BLACK HILLS CORP /SD/ — Director's Dealing 2022

May 3, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2022-04-30

Reporting Person: MILLS STEVEN RICHARD (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-04-30	Common Stock	J	4.3410	—	Acquired	18627.6592	Direct
2022-05-01	Common Stock	A	1638	—	Acquired	20265.6592	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Unit	$		Common Stock (18575.4614)	18575.4614	Indirect

Footnotes

F1: Shares acquired through the Company's Dividend Reinvestment Plan.

F2: Non-employee Director Restricted Stock Unit Grant which was granted on 5-1-2022 and will vest on 4-30-2023.

F3: 1 for 1 conversion ratio

F4: Derivative security is exercisable upon retirement under terms of the agreement.

F5: Derivative security expires upon retirement under terms of the agreement.