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Black Hills Executive Compensation (FY25)

BKH · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 1, 2026
244 figures on this page: 234 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Total compensation for Linden Evans, President and Chief Executive Officer, came to $5,991,759 in fiscal 2025, and Evans' total was 3.5% higher than the $5,787,141 reported for fiscal 2024. For fiscal 2025, the company reported a chief executive pay ratio of 46:1, against median employee compensation of $129,748. Shareholders supported the say-on-pay proposal with 98.2% of votes cast for or against in favor at the meeting held April 29, 2026 for fiscal 2025. Companies named in the disclosed peer group include ALLETE Inc., Alliant Energy Corporation, Ameren Corporation, Atmos Energy Corp. and Avista Corp., among others.
Chief executive, fiscal 2025
◇
Linden Evans
Median of the other named officers
$1,261,751
5 officers, excluding the chief executive
Latest say-on-pay support
=
April 29, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Linden Evans: $5,787,141 → $5,991,759 (3.5% higher)
Say-on-pay support: 97.8% → 98.2% (0.4 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Black Hills' chief executive and what were they paid?
Total compensation for Linden Evans, President and Chief Executive Officer, came to $5,991,759 in fiscal 2025. Evans' total was 3.5% higher than the $5,787,141 reported for fiscal 2024.
What was Black Hills' say-on-pay result?
Shareholders supported the say-on-pay proposal with 98.2% of votes cast for or against in favor at the meeting held April 29, 2026 for fiscal 2025.
Which companies are in Black Hills' peer group?
Companies named in the disclosed peer group include ALLETE Inc., Alliant Energy Corporation, Ameren Corporation, Atmos Energy Corp. and Avista Corp., among others.
What is Black Hills' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 46:1, against median employee compensation of $129,748.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Linden Evans
President and Chief Executive Officer
◇—◇—◇◇◇◇
Kimberly Nooney
Sr. Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Marne Jones
Sr. Vice President and Chief Utility Officer
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Linden Evans
President and Chief Executive Officer
◇—◇—◇—◇◇
Kimberly Nooney
Sr. Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Marne Jones
Sr. Vice President and Chief Utility Officer
◇—◇—◇—◇◇
Sarah Wiltse
Sr. Vice President and Chief Human Resources Officer
◇◇◇———◇◇
Phillip Casey
Former Sr. Vice President, General Counsel and Chief Compliance Officer
◇◇————◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Linden Evans
President and Chief Executive Officer
◇—◇—◇◇◇◇
Kimberly Nooney
Sr. Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Marne Jones
Sr. Vice President and Chief Utility Officer
◇—◇—◇◇◇◇
Phillip Casey
Former Sr. Vice President, General Counsel and Chief Compliance Officer
Departed during or after this year
◇—◇———◇◇
Sarah Wiltse
Sr. Vice President and Chief Human Resources Officer
◇—◇—◇—◇◇
Don Redden
Sr. Vice President and Chief Information and Transformation Officer
◇◇◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Don ReddenRSU◇——◇——◇
Kimberly F. NooneyRSU◇——◇——◇
Kimberly F. NooneyRSU◇——◇——◇
Kimberly F. NooneyPSU◇◇◇—◇—◇
Linden R. EvansPSU◇◇◇—◇—◇
Linden R. EvansRSU◇——◇——◇
Marne M. JonesRSU◇——◇——◇
Marne M. JonesRSU◇——◇——◇
Marne M. JonesPSU◇◇◇—◇—◇
Phillip CaseyPSU◇◇◇—◇—◇
Phillip CaseyRSU◇——◇——◇
Sarah A. WiltsePSU◇◇◇—◇—◇
Sarah A. WiltseRSU◇——◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Teresa TaylorRSU◇◇——
PSU◇◇——
Kathleen McAllisterPSU◇◇——
RSU◇◇——
Barry GrangerPSU◇◇——
RSU◇◇——
Steven MillsRSU◇◇——
PSU◇◇——
Anne WaleskiPSU◇◇——
RSU◇◇——
Scott ProchazkaRSU◇◇——
PSU◇◇——
Robert OttoRSU◇◇——
PSU◇◇——
Tony JensenRSU◇◇——
PSU◇◇——
Robert BeardRSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven R. Mills
Board chair
◇◇————◇
Scott M. Prochazka
◇◇————◇
Teresa A. Taylor
◇◇————◇
Robert P. Otto
◇◇————◇
Kathleen A. McAllister
◇◇————◇
Tony A. Jensen
◇◇————◇
Barry M. Granger
◇◇————◇
Anne G. Waleski
◇◇————◇
Robert F. Beard
◇◇————◇
Mark A. Schober
◇—————◇
Rebecca B. Roberts
◇—————◇
Linden R. Evans served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash board retainer ($525,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • ALLETE Inc. ALE
  • Alliant Energy Corporation LNT
  • Ameren Corporation AEE
  • Atmos Energy Corp. ATO
  • Avista Corp. AVA
  • CMS Energy Corp. CMS
  • Hawaiian Electric Ind., Inc. HE
  • IDACORP Inc. IDA
  • MDU Resources Group, Inc. MDU
  • MGE Energy Inc. MGEE
  • New Jersey Resources Corp. NJR
  • NiSource, Inc. NI
  • Northwest Natural Holding Co. NWN
  • NorthWestern Energy Group, Inc. NWE
  • OGE Energy Corp. OGE
  • ONE Gas, Inc. OGS
  • Pinnacle West Capital Corp. PNW
  • Portland General Electric Co. POR
  • Southwest Gas Holdings, Inc. SWX
  • Spire, Inc. SR
  • TXNM Resources, Inc. TXNM

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 29, 2026=◇◇◇
2024April 23, 2025=◇◇◇
2023April 23, 2024=◇◇◇
2022April 25, 2023=◇◇◇
2021April 26, 2022=◇◇◇
2020April 27, 2021=◇◇◇
2019April 28, 2020=◇◇◇
2018April 30, 2019=◇◇◇
2017April 24, 2018=◇◇◇
2016April 25, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Black Hills disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Black Hills sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
244 figures on this page: 234 cited to the filing that reported them, 10 calculated from figures it prints.
234 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001193125-26-198223
  2. 0001193125-26-113958
    DIRECTOR FEES · Director Compensation · Grants of Plan Based Awards in 2025 · Outstanding Equity Awards at December 31, 2025 · and 1 more section
  3. 0000950170-25-058826
  4. 0000950170-25-039148
    Summary Compensation Table
  5. 0000950170-24-048746
  6. 0000950170-24-032219
    Summary Compensation Table
  7. 0000950170-23-015305
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001130464-22-000008
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001130464-21-000015
  10. 0001130464-20-000019
  11. 0001130464-19-000023
  12. 0001130464-18-000022
  13. 0001130464-17-000016
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Velarion, “Black Hills executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/BKH (accessed 2026).
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers Black Hills discloses

The companies named in BKH's own disclosed peer group.

Alliant Energy CorporationAmeren CorporationAvista Corp.CMS Energy Corp.Hawaiian Electric Ind., Inc.IDACORP Inc.NiSource, Inc.NorthWestern Energy Group, Inc.OGE Energy Corp.Pinnacle West Capital Corp.Portland General Electric Co.TXNM Resources, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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