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

Sep 5, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2018-08-31

Reporting Person: Otto Robert P (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-09-04	Common Stock	I	56.36	$59.1436	Acquired	1154.7570	Direct
2018-09-04	Common Stock	I	8.8220	$59.1436	Acquired	1163.5790	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-08-31	Phantom Stock Unit	$	A	392.9485	Acquired		Common Stock (392.9485)	Indirect
2018-09-04	Phantom Stock Unit	$	A	20.5239	Acquired		Common Stock (20.5239)	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.