BLACK HILLS CORP /SD/ — Director's Dealing 2023

Feb 1, 2023

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2022-12-31

Reporting Person: Otto Robert P (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-12-31	Common Stock	I	150.7851	—	Acquired	5230.0872	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-12-31	Phantom Stock Unit	$	A	274.5672	Acquired		Common Stock (274.5672)	Indirect

Footnotes

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

F2: 1 for 1 conversion ratio

F3: Derivative security is exercisable upon retirement under terms of the agreement.

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