Duluth Holdings (DLTH) CFO receives 165,325 restricted Class B shares in equity grant

Rhea-AI Filing Summary

AGRAWAL HEENA reported acquisition or exercise transactions in this Form 4 filing.

Duluth Holdings Inc. reported that Senior Vice President and CFO Heena Agrawal received a grant of 165,325 shares of Class B common stock as restricted stock, at no cash cost per share. Following this award, she directly holds 396,152 shares. The restricted stock was granted under the company’s 2024 Equity Incentive Plan and will vest in three equal installments starting on March 23, 2027, tying a substantial portion of her compensation to the company’s long-term performance.

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

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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^*

AGRAWAL HEENA

(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)
	Senior Vice President and CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

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	03/23/2026		A		165,325	A	(1)	396,152	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. Award of restricted stock granted under the 2024 Equity Incentive Plan of Duluth Holdings Inc. The shares of restricted stock vest in three equal installments commencing on March 23, 2027.

	Dennis F. Connolly, as POA	03/25/2026
	** 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 transaction did Duluth Holdings (DLTH) report for CFO Heena Agrawal?

Duluth Holdings reported that CFO Heena Agrawal received a grant of 165,325 shares of Class B common stock as restricted stock. The award was made at no cash cost per share under the 2024 Equity Incentive Plan.

How many Duluth Holdings (DLTH) shares does the CFO hold after this grant?

After the restricted stock grant, CFO Heena Agrawal directly holds a total of 396,152 shares of Duluth Holdings Class B common stock. This figure reflects her updated ownership position as reported in the Form 4 filing.

When do the newly granted Duluth Holdings (DLTH) restricted shares vest?

The 165,325 restricted shares granted to CFO Heena Agrawal vest in three equal installments. Vesting begins on March 23, 2027, with additional installments on the following anniversaries, aligning her compensation with longer-term company performance.

What plan governs the Duluth Holdings (DLTH) restricted stock grant to the CFO?

The restricted stock grant to CFO Heena Agrawal was made under the Duluth Holdings Inc. 2024 Equity Incentive Plan. This plan provides equity-based awards to align key executives’ interests with those of shareholders over time.

Was the Duluth Holdings (DLTH) CFO’s transaction a market purchase or sale?

The CFO’s transaction was not a market purchase or sale. It was a grant of restricted stock with a reported price of $0.0000 per share, representing a compensation award rather than an open-market trade in Duluth Holdings stock.

What type of security did the Duluth Holdings (DLTH) CFO receive in this award?

CFO Heena Agrawal received Class B common stock of Duluth Holdings as restricted stock. These shares are subject to vesting requirements, with three equal installments commencing on March 23, 2027, as disclosed in the Form 4 footnote.