Form 4: Evans Linden R reports multiple insider transactions in BKH

Rhea-AI Filing Summary

Evans Linden R reported multiple insider transaction types in a Form 4 filing for BKH. The filing lists transactions totaling 12,592 shares at a weighted average price of $73.21 per share. Following the reported transactions, holdings were 178,640 shares.

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

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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^*

Evans Linden R

(Last) (First) (Middle)

PO BOX 1400

(Street)

RAPID CITY SD 57709

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/12/2026

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

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

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

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	02/12/2026		A		9,036	A	$73.21(1)	178,639.652	D
Common Stock	02/12/2026		F(2)		3,555.666	D	$73.21	175,083.986(3)	D
Common Stock								4,490.861	I	By 401K

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

Explanation of Responses:

1. Shares acquired through the 2023-2025 Performance Share Plan under the Company's Omnibus Incentive Plan.

2. Shares used to pay tax withholding associated with 2023-2025 Performance Shares Plan payout from 2-12-2026.

3. Due to a temporary software issue, the post-transaction share balance is understated by 1,000 shares. The reporting person actually owns 176,083.986 shares.

Remarks:

	/s/Travis Frederickson	02/12/2026
	** 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.

FAQ

What insider transactions did BKH CEO Linden Evans report on February 12, 2026?

On February 12, 2026, Black Hills Corp CEO Linden Evans received 9,036 common shares at $73.21 per share from the 2023–2025 Performance Share Plan. The same day, 3,555.666 shares were withheld at $73.21 per share to satisfy tax obligations on that award.

How many Black Hills (BKH) shares does the CEO own after the reported Form 4 transactions?

After the reported transactions, a footnote clarifies CEO Linden Evans directly owns 176,083.986 Black Hills common shares. In addition, he has an indirect holding of 4,490.861 shares through a 401(k), reported separately as indirect beneficial ownership.

Were any of the Black Hills (BKH) CEO’s reported transactions open-market buys or sells?

None of the reported transactions are open-market buys or sells. The 9,036 shares reflect an award under the 2023–2025 Performance Share Plan, while the 3,555.666 shares represent a tax-withholding disposition to cover taxes on that equity payout.

What is the significance of the tax-withholding disposition in the BKH CEO’s Form 4?

The tax-withholding disposition shows 3,555.666 shares were surrendered at $73.21 per share to pay taxes on the performance share payout. This is an administrative step tied to compensation, not a discretionary sale of shares on the open market.

Why does the Black Hills (BKH) Form 4 mention a temporary software issue in share balances?

A footnote explains a temporary software issue caused the initial post-transaction balance to be understated by 1,000 shares. It clarifies that CEO Linden Evans actually holds 176,083.986 shares directly after the transactions, correcting the earlier automated total.

How were the 9,036 Black Hills (BKH) shares granted to the CEO earned?

The 9,036 shares were acquired through the company’s 2023–2025 Performance Share Plan under the Omnibus Incentive Plan. This indicates they were granted as performance-based equity compensation tied to plan terms over the 2023–2025 period.