Stephen L. Schlecht Gifts 102,000 Class B Shares of Duluth Holdings

This Form 4 filing reports that Stephen L. Schlecht, a director and 10% owner of Duluth Holdings Inc. (DLTH), gifted 102,000 shares of Class B Common Stock on December 22, 2025. The transaction was coded as a gift (transaction code "G") with no monetary consideration involved. Following this disposition, Schlecht's remaining ownership position stands at 7,119,588 shares of Class B Common Stock. The filing was signed by Dennis F. Connolly acting under power of attorney on December 23, 2025. This represents a significant reduction in Schlecht's holdings, though he maintains a substantial ownership stake in the company. The transaction appears to be part of estate planning or charitable giving activities rather than a market-based sale.