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: MILLS STEVEN RICHARD (N/A)

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	94.9574	Acquired		Common Stock (94.9574)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	13127.3182	Direct

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.