Otto Robert P 4

What Happened

• Robert P. Otto, a director of Black Hills Corp (BKH), received a grant/award of 1,921 restricted stock units (RSUs) on May 1, 2026. The Form 4 lists the transaction as an acquisition by award (Code A) and shows no purchase price (N/A), consistent with a compensation grant rather than an open-market trade.

Key Details

• Transaction date: 2026-05-01; Form 4 filed: 2026-05-04.
• Shares/units granted: 1,921 RSUs. Price: N/A (award).
• Shares owned after transaction: not specified in the filing.
• Footnotes from the filing:
  • F1: Non-employee Director Restricted Stock Unit Grant.
  • F2: 1-for-1 conversion ratio (each RSU converts to one share).
  • F3/F4: The derivative security is exercisable and expires upon retirement under the terms of the agreement.
• No indication in the filing of a 10b5-1 plan, cashless sale, tax withholding, or other sale-related codes.

Context

• This is an equity compensation award to a non-employee director, a common form of board compensation and not a market purchase or sale. RSUs typically convert to common shares per the stated 1:1 ratio when vested; the filing notes special retirement-related exercise/expiration terms that govern when those rights can be exercised or lapse. This grant should be viewed as compensation, not an explicit buy or sell signal.