Black Hills (NYSE: BKH) director awarded 1,921 shares plus phantom units

Rhea-AI Filing Summary

McAllister Kathleen S reported acquisition or exercise transactions in this Form 4 filing.

Black Hills Corp. director Kathleen S. McAllister received a grant of 1,921 shares of common stock as a non-employee director restricted stock unit award. After this grant, she holds 16,529.1219 common shares directly. She also has phantom stock units indirectly via a trust, tied to 4,250.9788 underlying common shares on a 1-for-1 basis, which become exercisable and expire upon retirement under the agreement.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider McAllister Kathleen S

Role null

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

Holdings After Transaction: Common Stock — 16,529.122 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 holdings after grant: 16,529.1219 shares Phantom units underlying shares: 4,250.9788 shares +2 more

5 metrics

Restricted stock grant 1,921 shares Non-employee director restricted stock unit grant

Direct holdings after grant 16,529.1219 shares Common stock held directly after transaction

Phantom units underlying shares 4,250.9788 shares Underlying common shares for phantom stock units held indirectly

Grant price per share $0.0000/share Restricted stock unit award price

Phantom unit exercise price $0.0000 Exercise price for phantom stock unit derivative security

Key Terms

Phantom Stock Unit, Restricted Stock Unit, 1 for 1 conversion ratio, Derivative security, +1 more

5 terms

Phantom Stock Unit financial

"security_title: "Phantom Stock Unit""

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.

1 for 1 conversion ratio financial

"1 for 1 conversion ratio"

Derivative security financial

"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.

By Trust financial

"nature_of_ownership: "By Trust""

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^*

McAllister Kathleen S

(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)	16,529.1219	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 Kathleen McAllister report on this Form 4?

She reported receiving a grant of 1,921 shares of Black Hills common stock as a non-employee director restricted stock unit award. The grant was recorded at a price of $0.0000 per share, reflecting a compensation grant rather than a market purchase.

How many Black Hills (BKH) shares does Kathleen McAllister hold after the grant?

Following the grant, she directly holds 16,529.1219 shares of Black Hills common stock. This figure reflects her updated direct ownership position after the 1,921-share restricted stock unit award recorded on the transaction date in the filing.

What are the phantom stock units reported for Black Hills (BKH)?

The filing shows phantom stock units tied to 4,250.9788 underlying Black Hills common shares, held indirectly by a trust. These units convert to common stock at a 1-for-1 ratio and are linked to her retirement terms under the applicable agreement.

Is the 1,921-share transaction in Black Hills (BKH) a market purchase or a grant?

It is a grant, not a market purchase. The transaction is coded as an award (code A) with a price of $0.0000 per share and described as a non-employee director restricted stock unit grant, indicating compensation rather than an open-market buy.

How are the phantom stock units for Black Hills (BKH) director structured?

The phantom stock units have a 1-for-1 conversion ratio into Black Hills common stock and an exercise price of $0.0000. They are exercisable upon retirement and expire upon retirement under the agreement, and are held indirectly through a trust.