[Form 4] Black Hills Corporation Insider Trading Activity

Rhea-AI Filing Summary

Insider restricted stock grant recorded for Black Hills Corporation (BKH). Donald Lee Redden Jr., identified as a company officer (CITO) and director, is shown acquiring 5,268 shares of common stock via a restricted stock grant under the company’s Incentive Compensation Plan on 08/01/2025. The filing reports those 5,268 shares as held directly following the transaction. The Form 4 was signed and submitted on 08/21/2025 by Travis Frederickson. No derivative transactions or additional securities classes are reported in this filing.

Positive

• Transparency in disclosure: Form 4 includes transaction date, amount, ownership form, and explanatory remark about the restricted stock grant
• Officer alignment with shareholders: Award issued under the company’s Incentive Compensation Plan, which links executive compensation to equity ownership

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine restricted stock grant to an officer, limited immediate market impact.

This Form 4 documents a standard equity compensation event: a restricted stock grant of 5,268 shares to Donald Lee Redden Jr. Such grants align executive incentives with shareholder interests but are typically subject to vesting and transfer restrictions, which limits immediate market supply impact. The absolute size of the award appears modest relative to a typical public-company float, and no cashless exercises or sales are reported. Disclosure is complete for a single non-derivative transaction; there are no indications of abnormal trading activity.

Corporate Governance Expert

TL;DR: Governance disclosure is routine and complies with Section 16 reporting.

The filing identifies the reporting person, relationship to the issuer, transaction date, and post-transaction ownership, meeting Form 4 requirements. The grant is described as issued under the company’s Incentive Compensation Plan, with an explanatory remark confirming restricted stock treatment. The signature and filing date are provided. There is no evidence in this document of departures, accelerated vesting, or related-party transfers that would raise governance concerns.

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^*

Redden Donald Lee JR

(Last) (First) (Middle)

P.O. 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)
	CITO

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

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	08/01/2025		A		5,268	A	(1)	5,268	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. Shares acquired through a Restricted Stock Grant under the Company's Incentive Compensation Plan.

Remarks:

	/s/Travis Frederickson	08/21/2025
	** 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 did Donald Lee Redden Jr. report on Form 4 for BKH?

He reported the acquisition of 5,268 shares of Black Hills Corporation common stock via a restricted stock grant on 08/01/2025 and holds those shares directly following the transaction.

Was the reported transaction a sale or purchase for BKH insider activity?

It was an acquisition (restricted stock grant), not a sale.

Under what plan were the shares issued to the reporting person?

The shares were issued through a Restricted Stock Grant under the Company’s Incentive Compensation Plan as stated in the filing.

Does this Form 4 report any derivative transactions for BKH insiders?

No. Table II for derivative securities shows no entries in this filing.

When was the Form 4 filed and who signed it?

The filing was signed by Travis Frederickson on 08/21/2025.