Exhibit 10.1

 

AMENDMENT NO. 1 TO

SHAREHOLDER AGREEMENT

 

This AMENDMENT NO. 1 TO SHAREHOLDER AGREEMENT (this “Amendment”) is made as of
February 5, 2003, by and among ONEOK, INC., an Oklahoma corporation (the
“Company”), WESTAR ENERGY, INC., a Kansas corporation (“Parent”) and WESTAR
INDUSTRIES, INC., a Delaware corporation and wholly owned subsidiary of Parent
(the “Shareholder”).

 

W I T N E S S E T H:

 

WHEREAS, the Company, Parent and Shareholder have previously entered into that
certain Shareholder Agreement, dated as of January 9, 2003 (the “Agreement”);
and

 

WHEREAS, the Company, Parent and Shareholder desire to amend the Agreement
pursuant to Section 7.5 thereof upon the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.   Capitalized terms used but not defined in this Amendment shall have the
meanings set forth in the Agreement.

 

2.   Section 4.3(b) of the Agreement is hereby deleted in its entirety and
replaced with the following:

 

“(b)  Transfers of Subject Securities to the public in a bona fide underwritten
offering pursuant to the Registration Rights Agreement; provided, however, that
Parent, the Shareholder and the representative or representatives of the
underwriters previously agree in writing with the Company that all reasonable
efforts will be made to achieve a wide distribution of the Subject Securities in
such offering and to ensure that no Transferee in such offering acquires for its
own account Beneficial Ownership of Securities representing upon Transfer 5.0%
or more of the then outstanding Common Stock (assuming the conversion of all
shares of Series D Preferred Stock to be Transferred into shares of Common
Stock).”

 

3.   Other Provisions. Except as expressly amended and modified hereby, all
other provisions of the Agreement shall remain in full force and effect. If any
term or provision of this Amendment shall be inconsistent with any term or
provision in the Agreement, the term or provision set forth herein shall control
in all respects.

 

4.   Counterparts. This Amendment may be executed in one or more counterparts,
each of which may be executed by less than all the parties, each of which shall
be deemed to be an original copy of this Amendment and all of which, when taken
together, shall be or deemed to constitute one and the same instrument

 

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5.   APPLICABLE LAW.    THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF OKLAHOMA WITHOUT GIVING EFFECT
TO PRINCIPLES OF CONFLICTS OF LAW.

 

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IN WITNESS WHEREOF, the Company, Parent and the Shareholder have duly executed
this Amendment as of the first date written above.

 

ONEOK, INC.

By:

 

/s/    DAVID L. KYLE

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Name:

 

David L. Kyle

Title:

 

Chairman, President and Chief Executive Officer

 

 

WESTAR ENERGY, INC.

By:

 

/s/    James S. Haines Jr.

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Name:

 

James S. Haines Jr.

Title:

 

President and Chief Executive Officer

 

 

WESTAR INDUSTRIES, INC.

By:

 

/s/    James S. Haines Jr.

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Name:

 

James S. Haines Jr.

Title:

 

President

 

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