Black Hills director awarded 1,921 restricted shares

Prochazka Scott M reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Prochazka Scott M reported acquisition or exercise transactions in this Form 4 filing.

Black Hills Corp. director Scott M. Prochazka received an equity grant of 1,921 shares of Common Stock as a restricted stock unit award. The grant was made at a price of $0.00 per share as a non-employee director Restricted Stock Unit grant.

Following this award, Prochazka directly holds 11,715.8442 Common Stock shares. He is also associated with 2,335.0121 Phantom Stock Units held indirectly by a trust, which reference an equivalent number of Common Stock shares on a 1-for-1 basis and become exercisable and expire upon retirement under the agreement’s terms.

Insider Trade Summary

Grant/Award: 1,921 shares

Grant/Award 2 txns

Insider Prochazka Scott M

Role Director

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

Holdings After Transaction: Common Stock — 11,715.8442 shares (Direct); Phantom Stock Unit — 2,335.0121 contracts (Indirect, By Trust)

Footnotes (4)

1. F1. Non-employee Director Restricted Stock Unit Grant
2. F2. 1 for 1 conversion ratio
3. F3. Derivative security is exercisable upon retirement under terms of the agreement.
4. F4. Derivative security expires upon retirement under terms of the agreement.

Key Figures

Restricted Stock Unit grant: 1,921 shares Direct holdings after grant: 11,715.8442 shares Phantom Stock Units: 2,335.0121 units +1 more

4 metrics

Restricted Stock Unit grant 1,921 shares Non-employee director grant of Common Stock at $0.00 per share

Direct holdings after grant 11,715.8442 shares Common Stock directly owned by Scott M. Prochazka after transaction

Phantom Stock Units 2,335.0121 units Indirect holdings by trust, 1-for-1 into Common Stock upon retirement

Exercise price of phantom units $0.0000 Exercise price for Phantom Stock Units linked to Common Stock

Key Terms

Restricted Stock Unit, Phantom Stock Unit, indirect, 1 for 1 conversion ratio, +1 more

5 terms

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.

Phantom Stock Unit financial

"security_title: "Phantom Stock Unit" with underlying Common Stock"

indirect financial

"ownership_type: "indirect" and nature_of_ownership: "By Trust""

1 for 1 conversion ratio financial

"1 for 1 conversion ratio between Phantom Stock Units and Common Stock"

Derivative security financial

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

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Black Hills (BKH) director Scott Prochazka report in this Form 4?

Scott M. Prochazka reported receiving 1,921 shares of Black Hills Common Stock as a restricted stock unit grant at $0.00 per share. This non-employee director award increases his direct ownership to 11,715.8442 shares, plus indirect phantom units held through a trust.

How many Black Hills (BKH) shares does Scott Prochazka hold after the reported grant?

After the reported grant, Scott Prochazka directly holds 11,715.8442 shares of Black Hills Common Stock. In addition, a trust associated with him holds 2,335.0121 Phantom Stock Units tied to Common Stock on a 1-for-1 basis, exercisable upon retirement.

What is the size and nature of the equity grant to the Black Hills (BKH) director?

The equity grant to the Black Hills director consists of 1,921 shares of Common Stock awarded as a non-employee director Restricted Stock Unit grant. The grant price is $0.00 per share, reflecting compensation rather than a market purchase, and increases his direct shareholdings.

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

The filing shows 2,335.0121 Phantom Stock Units linked to Black Hills Common Stock on a 1-for-1 conversion ratio. These units are held indirectly by a trust and become exercisable and expire upon the director’s retirement, functioning as deferred equity-based compensation.

Are the Phantom Stock Units in the Black Hills (BKH) Form 4 a market transaction?

The Phantom Stock Units are not a market purchase or sale; they are derivative compensation instruments. The filing indicates a holding entry for 2,335.0121 units held indirectly by a trust, with exercisability and expiration tied to the director’s retirement terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/04/2026 - 04:24 PM Learn about SEC filing dates

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^*

Prochazka Scott M

(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)	11,715.8442	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	2,335.0121		2,335.0121	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)