Document:

Shareholder Agreement

 Exhibit 10.2 
  
 
 
 SHAREHOLDER AGREEMENT 
  
 among 
  
 ONEOK, INC., 
 an Oklahoma corporation, 
  
 WESTAR ENERGY, INC., 
 a Kansas corporation, 
  
 and 
  
 WESTAR INDUSTRIES, INC., 
 a Delaware corporation

  
 Dated as of January 9, 2003 
  
 

  
 TABLE OF CONTENTS 
  
 
	  	  	  	  	 Page
 

	 
	  	  	 ARTICLE I
 	  	  
	 
	 DEFINITIONS
 	  	 1
 
	 
	     Section 1.1.
 	  	 Certain Defined Terms
 	  	 1
 
	 
	     Section 1.2.
 	  	 Other Defined Terms
 	  	 5
 
	 
	  	  	 ARTICLE II
 	  	  
	 
	 TERMINATION OF PRIOR SHAREHOLDER AGREEMENT; EFFECTIVENESS
 	  	 6
 
	 
	     Section 2.1.
 	  	 Termination
 	  	 6
 
	 
	     Section 2.2.
 	  	 Effectiveness
 	  	 6
 
	 
	  	  	 ARTICLE III
 	  	  
	 
	 REPRESENTATIONS AND WARRANTIES
 	  	 6
 
	 
	     Section 3.1.
 	  	 Representations and Warranties of the Company
 	  	 6
 
	 
	     Section 3.2.
 	  	 Representations and Warranties of Parent and the Shareholder
 	  	 6
 
	 
	  	  	 ARTICLE IV
 	  	  
	 
	 SHAREHOLDER AND COMPANY CONDUCT
 	  	 7
 
	 
	     Section 4.1.
 	  	 Standstill Provision
 	  	 7
 
	 
	     Section 4.2.
 	  	 Required Reduction of Ownership
 	  	 8
 
	 
	     Section 4.3.
 	  	 Restrictions on Transfer
 	  	 8
 
	 
	     Section 4.4.
 	  	 Buy-Back Options
 	  	 9
 
	 
	     Section 4.5.
 	  	 Charter and By-laws
 	  	 9
 
	 
	     Section 4.6.
 	  	 Rights Agreement
 	  	 9
 
	 
	     Section 4.7.
 	  	 Agreement Not to Convert
 	  	 10
 
	 
	     Section 4.8.
 	  	 Taxes Upon Conversion or Exchange
 	  	 10
 
	 
	     Section 4.9.
 	  	 Prohibition on Senior Securities
 	  	 10
 
	 
	  	  	 ARTICLE V
 	  	  
	 
	 BOARD REPRESENTATION AND VOTING
 	  	 10
 
	 
	     Section 5.1.
 	  	 Directors Designated by the Shareholder
 	  	 10
 
	 
	     Section 5.2.
 	  	 Resignation of Shareholder Nominee
 	  	 11
 
	 
	     Section 5.3.
 	  	 Voting
 	  	 12
 

 

 
 i 

 
	 
	  	 	 ARTICLE VI
 	  	  
	 
	 TERMINATION
 	 	  	  	 13
 
	 
	         Section 6.1.
 	 	 Termination
 	  	 13
 
	 
	  	 	 ARTICLE VII
 	  	  
	 
	 MISCELLANEOUS
 	 	  	  	 14
 
	 
	         Section 7.1.
 	 	 Compliance With Law
 	  	 14
 
	 
	         Section 7.2.
 	 	 Regulatory Matters
 	  	 14
 
	 
	         Section 7.3.
 	 	 Injunctive Relief
 	  	 14
 
	 
	         Section 7.4.
 	 	 Successors and Assigns
 	  	 15
 
	 
	         Section 7.5.
 	 	 Amendments; Waiver
 	  	 15
 
	 
	         Section 7.6.
 	 	 Notices
 	  	 15
 
	 
	         Section 7.7.
 	 	 APPLICABLE LAW
 	  	 16
 
	 
	         Section 7.8.
 	 	 Headings
 	  	 16
 
	 
	         Section 7.9.
 	 	 Integration
 	  	 16
 
	 
	         Section 7.10.
 	 	 Severability
 	  	 17
 
	 
	         Section 7.11.
 	 	 Consent to Jurisdiction
 	  	 17
 
	 
	         Section 7.12.
 	 	 Counterparts
 	  	 17
 

 

 
 ii 

 SHAREHOLDER AGREEMENT 
  
 SHAREHOLDER AGREEMENT, dated as of January 9, 2003 (this “Agreement”), 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 entered into a Transaction Agreement, dated as of January 9, 2003 (the “Transaction Agreement“) pursuant to which, among other things, (i) the Company has agreed to use commercially reasonable efforts to make a public offering
(the “Offering”) of shares of the common stock, par value $0.01 per share, of the Company (the “Common Stock”) and such other securities as the Company may offer, (ii) the Company will use a portion of the
proceeds of the Offering to repurchase (the “Series A Repurchase”) a portion of the shares of the Series A Convertible Preferred Stock of the Company, par value $0.01 per share (the “Series A Preferred Stock”) held
by the Shareholder and (iii) the Company will modify the terms of the Series A Preferred Stock by exchanging (the “Exchange”) shares of newly issued $0.925 Series D Non-Cumulative Convertible Preferred Stock of the Company, par
value $0.01 per share (the “Series D Preferred Stock”) for all the shares of Series A Preferred Stock held by Shareholder not repurchased by the Company in the Series A Repurchase; 
  
 WHEREAS, the Company and Parent are parties to a Shareholder Agreement (the “Prior Shareholder Agreement”), dated as of
November 26, 1997, and desire to terminate the Prior Shareholder Agreement and replace it in its entirety with this Agreement; 
  
 WHEREAS, the Company, Parent and the Shareholder desire to establish in this Agreement certain terms and conditions concerning the acquisition and disposition of securities of the Company by the Shareholder, and related provisions
concerning Parent’s and the Shareholder’s relationship with and investment in the Company; and 
  
 WHEREAS,
concurrently with the execution and delivery hereof, the Company and the Shareholder are entering into an Amended and Restated Registration Rights Agreement, dated as of the date hereof (the “Registration Rights Agreement”).

  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and
valuable consideration, receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1.    Certain Defined Terms.  In addition to other terms defined elsewhere in this Agreement, as used in this Agreement, the
following terms shall have the meanings ascribed to them below: 

 
 1 

 “13D Group” shall mean any group of Persons acquiring, holding, voting or disposing of any Security
which would be required under Section 13(d) of the Exchange Act and the rules and regulations thereunder to file a statement on Schedule 13D with the Commission as a “person” within the meaning of Section 13(d)(3) of the Exchange Act.

  
 “Affiliate” shall mean, with respect to any person, any other person that directly or indirectly
through one or more intermediaries controls or is controlled by or is under common control with such person. For the purposes of this definition, “control,” when used with respect to any particular person, means the power to direct the
management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
  
 “Beneficial Owner” (and, with correlative meanings, “Beneficially
Own” and “Beneficial Ownership”) of any interest means a Person who, together with his or its Affiliates, is or may be deemed a beneficial owner of such interest for purposes of Rule 13d-3 or 13d-5 under the Exchange Act,
or who, together with his or its Affiliates, has the right to become such a beneficial owner of such interest (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding,
or upon the exercise, conversion or exchange of any warrant, right or other instrument, or otherwise. 
  
 “Board” shall mean the Board of Directors of the Company in office at the applicable time, as elected in accordance with the By-laws of the Company and with the provisions of this Agreement. 
  
 “Business Day” shall mean any day, other than a Saturday, Sunday or a day on which banking institutions in Tulsa,
Oklahoma and New York City, New York are authorized or obligated by law or executive order to close. 
  
 “By-laws” shall mean the by-laws of the Company, as they may be amended from time to time. 
  
 “Change in Control” shall mean the occurrence of any one of the following events: 
  

	 	(1)
	 
	any Person (other than the Shareholder Group) becoming the Beneficial Owner, directly or indirectly, of 35% or more of the Securities entitled to vote generally
in the election of Directors, pursuant to the consummation of a merger, consolidation, sale of all or substantially all of the Company’s assets, share exchange or similar form of corporate transaction involving the Company or any of its
subsidiaries that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in such transaction; provided, however, that the event described in this paragraph (1) shall not be
deemed to be a Change in Control if it occurs as the result of any of the following acquisitions: (A) by any employee benefit plan sponsored or maintained by the Company or any 
 

 
 2 

	 	    Affiliate,
	 
	or (B) by any underwriter temporarily holding Securities pursuant to an offering of such Securities; 
 

  

	 	(2)
	 
	the consummation of a merger, consolidation, sale of all or substantially all of the Company’s assets, share exchange or similar form of corporate
transaction involving the Company or any of its subsidiaries that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in such transaction, unless immediately following such transaction
more than 50% of the total voting power of (x) the corporation resulting from such transaction, or (y) if applicable, the ultimate parent corporation that directly or indirectly has Beneficial Ownership of 100% of the securities eligible to elect
directors of such resulting corporation, is represented by Securities entitled to vote generally in the election of Directors that were outstanding immediately prior to such transaction (or, if applicable, shares into which such Securities were
converted pursuant to such transaction), and such voting power among the holders of such Securities that were outstanding immediately prior to such transaction is in substantially the same proportion as the voting power of such Securities among the
holders thereof immediately prior to such transaction; or 
 

  

	 	(3)
	 
	the consummation of a plan of complete liquidation or dissolution of the Company. 
 

