Teresa Taylor (BKH) receives 1,921-share grant and reports phantom units

Rhea-AI Filing Summary

BLACK HILLS CORP director Teresa Taylor reported a stock award and updated equity holdings. She received a grant of 1,921 shares of Common Stock as a non-employee director restricted stock unit grant, recorded at a price of $0.00 per share as compensation rather than an open-market purchase.

After this award, she directly holds 13,645.6562 shares of Common Stock. Separately, a trust associated with her indirectly holds Phantom Stock Units tied to 10,385.6725 underlying shares of Common Stock, with a 1-for-1 conversion ratio. These derivative units are exercisable and expire upon retirement under the agreement’s terms.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Taylor Teresa

Role null

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

Holdings After Transaction: Common Stock — 13,645.656 shares (Direct, null); Phantom Stock Unit — 10,385.673 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 stock grant: 1,921 shares Direct holdings after grant: 13,645.6562 shares Phantom unit underlying shares: 10,385.6725 shares +1 more

4 metrics

Director stock grant 1,921 shares Common Stock awarded at $0.00 per share as compensation

Direct holdings after grant 13,645.6562 shares Common Stock directly owned by Teresa Taylor after transaction

Phantom unit underlying shares 10,385.6725 shares Underlying Common Stock for Phantom Stock Units held indirectly by trust

Phantom unit exercise price $0.0000 Exercise price for Phantom Stock Units linked to Common Stock

Key Terms

Phantom Stock Unit, Restricted Stock Unit, conversion ratio, Derivative security

4 terms

Phantom Stock Unit financial

"The Phantom Stock Units represent a derivative interest indirectly 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.

conversion ratio financial

"They correspond to 10,385.6725 underlying BLACK HILLS CORP Common shares on a 1-for-1 conversion ratio"

The conversion ratio is the number of common shares an investor receives when a convertible security (like a bond or preferred share) or an exchangeable instrument is turned into ordinary stock. It matters because it tells investors how much ownership or dilution will occur — similar to knowing how many slices you get when you trade in a coupon — and directly affects the value you get from the convertible and the company’s future share count.

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.

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^*

Taylor Teresa

(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)	13,645.6562	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	10,385.6725		10,385.6725	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 did BLACK HILLS CORP (BKH) director Teresa Taylor acquire in this Form 4?

Teresa Taylor received a grant of 1,921 shares of BLACK HILLS CORP Common Stock as compensation. The award is recorded at $0.00 per share and reflects a non-employee director restricted stock unit grant, not an open-market stock purchase or sale.

How many BLACK HILLS CORP (BKH) shares does Teresa Taylor hold after this filing?

Following the reported grant, Teresa Taylor directly holds 13,645.6562 shares of BLACK HILLS CORP Common Stock. This direct position reflects her updated ownership 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 CORP (BKH) in Teresa Taylor’s Form 4?

The Phantom Stock Units represent a derivative interest indirectly held by a trust associated with Teresa Taylor. They correspond to 10,385.6725 underlying BLACK HILLS CORP Common shares on a 1-for-1 conversion ratio, and are tied to retirement-based exercisability and expiration terms.

Is Teresa Taylor’s 1,921-share BLACK HILLS CORP (BKH) award an open-market purchase?

No. The 1,921 shares are identified as a non-employee director restricted stock unit grant at $0.00 per share. This indicates a compensation-related stock award rather than an open-market purchase transaction executed on a stock exchange.

How are Teresa Taylor’s indirect BLACK HILLS CORP (BKH) holdings structured in this Form 4?

Her indirect holdings are through a trust that owns Phantom Stock Units tied to 10,385.6725 underlying BLACK HILLS CORP Common shares. These derivative units are exercisable upon retirement and expire upon retirement according to the agreement’s specified conditions.