What are the vesting terms of the 730,159-share award to the Duluth Holdings (DLTH) CEO?

The 730,159 restricted shares granted to CEO Stephanie L. Pugliese vest in three equal installments. Vesting begins on March 23, 2027, under Duluth Holdings Inc.’s 2024 Equity Incentive Plan, meaning the award is earned gradually over time rather than immediately.

Duluth Holdings (DLTH) grants CEO 730,159 restricted shares

Filing Impact

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Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

PUGLIESE STEPHANIE L. reported acquisition or exercise transactions in this Form 4 filing.

Duluth Holdings Inc. reported that President and CEO Stephanie L. Pugliese received a grant of 730,159 shares of Class B common stock as a restricted stock award priced at $0.00 per share. These restricted shares vest in three equal installments commencing on March 23, 2027.

After this award, she directly holds 2,447,160 shares of Class B common stock. The filing also notes 12,849 shares held indirectly by one of her children, for which she disclaims beneficial ownership, and that she no longer has a reportable interest in 11,849 shares held by another child.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider PUGLIESE STEPHANIE L.

Role President and CEO

Type	Security	Shares	Price	Value
Grant/Award	Class B Common Stock	730,159	$0.00	--
holding	Class B Common Stock	--	--	--

Holdings After Transaction: Class B Common Stock — 2,447,160 shares (Direct); Class B Common Stock — 12,849 shares (Indirect, By Child)

Footnotes (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. The reporting person disclaims beneficial ownership of 12,849 shares of Duluth Holdings, Inc. common stock held by one of her children residing in her household, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose. The reporting person no longer has a reportable beneficial interest in 11,849 shares of Duluth Holdings Inc. common stock owned by one of her other children and included in the reporting person's prior ownership reports.

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Form 4 Insider Transactions: What Each Field Means →

03/25/2026 - 04:46 PM

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^*

PUGLIESE STEPHANIE L.

(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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	03/23/2026		A		730,159	A	⁽¹⁾	2,447,160	D
Class B Common Stock								12,849⁽²⁾	I	By Child

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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.

2. The reporting person disclaims beneficial ownership of 12,849 shares of Duluth Holdings, Inc. common stock held by one of her children residing in her household, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose. The reporting person no longer has a reportable beneficial interest in 11,849 shares of Duluth Holdings Inc. common stock owned by one of her other children and included in the reporting person's prior ownership reports.

	by 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Duluth Holdings (DLTH) report for CEO Stephanie Pugliese?

Duluth Holdings reported that CEO Stephanie L. Pugliese received a grant of 730,159 shares of Class B common stock. The award is structured as restricted stock, issued at $0.00 per share as equity compensation under the company’s 2024 Equity Incentive Plan.

How many Duluth Holdings (DLTH) shares does the CEO hold after this Form 4 filing?

Following the restricted stock award, CEO Stephanie L. Pugliese directly holds 2,447,160 shares of Duluth Holdings Class B common stock. The Form 4 also lists 12,849 additional shares held indirectly by one of her children, for which she disclaims beneficial ownership.

Is the Duluth Holdings (DLTH) CEO’s stock award a cash purchase or equity compensation?

The transaction is equity compensation, not a cash purchase. CEO Stephanie L. Pugliese received 730,159 restricted shares of Class B common stock at a stated price of $0.00 per share, reflecting a grant or award under the company’s 2024 Equity Incentive Plan.

How does the Duluth Holdings (DLTH) Form 4 treat shares held by the CEO’s children?

The filing shows 12,849 shares held by one of CEO Stephanie L. Pugliese’s children as indirect ownership. She expressly disclaims beneficial ownership of those shares and also notes she no longer has a reportable interest in 11,849 shares held by another child.

Does this Duluth Holdings (DLTH) Form 4 include any insider stock sales?

The Form 4 does not report any open-market stock sales by CEO Stephanie L. Pugliese. It primarily records a large restricted stock grant and updates indirect holdings related to shares owned by her children, including a disclaimer of beneficial ownership for those indirect shares.