BLACK HILLS CORP /SD/ — Director's Dealing 2020

Dec 2, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2020-11-30

Reporting Person: SCHOBER MARK A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-01	Common Stock	I	37.0790	$61.2743	Acquired	4058.2419	Direct
2020-12-01	Common Stock	I	74.8002	$61.2743	Acquired	4133.0421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-11-30	Phantom Stock Unit	$	A	431.5305	Acquired		Common Stock (431.5305)	Indirect
2020-12-01	Phantom Stock Unit	$	A	78.2093	Acquired		Common Stock (78.2093)	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.