Document:

Restricted Stock Award Agreement

    Black
      Hills Corporation

    2005
      Omnibus Incentive Plan

    Restricted
      Stock Award Agreement

    

    

    

    

    Dear
      ________________________:

    

    Congratulations
      on your selection as a Participant of Black Hills Corporation 2005 Omnibus
      Incentive 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.
                ______________________

            

    

    

    
      	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 2005 Omnibus Incentive 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.”

            

    

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    
      	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.

            

    

    

    "Change
      in Control" of the Company shall be deemed to have occurred (as of a particular
      day, as specified by the Board) upon the occurrence of any of the following
      events:

    

    
      	(a)  	
              The
                acquisition in a transaction or series of transactions by any Person
                of
                Beneficial Ownership of thirty percent (30%) or more of the combined
                voting power of the then outstanding shares of common stock of the
                Company; provided, however, that for purposes of this Agreement,
                the
                following acquisitions will not constitute a Change in Control: (A)
                any
                acquisition by the Company; (B) any acquisition of common
                stock of
                the Company by an underwriter holding securities of the Company in
                connection with a public offering thereof; and (C) any acquisition
                by any
                Person pursuant to a transaction which complies with subsections
                (c) (i),
                (ii) and (iii), below;

            

    

    

    (b)  
      Individuals
      who, as of December 31, 2004 are members of the Board (the "Incumbent Board"),
      cease for any reason to constitute at least a majority of the members of the
      Board; provided, however, that if the election, or nomination for election
      by
      the Company's common shareholders, of any new director was approved by a vote
      of
      at least two-thirds of the Incumbent Board, such new director shall, for
      purposes of this Plan, be considered as a member of the Incumbent Board;
      provided further, however, that no individual shall be considered a member
      of
      the Incumbent Board if such individual initially assumed office as a result
      of
      either an actual or threatened "Election Contest" (as described in Rule 14a-11
      promulgated under the Exchange Act) or other actual or threatened solicitation
      of proxies or consents by or on behalf of a Person other than the Board (a
      "Proxy Contest") including by reason of any agreement intended to avoid or
      settle any Election Contest or Proxy Contest;

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (c)

            	
              Consummation,
                following shareholder approval, of a reorganization, merger, or
                consolidation of the Company and/or its subsidiaries, or a sale or
                other
                disposition (whether by sale, taxable or non-taxable exchange, formation
                of a joint venture or otherwise) of fifty percent (50%) or more of
                the
                assets of the Company and/or its subsidiaries (each a “Business
                Combination”), unless, in each case, immediately following such Business
                Combination, (i) all or substantially all of the individuals and
                entities
                who were beneficial owners of shares of the common stock of the Company
                immediately prior to such Business Combination beneficially own,
                directly
                or indirectly, more that fifty percent (50%) of the combined voting
                power
                of the then outstanding shares of the entity resulting from the Business
                Combination or any direct or indirect parent corporation thereof
                (including, without limitation, an entity which as a result of such
                transaction owns the Company or all or substantially all of the Company’s
                assets either directly or through one (1) or more subsidiaries)(the
                “Successor Entity”); (ii) no Person (excluding any Successor entity or any
                employee benefit plan or related trust, of the Company or such Successor
                Entity) owns, directly or indirectly, thirty percent (30%) or more
                of the
                combined voting power of the then outstanding shares of common stock
                of
                the Successor Entity, except to the extent that such ownership existed
                prior to such Business Combination; and (iii) at least a majority
                of the
                members of the Board of Directors of the entity resulting from such
                Business Combination or any direct or indirect parent corporation
                thereof
                were members of the Incumbent Board at the time of the execution
                of the
                initial agreement or action of the Board providing for such Business
                Combination; or

            

    

    

    (d)  
      Approval
      by the shareholders of the Company of a complete liquidation or dissolution
      of
      the Company, except pursuant to a Business Combination that complies with
      subsections (c) (i), (ii), and (iii) above. 

    

    (e)  
      A
      Change
      in Control shall not be deemed to occur solely because any Person (the "Subject
      Person") acquired Beneficial Ownership of more than the permitted amount of
      the
      then outstanding Common Stock as a result of the acquisition of Common Stock
      by
      the Company which, by reducing the number of shares of Common Stock then
      outstanding, increases the proportional number of shares Beneficially Owned
      by
      the Subject Persons, provided that if a Change in Control would occur (but
      for
      the operation of this sentence) as a result of the acquisition of Common Stock
      by the Company, and after such stock acquisition by the Company, the Subject
      Person becomes the Beneficial Owner of any additional Common Stock which
      increases the percentage of the then outstanding Common Stock Beneficially
      Owned
      by the Subject Person, then a Change in Control shall occur.

    

    (f)   
      A
      Change
      in Control shall not be deemed to occur unless and until all regulatory
      approvals required in order to effectuate a Change in Control of the Company
      have been obtained and the transaction constituting the Change in Control has
      been consummated.

    

    
      	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.

