BLACK HILLS CORP /SD/ — Director's Dealing 2021

Dec 2, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2021-11-30

Reporting Person: Jensen Tony A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-12-01	Common Stock	I	6.5650	$65.0068	Acquired	6484.8528	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-11-30	Phantom Stock Unit	$	A	409.3886	Acquired		Common Stock (409.3886)	Indirect
2021-12-01	Phantom Stock Unit	$	A	32.3992	Acquired		Common Stock (32.3992)	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.