  
 “Charter” shall mean the Certificate of Incorporation of the Company, as it may be amended from time to time. 
  
 “Clearly Credible Tender Offer” shall mean any bona fide offer, tender offer or exchange offer that is subject to Section
14 of the Exchange Act, other than any such offer with respect to which (i) the Board is advised in writing by outside counsel of recognized standing that the consummation of such offer would be in violation of applicable law, or (ii) the party
making such offer has not obtained as of the date of the commencement of such offer definitive commitment letters from reputable financial institutions in customary form with respect to the financing of such offer. 
  
 “Commission” shall mean the United States Securities and Exchange Commission. 
  
 “Conversion” shall mean the conversion of shares of Series D Preferred Stock into shares of Common Stock pursuant to the
Charter. 
  
 “Director” shall mean any member of the Board of Directors of the Company in office at
the applicable time, as elected in accordance with the provisions of the By-laws of the Company. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

 
 3 

 “Independent Director” shall mean any person who is not a Shareholder Nominee and is independent of and
otherwise unaffiliated with any member of the Shareholder Group, and who is not a director, officer, employee, consultant or advisor (financial, legal or other) of any member of the Shareholder Group and has not served in any such capacity in the
previous three (3) years. 
  
 “Market Price” for a Security of the Company shall mean the average of
the closing prices for such Security for the twenty (20) Trading Days immediately prior to the date on which the Market Price is being determined; provided, however, that in the event that the current per share market price of such
security is determined during a period following the announcement by the Company of (a) a dividend or distribution on such security payable in shares of such security or securities convertible into such shares, or (b) any subdivision, combination or
reclassification of such security and prior to the expiration of 20 Trading Days after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the
current per share market price shall be appropriately adjusted to take into account ex-dividend trading or the effects of such subdivision, combination or reclassification. The closing price for each day shall be the last sale price, regular way,
or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to
trading on the NYSE or, if such security is not listed or admitted to trading on the NYSE, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on
which such security is listed or admitted to trading or, if such security is not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System or such other system then in use, or, if on any such date such security is not quoted by any such organization, the average of
the closing bid and asked prices as furnished by a professional market maker making a market in such security selected by a majority of the Board or, if on any such date no market maker is making a market in such security, the fair value as
determined in good faith by a majority of the Board based upon the opinion of an independent investment banking firm of recognized standing. 
  
 “NYSE” shall mean the New York Stock Exchange. 
  
 “Person” shall mean any individual, partnership, joint venture, corporation, trust, unincorporated organization, government or department or agency of a government. 
  
 “Rights” shall have the meaning given in the Rights Agreement. 
  
 “Rights Agreement” means the Amended and Restated Rights Agreement, in the form attached to the Transaction Agreement as Exhibit B. 

 
 “Securities” shall mean any securities of the Company. 
  

“Shareholder Affiliate” shall mean any Affiliate of the Shareholder. 

 
 4 

 “Shareholder Group” shall mean Parent, the Shareholder, any Shareholder Affiliate and any Person with
whom any Shareholder or any Affiliate of any Shareholder is part of a 13D Group. 
  
 “Subject
Securities” shall mean shares of Series D Preferred Stock and/or shares of Common Stock. 
  
 “Trading Day”, with respect to a Security, shall mean a day on which the principal national securities exchange on which such Security is listed or admitted to trading is open for the transaction of business or, if
such security is not listed or admitted to trading on any national securities exchange, any day other than a Saturday, Sunday or a day on which banking institutions in the City of New York are authorized or obligated to close. 

 
 “Transfer” shall mean any sale, transfer, pledge, encumbrance or other disposition to any Person (such Person,
a “Transferee”), and to “Transfer” shall mean to sell, transfer, pledge, encumber or otherwise dispose of to any Person. 
  
 Section 1.2.    Other Defined Terms.  The following terms shall have the meanings defined for such terms in the sections set forth below: 
  
 
	 Term
 
	  	 Section
 
	  
 

	 Agreement
 	  	 Preamble
 	  
 
	 Buy-Back Offer
 	  	 4.4(a)
 	  
 
	 Common Stock
 	  	 Recitals
 	  
 
	 Company
 	  	 Preamble
 	  
 
	 Company Repurchase Notice
 	  	 4.4(b)
 	  
 
	 Control Share Acquisition Statute
 	  	 5.3(c)
 	  
 
	 Conversion Threshold
 	  	 4.7
 	  
 
	 Exchange
 	  	 Recitals
 	  
 
	 Initial Shareholder Nominee
 	  	 5.1(b)
 	  
 
	 Initial Shareholder Nominee Notice
 	  	 5.1(b)
 	  
 
	 Offering
 	  	 Recitals
 	  
 
	 Parent
 	  	 Preamble
 	  
 
	 Prior Shareholder Agreement
 	  	 Recitals
 	  
 
	 Registration Rights Agreement
 	  	 Recitals
 	  
 
	 Repurchase
 	  	 4.4(a) 
 	  
 
	 Series A Preferred Stock
 	  	 Recitals
 	  
 
	 Series A Repurchase
 	  	 Recitals
 	  
 
	 Series D Preferred Stock
 	  	 Recitals
 	  
 
	 Shareholder
 	  	 Preamble
 	  
 
	 Shareholder Nominee
 	  	 5.1(c)
 	  
 
	 Successor Shareholder Nominee
 	  	 5.1(c)
 	  
 
	 Transaction Agreement
 	  	 Recitals
 	  
 

 

 
 5 

  
 ARTICLE II 
  
 TERMINATION OF PRIOR SHAREHOLDER AGREEMENT; EFFECTIVENESS 
  
 Section 2.1.    Termination.  The Company and Parent agree that, effective immediately upon the consummation of the Series A Repurchase and the Exchange, the Prior Shareholder Agreement
is hereby terminated and is of no further force and effect. 
  
 Section
2.2.    Effectiveness.  This Agreement shall become effective immediately upon the consummation of the Series A Repurchase and the Exchange and shall remain in effect until terminated in accordance with Section
6.1. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section
3.1.    Representations and Warranties of the Company.  The Company represents and warrants to each of Parent and the Shareholder as of the date hereof as follows: 
  
 (a)    The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws
of the State of Oklahoma and has all necessary corporate power and authority to enter into this Agreement and to carry out its obligations hereunder. 
  
 (b)    This Agreement has been duly and validly authorized by the Company and all necessary and appropriate action has been taken by the Company to execute and deliver this
Agreement and to perform its obligations hereunder. 
  
 (c)    This Agreement has been duly
executed and delivered by the Company and assuming due authorization and valid execution and delivery by Parent and the Shareholder, this Agreement is a valid and binding obligation of the Company, enforceable in accordance with its terms.

  
 Section 3.2.    Representations and Warranties of Parent and the
Shareholder.  Each of Parent and the Shareholder represent and warrant to the Company as of the date hereof as follows: 
  
 (a)    Each of Parent and the Shareholder has been duly incorporated and is validly existing as a corporation in good standing under the laws of its state of incorporation and has all necessary corporate
power and authority to enter into this Agreement and to carry out its obligations hereunder. 
  
 (b)    This Agreement has been duly and validly authorized by each of Parent and the Shareholder and all necessary and appropriate action has been taken by each of Parent and the Shareholder to execute and deliver
this Agreement and to perform its obligations hereunder. 

 
 6 

 (c)    This Agreement has been duly executed and delivered by each of Parent and the Shareholder and
assuming due authorization and valid execution and delivery by the Company, this Agreement is a valid and binding obligation of each of Parent and the Shareholder, enforceable in accordance with its terms. 
  
 (d)    As of the date hereof of this Agreement, the Shareholder Group Beneficially Owns 4,714,434 shares of Common
Stock and 19,946,448 shares of Series A Preferred Stock and does not Beneficially Own any other Securities or any other warrant, option or other similar right to acquire Securities other than as a result of any stock split, stock dividend,
reclassification or any transaction with a similar effect upon the Common Stock or Series A Preferred Stock. 
  