            

    

     

     

    
 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	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.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	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,

    

    _____________________________________________
      

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    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

    

    Black
      Hills Corporation 

    2005
      Omnibus Incentive Plan

    Restricted
      Stock Unit Agreement

    

    ________________

    

    Congratulations
      on your award under the Black Hills Corporation 2005 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.
      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 RSUs, 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. 

    

    "Change
      in Control" of the Company shall be deemed to have occurred (as of a particular
      day, as specified by the Board) upon the occurrence of any of the following
      events:

    

    
      	   
              (a)	
                        
                The acquisition in a transaction or series of transactions by any
                Person
                of Beneficial Ownership of thirty percent (30%) or more of the combined
                voting power of the then outstanding shares of common stock of the
                Company; provided, however, that for purposes of this Agreement,
                the
                following acquisitions will not constitute a Change in Control: (A)
                any
                acquisition by the Company; (B) any acquisition of common
                stock of
                the Company by an underwriter holding securities of the Company in
                connection with a public offering thereof; and (C) any acquisition
                by any
                Person pursuant to a transaction which complies with subsections
                (c) (i),
                (ii) and (iii), below;

            

    

    

    
      	 	
              (b)

            	
              Individuals
                who, as of December 31, 2004 are members of the Board (the "Incumbent
                Board"), cease for any reason to constitute at least a majority of
                the
                members of the Board; provided, however, that if the election, or
                nomination for election by the Company's common shareholders, of
                any new
                director was approved by a vote of at least two-thirds of the Incumbent
                Board, such new director shall, for purposes of this Plan, be considered
                as a member of the Incumbent Board; provided further, however, that
                no
                individual shall be considered a member of the Incumbent Board if
                such
                individual initially assumed office as a result of either an actual
                or
                threatened "Election Contest" (as described in Rule 14a-11 promulgated
                under the Exchange Act) or other actual or threatened solicitation
                of
                proxies or consents by or on behalf of a Person other than the Board
                (a
                "Proxy Contest") including by reason of any agreement intended to
                avoid or
                settle any Election Contest or Proxy
                Contest;

            

    

    

    
      	 	
              (c)

            	 	
              Consummation,
                following shareholder approval, of a reorganization, merger, or
                consolidation of the Company and/or its subsidiaries, or a sale or
                other
                disposition (whether by sale, taxable or non-taxable exchange, formation
                of a joint venture or otherwise) of fifty percent (50%) or more of
                the
                assets of the Company and/or its subsidiaries (each a “Business
                Combination”), unless, in each case, immediately following such Business
                Combination, (i) all or substantially all of the individuals and
                entities
                who were beneficial owners of shares of the common stock of the Company
                immediately prior to such Business Combination beneficially own,
                directly
                or indirectly, more that fifty percent (50%) of the combined voting
                power
                of the then outstanding shares of the entity resulting from the Business
                Combination or any direct or indirect parent corporation thereof
                (including, without limitation, an entity which as a result of such
                transaction owns the Company or all or substantially all of the Company’s
                assets either directly or through one (1) or more subsidiaries)(the
                “Successor Entity”); (ii) no Person (excluding any Successor entity or any
                employee benefit plan or related trust, of the Company or such Successor
                Entity) owns, directly or indirectly, thirty percent (30%) or more
                of the
                combined voting power of the then outstanding shares of common stock
                of
                the Successor Entity, except to the extent that such ownership existed
                prior to such Business Combination; and (iii) at least a majority
                of the
                members of the Board of Directors of the entity resulting from such
                Business Combination or any direct or indirect parent corporation
                thereof
                were members of the Incumbent Board at the time of the execution
                of the
                initial agreement or action of the Board providing for such Business
                Combination; or

            

    

     

     

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	 	
              (d)

            	
              Approval
                by the shareholders of the Company of a complete liquidation or
                dissolution of the Company, except pursuant to a Business Combination
                that
                complies with subsections (c) (i), (ii), and (iii) above.
                

            

    

    

    
      	 	
              (e)

            	
              A
                Change in Control shall not be deemed to occur solely because any
                Person
                (the "Subject Person") acquired Beneficial Ownership of more than
                the
                permitted amount of the then outstanding Common Stock as a result
                of the
                acquisition of Common Stock by the Company which, by reducing the
                number
                of shares of Common Stock then outstanding, increases the proportional
                number of shares Beneficially Owned by the Subject Persons, provided
                that
                if a Change in Control would occur (but for the operation of this
                sentence) as a result of the acquisition of Common Stock by the Company,
                and after such stock acquisition by the Company, the Subject Person
                becomes the Beneficial Owner of any additional Common Stock which
                increases the percentage of the then outstanding Common Stock Beneficially
                Owned by the Subject Person, then a Change in Control shall
                occur.

            

    

    

    
      	 	
              (f)

            	
              A
                Change in Control shall not be deemed to occur unless and until all
                regulatory approvals required in order to effectuate a Change in
                Control
                of the Company have been obtained and the transaction constituting
                the
                Change in Control has been
                consummated.

            

    

    

    
      	
              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. 

     

     

    
 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    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.

            

    

    

    
      	
              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. 

            

    

     

     

    
 

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
              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.
                

            

    

    

    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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]