Document:

Restricted Stock Award Agreement

Exhibit 10.2 

Black Hills Corporation
Omnibus
Incentive Compensation Plan
Restricted Stock Award Agreement 

    

_________________ 

Congratulations on your selection as
a Participant of Black Hills Corporation Omnibus Incentive Compensation Plan (the
“Plan”). This Agreement and the Plan together govern your rights under the Plan
and set forth all of the conditions and limitations affecting such rights. Terms used in
this Agreement that are defined in the Plan shall have the meanings ascribed to them in
the Plan. 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. 

Overview of Your Award 

1.       Number of Restricted Shares Granted.             ____ Shares 

2.       Date of Grant.
            
            
            
                 __________ 

3.       Date of Lapse of
Restrictions. 

	                    Shares	                    Date
	

		

	
	
		
	
	
		
	

     	4.	
          Employment by the Company. This Restricted Stock is awarded on the
          condition that the Participant remain in the employ of Black Hills Corporation
          (the “Company”) from the Date of Grant through (and including) the
          Dates of Lapse of Restrictions. The Award of this Restricted Stock, however,
          shall not impose upon the Company any obligations to retain the Participant in
          its employ for any given period or upon any specific terms of employment. 

          

     	5.	
          Certificate Legend. Shares of Restricted Stock granted pursuant to the
          Plan shall be held by the Company in book entry form and shall be designated to
          have the following legend: 

          

	  	
“The
sale or other transfer of the shares of stock represented by this certificate, whether
voluntary, involuntary, or by operation of law, is subject to certain restrictions on
transfer set forth in the Black Hills Corporation Omnibus Incentive Compensation Plan and
in a Restricted Stock Award Agreement. A copy of the Plan and such Restricted Stock
Agreement may be obtained from the Secretary of Black Hills Corporation.” 

	6.	Removal of
Restrictions. Except as otherwise provided in the Plan, each of the Shares of
Restricted Stock granted under this Agreement shall become freely transferable by the
Participant on each of the “Dates of Lapse of Restrictions” set forth on
Paragraph 3 herein.  

	  	
Once
the shares are released from the restrictions, the Participant shall be entitled to
receive certificates representing the Shares of stock which have been vested, without the
restrictive legend required by Paragraph 5 of this Agreement. 

	  	
Notwithstanding
the terms of this Agreement, no stock shall be issued by the Corporation while its stock
transfer books are closed. 

     	7.	
          Voting Rights and Dividends. During the Period of Restriction, the
          Participant may exercise full voting rights and is entitled to receive all
          dividends and other distributions paid with respect to the Shares of Restricted
          Stock while they are held. If any such dividends or distributions are paid in
          shares of Common Stock of the Company, the Shares shall be subject to the same
          restrictions on transferability as the Shares of Restricted Stock with respect
          to which they were paid. 

          

     	8.	
          Termination of Employment By Reasons of Death, Disability, Retirement, and
          Vesting in  Connection with a Change in Control. In the event the
          Participant’s employment is terminated by reason of Death, Disability,
          Retirement, or in the event of a Change in Control prior to the Dates of Lapse
          of Restrictions, all Shares of Restricted Stock then outstanding shall
          immediately vest one hundred percent (100%), and as soon as is administratively
          practicable, the stock certificates representing the Shares of Restricted Stock
          without any restrictions or legend thereon, shall be delivered to the
          Participant’s beneficiary or estate. 

          

     	9.	
          Beneficiary Designation. The Participant may, from time to time, name any
          beneficiary or beneficiaries (who may be named contingently or successively) to
          whom any benefit under this Agreement is to be paid in case of his or her death
          prior to the Dates of Lapse of Restrictions. Each such designation shall revoke
          all prior designations by the Participant, shall be in a form prescribed by the
          Company, and will be effective only when filed by the Participant in writing
          with the Company during the Participant’s lifetime. In the absence of any
          such designation, benefits remaining unpaid at the Participant’s death
          shall be paid to the Participant’s estate. 

          

     	10.	
          Termination of Employment for Other Reasons. In the event the
          Participant’s employment is terminated for reasons other than those
          described in Section 8 herein prior to the Dates of the Lapse of Restrictions,
          all outstanding Shares of unvested Restricted Stock granted hereunder shall
          immediately be forfeited by the Participant. 

