Black Hills (NYSE: BKH) director awarded 1,921 shares, holds phantom units

Rhea-AI Filing Summary

BLACK HILLS CORP (BKH) director Steven Richard Mills reported a stock-based compensation grant and his existing phantom stock holdings. He received an award of 1,921 shares of common stock as a non-employee director restricted stock unit grant, increasing his direct common stock holdings to 29,622.2309 shares.

Mills is also indirectly associated with 22,105.2207 phantom stock units held by a trust, each with a 1-for-1 conversion ratio into common stock. The derivative security becomes exercisable upon retirement and expires upon retirement under the terms of the agreement.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider MILLS STEVEN RICHARD

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,921	$0.00	--
holding	Phantom Stock Unit	--	--	--

Holdings After Transaction: Common Stock — 29,622.231 shares (Direct, null); Phantom Stock Unit — 22,105.221 shares (Indirect, By Trust)

Footnotes (1)

1. Non-employee Director Restricted Stock Unit Grant 1 for 1 conversion ratio Derivative security is exercisable upon retirement under terms of the agreement. Derivative security expires upon retirement under terms of the agreement.

Key Figures

Director RSU grant: 1,921 shares Direct common stock holdings: 29,622.2309 shares Phantom stock units: 22,105.2207 units +2 more

5 metrics

Director RSU grant 1,921 shares Non-employee director restricted stock unit grant on 2026-05-01

Direct common stock holdings 29,622.2309 shares Total common stock held directly by director after grant

Phantom stock units 22,105.2207 units Indirect phantom stock units held by trust, 1-for-1 into common

Conversion ratio 1-for-1 Each phantom stock unit converts into one share of common stock

Exercise condition Upon retirement Phantom stock units exercisable and expiring upon retirement

Key Terms

Phantom Stock Unit, Restricted Stock Unit, 1-for-1 conversion ratio, derivative security

4 terms

Phantom Stock Unit financial

"He is also indirectly associated with 22,105.2207 phantom stock units held by a trust"

Restricted Stock Unit financial

"Non-employee Director Restricted Stock Unit Grant"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

1-for-1 conversion ratio financial

"These units have a 1-for-1 conversion ratio into common stock"

derivative security financial

"The derivative security becomes exercisable upon retirement and expires upon retirement"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MILLS STEVEN RICHARD

(Last) (First) (Middle)

PO BOX 1400

(Street)

RAPID CITY SOUTH DAKOTA 57709

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BLACK HILLS CORP /SD/ [ BKH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/01/2026		A		1,921	A	(1)	29,622.2309	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Unit	(2)							(3)	(4)	Common Stock	22,105.2207		22,105.2207	I	By Trust

Explanation of Responses:

1. Non-employee Director Restricted Stock Unit Grant

2. 1 for 1 conversion ratio

3. Derivative security is exercisable upon retirement under terms of the agreement.

4. Derivative security expires upon retirement under terms of the agreement.

Remarks:

	/s/Travis Frederickson	05/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did BLACK HILLS CORP (BKH) director Steven Mills report?

Director Steven Richard Mills reported receiving 1,921 shares of BLACK HILLS CORP common stock as a restricted stock unit grant. This award is compensation for his role as a non-employee director and increased his directly held common stock position to 29,622.2309 shares.

How many BLACK HILLS CORP (BKH) shares does Steven Mills hold after the latest grant?

After the reported grant, Steven Richard Mills directly holds 29,622.2309 shares of BLACK HILLS CORP common stock. This reflects the addition of 1,921 shares from a non-employee director restricted stock unit award reported as a grant or other acquisition.

What are the phantom stock units reported for BLACK HILLS CORP (BKH)?

The filing shows 22,105.2207 phantom stock units linked to BLACK HILLS CORP common stock, held indirectly by a trust. These units have a 1-for-1 conversion ratio into common stock and represent a derivative position rather than currently issued common shares.

When can Steven Mills’ phantom stock units in BLACK HILLS CORP (BKH) be exercised?

The derivative phantom stock units become exercisable upon Steven Mills’ retirement under the terms of the agreement. The filing also states that this derivative security expires upon retirement, so both exercisability and expiration are tied to his retirement event.

Is the 1,921-share transaction in BLACK HILLS CORP (BKH) an open-market purchase?

No. The 1,921-share transaction is coded as an “A” grant, meaning a grant, award, or other acquisition, not an open-market purchase. Footnotes describe it as a non-employee director restricted stock unit grant rather than a market trade.

How are Steven Mills’ indirect holdings in BLACK HILLS CORP (BKH) structured?

His indirect holdings consist of phantom stock units held by a trust, classified as indirect ownership. The filing lists 22,105.2207 phantom stock units with a 1-for-1 conversion ratio into common stock, exercisable and expiring upon retirement under the agreement’s terms.