Otter Tail Corp — Director's Dealing 2011

Mar 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Otter Tail Corp (OTTR)
CIK: 0001466593
Period of Report: 2011-03-09

Reporting Person: LIEBE ARVID R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-09	Common Stock	S	500	$22.38	Disposed	14276.3565	Direct
2011-03-09	Common Stock	S	400	$22.41	Disposed	13876.3565	Direct
2011-03-09	Common Stock	S	1800	$22.42	Disposed	12076.3565	Direct
2011-03-09	Common Stock	S	200	$22.50	Disposed	11876.3565	Direct
2011-03-09	Common Stock	S	100	$22.51	Disposed	11776.3565	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3733.77	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units (right to buy)	$		Common Stock ()	1742.5591	Direct
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.