Black Hills (BKH) SVP Sarah Wiltse awarded 2,327 shares, 201 used for taxes

Rhea-AI Filing Summary

Black Hills Corp executive Sarah Wiltse reported equity compensation and related tax withholding transactions. On February 6, 2026, she acquired 2,327 shares of common stock at $0 through a restricted stock grant under the company’s incentive compensation plan, bringing her direct holdings to 7,733 shares.

On February 7, 2026, 201.027 shares of common stock at $72.30 per share were withheld to cover taxes associated with restricted stock vesting, leaving her with 7,531.973 directly owned shares after these transactions.

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^*

Wiltse Sarah

(Last) (First) (Middle)

7001 MT RUSHMORE RD

(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 and CHRO

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		2,327	A	$0(1)	7,733	D
Common Stock	02/07/2026		F(2)		201.027	D	$72.3	7,531.973	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

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 transactions did Sarah Wiltse report for Black Hills Corp (BKH)?

Sarah Wiltse reported receiving 2,327 Black Hills Corp common shares via a restricted stock grant, then using 201.027 shares to cover tax withholding. After these non-derivative transactions, she directly owned 7,531.973 common shares in the company.

How many Black Hills Corp (BKH) shares did Sarah Wiltse acquire in the Form 4 filing?

She acquired 2,327 shares of Black Hills Corp common stock at $0 per share through a restricted stock grant under the company’s incentive compensation plan, dated February 6, 2026, increasing her direct beneficial ownership before tax withholding.

Why were 201.027 Black Hills Corp (BKH) shares disposed of in this Form 4?

201.027 shares were used to pay tax withholding related to the vesting of restricted stock from a February 7, 2025 restricted stock grant. The transaction is coded “F”, indicating shares withheld to satisfy tax obligations on the vesting event.

What is Sarah Wiltse’s role at Black Hills Corp (BKH) in this insider report?

Sarah Wiltse is reported as an officer of Black Hills Corp with the title “SVP and CHRO.” She is not listed as a director or 10% owner, and the Form 4 is filed for one reporting person only.

How many Black Hills Corp (BKH) shares does Sarah Wiltse own after these transactions?

Following the reported transactions, Sarah Wiltse directly owns 7,531.973 shares of Black Hills Corp common stock. This figure reflects the restricted stock grant and the shares withheld to cover associated tax obligations reported in the filing.

Were any derivative securities reported for Sarah Wiltse in this Black Hills Corp (BKH) Form 4?

No derivative securities are reported for Sarah Wiltse in the provided tables. Table II, which covers derivative securities like options or warrants, contains headings but no filled entries for derivative transactions or holdings in this filing excerpt.