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

Mar 3, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2020-02-28

Reporting Person: Roberts Rebecca B (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-03-02	Common Stock	I	11.5760	$73.818	Acquired	4702.7464	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-28	Phantom Stock Unit	$	A	369.6157	Acquired		Common Stock (369.6157)	Indirect
2020-03-02	Phantom Stock Unit	$	A	112.4973	Acquired		Common Stock (112.4973)	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.