          

     	11.	
          Transferability. This Restricted Stock is not transferable by the
          Participant, whether voluntarily or involuntarily, by operation of laws or
          otherwise, during the Restriction Period, except as provided in the Plan. If any
          assessment, pledge, transfer, or other disposition, voluntary or involuntary, of
          this Restricted Stock shall be made, or if any attachment, execution,
          garnishment, or client shall be issued against or placed upon the Restricted
          Stock, then the Participant’s right to the Restricted Stock shall
          immediately cease and terminate and the Participant shall promptly forfeit to
          the Company all Restricted Stock awarded under this Agreement. 

          

	12.	Tax Treatment.
The following is a brief summary of the principal federal income tax consequences related
to grants of restricted stock. This summary is based on the Company’s understanding
of present federal income tax law and regulations. The summary does not purport to be
complete or applicable to every specific situation.  

	  	
The
value of restricted stock granted to the Participant will be taxable to the Participant in
the year in which it is no longer subject to substantial risk of forfeiture (i.e., when
the restrictions lapse). When the restrictions lapse, there is an ordinary income tax
event to the Participant equal to the number of shares multiplied by the market price of
the shares at the time the restrictions lapse. The Participant must satisfy federal and
state withholding requirements and may do so by having the Company sell sufficient shares
to meet the withholding requirements. 

	  	
The
Participant has the option to make a Code Section 83(b) election on a grant of restricted
stock. Code Section 83(b) allows the Participant to choose to be taxed immediately on the
amounts received in connection with a substantially “nonvested” right (i.e.,
compensation that has not been constructively received). This is accomplished by the
Participant filing an election with the IRS stating that he or she will pay ordinary
income on the value as measured at the time of grant. Any future appreciation in the stock
property will be treated as capital gain when sold. This election must be made within 30
days after the stock is received. 

	  	
If
the Participant elects Section 83(b) treatment and later forfeits the subject stock, he or
she will not be entitled to any refund for the taxes paid; however, he or she will be
entitled to treat the forfeiture as a sale of the stock at a loss (i.e., capital loss)
(limited to the amount paid for shares — typically  zero). 

	13.	Withholding.

	  	
Tax
Withholding. The Company shall have the power and the right to deduct or withhold, or
require the Participant to remit to the Company, an amount sufficient to satisfy federal,
state and local taxes (including Participant’s FICA obligation), domestic or foreign,
required by law or regulation to be withheld with respect to any taxable event arising as
a result of this Plan. 

	  	
Share
Withholding. With respect to withholding required upon the lapse of restrictions or
upon any other taxable event arising as a result of the Awards granted hereunder, the
Participants may elect, subject to the approval of the Board, to satisfy the withholding
requirement, in whole or in part, by having the Company withhold shares having a Fair
Market Value on the date the tax is to be determined equal to the minimum statutory total
tax that could be imposed on the transaction. All such elections shall be irrevocable,
made in writing, signed by the Participant, and shall be subject to any restrictions or
limitations that the Committee, in its sole discretion, deems appropriate. 

     	14.	
          Requirements of Law. The issuance of Shares under the Plan shall be
          subject to all applicable laws, rules, and regulations, and to such approvals by
          any governmental agencies or national securities exchanges as may be required. 

          

     	15.	
          Inability to Obtain Authorization. The inability of the Company to obtain
          authority from any regulatory body having jurisdiction, which authority is
          deemed by the Company’s counsel to be necessary to the lawful issuance of
          any Shares hereunder, shall relieve the Company of any liability in respect of
          the failure to issue such Shares as to which such requisite authority shall not
          have been obtained. 

          

     	16.	
          Severability. In the event any provision of this Agreement shall be held
          to be illegal or invalid for any reason, the illegality or invalidity shall not
          affect the remaining parts of this Agreement, and the Agreement shall be
          construed and enforced as if the illegal or invalid provision had not been
          included. 

          

     	17.	
          Continuation of Employment. This Agreement shall not confer upon the
          Participant any right to continuation of employment by the Company, nor shall
          this Agreement interfere in any way with the Company’s right to terminate
          the Participant’s employment at any time. 

          

     	18.	
          Applicable Laws and Consent to Jurisdiction. The validity, construction,
          interpretation and enforceability of this Agreement shall be determined and
          governed by the laws of the State of South Dakota without giving effect to the
          principles of conflicts of law. For the purpose of litigating any dispute that
          arises under this Agreement, the parties hereby consent to exclusive
          jurisdiction in South Dakota and agree that such litigation shall be conducted
          in the courts of Pennington County or the federal courts of the United States
          for the District of South Dakota, Western Division. 

