Black Hills (NYSE: BKH) director awarded 1,921-share restricted stock grant

Rhea-AI Filing Summary

BLACK HILLS CORP (BKH) director Robert F. Beard reported a stock-based compensation grant. On May 1, 2026, he acquired 1,921 shares of Common Stock at a stated price of $0.00 per share as a Non-employee Director Restricted Stock Unit Grant.

Following this award, Beard directly holds 4,237.1172 Common Stock shares. This is a routine equity grant for board service rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Beard Robert F.

Role null

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

Holdings After Transaction: Common Stock — 4,237.117 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 1,921 shares Grant price: $0.00 per share Shares held after grant: 4,237.1172 shares

3 metrics

Shares granted 1,921 shares Non-employee Director Restricted Stock Unit Grant on May 1, 2026

Grant price $0.00 per share Stated transaction price for the stock-based compensation award

Shares held after grant 4,237.1172 shares Total direct common stock holdings following the reported transaction

Key Terms

Restricted Stock Unit, Non-employee Director, Form 4

3 terms

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.

Non-employee Director financial

"Non-employee Director Restricted Stock Unit Grant"

Form 4 regulatory

"This filing records 1,921 common shares granted to director Robert F. Beard as part of his board compensation, with no open-market cash transaction involved."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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^*

Beard Robert F.

(Last) (First) (Middle)

7001 MT. RUSHMORE RD

(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)	4,237.1172	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. Non-employee Director Restricted Stock Unit Grant

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 Robert F. Beard report in this Form 4?

Robert F. Beard reported receiving 1,921 shares of Black Hills common stock as a stock-based compensation grant. The award was a Non-employee Director Restricted Stock Unit Grant, recorded at a price of $0.00 per share, reflecting compensation rather than a market trade.

How many BLACK HILLS (BKH) shares did Robert F. Beard acquire in the latest filing?

He acquired 1,921 shares of Black Hills common stock. These shares were granted as a Non-employee Director Restricted Stock Unit Grant, meaning they were awarded for board service and not bought in the open market at a cash purchase price.

What are Robert F. Beard’s BLACK HILLS (BKH) holdings after this grant?

After the grant, Robert F. Beard directly holds 4,237.1172 shares of Black Hills common stock. This total reflects his position following the 1,921-share restricted stock unit award disclosed in the Form 4 insider transaction report.

Was the BLACK HILLS (BKH) Form 4 transaction a stock purchase or a compensation grant?

The Form 4 shows a compensation grant, not a stock purchase. Robert F. Beard received 1,921 common shares at a stated price of $0.00 per share as a Non-employee Director Restricted Stock Unit Grant for his service on the board.

What does a Non-employee Director Restricted Stock Unit Grant mean for BLACK HILLS (BKH)?

A Non-employee Director Restricted Stock Unit Grant is a stock-based compensation award to outside directors. For Black Hills, this filing records 1,921 common shares granted to director Robert F. Beard as part of his board compensation, with no open-market cash transaction involved.