 ARTICLE
IV 
  
 SHAREHOLDER AND COMPANY CONDUCT 
  
 Section 4.1.    Standstill Provision.  Subject to the provisions of this Agreement, during the term of this Agreement, Parent and the
Shareholder each agree with the Company that, without the prior approval of a majority of the Board, neither Parent nor the Shareholder will, and Parent and the Shareholder will cause each Shareholder Affiliate not to, take any of the following
actions: 
  
 (a)    singly or as part of a partnership, limited partnership, syndicate or other
13D Group, directly or indirectly, acquire, propose to acquire, or publicly announce or otherwise disclose an intention to propose to acquire, or offer or agree to acquire, by purchase or otherwise, Beneficial Ownership of any Securities other than
as a result of any stock split, stock dividend, reclassification or any transaction with a similar effect upon the Common Stock or Series D Preferred Stock or the conversion of the Series D Preferred Stock; 
  
 (b)    deposit (either before or after the date of the execution of this Agreement) any Security in a voting trust or
subject any Security to any similar arrangement or proxy with respect to the voting of such Security; 
  
 (c)    make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies,” or become a “Participant” in a “solicitation” (as such terms are used in
Regulation 14A under the Exchange Act) to seek to advise or influence any person to vote against any proposal or director nominee recommended to the shareholders of the Company or any of its subsidiaries by at least a majority of the Board;

  
 (d)    form, join or in any way participate in a 13D Group with respect to any Security of
the Company or any securities of its subsidiaries; 
  
 (e)    commence (including by means of
proposing or publicly announcing or otherwise disclosing an intention to propose, solicit, offer, seek to effect or negotiate) a merger, acquisition or other business combination transaction relating to the Company; 

 
 7 

  
 (f)    initiate a “proposal,” as such term is used
in Rule 14a-8 under the Exchange Act, “propose,” or otherwise solicit the approval of, one or more stockholders for a “proposal” or induce or attempt to induce any other person to initiate a “proposal;” 

 
 (g)    otherwise act, alone or in concert with others, to seek to control or influence the management, the
Board or policies of the Company; or 
  
 (h)    take any other action to seek or effect control
of the Company other than in a manner consistent with the terms of this Agreement. 
  
 This section shall not be
deemed to restrict the Shareholder Nominee from participating as a board member in the direction of the Company. 
  
 Section 4.2.     Required Reduction of Ownership.  If at any time Parent or the Shareholder becomes aware that the Shareholder Group has acquired, directly or indirectly, the Beneficial Ownership
of any Securities not permitted by this Agreement, then Parent or the Shareholder shall, or shall cause the Shareholder Group to, consistent with the provisions of Section 4.3 of this Agreement, promptly take all action necessary to Transfer or
otherwise cease to Beneficially Own such additional Securities. 
  
 Section
4.3.    Restrictions on Transfer.  None of the members of the Shareholder Group shall directly or indirectly Transfer any Subject Securities without the prior written consent of the Company, except the following
Transfers: 
  
 (a)    Transfers of Subject Securities representing upon Transfer less than 5.0%
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) to any Transferee, without prior notice to the Company, so long as such Transferee and any
Affiliate of such Transferee and any such person who is a member of a 13D Group with such Transferee does not Beneficially Own more than 5.0% of the then outstanding Common Stock (assuming the conversion of all shares of Series D Preferred Stock to
be Transferred and the conversion of all other Securities convertible into Common Stock held by such Transferee into shares of Common Stock) immediately prior to giving effect to each such Transfer. 
  
 (b)    Transfers of Subject Securities to the public in a bona fide underwritten offering pursuant to the Registration
Rights Agreement upon fifteen (15) Business Days prior written notice to the Company; 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). 
  
 (c)    Transfers of all or part of the Shareholder Group’s Subject Securities pursuant to a pro rata distribution of Subject Securities among the
shareholders of Parent. 

 
 8 

  
 (d)    Transfers of Subject Securities among members of the
Shareholder Group; provided, however, that any such transferee shall agree with the Company in writing prior to each such transfer to be bound by the terms of this Agreement with respect to its Beneficial Ownership of Subject
Securities. 
  
 (e)    If a Clearly Credible Tender Offer for the Company has been commenced and
the Board has determined or resolved to redeem or modify (to render inapplicable thereto) the Rights or the Rights Agreement (or a substantially similar agreement) or the Rights or the Rights Agreement (or a substantially similar agreement) does
not, for any other reason, apply to such Clearly Credible Tender Offer, at the Shareholder’s option, Transfers of Subject Securities by means of tenders into such Clearly Credible Tender Offer in an amount not exceeding the percentage (assuming
the conversion of all shares of Series D Preferred Stock into shares of Common Stock) of the Subject Securities of which it is the Beneficial Owner equal to the highest percentage of the aggregate of all Subject Securities not Beneficially Owned by
any member of the Shareholder Group which has ever been announced to have been tendered into such Clearly Credible Tender Offer. 
  
 Section 4.4.    Buy-Back Options.  (a) During the term of this Agreement, if the Company purchases Securities from the public, whether by tender offer, open market purchase or otherwise (a
“Repurchase”), the Company shall contemporaneously with the Repurchase offer to repurchase from the Shareholder on the same terms and conditions, including price, as in the Repurchase, a percentage (assuming the conversion of all
shares of Series D Preferred Stock into shares of Common Stock) of those Securities Beneficially Owned by the Shareholder equal to the percentage (assuming the conversion of all shares of Series D Preferred Stock into shares of Common Stock) of
Securities to be Repurchased from the Beneficial Owners of Securities other than the Shareholder or any Shareholder Affiliate (the “Buy-Back Offer”). The Shareholder may accept such Buy-Back Offer in its sole discretion.

  
 (b)    The Company shall provide notice to the Shareholder of its intention to engage in a
Repurchase not less than ten (10) days in advance of the date on which the Repurchase is to begin (the “Company Repurchase Notice”). The Shareholder must provide notice to the Company within ten (10) days of receipt of the Company
Repurchase Notice of whether the Shareholder intends to accept the Buy-Back Offer. 
  
 Section
4.5.    Charter and By-laws.  During the term of this Agreement the Company shall not amend, alter or repeal, or propose the amendment, alteration or repeal of, any provision of the Charter or the By-laws in any
manner which is inconsistent with the terms of this Agreement and which adversely affects the rights of the Shareholder Group under the terms of this Agreement. If at any time during the term of this Agreement the provisions of this Agreement shall
conflict with the provisions of the Charter and the By-laws, the provisions of this Agreement shall be controlling. 
  
 Section 4.6.    Rights Agreement.  During the term of this Agreement, the Company hereby agrees not to amend any provision of the Rights Agreement in any manner which is inconsistent with the
terms of this Agreement or the Transaction Agreement and which adversely affects the rights of the Shareholder Group under the terms of this Agreement. 

 
 9 

  
 Section 4.7.    Agreement Not to
Convert.  During the term of this Agreement each of Parent and the Shareholder agree that it shall not, and shall cause each Shareholder Affiliate not to, Convert any shares of Series D Preferred Stock Beneficially Owned by the
Shareholder or any Affiliate into shares of Common Stock unless (x) the aggregate of the regular cash dividends for the fiscal year immediately prior to such Conversion which would have been payable with respect to all the shares of Common Stock
issuable upon Conversion of one share of Series D Preferred Stock is greater than $0.925 (the “Conversion Threshold”) and (y) such conversion would not have a material adverse effect on the exemptions from the 1935 Act of the
Company or any of its subsidiaries or of Parent, the Shareholder or any Shareholder Affiliate. Special or extraordinary dividends shall not be taken into account in determining whether the Conversion Threshold has been met. Notwithstanding anything
contained in this Section 4.7 to the contrary, the Shareholder may convert shares of Series D Preferred Stock into shares of Common Stock in connection with, and immediately prior to, a Transfer pursuant to subsections (a)-(c) and (e) of Section
4.3. 
  
 Section 4.8.    Taxes Upon Conversion or Exchange.  The Company hereby
agrees to pay any and all stock transfer and documentary stamp taxes that may be payable in respect of any issuance or delivery of (i) any shares of Series D Preferred Stock, (ii) any shares of Common Stock issued in a Conversion of shares of Series
D Preferred Stock, or (iii) any exchange of shares of Common Stock for shares of Series D Preferred Stock, or certificates or instruments evidencing any of such shares or securities. The Company shall not, however, be required to pay any such tax
which may be payable in respect of any transfer involved in the issuance or delivery of shares of Common Stock in a Conversion of shares of Series D Preferred Stock in a name other than that in which the shares of such Series D Preferred Stock were
registered. 
  