          

     	19.	
          Miscellaneous. The Plan may be amended at any time, and from time to
          time, by a written instrument approved by the Board of Directors of Black Hills
          Corporation. No termination, amendment or modification of the Plan shall
          adversely affect in any material way any Award previously granted under the
          Plan, without the written consent of the Participant holding such Award. 

          

	  	
The
Plan and this Agreement are binding upon Participant, as well as his/her heirs, executors,
personal representatives, trustees, attorneys, agents, administrators, and successors. 

Please refer any questions you may
have regarding your restricted stock to _________________. Once again, congratulations on
receipt of your restricted stock. 

Sincerely,

__________________________________________ 

Please acknowledge your agreement to
participate in the Plan and this Agreement, and to abide by all of the governing terms and
provisions, by signing the following representation: 

Agreement to
Participate 

	  	
By
signing a copy of this Agreement and returning it to ________________, of Black Hills
Corporation, I acknowledge that I have read the Plan, and that I fully understand all of
my rights under the Plan, as well as all of the terms and conditions which may limit my
eligibility to exercise this Award. Without limiting the generality of the preceding
sentence, I understand that my right to exercise this Award is conditioned upon my
continued employment with Black Hills Corporation or its Subsidiaries. 

	  	
        ___________________________________________________Restricted Stock Unit Award Agreement

Exhibit 10.3  

Black Hills Corporation

Omnibus Incentive Compensation Plan
Restricted Stock Unit Agreement 

     

_________________ 

Congratulations on your award under
the Black Hills Corporation Omnibus Incentive Compensation 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. Copies of the Plans have been delivered
to you. Terms used in this Agreement that are defined in the Plans shall have the meanings
ascribed to them in the respective Plan. 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. 

Overview of Your Award. 

     	1.	
          Number of Restricted Stock Units Granted. _______ Restricted Stock
          Units (“RSUs”), each unit corresponding to one share of Black Hills
          Corporation Common Stock. Each RSU constitutes only an unsecured promise of the
          Company to deliver a share of Common Stock to the Participant under the terms of
          the NDC Plan. As a holder of RSUs, the Participant has only the rights of a
          general unsecured creditor of the Company. 

          

	2.	Date
of Grant.            
               _____________ 

     	3.	
          Date of Vesting. Subject to continued employment under Section 4 below,
          the RSUs shall vest and become nonforfeitable in accordance with the following
          schedule (each date is a “Vesting Date”): 

          

	                    Shares	                    Date
	

		

	
	
		
	
	
		
	

     	4. 	
          Employment by the Company. This Restricted Stock Unit Award is
          conditioned on the Participant’s remaining as an employee of Black Hills
          Corporation and its Affiliates (the “Company”) from the Date of Grant
          through (and including) the Vesting Dates. The Award of these Restricted Stock
          Units, however, shall not impose upon the Company any obligations to retain the
          Participant in its employ for any given period or upon any specific terms of
          employment. 

          

1 

     	5. 	
          Termination of Employment by Reasons of Death, Disability, Retirement, and
          Vesting in Connection with a Change  in Control. In the event the
          Participant’s employment is terminated by reason of Death, Disability,
          Retirement or in the event of a Change in Control prior to any one of the
          Vesting Dates, all RSUs then unvested and outstanding shall immediately vest one
          hundred percent (100%), and, as soon as is administratively practicable, the
          awards shall be settled in accordance with Section 7. 

          

     	6. 	
          Termination of Employment for Other Reasons. In the event the
          Participant’s employment is terminated for reasons other than those
          described in Section 5 herein prior to the Vesting Dates, then all outstanding
          RSUs granted hereunder that are unvested shall immediately be forfeited by the
          Participant. 

          

     	7. 	
          Settlement of RSU Award. 

          

	  	
Settlement. The
Company shall credit to Participant’s Account under the NDC Plan
                    (or any successor Plan that may be adopted by the Company) as soon as
                    practicable following the execution of this Agreement, the number of
units                     specified above; provided, however, that any RSUs deferred
remain subject to (a)                     the relevant Vesting Date for such portion of
the Award and (b) any cancellation                     of the RSUs pursuant to Section 6.
If the RSU does not vest, the deferral into                     the NDC Plan shall be
null and void.  

