Douglas Dynamics, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Note 13 - Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

				*Weighted*		*Weighted*
				*Average*		*Average*
				*Grant*		*Remaining*
				*Date*		*Contractual*
	*Shares*			*Fair value*		*Term (in years)*

Unvested at December 31, 2022		111,264			41.89		1.76
Granted		155,695			36.83		1.70
Vested		(79,592	)		44.47
Cancelled and forfeited		(4,144	)		38.74
Unvested at December 31, 2023		183,223			36.54		1.72
Granted		336,685			27.66		1.69
Vested		(134,934	)		38.54
Cancelled and forfeited		(10,636	)		29.69
Unvested at December 31, 2024		374,338			28.02		1.74
Granted		200,851			27.64		1.73
Vested		(217,777	)		28.94
Cancelled and forfeited		(13,133	)		26.91

Unvested at December 31, 2025		344,279		$	27.27		1.48

Expected to vest in the future at December 31, 2025		332,058		$	27.27		1.48