0001130464-15-000118 Sample Contracts

Black Hills Corporation
Performance Share Award Agreement • May 1st, 2015 • Black Hills Corp /Sd/ • Electric services
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Black Hills Corporation Restricted Stock Award Agreement
Restricted Stock Award Agreement • May 1st, 2015 • Black Hills Corp /Sd/ • Electric services • South Dakota

Congratulations on your selection as a Participant of Black Hills Corporation 2015 Omnibus Incentive Plan (the “Plan”). This Agreement and the Plan together govern your rights to the award and set forth all of the conditions and limitations affecting such rights. All capitalized terms shall have the meanings ascribed to them in the Plan unless specifically set forth otherwise herein. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall supersede and replace the conflicting terms of this Agreement. By signing below, you agree to be bound by all the provisions of the Plan and this Agreement.

Black Hills Corporation Short- Term Incentive Plan for Officers Award Agreement
Short-Term Incentive Plan for Officers Award Agreement • May 1st, 2015 • Black Hills Corp /Sd/ • Electric services • South Dakota

THIS AGREEMENT (the “Agreement”) effective ________________, represents the award opportunity under the STIP provided by Black Hills Corporation, a South Dakota corporation (the “Company”), to the Participant named above, pursuant to the provisions of the Plan.

Black Hills Corporation Option Award Agreement (Effective for awards granted on or after April 28, 2015)
Option Award Agreement • May 1st, 2015 • Black Hills Corp /Sd/ • Electric services

This document constitutes part of the prospectus covering securities that have been registered under the Securities Act of 1933.

Restricted Stock Unit Agreement
Restricted Stock Unit Agreement • May 1st, 2015 • Black Hills Corp /Sd/ • Electric services • South Dakota

Congratulations on your award under the Black Hills Corporation 2015 Omnibus Incentive Plan (the “Omnibus Plan”) and your participation in the Black Hills Corporation Nonqualified Deferred Compensation Plan (the “NDC Plan”) (collectively, the “Plans”). This Agreement and the Plans together govern your rights to the award and set forth all of the conditions and limitations affecting such rights. All capitalized terms shall have the meanings ascribed to them in the respective Plan unless specifically set forth otherwise herein. If there is any inconsistency between the terms of this Agreement and the terms of the Plans, the Plans’ terms shall supersede and replace the conflicting terms of this Agreement. By signing below, you agree to be bound by all the provisions of the Plans and this Agreement.

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