Director Tony Jensen adds 1,921 BKH shares in equity grant (BKH)

Rhea-AI Filing Summary

Black Hills Corp. director Tony A. Jensen reported an equity grant of 1,921 shares of common stock as a non-employee director restricted stock unit award. The shares were acquired at a stated price of $0.0000 per share and increase his direct holdings to 18,117.5789 shares of common stock.

He also reports an indirect position in Phantom Stock Units held by a trust, representing 4,250.9788 underlying shares of common stock on a 1-for-1 conversion ratio. These derivative securities are exercisable upon retirement and expire upon retirement under the terms of the agreement.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Jensen Tony A

Role null

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

Holdings After Transaction: Common Stock — 18,117.579 shares (Direct, null); Phantom Stock Unit — 4,250.979 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

Restricted stock grant: 1,921 shares Direct common stock holdings: 18,117.5789 shares Phantom Stock Units underlying shares: 4,250.9788 shares +1 more

4 metrics

Restricted stock grant 1,921 shares Non-employee director restricted stock unit grant on 2026-05-01

Direct common stock holdings 18,117.5789 shares Direct ownership after reported grant

Phantom Stock Units underlying shares 4,250.9788 shares Indirect holdings via trust, 1-for-1 conversion ratio

Exercise price of Phantom Stock Units $0.0000 per unit Derivative security exercisable upon retirement

Key Terms

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

4 terms

Phantom Stock Unit financial

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

Restricted Stock Unit financial

"Footnote states "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.

derivative security financial

"Footnote notes "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.

conversion ratio financial

"Footnote specifies "1 for 1 conversion ratio" for the Phantom Stock Units"

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.

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^*

Jensen Tony A

(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)	18,117.5789	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	4,250.9788		4,250.9788	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 (BKH) director Tony A. Jensen report in this Form 4?

Tony A. Jensen reported receiving 1,921 shares of Black Hills common stock as a non-employee director restricted stock unit grant. This award was recorded at a stated price of $0.0000 per share and represents equity compensation rather than an open-market purchase or sale.

How many Black Hills (BKH) shares does Tony A. Jensen hold after the reported grant?

After the grant, Tony A. Jensen directly holds 18,117.5789 shares of Black Hills common stock. This figure reflects his updated direct ownership position following the 1,921-share restricted stock unit award reported in the filing on the stated transaction date.

What are the Phantom Stock Units reported by Tony A. Jensen for Black Hills (BKH)?

The Phantom Stock Units are derivative securities linked to Black Hills common stock, held indirectly by a trust. They represent 4,250.9788 underlying shares on a 1-for-1 conversion basis and are exercisable upon retirement, expiring at retirement under the terms of the governing agreement.

Is the 1,921-share transaction for Black Hills (BKH) an open-market buy or a grant?

The 1,921-share transaction is a grant, not an open-market purchase. It is classified as a non-derivative acquisition with transaction code "A," described as a grant, award, or other acquisition, and carries a stated price of $0.0000 per share as director equity compensation.

How are Tony A. Jensen’s indirect holdings in Black Hills (BKH) structured?

His indirect holdings consist of Phantom Stock Units held "By Trust," with an underlying 4,250.9788 shares of Black Hills common stock. These units have an exercise price of $0.0000 and become exercisable upon retirement, at which point they also expire under the agreement’s terms.

Does this Black Hills (BKH) Form 4 show any insider share sales by Tony A. Jensen?

The Form 4 does not report any share sales by Tony A. Jensen. It shows one acquisition of 1,921 common shares as a restricted stock unit grant and a holding entry for Phantom Stock Units, with no sell transactions indicated in the transaction summary data.