Black Hills director awarded 1,921 new shares

Waleski Anne G reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Waleski Anne G reported acquisition or exercise transactions in this Form 4 filing.

BLACK HILLS CORP director Anne G. Waleski received an equity award of 1,921 shares of common stock as a non-employee director restricted stock unit grant. This compensation-related grant was priced at $0.00 per share in the table and increased her direct holdings to 4,237.1172 shares.

Insider Trade Summary

Grant/Award: 1,921 shares

Grant/Award 1 txn

Insider Waleski Anne G

Role Director

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

Holdings After Transaction: Common Stock — 4,237.1172 shares (Direct)

Footnotes (1)

1. F1. Non-employee Director Restricted Stock Unit Grant

Key Figures

Equity grant: 1,921 shares Holdings after grant: 4,237.1172 shares Grant price per share: $0.00 per share +1 more

4 metrics

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

Holdings after grant 4,237.1172 shares Total common stock directly held by Anne G. Waleski after transaction

Grant price per share $0.00 per share Reported transaction price in compensation-related award table

Acquisition transactions 1 acquisition Form 4 transaction summary acquireCount

Key Terms

Restricted Stock Unit, Non-employee Director, Common Stock, Grant, award, or other acquisition

4 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"

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did BLACK HILLS CORP (BKH) report for Anne G. Waleski?

BLACK HILLS CORP reported that director Anne G. Waleski received a grant of 1,921 shares of common stock. The award is described as a non-employee director restricted stock unit grant and reflects equity-based compensation rather than an open-market purchase or sale.

How many BLACK HILLS CORP (BKH) shares does Anne G. Waleski hold after this Form 4?

After the reported grant, Anne G. Waleski directly holds 4,237.1172 shares of BLACK HILLS CORP common stock. This total reflects the addition of 1,921 shares from the non-employee director restricted stock unit grant disclosed in the Form 4 filing.

Was the BLACK HILLS CORP (BKH) Form 4 transaction an open-market buy or sell?

The Form 4 shows a grant coded as an acquisition, not an open-market trade. Anne G. Waleski received 1,921 shares as a non-employee director restricted stock unit grant, with a reported transaction price of $0.00 per share in the compensation-related award table.

What does the footnote on the BLACK HILLS CORP (BKH) Form 4 transaction indicate?

The footnote characterizes the transaction as a “Non-employee Director Restricted Stock Unit Grant.” This clarifies that the 1,921-share acquisition for Anne G. Waleski represents equity compensation for board service, rather than a discretionary market purchase or sale of BLACK HILLS CORP stock.

How many acquisition transactions are reported in this BLACK HILLS CORP (BKH) Form 4?

The transaction summary shows a single acquisition event. It reports one acquire-type transaction for 1,921 shares of BLACK HILLS CORP common stock granted to director Anne G. Waleski, with no reported sales, option exercises, gifts, or tax-withholding dispositions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/04/2026 - 04:25 PM EDT Learn about SEC filing dates

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^*

Waleski Anne G

(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)