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

Jun 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2018-05-31

Reporting Person: Otto Robert P (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-06-01	Common Stock	I	7.5740	$57.8902	Acquired	930.6650	Direct
2018-06-01	Common Stock	I	57.58	$57.8902	Acquired	988.2450	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-31	Phantom Stock Unit	$	A	397.6104	Acquired		Common Stock (397.6104)	Indirect
2018-06-01	Phantom Stock Unit	$	A	17.5997	Acquired		Common Stock (17.5997)	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.