SCHEDULE: Duluth Holdings Inc. Stock Vesting Update

Stephanie L. Pugliese's beneficial ownership in Duluth Holdings Inc. is updated following a restricted stock award vesting event and associated tax withholding.

Summary

• This filing is an amendment to a Schedule 13D, reporting changes in beneficial ownership of Duluth Holdings Inc. Class B Common Stock.
• As of May 5, 2026, Stephanie L. Pugliese holds an aggregate of 2,265,225 shares of Common Stock, representing 6.8% of the outstanding shares.
• This update is due to the vesting of 387,097 shares of Common Stock on May 5, 2026, as per an Inducement Restricted Stock Award Agreement dated May 5, 2025.
• In connection with the vesting, the Issuer withheld 181,935 shares to satisfy tax withholding obligations.
• Ms. Pugliese has sole voting power over 2,265,225 shares and sole dispositive power over 749,142 shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily reflecting routine equity vesting and tax management rather than a significant strategic shift or performance indicator.

Positives

• Vesting of 387,097 shares indicates continued commitment and reward for Ms. Pugliese.
• Ms. Pugliese maintains significant beneficial ownership (6.8%) and voting power, suggesting continued interest in the company's performance.

Negatives

• Withholding of 181,935 shares for tax obligations reduces the immediate net shares available to Ms. Pugliese.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the terms of the existing stock award agreement.

Industry Context

StockSavvy.ai notes that this filing pertains to a Schedule 13D amendment, which is a regulatory requirement for significant beneficial ownership changes. Such filings are common in the retail sector as executives and major shareholders receive equity awards that vest over time.

Related Party Transactions

• The vesting of restricted stock and subsequent tax withholding by the Issuer for Ms. Pugliese is a related party transaction.

Stakeholder Impact

• Shareholders: The filing confirms Ms. Pugliese's continued significant stake, which can be viewed positively for alignment of interests. The tax withholding reduces the immediate increase in her net share count.
• Employees: The restricted stock award highlights a form of executive compensation, which is standard practice.
• Management: The transaction is a direct result of an existing compensation agreement.

Next Steps

• Continued monitoring of Ms. Pugliese's beneficial ownership as further vesting or transactions occur.
• Analysis of Duluth Holdings Inc.'s overall financial performance and strategic direction in subsequent filings.

Key Dates

Keywords

Duluth Holdings Inc., Schedule 13D, Beneficial Ownership, Class B Common Stock, Restricted Stock Award, Vesting, Tax Withholding, Stephanie L. Pugliese