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: Taylor Teresa (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-09-04	Common Stock	I	54.5990	$59.1436	Acquired	1326.4241	Direct
2018-09-04	Common Stock	I	10.2150	$59.1436	Acquired	1336.6391	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	24.2677	Acquired		Common Stock (24.2677)	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.

F4: Shares of phantom stock are payable in cash following termination of the reporting persons employment with BKH. The reporting person may transfer his phantom stock account in to an alternative investment account at any time.