 Section 4.9.    Prohibition on Senior
Securities.  During the term of this Agreement, the Company hereby agrees that it shall not create, authorize or reclassify any authorized stock of the Company into (x) any class or series of the Company’s
capital stock ranking equal or prior to the Series D Preferred Stock as to dividends or as to distributions of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or (y) any class or series of the
Company’s capital stock entitled to vote separately as a class on any matter whatsoever, other than an amendment to the Charter which would have the effect of modifying the voting powers, designations, preferences, rights and qualifications,
limitations or restrictions of such class or series so as to affect the holders thereof adversely, or (z) any security convertible into shares of any class or series described in (x) or (y) above. 
  
 ARTICLE V 
  
 BOARD REPRESENTATION AND VOTING 
  
 Section 5.1.    Directors
Designated by the Shareholder.  (a) Subsequent to the Exchange, the Board shall, if requested by the Shareholder, appoint as a Director the Initial Shareholder Nominee who has been designated by the Shareholder in writing. The Initial
Shareholder Nominee shall be placed in the class of Directors next standing for election. In the event of a vacancy caused by the disqualification, removal, resignation or other cessation of service of the Initial Shareholder Nominee from the Board,
the Board shall, if requested by the 

 
 10 

  
 Shareholder, elect as a Director (to serve until the Company’s immediately succeeding annual
meeting of shareholders) a new Initial Shareholder Nominee who has been designated by the Shareholder in an additional Initial Shareholder Nominee Notice that has been provided to the Company at least seven (7) days prior to the date of a regular
meeting of the Board. 
  
 (b)    The Shareholder shall provide notice to the Company (the
“Initial Shareholder Nominee Notice”) as required by Section 5.1(a) above, which notice shall contain the following information: (i) the name of the person it has designated to become a Director (the “Initial Shareholder
Nominee”), and (ii) all information required by Regulation 14A and Schedule 14A under the Exchange Act with respect to such Initial Shareholder Nominee. 
  
 (c)    During the term of this Agreement, the Shareholder shall provide notice to the Company in writing sixty (60) days prior to each meeting of the Company’s shareholders at
which the class of Directors that includes the Initial Shareholder Nominee is to stand for re-election indicating (i) the name of the person it has designated to become Director (the “Successor Shareholder Nominee” and together with
Initial Shareholder Nominee, each a “Shareholder Nominee”) and (ii) all information required by Regulation 14A and Schedule 14A under the Exchange Act with respect to such Successor Shareholder Nominee. 
  
 (d)    The Shareholder shall consult with the Company in connection with the identity of any proposed Shareholder
Nominee. In the event the Company is advised in writing by its outside counsel that a proposed Shareholder Nominee would not be qualified under the Company’s Charter or By-laws or any applicable statutory or regulatory standards to serve as a
Director, or if the Company otherwise reasonably objects to the proposed Shareholder Nominee, including without limitation because such Shareholder Nominee either (i) is a director or officer of a direct competitor of the Company or (ii) has engaged
in any adverse conduct that would require disclosure under Item 7 of Schedule 14A promulgated under the Exchange Act, the Shareholder agrees to withdraw such proposed Shareholder Nominee and nominate a replacement therefor (which replacement would
be subject to the requirements of this Section 5.1(d)). Any such objection by the Company must be made no later than one (1) month after the Shareholder first informs the Company of the identity of the proposed Initial Shareholder Nominee;
provided, however, that the Company shall in all cases notify the Shareholder of any such objection sufficiently in advance of the date on which proxy materials are mailed by the Company in connection with such election of directors to
enable the Shareholder to propose an alternate Shareholder Nominee pursuant to and in accordance with the terms of this Agreement. 
  
 (e)    During the term of this Agreement the Company agrees to include each Shareholder Nominee to be added to or retained on the Board pursuant to this Agreement in the slate of nominees recommended by
the Board to the Company’s shareholders for election as Directors and shall use its best efforts to cause the election or reelection of each such Shareholder Nominee to the Board, including soliciting proxies in favor of the election of such
persons. 
  
 Section 5.2.    Resignation of Shareholder Nominee.  Unless
otherwise agreed by the Company, the Shareholder shall cause the Shareholder Nominee then serving on the Board to offer his resignation from the Board immediately upon the termination of this Agreement pursuant to and in accordance with Section 6.1
hereof. 

 
 11 

 Section 5.3.    Voting.  During the term of this Agreement, Parent and the
Shareholder agree that: 
  
 (a)    The Shareholder shall, and shall cause each Shareholder
Affiliate to, be present, in person or by proxy, at all meetings of shareholders of the Company so that all Securities having voting rights which are Beneficially Owned by the Shareholder and the Shareholder Affiliates may be counted for the purpose
of determining the presence of a quorum at such meetings. 
  
 (b)    (i) With respect to the
election of Directors, the Shareholder shall, and shall cause each Shareholder Affiliate to, vote all Securities Beneficially Owned by the Shareholder and any Shareholder Affiliate in favor of the election of all candidates for Director nominated by
the Company’s Board (including the Shareholder Nominee) and (ii) with respect to any proposal initiated by a shareholder of the Company relating to the redemption of the rights issued pursuant to the Rights Agreement or any modification of the
Rights Agreement (other than nonbinding precatory resolutions with respect to which subsection (c) hereof shall apply), the Shareholder shall, and shall cause each member of the Shareholder Group to, vote all Securities Beneficially Owned by the
Shareholder or any member of the Shareholder Group in accordance with the recommendation of the Board. 
  
 (c)    With respect to any proposed amendment to the Charter or By-laws which would reasonably have the effect of modifying in any way Section 1, Article Twelfth of the Amended Certificate of Incorporation of the
Company dated January 15, 1998, electing that Sections 1145 through 1155 of Title 18 of the Oklahoma General Corporation Law (the “Control Share Acquisition Statute”) shall not apply to the Company, or would reasonably cause the
Company to become subject to (a) the Control Share Acquisition Statute or (b) any other provisions which are substantially similar to the Control Share Acquisition Statute, the Shareholder Group shall have the right to abstain or vote against such
amendment. 
  
 (d)    During the term of this Agreement, (i) the Shareholder and each member of
the Shareholder Group may vote in their sole discretion those shares of Common Stock held by them from time to time that were not acquired as a result of the Conversion of shares of Series D Preferred Stock or otherwise in breach of this Agreement,
and (ii) the Shareholder shall, and shall cause each member of the Shareholder Group to, vote all other Securities Beneficially Owned by them that are entitled to vote on such matter in the same proportion (based on total votes) as all Securities
voted on any such other matter are voted by the shareholders of the Company other than the Shareholder or any member of the Shareholder Group; provided, however, that the Shareholder and any member of the Shareholder Group may vote any
or all of the Securities Beneficially Owned by them in their sole discretion with respect to a vote of the Company’s shareholders on any transaction or series of transactions which would, if consummated, constitute a Change in Control of the
Company. 
  
 (e)    At all times the Shareholder Group may exercise in its sole discretion such
voting rights as the Series D Preferred Stock may have from time to time pursuant to the Charter and with respect to an amendment to the Charter which would have the effect of modifying the voting powers, designations, preferences, rights and
qualifications, limitations or restrictions of such class or series so as to affect the holders thereof adversely. 

 
 12 

 ARTICLE VI 
  
 TERMINATION 
  
 Section 6.1.    Termination.  Unless
otherwise agreed in writing by the Shareholder, this Agreement shall terminate upon the earliest to occur of the following: 
  
 (a)    The Company’s failure to pay the stated quarterly dividend on the Series D Preferred Stock in any five (5) quarters during the term of this Agreement. 
  
 (b)    The Shareholder Group’s Beneficial Ownership of Subject Securities (assuming conversion of the Series D
Preferred Stock into Common Stock) falling below 10.0% at any time; provided that, if termination occurs pursuant to this clause (b), the provisions of Section 4.1 shall survive until November 26, 2012. 
  
 (c)    The material breach of this Agreement or the Transaction Agreement by the Company, provided that the Company
has not cured the breach within thirty (30) days after receiving notice of such breach, or if cure within such time is not possible, the Company has not made reasonable efforts to cure such breach, provided, further that in no event shall such cure
period extend longer than ninety (90) days from the date of first notice of such breach. 
  
 (d)    Mutual written agreement of the Company, on the one hand, and Parent and the Shareholder, on the other hand, at any time to terminate this Agreement, which termination shall occur at a time to be fixed in
such mutual agreement. 
  
 (e)    The entry by a court having jurisdiction in the premises of (i)
a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Company a bankrupt
or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of the Company’s property, or ordering the winding up or liquidation of the Company’s affairs; and the continuance of any such decree or
order for relief or any such other decree or order unstayed and in effect for a period of sixty (60) consecutive days. 
  
 (f)    The commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, or the consent by the Company to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company, or the filing by the Company of a petition or answer or consent seeking reorganization or relief under any applicable
Federal or State law, or the consent by the Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any
substantial part of the Company’s property, or the making by the Company of 

 
 13 

 an assignment for the benefit of creditors, or the admission by the Company in writing of the Company’s inability to pay its debts
generally as they become due, or the taking of corporate action by the Company in furtherance of any such action. 
  
