Director at Black Hills (NYSE: BKH) receives 1,921-share stock grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BLACK HILLS CORP /SD/ director Barry M. Granger received a grant of 1,921 shares of Common Stock as a restricted stock unit award at no cost. This compensation-related acquisition increased his direct holdings to 11,715.8959 Common Stock shares.

He also has an indirect position in Phantom Stock Units held by a trust, representing 2,335.0121 underlying Common Stock shares 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 Granger Barry M

Role null

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

Holdings After Transaction: Common Stock — 11,715.896 shares (Direct, null); Phantom Stock Unit — 2,335.012 shares (Indirect, By Trust)

Footnotes (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 unit grant: 1,921 shares Direct holdings after grant: 11,715.8959 shares Phantom Stock Units underlying shares: 2,335.0121 shares +2 more

5 metrics

Restricted stock unit grant 1,921 shares Common Stock grant at $0.0000 per share to director

Direct holdings after grant 11,715.8959 shares Total Common Stock directly owned after Form 4 transaction

Phantom Stock Units underlying shares 2,335.0121 shares Underlying Common Stock represented by Phantom Stock Units held indirectly

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

Conversion ratio 1 for 1 Each Phantom Stock Unit converts into one share of Common Stock

Key Terms

Phantom Stock Unit, Restricted Stock Unit, Derivative security, Indirect ownership

4 terms

Phantom Stock Unit financial

"security_title: "Phantom Stock Unit" and underlying_security_title: "Common Stock""

Restricted Stock Unit financial

"Footnote: "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

"Footnotes: "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.

Indirect ownership financial

"ownership_type: "indirect" and nature_of_ownership: "By Trust""

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 04:22 PM

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^*

Granger Barry M

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/01/2026		A		1,921	A	⁽¹⁾	11,715.8959	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Unit	⁽²⁾							⁽³⁾	⁽⁴⁾	Common Stock	2,335.0121		2,335.0121	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BKH director Barry M. Granger report?

Barry M. Granger reported receiving 1,921 Common Stock shares as a restricted stock unit grant at no cost. This compensation award is classified as an acquisition and increased his directly held Black Hills Corp. shares to 11,715.8959 after the reported transaction.

How many BKH shares does Barry M. Granger hold after this Form 4?

After the transaction, Barry M. Granger directly holds 11,715.8959 shares of Black Hills Corp. Common Stock. This reflects the addition of 1,921 shares from a restricted stock unit grant reported as a non-derivative acquisition on the Form 4 filing.

What are the Phantom Stock Units reported for BKH and how are they structured?

The filing shows Phantom Stock Units tied to Black Hills Corp. Common Stock with a 1-for-1 conversion ratio. They represent 2,335.0121 underlying shares held indirectly by a trust and are exercisable upon retirement, expiring upon retirement under the terms of the related agreement.

Is the BKH Form 4 transaction a market purchase or a compensation grant?

The transaction is a compensation grant, not a market purchase. The 1,921 Common Stock shares were reported with code A as a restricted stock unit grant, awarded at a price of 0.0000 per share, indicating a non-employee director equity compensation award.

How is Barry M. Granger’s indirect ownership in BKH reported?

His indirect ownership is reported through Phantom Stock Units held by a trust. The filing lists 2,335.0121 underlying Common Stock shares associated with these units, with the nature of ownership noted as "By Trust" and the derivative exercisable and expiring upon retirement.