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

Mar 2, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2018-02-28

Reporting Person: Otto Robert P (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-03-01	Common Stock	I	6.7890	$51.1943	Acquired	738.4660	Direct
2018-03-01	Common Stock	I	65.1110	$51.1943	Acquired	803.5770	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-02-28	Phantom Stock Unit	$	A	451.2046	Acquired		Common Stock (451.2046)	Indirect
2018-03-01	Phantom Stock Unit	$	A	16.0634	Acquired		Common Stock (16.0634)	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.