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  4. [Form 4] BLACK HILLS CORP /SD/ Insider Trading Activity

Director at Black Hills (NYSE: BKH) gets stock and phantom units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Black Hills Corp director Robert P. Otto received a grant of 1,921 shares of Common Stock as a non-employee director restricted stock unit award at a price of $0.0000 per share. After this grant, his directly held common stock position is 14,994.9672 shares.

He also has an indirect position in Phantom Stock Units held by a trust, representing 9,764.9995 underlying shares of Common Stock on a 1-for-1 conversion ratio. These derivative securities are exercisable upon retirement and expire upon retirement under the terms of the agreement, indicating a long-term, retirement-linked compensation structure rather than an open-market trade.

Positive

  • None.

Negative

  • None.
Insider Otto Robert P
Role null
Type Security Shares Price Value
Grant/Award Common Stock 1,921 $0.00 --
holding Phantom Stock Unit -- -- --
Holdings After Transaction: Common Stock — 14,994.967 shares (Direct, null); Phantom Stock Unit — 9,765 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.
Common stock grant 1,921 shares Non-employee Director Restricted Stock Unit Grant at $0.0000 per share
Direct common shares after grant 14,994.9672 shares Total Common Stock directly owned after the 2026-05-01 award
Phantom Stock Units underlying shares 9,764.9995 shares Underlying Common Stock associated with Phantom Stock Units held indirectly by trust
Conversion ratio 1 for 1 Each Phantom Stock Unit converts into one share of Common Stock
Exercise price of Phantom Stock Units $0.0000 Exercise price for Phantom Stock Unit derivative security
Phantom Stock Unit financial
"security_title: "Phantom Stock Unit" and underlying_security_title: "Common Stock""
Non-employee Director Restricted Stock Unit Grant financial
"Footnote states: "Non-employee Director Restricted Stock Unit Grant""
1 for 1 conversion ratio financial
"Footnote notes: "1 for 1 conversion ratio" for the derivative security"
Derivative security financial
"Footnotes describe: "Derivative security is exercisable 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 4UNITED 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*
Otto Robert P
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock05/01/2026A1,921A(1)14,994.9672D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Stock Unit(2) (3) (4)Common Stock9,764.99959,764.9995IBy 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 Frederickson05/01/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did director Robert P. Otto acquire in this Black Hills (BKH) Form 4?

Director Robert P. Otto received a grant of 1,921 shares of Black Hills Common Stock as a non-employee director restricted stock unit award at $0.0000 per share, reflecting routine equity-based compensation rather than an open-market stock purchase.

How many Black Hills (BKH) shares does Robert P. Otto hold after this grant?

Following the grant, Robert P. Otto directly holds 14,994.9672 shares of Black Hills Common Stock. This figure reflects his updated direct ownership position after the non-employee director restricted stock unit award reported in the Form 4 filing.

What are the Phantom Stock Units reported for Black Hills (BKH) in this filing?

The filing shows Phantom Stock Units indirectly owned through a trust, representing 9,764.9995 underlying shares of Common Stock. These units track the value of Black Hills stock and are designed as long-term, retirement-linked compensation rather than ordinary stock holdings.

When can the Phantom Stock Units tied to Black Hills (BKH) be exercised?

The Phantom Stock Units are exercisable upon retirement under the terms of the agreement. A related footnote states the derivative security both becomes exercisable and expires upon retirement, linking their value realization to the director’s retirement timing.

What does the 1-for-1 conversion ratio mean for Black Hills (BKH) Phantom Stock Units?

The filing notes a 1 for 1 conversion ratio, meaning each Phantom Stock Unit corresponds to one share of Black Hills Common Stock. This ratio clarifies that 9,764.9995 units equate economically to the same number of underlying common shares upon settlement.

Is this Black Hills (BKH) Form 4 a buy or sell signal by the director?

The Form 4 reflects a grant/award acquisition, not an open-market buy or sale. Code “A” indicates shares were awarded as compensation, while the Phantom Stock Units represent deferred, retirement-linked incentives rather than discretionary trading activity.