Evans Linden R 4

What Happened
Linden R. Evans, President and CEO of Black Hills Corp (BKH), received a restricted stock award of 17,793 shares on 2026-02-06 (grant under the company's Incentive Compensation Plan). To satisfy tax withholding obligations tied to prior restricted stock vestings, Evans had a total of 4,084.885 shares withheld/disposed across 2026-02-07 and 2026-02-09:

• 2/7/2026: 1,624.735 shares withheld at $72.30/share for $117,468 (tax withholding tied to 2/7/2025 grant).
• 2/9/2026: 1,077.801 shares withheld at $71.48/share for $77,041 (tax withholding tied to 2/9/2023 grant).
• 2/9/2026: 1,382.349 shares withheld at $71.48/share for $98,810 (tax withholding tied to 2/9/2024 grant).
  These dispositions were routine tax withholdings associated with restricted stock vesting, not open-market sales.

Key Details

• Filing date: 2026-02-10 (reporting period begins 2026-02-06); filing appears timely.
• Award: 17,793 restricted shares granted (code A) at $0.00 (F1).
• Withheld/disposed: total 4,084.885 shares for tax withholding (codes F) totaling ~$293,319.
• Post-transaction holdings: filing notes an understatement by 1,000 shares; actual ownership reported as 170,603.653 shares (F5).
• Footnotes: F2–F4 specify which prior restricted stock grants the withholding related to; F5 corrects the post-transaction share balance.

Context

• This was a restricted stock grant and routine tax-withholding net share settlement; the withheld shares were used to pay taxes on vesting, not indicative of an open-market sale.
• Restricted stock awards are a form of compensation; receipts (acquisitions) are more informative about insider alignment than routine withholding transactions.