BLACK HILLS CORP /SD/ — Director's Dealing 2018

Dec 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2018-11-30

Reporting Person: SCHOBER MARK A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-12-03	Common Stock	I	17.5940	$66.09	Acquired	2320.0820	Direct
2018-12-03	Common Stock	I	50.4380	$66.09	Acquired	2370.52	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-11-30	Phantom Stock Unit	$	A	349.2678	Acquired		Common Stock (349.2678)	Indirect
2018-12-03	Phantom Stock Unit	$	A	38.3181	Acquired		Common Stock (38.3181)	Indirect

Footnotes

F1: 1 for 1 conversion ratio

F2: Derivative security is exercisable upon retirement under terms of the agreement.

F3: Derivative security expires upon retirement under terms of the agreement.