under a 10b5-1 plan; it was via the Employee Stock Purchase Plan.

Is the insider trade significant for DLTH shareholders?

Given its small size (~$1,420), the trade is considered immaterial to DLTH’s valuation.