Business Context and Reporting Period
This Form 8-K Current Report was filed by Black Hills Corporation on September 18, 2008. The filing addresses Item 8.01 (Other Events) regarding a Notice of Option Exercise submitted by David R. Emery, the company's Chairman, President, and Chief Executive Officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and equity transactions.
Material Changes and Executive Action
Mr. Emery has submitted a Notice of Option Exercise for a total of 38,000 options to purchase Black Hills Corporation common stock. The exercise is structured as a "cashless" transaction where previously acquired shares will be tendered to cover the exercise price, with net proceeds delivered as common stock. This action will increase Mr. Emery's current ownership of 77,344 shares.
The specific terms of the option exercise are as follows:
| Grant Date | Shares to be Exercised | Exercise Price | Target Market Price | Exercise Date (if price not reached) |
|---|---|---|---|---|
| 7/20/99 | 8,000 | $24.0625 | $43.00 | June 10, 2009 |
| 4/25/00 | 7,500 | $21.8750 | $44.00 | March 10, 2010 |
| 4/25/00 | 7,500 | $21.8750 | $45.00 | March 10, 2010 |
| 4/25/00 | 7,500 | $21.8750 | $46.00 | March 10, 2010 |
| 4/25/00 | 7,500 | $21.8750 | $47.00 | March 10, 2010 |
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding the company's future business operations. The company explicitly states it does not undertake any obligation to update or report modifications, terminations, or other activities under Mr. Emery's Notice of Option Exercise, except as required by law.
Investor Verification Checklist
- Verify the actual execution of the option exercise and the resulting change in Mr. Emery's share ownership via subsequent Form 4 filings.
- Confirm the market price of Black Hills Corporation stock relative to the target prices ($43.00 to $47.00) to determine if the exercise will occur based on price triggers or the specified dates.
- Note that this filing does not reflect the company's financial health or operational results for the period.