Black Hills (NYSE: BKH) SVP receives stock grant, withholds for taxes

Rhea-AI Filing Summary

Black Hills Corp. senior vice president Marne M. Jones reported equity compensation and related tax-withholding transactions in company common stock. On February 6, 2026, Jones acquired 4,106 shares of common stock through a restricted stock grant under the company’s incentive compensation plan at a stated price of $0, bringing direct holdings to 39,964.399 shares.

On February 7, 2026, 1,417.774 shares were withheld at $72.30 per share to cover taxes on the vesting of a February 7, 2025 restricted stock grant, reducing direct holdings to 38,546.625 shares. On February 9, 2026, additional tax-withholding transactions used 104.368 shares and 275.745 shares at $71.48 per share related to earlier restricted stock grants, leaving Jones with 38,166.512 common shares held directly.

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^*

Jones Marne M

(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)
	SVP - Utilities

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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	02/06/2026		A		4,106	A	$0(1)	39,964.399	D
Common Stock	02/07/2026		F(2)		1,417.774	D	$72.3	38,546.625	D
Common Stock	02/09/2026		F(3)		104.368	D	$71.48	38,442.257	D
Common Stock	02/09/2026		F(4)		275.745	D	$71.48	38,166.512	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

Explanation of Responses:

1. Shares acquired through a Restricted Stock Grant under the Company's Incentive Compensation Plan.

2. Shares used to pay tax withholding associated with Restricted Stock Vesting from 2-7-2025 Restricted Stock Grant

3. Shares used to pay tax withholding associated with Restricted Stock Vesting from 2-9-2023 Restricted Stock Grant

4. Shares used to pay tax withholding associated with Restricted Stock Vesting from 2-9-2024 Restricted Stock Grant

Remarks:

	/s/Travis Frederickson	02/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity did BKH executive Marne Jones report on this Form 4?

Marne M. Jones, SVP - Utilities at Black Hills Corp. (BKH), reported a restricted stock grant of 4,106 common shares and several share-withholding transactions to cover taxes on vested restricted stock, all affecting directly held common stock balances.

How many Black Hills (BKH) shares did Marne Jones receive in the latest restricted stock grant?

Marne Jones received 4,106 shares of Black Hills Corp. common stock on February 6, 2026. The shares were granted at a stated price of $0 under the company’s incentive compensation plan as equity-based compensation.

How many Black Hills (BKH) shares does Marne Jones hold after these transactions?

After the reported transactions, Marne Jones directly holds 38,166.512 shares of Black Hills Corp. common stock. This figure reflects the restricted stock grant and subsequent share withholdings used to pay tax obligations on vested awards.

Why were Black Hills (BKH) shares forfeited or withheld in Marne Jones’s Form 4?

The Form 4 notes that certain shares were used to pay tax withholding tied to restricted stock vesting. Transactions on February 7 and February 9, 2026 applied common shares to satisfy taxes on prior restricted stock grants from 2023, 2024, and 2025.

What do the transaction codes A and F mean in the BKH Form 4 for Marne Jones?

Code A indicates shares acquired, here from a restricted stock grant of 4,106 shares. Code F marks shares withheld to cover tax obligations on vesting restricted stock, reducing the number of shares directly held after each withholding transaction.

Were Marne Jones’s Black Hills (BKH) transactions direct or indirect holdings?

All reported transactions involve direct ownership of Black Hills Corp. common stock. The Form 4 designates each entry with an ownership form of “D” for direct, and no footnotes indicate holding through separate entities or indirect structures.