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 Section 7.1.    Compliance With Law.  Notwithstanding anything to the contrary in this Agreement, no Transfer of Securities shall be
deemed to be required or permitted pursuant to this Agreement if such Transfer would (a) result in an adverse effect on the exemptions from the Public Utility Holding Company Act of 1935, as amended, (the “1935 Act”) of Parent, the
Shareholder or any Shareholder Affiliate or the Company or any subsidiary of the Company, or (b) require regulatory approvals which, individually or in the aggregate with respect to such Transfer, would have a material adverse impact on the Company
or any of its subsidiaries or Parent or the Shareholder or any Shareholder Affiliate. 
  
 Section
7.2.    Regulatory Matters.  Following the occurrence of any change in any law, rule, regulation or issuance of any order or interpretation by an administrative, regulatory or judicial body, if the Company
believes that the Shareholder’s regulatory status as modified by such change or issuance would (a) result in an adverse impact on the exemptions from the 1935 Act of the Company or any of its subsidiaries, or (b) require regulatory approvals
which, individually or in the aggregate, would have a material adverse impact on the Company or any of its subsidiaries, then the Company shall have an immediate right to purchase, upon thirty (30) days’ written notice, all, or such lesser
portion as the Company may determine will nullify such unreasonable restriction, of the Securities Beneficially Owned by the Shareholder Group at a price per share (assuming conversion of all shares of Series D Preferred Stock into Common Stock)
equal to the Market Price for the Common Stock on the date that such notice is delivered to the Shareholder; provided that the Shareholder may Transfer all, or such lesser portion as the Company may determine will nullify such unreasonable
restriction, of the Securities Beneficially Owned by the Shareholder Group as permitted by Section 4.3 hereof and in compliance with Section 7.1 hereof prior to the expiration of such 30-day period. 
  
 Section 7.3.    Injunctive Relief.  Each party hereto acknowledges that it would be impossible to
determine the amount of damages that would result from any breach of any of the provisions of this Agreement and that the remedy at law for any breach, or threatened breach, of any of such provisions would likely be inadequate and, accordingly,
agrees that each other party shall, in addition to any other rights or remedies which it may have, be entitled to seek such equitable and injunctive relief as may be available from any court of competent jurisdiction to compel specific performance
of, or restrain any party from violating, any of such provisions. In connection with any action or proceeding for injunctive relief, each party hereto hereby waives the claim or defense that a remedy at law alone is adequate and agrees, to the
maximum extent permitted by law, to have each provision of this Agreement specifically enforced against him or it, without the necessity of posting bond or other security against him or it, and consents to the entry of injunctive relief against him
or it enjoining or restraining any breach or threatened breach of such provisions of this Agreement. 

 
 14 

 Section 7.4.    Successors and Assigns.  This Agreement shall be binding upon, shall
inure to the benefit of and shall be enforceable by the Company, on the one hand, and by Parent and the Shareholder, on the other hand, and their respective successors and permitted assigns, and no such term or provision is for the benefit of, or
intended to create any obligations to, any other Person. Notwithstanding the foregoing, a purchaser of Subject Securities transferred as permitted by subsections (a)-(c) and (e) of Section 4.3 of this Agreement shall not be a successor or assign of
Parent or Shareholder within the meaning of Section 7.4. 
  
 Section 7.5.    Amendments;
Waiver.  (a)  This Agreement may be amended only by an agreement in writing executed by the parties hereto. Any approval of an amendment of this Agreement upon the part of the Company shall require the approval of a majority
of the Independent Directors at a duly convened meeting thereof or all of the Company’s directors by written consent thereto. 
  
 (b)    Either party may waive in whole or in part any benefit or right provided to it under this Agreement, such waiver being effective only if contained in a writing executed by the waiving party. No
failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon breach thereof shall constitute a waiver of any such breach or of any other
covenant, duty, agreement or condition, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. Any waiver of any benefit or right provided to the
Company under this Agreement shall require the approval of a majority of the Board and a majority of the Independent Directors at a duly convened meeting thereof or all of the Company’s directors by written consent thereto. 

 
 Section 7.6.    Notices.  Except as otherwise provided in this Agreement, all notices,
requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand, when delivered personally or by courier, three days after being deposited in the mail
(registered or certified mail, postage prepaid, return receipt requested), or when received by facsimile transmission if promptly confirmed by one of the foregoing means, as follows: 
  
 If to the Company: 
  
 ONEOK, Inc.

 100 W. Fifth Street 
 Tulsa, Oklahoma 
 Attention:  Chief Executive Officer 
 Fax: (918) 588-7961

  
 with a copy to: 
  
 ONEOK, Inc. 
 100 W. Fifth Street 
 Tulsa, Oklahoma 
 Attention: General Counsel 
 Fax: (918) 588-7971 

 
 15 

 If to the Shareholder: 
  
 Westar Industries, Inc. 
 818 Kansas Avenue 
 Topeka, Kansas 66612 
 Attention: President 
 Fax: (785) 575-8061 
  
 with a copy to: 
  
 Westar Industries, Inc. 
 818 Kansas Avenue

 Topeka, Kansas 66612 
 Attention: Corporate Secretary

 Fax: (785) 575-1936 
  
 If to Parent: 
  
 Westar Energy, Inc. 
 818 Kansas Avenue 
 Topeka, Kansas 66612 
 Attention: President 
 Fax: (785) 575-8061 
  
 with a copy to: 
  
 Westar Energy, Inc.

 818 Kansas Avenue 
 Topeka, Kansas 66612 
 Attention: Corporate Secretary 
 Fax: (785) 575-1936 
  
 or to such other address or facsimile number as either party may, from time to time, designate in a written notice given in a like manner. 

 
 Section 7.7.    APPLICABLE LAW.  THIS AGREEMENT 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. 
  
 Section 7.8.    Headings.  The descriptive headings of the several sections in this Agreement are for convenience only and do not constitute a part of this Agreement and shall not be deemed to
limit or affect in any way the meaning or interpretation of this Agreement. 
  
 Section
7.9.    Integration.  This Agreement and the other writings referred to herein or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject
matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. There are no 

 
 16 

 restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to its subject matter other than those
expressly set forth or referred to herein. 
  
 Section
7.10.    Severability.  If any term or provision of this Agreement or any application thereof shall be declared or held invalid, illegal or unenforceable, in whole or in part, whether generally or in any
particular jurisdiction, such provision shall be deemed amended to the extent, but only to the extent, necessary to cure such invalidity, illegality or unenforceability, and the validity, legality and enforceability of the remaining provisions, both
generally and in every other jurisdiction, shall not in any way be affected or impaired thereby. 
  
 Section
7.11.    Consent to Jurisdiction.  In connection with any suit, claim, action or proceeding arising out of this Agreement, Parent, the Shareholder and the Company each hereby consent to the in personam
jurisdiction of the United States federal courts and state courts located in Tulsa, Oklahoma; Parent, the Shareholder and the Company each agree that service in the manner set forth in Section 7.6 hereof shall be valid and sufficient for all
purposes; and Parent, the Shareholder and the Company each agree to, and irrevocably waive any objection based on forum non conveniens or venue, appear in any United States federal court state court located in Tulsa, Oklahoma. 

 
 Section 7.12.    Counterparts.  This Agreement may be executed by the parties hereto in
two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

 
 17 

 IN WITNESS WHEREOF, the Company, Parent and the Shareholder have caused this Agreement to be duly executed by their
respective authorized officers as of the date set forth at the head of this Agreement. 
  
 
	 ONEOK, INC. 
 
	 
	 By:
 	 	 /s/    David L. Kyle
 

	  	 	 Name:  David L. Kyle
 Title:  Chairman, President and Chief Executive
            Officer
 

 
  
 
	 WESTAR ENERGY, INC. 
 
	 
	 By:
 	 	 /s/    James S. Haines, Jr.
 

	  	 	 Name:  James S. Haines, Jr.
 Title:  President and Chief Executive Officer
 

 
  
 
	 WESTAR INDUSTRIES, INC. 
 
	 
	 By:
 	 	 /s/    James S. Haines, Jr.
 

