Otter Tail Corp — Director's Dealing 2011

Apr 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Otter Tail Corp (OTTR)
CIK: 0001466593
Period of Report: 2011-03-31

Reporting Person: LIEBE ARVID R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-31	Phantom Stock Units (right to buy)	$	A	738.5362	Acquired		Common Stock (738.5362)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11974.0837	Direct
Common Stock	3733.77	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (right to buy)	$26.25	2011-04-09	Common Stock (2000)	2000	Direct

Footnotes

F1: Total direct holdings include shares held in the Dividend Reinvestment Plan and shares acquired pursuant to Restricted Stock Award distributions.

F2: 1 -for -1

F3: There is no specific "Exercisable Date" on the Phantom Stock Award.

F4: There is no specific "Expiration Date" on this Phantom Stock Award.

F5: Phantom Stock Units acquired under the 1999 Stock Incentive Plan at fair market value as part of the Compensation Program for outside Directors. He first elected this method of payment in 2000.