Form 4: Duluth Holdings CEO Stephanie Pugliese Gifts 70,000 Shares of Class B Common Stock

Stephanie L. Pugliese, President and CEO of Duluth Holdings Inc., reported gifting a total of 70,000 shares of Class B Common Stock, including 20,000 shares to her children, as disclosed in a recent SEC Form 4 filing.

Summary

• Stephanie L. Pugliese, President and CEO of Duluth Holdings Inc. (DLTH), filed a Form 4 reporting changes in her beneficial ownership of Class B Common Stock.
• On June 9, 2025, Ms. Pugliese directly gifted 50,000 shares of Class B Common Stock.
• Following this direct gift, Ms. Pugliese's direct beneficial ownership of Class B Common Stock stands at 1,717,001 shares.
• On the same date, Ms. Pugliese also gifted 20,000 shares of Class B Common Stock to her children residing in her household.
• After this transaction, her children indirectly beneficially own 24,698 shares of Class B Common Stock.
• Ms. Pugliese explicitly disclaims beneficial ownership of the securities held by her children residing in her household.
• All reported transactions were gifts, meaning no monetary price was exchanged for the shares.

Sentiment

Score: 5

Explanation: The document reports insider stock transactions (gifts) which are typically personal financial planning events and do not directly reflect on the company's operational performance or future prospects. While a reduction in insider ownership is noted, the CEO retains a substantial stake.

Positives

• The CEO, Stephanie L. Pugliese, retains a substantial direct beneficial ownership of 1,717,001 shares of Class B Common Stock after the reported transactions, indicating continued significant alignment with shareholder interests.

Negatives

• Stephanie L. Pugliese, President and CEO, disposed of a total of 70,000 shares of Class B Common Stock through gifts, reducing her overall direct and indirect beneficial ownership.

Risks

• A reduction in insider ownership, even through gifts for personal financial planning, could be perceived by some investors as a slight decrease in management's direct stake in the company's performance.

Future Outlook

NA

Management Comments

• "Transaction is a gift, therefore price is not applicable."
• "This transaction involved the reporting person's gift of 20,000 shares of Duluth Holdings Inc. common stock to her children residing in her household. The reporting person disclaims beneficial ownership of the securities held by 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."

Industry Context

NA

Related Party Transactions

• Gift of 20,000 shares of Class B Common Stock by Stephanie L. Pugliese to her children residing in her household.

Stakeholder Impact

• Shareholders: May observe a reduction in direct insider ownership, though the CEO retains a significant stake, which could be interpreted as a personal financial planning move rather than a signal about company performance.

Key Dates

Keywords

Duluth Holdings, DLTH, SEC Form 4, insider transaction, beneficial ownership, Class B Common Stock, Stephanie L. Pugliese, CEO, Director, stock gift