	  	 	 Name:
 Title:
 

 

 
 18Registration Rights Agreement

  
 Exhibit 10.3 
  
 
 
 REGISTRATION RIGHTS AGREEMENT 
  
 among 
  
 ONEOK, INC., 
 an Oklahoma corporation, 
  
 WESTAR ENERGY,
INC., 
 a Kansas corporation 
  
 and 
  
 WESTAR INDUSTRIES, INC., 
 a Delaware Corporation 
  
 Dated as of January 9, 2003 
  
 

 

 TABLE OF CONTENTS 
  
  

ARTICLE I 
  
 DEFINITIONS 
  
 
	 
	 Section 1.1
 	 	 Certain Defined Terms
 	  	 3
 
	 Section 1.2
 	 	 Other Defined Terms
 	  	 4
 
	 Section 1.3
 	 	 General
 	  	 5
 
	 Section 1.4
 	 	 Headings
 	  	 5
 
	 
	  
 ARTICLE II
  
 TERMINATION OF PRIOR REGISTRATION RIGHTS AGREEMENT; EFFECTIVENESS;
 SHELF REGISTRATION
  
 
	 Section 2.1
 	 	 Termination
 	  	 5
 
	 Section 2.2
 	 	 Effectiveness
 	  	 5
 
	 Section 2.3
 	 	 Shelf Registration
 	  	 5
 
	 
	  
 ARTICLE III
  
 REPRESENTATIONS AND WARRANTIES
  
 
	 
	 Section 3.1
 	 	 Representations and Warranties of Parent and the Shareholder
 	  	 6
 
	 Section 3.2
 	 	 Representations and Warranties of the Company
 	  	 6
 
	  
 ARTICLE IV
  
 REGISTRATION RIGHTS; OFFERINGS
  
 
	 
	 Section 4.1
 	 	 "Piggy-Back" Offerings
 	  	 6
 
	 Section 4.2
 	 	 Shelf Takedowns
 	  	 7
 
	 Section 4.3
 	 	 Intentionally Omitted
 	  	 9
 
	 Section 4.4
 	 	 Registration Procedures
 	  	 9
 
	 Section 4.5
 	 	 Registration Expenses
 	  	 15
 
	 Section 4.6
 	 	 Indemnification; Contribution
 	  	 16
 
	 Section 4.7
 	 	 Underwriters
 	  	 18
 
	 Section 4.8
 	 	 Exchange Act Filings; Rule 144; Rule 144A
 	  	 19
 
	 Section 4.9
 	 	 Agreement of the Shareholder
 	  	 19
 
	 Section 4.10
 	 	 Legends
 	  	 19
 
	 Section 4.11
 	 	 Treatment of Convertible Preferred Stock
 	  	 20
 
	  
 ARTICLE V
  
 MISCELLANEOUS
  
 
	 Section 5.1
 	 	 Termination
 	  	 20
 

 

 
 i 

  
  
 TABLE OF CONTENTS 

 
 
	 
	 Section 5.2
 	  	 Recapitalizations, Exchanges, Etc. Affecting the Shares
 	  	 20
 
	 Section 5.3
 	  	 Other Company Securities
 	  	 20
 
	 Section 5.4
 	  	 Amendment
 	  	 20
 
	 Section 5.5
 	  	 Notices
 	  	 20
 
	 Section 5.6
 	  	 Integration
 	  	 22
 
	 Section 5.7
 	  	 Binding Effect; Benefit
 	  	 22
 
	 Section 5.8
 	  	 Assignability
 	  	 22
 
	 Section 5.9
 	  	 Counterparts
 	  	 22
 
	 Section 5.10
 	  	 Applicable Law
 	  	 22
 
	 Section 5.11
 	  	 Shareholder Agreement
 	  	 22
 
	 Section 5.12
 	  	 Severability
 	  	 22
 

 

 
 ii 

  
 REGISTRATION RIGHTS AGREEMENT 
  
 REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of January 9, 2003, among Westar Energy, Inc., a Kansas
corporation (the “Parent”), Westar Industries, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (together with the Parent, the “Shareholder”), and ONEOK, Inc., an Oklahoma corporation (the
“Company”). 
  
 WHEREAS, the Company and the Shareholder have entered into a Transaction Agreement,
dated as of January 9, 2003 (the “Transaction Agreement”) pursuant to which, among other things, (i) the Company has agreed to use commercially reasonable efforts to make a public offering (the “Offering”) of shares
of the common stock, par value $0.01 per share, of the Company (the “Common Stock”) and such other securities as the Company may offer, (ii) the Company will use a portion of the proceeds of the Offering to repurchase (the
“Repurchase”) a portion of the shares of the Series A Convertible Preferred Stock of the Company, par value $0.01 per share (the “Series A Preferred Stock”) held by the Shareholder and (iii) the Company will modify
the terms of the Series A Preferred Stock by exchanging the (the “Exchange”) shares of newly issued $0.925 Series D Non-Cumulative Convertible Preferred Stock of the Company, par value $0.01 per share (the “Series D
Preferred Stock”) for all the shares of Series A Preferred Stock held by Shareholder not repurchased by the Company in the Repurchase; 
  
 WHEREAS, the Company and Parent are parties to a Registration Rights Agreement (the “Prior Registration Rights Agreement”), dated as of November 26, 1997, and desire to terminate the
Prior Registration Rights Agreement and replace it in its entirety with this Agreement; 
  
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants, representations, warranties and agreements contained herein, the Company and the Shareholder hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 

 
 Section 1.1     Certain Defined Terms.  In addition to other terms defined elsewhere in
this Agreement, as used in this Agreement, the following capitalized terms have the respective meanings set forth below: 
  
             “Affiliate” shall mean, with respect to any person, any other person that directly or indirectly through one or more intermediaries controls or
is controlled by or is under common control with such person. For the purposes of this definition, “control” when used with respect to any particular person, means the power to direct the management and policies of such person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
             “Business Day” shall mean any day, other than a
Saturday, Sunday or a day on which banking institutions in Tulsa, Oklahoma or New York, New York are authorized or obligated by law or executive order to close. 

 
 3 

 “Convertible Preferred Stock” shall mean the Series D Preferred Stock. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 “person” shall mean any individual, corporation, company, partnership, joint venture, trust, group (as such term is used
in Rule 13d-5 under the Exchange Act), business association, government or political subdivision thereof, governmental body or other entity. 
  
 “SEC” shall mean the United States Securities and Exchange Commission or any other United States federal agency at the time administering the Securities Act or the Exchange Act, as
applicable, whichever is the relevant statute. 
  
 “Shareholder Agreement” shall mean the
Shareholder Agreement, dated as of the date hereof, among the Company, Parent and the Shareholder. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Shares” shall mean shares of Common Stock or Convertible Preferred Stock now held by the Shareholder and all shares of Common Stock issued or issuable upon conversion of the Convertible Preferred Stock now held by
the Shareholder and shares of Common Stock issued or issuable, directly or indirectly, with respect to such shares of Common Stock by way of a stock dividend, stock split or combination of shares. 
  
 Section 1.2     Other Defined Terms.  The following terms shall have the meanings defined for such
terms in the section set forth below: 
  
 
	 Term
 	  	 Location
 
	  
 Agreement
 	  	 Preamble
 
	 Blackout Period
 	  	 4.2(b)
 
	 Claims
 	  	 4.6
 
	 Common Stock
 	  	 Recitals
 
	 Company
 	  	 Preamble
 
	 Effective Period
 	  	 4.4(a)
 
	 Exchange
 	  	 Recitals
 
	 Inspectors
 	  	 4.4(a)
 
	 Lock-up Notice
 	  	 4.2
 
	 Maximum Number
 	  	 4.1(a)
 
	 Offering
 	  	 Recitals
 
	 Parent
 	  	 Preamble
 
	 Piggy-Back Request
 	  	 4.1(a)
 
	 Piggy-Back Shares
 	  	 4.1(a)
 
	 Pre-emptive Notice
 	  	 4.2
 
	 Prior Registration Rights Agreement
 	  	 Recitals
 
	 Records
 	  	 4.4(a)
 
	 Registered Shares
 	  	 4.4(a)
 
	 Registration
 	  	 2.3
 

 

 
 4 

 
	 Registration Expenses
 	  	 4.5
 
	 Repurchase
 	  	 Recitals
 
	 Securities Act
 	  	 4.10(a)
 
	 Series A Preferred Stock
 	  	 Recitals
 
	 Series D Preferred Stock
 	  	 Recitals
 
	 Shareholder
 	  	 Preamble
 
	 Shelf Registration Statement
 	  	 2.3
 
	 Shelf Takedown
 	  	 4.2
 
	 Standoff Period
 	  	 4.2
 
	 Subject Offering
 	  	 4.1(a)
 
	 Transaction Agreement
 	  	 Recitals
 

 
  
 Section 1.3    
General.  Unless the context otherwise requires, references in this Agreement to any “section” or “article” shall mean a section or article of this Agreement, as the case may be, and the terms “hereof,”
“hereunder” and “hereto” and words of similar meaning shall mean this Agreement in its entirety and not any particular provisions of this Agreement. Unless the context otherwise requires, the terms defined herein include the
singular as well as the plural. 
  
