[Form 4] DULUTH HOLDINGS INC. Insider Trading Activity

Rhea-AI Filing Summary

DULUTH HOLDINGS INC. senior vice president David Homolka reported routine equity compensation activity involving the company’s Class B common stock. On March 31, he acquired 1,000 shares at $1.76 per share through the Duluth Holdings Inc. Employee Stock Purchase Plan, increasing his direct holdings.

On April 4, 1,312 shares were withheld at a price of $3.09 per share to satisfy tax obligations tied to the vesting of restricted stock, a non-market, tax-withholding disposition rather than an open-market sale. After these transactions, Homolka directly holds 379,599 Class B shares, indicating these movements are small compared with his overall position.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Homolka David

Role SVP,Talent,Oper.,AP&Safety

Type	Security	Shares	Price	Value
Tax Withholding	Class B Common Stock	1,312	$3.09	$4K
Grant/Award	Class B Common Stock	1,000	$1.76	$2K

Holdings After Transaction: Class B Common Stock — 379,599 shares (Direct)

Footnotes (1)

1. These shares were acquired under the Duluth Holdings Inc. Employee Stock Purchase Plan. Represents shares used to satisfy tax withholding obligation upon vesting of restricted stock.

Key Figures

ESPP acquisition: 1,000 shares at $1.76 Tax withholding shares: 1,312 shares at $3.09 Post-transaction holdings: 379,599 shares +2 more

5 metrics

ESPP acquisition 1,000 shares at $1.76 Employee Stock Purchase Plan on March 31, 2026

Tax withholding shares 1,312 shares at $3.09 Restricted stock tax withholding on April 4, 2026

Post-transaction holdings 379,599 shares Class B common stock held directly after April 4, 2026

Tax withholding total value $4,056.08 1,312 shares at $3.09 per share

ESPP purchase value $1,760.00 1,000 shares at $1.76 per share

Key Terms

Employee Stock Purchase Plan, restricted stock, tax withholding obligation, Class B Common Stock, +1 more

5 terms

Employee Stock Purchase Plan financial

"These shares were acquired under the Duluth Holdings Inc. Employee Stock Purchase Plan."

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

restricted stock financial

"Represents shares used to satisfy tax withholding obligation upon vesting of restricted stock."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

tax withholding obligation financial

"Represents shares used to satisfy tax withholding obligation upon vesting of restricted stock."

Class B Common Stock financial

"security_title: Class B Common Stock"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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).

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 WISCONSIN 53572

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/31/2026		A(1)	V	1,000	A	$1.76	380,911	D
Class B Common Stock	04/04/2026		F		1,312(2)	D	$3.09	379,599	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.

2. Represents shares used to satisfy tax withholding obligation upon vesting of restricted stock.

	Dennis F. Connolly, as POA	04/07/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did DLTH executive David Homolka report on this Form 4?

David Homolka reported two routine equity compensation transactions in Duluth Holdings Class B stock: an acquisition of 1,000 shares through the Employee Stock Purchase Plan and a tax-withholding disposition of 1,312 shares tied to restricted stock vesting.

How many DULUTH HOLDINGS (DLTH) shares does David Homolka hold after these transactions?

Following the reported transactions, David Homolka directly holds 379,599 shares of Duluth Holdings Class B common stock. This figure shows that the 1,000-share purchase and 1,312-share tax withholding are small compared with his overall equity position in the company.

Was the DLTH insider transaction an open-market buy or sell of shares?

The filing shows no open-market buy or sell. Homolka acquired 1,000 shares via the Employee Stock Purchase Plan and had 1,312 shares withheld to cover taxes on restricted stock vesting, both of which are compensation-related and not discretionary market trades.

What is the significance of the tax withholding transaction reported for DLTH?

The Form 4 lists 1,312 shares disposed at $3.09 each to satisfy tax withholding on vested restricted stock. This F-code transaction reflects shares turned over for taxes, not a voluntary sale, and is typically viewed as a mechanical part of equity compensation.

At what prices were the recent DLTH insider share transactions recorded?

The Employee Stock Purchase Plan acquisition was recorded at $1.76 per share for 1,000 shares. The tax withholding related to restricted stock vesting used a price of $3.09 per share for 1,312 shares, according to the details in the Form 4.