Black Hills Corp (BKH) CEO logs stock grant and tax-withholding share disposals

Rhea-AI Filing Summary

Black Hills Corp President and CEO Evans Linden reported multiple equity-related transactions in company common stock. On February 6, 2026, he acquired 17,793 shares at $0 through a restricted stock grant under the company’s incentive compensation plan, increasing his direct holdings.

On February 7 and 9, 2026, he disposed of 1,624.735, 1,077.801, and 1,382.349 shares, respectively, at prices of $72.3 and $71.48 to cover tax withholding on vesting of prior restricted stock grants. He also indirectly holds 4,490.861 shares through a 401(k). A software issue understated his post-transaction balance; the filing states he actually owns 170,603.653 shares 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

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^*

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)
02/06/2026

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		17,793	A	$0(1)	173,688.537	D
Common Stock	02/07/2026		F(2)		1,624.735	D	$72.3	172,063.802	D
Common Stock	02/09/2026		F(3)		1,077.801	D	$71.48	170,986.001	D
Common Stock	02/09/2026		F(4)		1,382.349	D	$71.48	169,603.652	D(5)
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 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

5. Due to a temporary software issue, the post-transaction share balance is understated by 1,000 shares. The reporting person actually owns 170,603.653 shares.

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.
* 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 President and CEO Evans Linden report?

Evans Linden reported a restricted stock grant and related tax-withholding share disposals. He acquired 17,793 Black Hills Corp common shares at $0 on February 6, 2026, then disposed of smaller blocks on February 7 and 9, 2026 to satisfy tax obligations from prior restricted stock vesting.

How many Black Hills Corp (BKH) shares did the CEO receive in the latest grant?

The CEO received 17,793 shares of Black Hills Corp common stock. These shares were granted on February 6, 2026 as a restricted stock grant under the company’s Incentive Compensation Plan, increasing his direct equity stake before subsequent tax-withholding related share disposals.

Why did the BKH CEO dispose of shares on February 7 and 9, 2026?

The disposals were to cover tax withholding on vesting restricted stock. On February 7 and 9, 2026, shares were used to pay taxes tied to restricted stock grants dated February 7, 2025, February 9, 2023, and February 9, 2024, as explained in the filing footnotes.

What prices were used for the Black Hills Corp CEO’s tax-withholding share disposals?

The filing lists prices of $72.3 and $71.48 per share. On February 7, 2026, 1,624.735 shares were used at $72.3, and on February 9, 2026, blocks of 1,077.801 and 1,382.349 shares were used at $71.48 to satisfy tax obligations.

How many Black Hills Corp shares does the CEO own after these transactions?

The filing states the CEO actually owns 170,603.653 shares directly. A footnote explains that a temporary software issue understated the reported post-transaction balance by 1,000 shares; the corrected figure reflects his true direct ownership after the transactions.

Does the BKH CEO hold any Black Hills Corp shares indirectly?

Yes. The CEO also holds Black Hills Corp shares indirectly through a retirement plan. The filing reports 4,490.861 common shares held indirectly via a 401(k) account, in addition to his directly owned common stock position in the company.

What role does Evans Linden hold at Black Hills Corp (BKH)?

Evans Linden is identified as President and CEO of Black Hills Corp. The Form 4 filing indicates he is an officer, not a director or 10% owner, and reports his equity transactions in the company’s common stock in that executive capacity.