 Unless the context otherwise requires, each reference herein to the Securities
Act, the Exchange Act or Rule 144 under the Securities Act (or any other rule, regulation or form promulgated under either such statute) shall be deemed to mean, as of any time, such statute, rule, regulation or form as then in effect, after all
amendments thereto, or, if not then in effect, any successor statute, rule, regulation or form as then in effect, after all amendments thereto. 
  
 Section 1.4     Headings.  The descriptive headings of the several sections and paragraphs of this Agreement are inserted for convenience only, do not constitute a
part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 ARTICLE II

  
 TERMINATION OF PRIOR REGISTRATION RIGHTS AGREEMENT; 
 EFFECTIVENESS; SHELF REGISTRATION 
  
 Section
2.1     Termination.  The Company and Parent agree that, effective immediately upon the consummation of the Repurchase and the Exchange, the Prior Registration Rights Agreement is hereby terminated and is of no
further force and effect. 
  
 Section 2.2     Effectiveness.  This Agreement
shall become effective immediately upon the consummation of the Repurchase and the Exchange and shall remain in effect until terminated in accordance with Section 5.1. 
  
 Section 2.3     Shelf Registration.  Within sixty (60) days after the consummation of the Repurchase and the Exchange, the Company
shall file a registration statement on Form S-3 (the “Shelf Registration Statement”) providing for the registration (the “Registration”) of the sale of the Shares and shall use commercially reasonable efforts to
have the Shelf Registration Statement declared effective under the Securities Act as promptly as practicable after filing and 

	

	

 
 5 

  
 shall use commercially reasonable efforts to maintain the effectiveness of the Shelf Registration
Statement. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section
3.1     Representations and Warranties of Parent and the Shareholder.  Each of Parent and the Shareholder hereby represents and warrants to the Company (i) that it has been duly organized and is an existing
corporation in good standing as a corporation under the laws of its state of incorporation, (ii) that it has all requisite corporate power and authority and has received all requisite approvals (including any necessary approval of its Board of
Directors) to complete the transactions contemplated hereby and (iii) that this Agreement has been duly authorized, executed and delivered by Parent and the Shareholder and, assuming due authorization and valid execution and delivery by the Company,
constitutes a valid and binding agreement of Parent and the Shareholder enforceable against Parent and the Shareholder in accordance with its terms. 
  
 Section 3.2     Representations and Warranties of the Company.  The Company hereby represents and warrants to the Shareholder (i) that it has been duly organized
and is an existing corporation in good standing under the laws of the State of Oklahoma, (ii) that it has all requisite corporate power and authority, and has received all requisite approvals (including any necessary approval of its Board of
Directors) to complete the transactions contemplated hereby and (iii) this Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization and valid execution and delivery by Parent and the Shareholder,
constitutes a valid and binding agreement enforceable against the Company in accordance with its terms. 
  
 ARTICLE IV

  
 REGISTRATION RIGHTS; OFFERINGS 
  
 Section 4.1     “Piggy-Back” Offerings.  (a) If, at any time following the consummation of the Repurchase and the Exchange,
the Company proposes to make an underwritten offering of Common Stock (a “Subject Offering“) the Company shall give prompt written notice to the Shareholder of its intention to do so. Such notice shall include an estimate of the
aggregate offering price of the total shares of Common Stock proposed to be offered. Upon the written direction of the Shareholder (a “Piggy-Back Request“), given within fifteen (15) business days following the receipt by the
Shareholder of any such written notice, the Company shall include in such Subject Offering, subject to the provisions of this Section 4.1, such numbers of shares of Common Stock as shall be set forth in such Piggy-Back Request (the
“Piggy-Back Shares“). 
  
 (b)     In the event that the Company proposes to make
a Subject Offering and a nationally recognized independent investment banking firm selected by the Company to act as managing underwriter thereof reasonably and in good faith shall have advised the Company or the Shareholder in writing that, in its
opinion, the inclusion in the Subject Offering of some or all 

	

	

 
 6 

 of the Piggy-Back Shares sought to be sold by the Shareholder creates a substantial risk that the price per share of Common Stock that the
Company will derive from such sale will be materially and adversely affected or that the number of shares of Common Stock sought to be sold (including any shares of Common Stock sought to be sold at the request of the Company and those sought to be
sold by the Shareholder) is a greater number than can reasonably be sold, the Company shall include in such Subject Offering such number of shares of Common Stock as the Company, and the Shareholder are so advised can be sold in such offering
without such an effect (the “Maximum Number”) as follows and in the following order of priority: (A) first, such number of shares of Common Stock as the Company intended to be sold by the Company and (B) second, if and to the extent
that the number of shares of Common Stock to be sold under clause (A) is less than the Maximum Number, such number of shares of Common Stock as the Shareholder shall have intended to sell which, when added to the number of shares of Common Stock to
be sold under clause (A), is less than or equal to the Maximum Number. 
  
 (c)    
Notwithstanding any request under this Section 4.1, the Shareholder may elect in writing to withdraw its request for inclusion of its Piggy-Back Shares in any offering; provided, however, that (i) such request must be made in writing
prior to the public announcement of such offering and (ii) such withdrawal shall be irrevocable and, after making such withdrawal, the Shareholder shall no longer have any right to include Piggy-Back Shares in the offering as to which such
withdrawal was made. 
  
 (d)     If, as a result of the proration provisions of this Section 4.1,
the Shareholder shall not be entitled to include all Piggy-Back Shares in an offering that the Shareholder has requested to be included, the Shareholder may elect to withdraw his request to include Piggy-Back Shares in such offering or may reduce
the number requested to be included, provided that the same limitations in subsection (c) shall apply. 
  
 Section
4.2     Shelf Takedowns.   (a) Each of the Company and the Shareholder agree that, in the event that the Company or the Shareholder intends to effect an underwritten offering of the Common Stock or Convertible
Preferred Stock registered on a shelf registration statement pursuant to Rule 415 under the Securities Act (a “Shelf Takedown”), then it shall give the other party at least five (5), but not more than thirty (30) Business Days
written notice prior to filing the prospectus supplement with respect to such Shelf Takedown (a “Lock-up Notice”). In the event that the Company receives a Lock-up Notice from the Shareholder, the Company may, within five (5)
Business Days of receipt of a Lock-up Notice, give the Shareholder written notice (a “Pre-emptive Notice”) that the Company will use commercially reasonable efforts to promptly effect a Shelf Takedown. The Company shall have thirty
(30) Business Days from the date of the Pre-emptive Notice in which to effect a Shelf Takedown (the “Standoff Period”). If the Company does not effect a Shelf Takedown within the Standoff Period, the Shareholder may effect a Shelf
Takedown within fifteen (15) Business Days thereafter. If (A) the Company delivers a Lock-up Notice or the Company delivers a Pre-emptive Notice, in each case to the Shareholder, and effects a Shelf Takedown within the time period specified in that
notice, or (B) the Shareholder delivers a Lock-up Notice and the Shareholder effects a Shelf Takedown as specified in the Lock-up Notice, then, the Shareholder, in the event of the circumstances described in clause (A), shall not, during the period
beginning on the date of the Lock-up Notice or Pre-emptive Notice, as the case may be, and ending up to ninety (90) days after the date of the prospectus supplement with respect to the Shelf Takedown, or such shorter period as may be agreed to by
the parties or the Company, in the event of the 

	

	

 
 7 

 circumstances described in clause (B), shall not, during the period beginning on the date of the Lock-up Notice and ending up to ninety (90)
days after the date of the prospectus supplement with respect to the Shelf Takedown, or such shorter period as may be agreed to by the parties, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable for Common Stock or (ii) enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of
Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (A) the issuance by the Company of shares of Common Stock upon the exercise of an option or warrant or the conversion of a security outstanding on
the date of the prospectus supplement or otherwise pursuant to the Company’s then existing employee or director benefit plans, (B) the granting of any rights to acquire shares of Common Stock pursuant to the Company’s then existing
employee benefit plans, (C) the filing and effectiveness of the Shelf Registration Statement or (D) sales of Piggy-Back Shares by the Shareholder pursuant to the exercise of rights granted by Section 4.1(a). The Company may not deliver more than one
(1) Pre-emptive Notice in any 12-month period. 
  
