Steven Richard Mills - 28 May 2021 Form 4 Insider Report for BLACK HILLS CORP /SD/ (BKH)

Role: Director
Signature: /s/Lorna J. Gunderman
Issuer symbol: BKH
Transactions as of: 28 May 2021
Net transactions value: +$36,044
Form type: 4
Filing time: 01 Jun 2021, 17:12:58 UTC
Next filing: 26 Aug 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BKH	Common Stock						18,127	28 May 2021	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BKH	Phantom Stock Unit	Award	$26,250	+399	+2.4%	$65.79	17,334	28 May 2021	Common Stock	399		By Trust	F1, F2, F3
transaction	BKH	Phantom Stock Unit	Award	$9,794	+149	+0.86%	$65.90	17,483	01 Jun 2021	Common Stock	149		By Trust	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.