Form 4: Duluth Holdings Director Janet H. Kennedy Acquires Shares in Lieu of Cash Retainer

Director Janet H. Kennedy acquired 3,857 shares of Duluth Holdings Inc. Class B Common Stock on October 27, 2024, as compensation in lieu of a quarterly cash retainer.

Summary

• On October 27, 2024, Janet H. Kennedy, a director of Duluth Holdings Inc., acquired 3,857 shares of Class B Common Stock.
• The acquisition was made under the 2024 Equity Incentive Plan of Duluth Holdings Inc.
• These shares were awarded in lieu of a quarterly cash retainer for her service as a director.
• Following the transaction, Kennedy directly owns 37,293 shares of Class B Common Stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. A director taking shares instead of cash shows confidence, but it's a routine transaction.

Positives

• The acquisition of shares by a director can be seen as a positive sign, indicating confidence in the company's future.

Industry Context

Directors receiving stock in lieu of cash compensation is a fairly common practice, especially for smaller companies, as it helps conserve cash and aligns the interests of the directors with those of the shareholders.

Comparison to Industry Standards

• Comparing Duluth Holdings' director compensation structure to similar retail companies like L.L.Bean (privately held) or Lands' End (LE) would provide a benchmark.
• Analyzing the proportion of equity-based compensation versus cash compensation for directors in these companies can offer insights into Duluth Holdings' approach.
• Reviewing the equity incentive plans of comparable companies can reveal industry standards for director compensation.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with theirs.

Key Dates