Black Hills (BKH) CFO reports stock grant and tax share sales

Rhea-AI Filing Summary

Black Hills Corp SVP & CFO Kimberly F. Nooney reported several equity-related transactions in company common stock. On February 6, 2026, she acquired 4,654 shares at $0 through a restricted stock grant under the company’s incentive compensation plan, bringing her direct holdings to 39,923.75 shares.

Subsequently, on February 7 and 9, 2026, she disposed of shares coded as "F", at prices of about $72.30 and $71.48, to pay tax withholding tied to vesting of earlier restricted stock grants from 2023, 2024, and 2025. She also holds 4.459 shares indirectly in a 401(k) account.

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^*

Nooney Kimberly F

(Last) (First) (Middle)

PO BOX 1400

(Street)

RAPID CITY SD 57709

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACK HILLS CORP /SD/ [ BKH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	02/06/2026		A		4,654	A	$0(1)	39,923.75	D
Common Stock	02/07/2026		F(2)		1,805.117	D	$72.3	38,118.633	D
Common Stock	02/09/2026		F(3)		250.246	D	$71.48	37,868.387	D
Common Stock	02/09/2026		F(4)		377.148	D	$71.48	37,491.239	D
Common Stock								4.459	I	401K

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. Shares acquired through a Restricted Stock Grant under the Company's Incentive Compensation Plan.

2. Shares used to pay tax withholding associated with Restricted Stock Vesting from 2-7-2025 Restricted Stock Grants

3. Shares used to pay tax withholding associated with Restricted Stock Vesting from 2-9-2023 Restricted Stock Grant

4. Shares used to pay tax withholding associated with Restricted Stock Vesting from 2-9-2024 Restricted Stock Grant

Remarks:

	/s/Travis Frederickson	02/09/2026
	** 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.

FAQ

What insider transactions did BKH CFO Kimberly Nooney report on this Form 4?

Kimberly F. Nooney reported a grant of 4,654 shares of Black Hills common stock, plus several share disposals coded "F" at about $72 per share to cover tax withholding from vesting restricted stock awards granted in 2023, 2024, and 2025.

How many Black Hills (BKH) shares does the CFO hold after these transactions?

After the reported transactions, Kimberly F. Nooney directly owned 37,491.239 shares of Black Hills common stock and indirectly held another 4.459 shares through a 401(k) account, according to the filing’s post-transaction beneficial ownership figures.

What is the nature of the 4,654 Black Hills (BKH) shares acquired by the CFO?

The 4,654 shares were acquired through a Restricted Stock Grant under Black Hills Corp’s Incentive Compensation Plan at a stated price of $0. This reflects equity compensation rather than an open-market purchase of common stock.

Why did the Black Hills (BKH) CFO dispose of shares in February 2026?

The share disposals were coded "F", indicating shares were used to pay tax withholding. Footnotes explain they relate to restricted stock vesting from February 7, 2025 and earlier grants dated February 9, 2023 and February 9, 2024.

At what prices were Black Hills (BKH) shares used for the CFO’s tax withholding?

Shares used for tax withholding were reported at approximately $72.30 per share on February 7, 2026 and $71.48 per share on February 9, 2026, based on the transaction price per share fields in the Form 4.

Does the Black Hills (BKH) CFO hold any shares indirectly through retirement plans?

Yes. The Form 4 lists 4.459 shares of Black Hills common stock held indirectly in a 401(k) account. These are reported separately from her directly owned common stock holdings in the filing.