DILLARD MIKE 4

What Happened
Mike Dillard, Executive Vice President and a director of Dillard's, Inc. (DDS), was granted 160 shares on April 27, 2026 (transaction code A) at an implied price of $594.31 per share, for a total value of $95,090. The filing shows these shares are held by W.D. Company, Inc., not directly in his name.

Key Details

• Transaction date and price: Apr 27, 2026 — 160 shares at $594.31 per share; total value $95,090.
• Filing date: Apr 29, 2026 (filed two days after the transaction; appears timely for Form 4).
• Shares owned after transaction: The Form 4 does not list a direct post-transaction personal share total. It notes W.D. Company, Inc. holds 3,985,776 shares of Class B common stock (convertible one-for-one to Class A); Mr. Dillard owns 26.3% of W.D. Company, Inc.
• Footnotes: F1 — shares are held by W.D. Company, Inc.; Mr. Dillard owns 26.3% of that company and is one of its directors/officers. F2 — trustee of GST Trust.
• Beneficial ownership remark: The reporting person disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest (i.e., indirect ownership).

Context
This was an award/grant (compensation) rather than an open-market purchase or sale, and the shares were acquired in the name of a related entity (W.D. Company, Inc.). Awards are typically part of compensation plans and do not necessarily signal a personal buy/sell decision. Because the filing disclaims direct beneficial ownership and identifies indirect holdings, treat these shares as held indirectly through an affiliated entity.