	  	
Dividend
and Stock Split Equivalents. For so long as Participant holds RSUs in his or her
Account under the NDC Plan, at the time any dividend is paid with respect to a share of
Common Stock or any forward stock split occurs, the Company shall pay to Participant on
the same date (or as soon as practicable thereafter) in respect of each RSU held by the
Participant as of the record date for such dividend or split an amount at the
Company’s sole, absolute and unfettered discretion, in cash, Common Stock, or other
property, or in a combination thereof, in each case having a value equal to the dividend
or split. Such amounts shall vest and shall be paid at the same time as the underlying RSU
award is settled. 

     	8. 	
          Beneficiary Designation. The Participant may, from time to time, name any
          beneficiary or beneficiaries (who may be named contingently or successively) to
          whom any benefit under this Agreement and the NDC Plan is to be paid. The
          designation of a beneficiary shall be made in accordance with the beneficiary
          designation procedures specified in the NDC Plan. 

          

     	9. 	
          Transferability. The RSUs are not transferable by the Participant,
          whether voluntarily or involuntarily, by operation of laws or otherwise. If any
          assessment, pledge, transfer, or other disposition, voluntary or involuntary, of
          the RSUs shall be made, or it any attachment, execution, garnishment, or client
          shall be issued against or placed upon the RSUs, then the Participant’s
          right to the RSUs shall immediately cease and terminate and the Participant
          shall promptly forfeit to the Company all RSUs awarded under this Agreement. 

          

     	10. 	
          Withholding. The Company shall have the power and the right to deduct or
          withhold, or require the Participant to remit to the Company, an amount
          sufficient to satisfy federal, state and local taxes (including
          Participant’s FICA obligation), domestic or foreign, required by law or
          regulation to be withheld with respect to any taxable event arising as a result
          of this Agreement as specified under the NDC Plan. 

          

2

     	11. 	
          Requirements of Law. The issuance of Shares under the Plans following
          settlement of the RSUs shall be subject to all applicable laws, rules, and
          regulations, and to such approvals by any governmental agencies or national
          securities exchanges as may be required. 

          

     	12. 	
          Inability to Obtain Authorization. The inability of the Company to obtain
          authority from any regulatory body having jurisdiction, which authority is
          deemed by the Company’s counsel to be necessary to the lawful issuance of
          any Shares hereunder, shall relieve the Company of any liability in respect of
          the failure to issue such Shares as to which such requisite authority shall not
          have been obtained. 

          

     	13. 	
          Severability. In the event any provision of this Agreement shall be held
          to be illegal or invalid for any reason, the illegality or invalidity shall not
          affect the remaining parts of this Agreement, and the Agreement shall be
          construed and enforced as if the illegal or invalid provision had not been
          included. 

          

     	14. 	
          Continuation of Employment. This Agreement shall not confer upon the
          Participant any right to continuation of employment by the Company, nor shall
          this Agreement interfere in any way with the Company’s right to terminate
          the Participant’s employment at any time. 

          

     	15. 	
          Applicable Laws and Consent to Jurisdiction. The validity, construction,
          interpretation and enforceability of this Agreement shall be determined and
          governed by the laws of the State of South Dakota without giving effect to the
          principles of conflicts of law. For the purpose of litigating any dispute that
          arises under this Agreement, the parties hereby consent to exclusive
          jurisdiction in South Dakota and agree that such litigation shall be conducted
          in the courts of Pennington County or the federal courts of the United States
          for the District of South Dakota, Western Division. 

          

     	16. 	
          Miscellaneous. The Plan may be amended at any time, and from time to
          time, by a written instrument approved by the Board of Directors of Black Hills
          Corporation. No termination, amendment or modification of the Plan shall
          adversely affect in any material way any Award previously granted under the
          Plan, without the written consent of the Participant holding such Award. 

          

3

	  	
The
Plan and this Agreement are binding upon Participant, as well as his/her heirs, executors,
personal representatives, trustees, attorneys, agents, administrators, and successors. 

Please refer any questions you may
have regarding your RSU award to _____________. Once again, congratulations on receipt of
your award. 

Sincerely,

_________________________________________ 

Please acknowledge your agreement to
participate in the Plans and this Agreement, and to abide by all of the governing terms
and provisions, by signing the following representation: 

Agreement to
Participate 

	  	
By
signing a copy of this Agreement and returning it to ________________ of Black Hills
Corporation, I acknowledge that I have read the Plans, and that I fully understand all of
my rights under the Plans, as well as all of the terms and conditions which may limit my
eligibility to exercise this Award. Without limiting the generality of the preceding
sentence, I understand that my right to exercise this Award is conditioned upon my
continued employment with Black Hills Corporation or its Subsidiaries. 

	  	________________________________________________

4

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