 (b)    Anything in this Agreement to the
contrary notwithstanding, the Company shall be entitled to postpone and delay, for a reasonable period of time, not to exceed ninety (90) days in the case of clauses (i) and (ii) below, or thirty (30) days in the case of clause (iii) below (each, a
“Blackout Period”), any Shelf Takedown proposed by the Shareholder if the Company shall determine that any such Shelf Takedown would (i) in the good faith judgment of the Board of Directors of the Company, unreasonably impede, delay
or otherwise interfere with any pending or contemplated financing (other than a Shelf Takedown), acquisition, corporate reorganization or other similar transaction involving the Company, (ii) based upon advice from the Company’s investment
banker or financial advisor, adversely affect any pending or contemplated offering or sale of any class of securities by the Company (other than Common Stock pursuant to a Shelf Takedown) or (iii) in good faith judgment of the Board of Directors of
the Company require disclosure of material non-public information (other than information relating to an event described in clause (i) or (ii) of this subsection (b)) which, if disclosed at such time, would be materially harmful to the interests of
the Company and its stockholders; provided, however, that in the case of a Blackout Period pursuant to clause (i) or (ii) above, the Blackout Period shall earlier terminate upon the completion or abandonment of the relevant securities
offering or sale, financing, acquisition, corporate reorganization or other similar transaction; and provided, further, that in the case of a Blackout Period pursuant to clause (iii) above, the Company shall give written notice of its
determination to postpone or delay any Shelf Takedown and the Blackout Period shall earlier terminate upon public disclosure by the Company or public admission by the Company of such material non-public information or such time as such material
non-public information shall be publicly disclosed without breach of the last sentence of this subsection (b); and provided, further, that in the case of a Blackout Period pursuant to clause (i), (ii) or (iii) above, the Company shall
furnish to the Shareholder a certificate of an executive officer of the Company to the effect that an event permitting a Blackout Period has occurred. Notwithstanding anything herein to the contrary, the Company shall not exercise pursuant to clause
(i) or (ii) of the preceding sentence the right to postpone or delay a Shelf Takedown more than twice in any twelve (12) month period. Upon notice by the Company to the Shareholder of any such determination, the Shareholder covenants that it shall

 
 8 

 keep the fact of any such notice strictly confidential, and, in the case of a Blackout Period pursuant to clause (iii) above or Section 4.2(c)
below, promptly halt any offer, sale, trading or transfer by it or any of its Affiliates of any Common Stock for the duration of the Blackout Period set forth in such notice (or until such Blackout Period shall be earlier terminated in writing by
the Company) and promptly halt any use, publication, dissemination or distribution of any prospectus supplement with respect to such Shelf Takedown, and any amendment or supplement thereto by it and any of its Affiliates for the duration of the
Blackout Period set forth in such notice (or until such Blackout Period shall be earlier terminated in writing by the Company) and, if so directed by the Company, will deliver to the Company any copies then in such Shareholder’s possession of
such prospectus supplement. 
  
 (c)    Anything in this Agreement to the contrary
notwithstanding, in case the Shareholder has initiated, but not priced, a Shelf Takedown, if a transaction of the type specified in Section 4.2(b)(i) has not resulted from actions taken by the Company, the Company may cause such Shelf Takedown to be
postponed for a reasonable period of time, not to exceed the Blackout Period applicable to Section 4.2(b)(i). 
  
 (d)    The Shareholder may not effect more than two (2) Shelf Takedowns in any twelve (12) month period and may not commence a Shelf Takedown at any time after the Company has delivered notice of the redemption of
the Convertible Preferred Stock to the Shareholder other than a Shelf Takedown that was initiated prior to delivery of such notice of redemption and delayed as a result of subsection (a),(b), or (c) of this Section 4.2. 
  
 Section 4.3    Intentionally Omitted. 
  
 Section 4.4    Registration Procedures.  (a) In connection with the Shelf Registration Statement and in accordance with the intended
method or methods of distribution of the Shares as described in such registration statement, the Company shall, as soon as reasonably practicable (and, in any event, subject to the terms of this Agreement, at or before the time required by
applicable laws and regulations): 
  
 (i)      Prepare and file with
the SEC a registration statement on an appropriate registration form of the SEC, with respect to such Shares, which form shall be selected by the Company with the Shareholder’s reasonable consent, and use commercially reasonable efforts to
cause such registration statement to become and remain effective promptly; provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to one counsel selected by the
Shareholder, and the sales or placement agent or agents, if any, for the Shares and the managing underwriter or underwriters, if any, draft copies of all such documents proposed to be filed at least seven (7) days prior to such filing, which

 
 9 

 documents will be subject to the reasonable review of the Shareholder, the sales or placement agent or agents, if any, for the Shares and the
managing underwriter or underwriters, if any, and their respective agents and representatives and (x) the Company will not include in any registration statement information concerning or relating to the Shareholder to which the Shareholder shall
reasonably object in writing (unless the inclusion of such information is required by applicable law or the regulations of any securities exchange to which the Company may be subject) and (y) the Company will not file any Shelf Registration
Statement or amendment thereto or any prospectus or any supplement thereto to which the Shareholder may reasonably object in writing; 
  
 (ii)    Furnish without charge to the Shareholder, the sales or placement agent or agents, if any, and the managing underwriter or underwriters, if any, such number of copies of such registration
statement and of each amendment and supplement thereto (in each case including all exhibits), such number of copies of the summary, preliminary, final, amended or supplemented prospectuses included in such registration statement in conformity with
the requirements of the Securities Act and any regulations promulgated thereunder and (upon the reasonable request by the Shareholder) any documents incorporated therein by reference and such other documents as the Shareholder may reasonably request
in order to facilitate the public sale or other disposition of such Shares (the Company hereby consenting to the use in accordance with all applicable law of the prospectus or any amendment or supplement thereto by the Shareholder in connection with
the offering and sale of the Shares covered by the prospectus or any amendment or supplement thereto); 
  
 (iii)    Use commercially reasonable efforts to keep such registration statement effective for the term of this Agreement (the “Effective Period”); prepare and file with the SEC such amendments,
post-effective amendments and supplements to the registration statement and the prospectus as may be necessary to maintain the effectiveness of the registration for the Effective Period and to cause the prospectus (and any amendments or supplements
thereto) to be filed pursuant to Rules 424 and 430A under the Securities Act and/or any successor rules that may be adopted by the SEC, as such rules may be amended from time to time; and comply with the provisions of the Securities Act with respect
to the disposition of all Shares covered by such registration statement during the applicable period in accordance with the intended method or methods of distribution thereof, as specified in writing by the Shareholder; 
  
 (iv)    Except during any Blackout Period, make available for inspection by the Shareholder or by any underwriter,
attorney, accountant or other agent retained by the Shareholder (including any attorney retained by any underwriter) (collectively, the “Inspectors”) financial and other records and pertinent corporate documents of the Company
(collectively, the “Records”), provide the Inspectors with opportunities to discuss the business of the Company with its officers and provide opportunities to discuss the business of the Company with the independent public
accountants who have certified its most recent annual financial statements, in each case to the extent customary for transactions of the size and type intended, as specified by the Shareholder, but only to the extent reasonably necessary to enable
the Shareholder or any underwriter retained by the Shareholder to conduct a “reasonable investigation” for purposes of Section 11(a) of the 

 
 10 

 Securities Act. Records which the Company determines, in good faith, to be confidential and which it notifies the Inspectors are confidential
shall not be disclosed by the Inspector unless (A) the disclosure of such Records is necessary to avoid or correct a misstatement of a material fact or omission to state a material fact in the Registration, (B) the disclosure of such Records is
required by any court or governmental body with jurisdiction over the Shareholder or Inspector or (C) all of the information contained in such Records has been made generally available to the public. The Shareholder agrees that it will, upon
learning that disclosure of such Records is sought in a court of competent jurisdiction or by any governmental body, promptly give prior notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent
disclosure of those Records deemed confidential; 
  
 (v)    If requested by the Shareholder,
promptly incorporate in a prospectus, prospectus supplement or post-effective amendment such information as the Shareholder reasonably specifies should be included therein, including, without limitation, information relating to the planned
distribution of Shares, the number of Shares being sold by the Shareholder, the name and description of the Shareholder, the offering price of such Shares and any discount, commission or other compensation payable in respect of the Shares being
sold, the purchase price being paid therefor to the Shareholder and information with respect to any other terms of the underwritten offering of the Shares to be sold in such offering, except to the extent that the Company is advised in a written
opinion of outside counsel that the inclusion of such information is reasonably likely to violate applicable securities laws; and make all required filings of such prospectus, prospectus supplement or post-effective amendment promptly after
notification of the matters to be incorporated in such prospectus, prospectus supplement or post-effective amendment; 
  
 (vi)    If requested by the Shareholder, use commercially reasonable efforts to participate in and assist with a “road show” and other customary marketing efforts in connection with the sale of Shares
pursuant to such registration statement, at such times and in such manner as the Company and the Shareholder mutually may determine (and as do not unreasonably interfere with the Company’s operations); 
  
 (vii)    Use commercially reasonable efforts to register or qualify the Shares covered by such registration statement
under such other securities or “blue sky” laws of such jurisdictions in the United States as the Shareholder shall reasonably request, keep such registrations or qualifications in effect for so long as the registration statement remains in
effect, and do any and all other acts and things which may be reasonably necessary to enable the Shareholder or any underwriter to consummate the public sale or other disposition of the Shares in such jurisdictions; provided, however,
that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it is not so qualified; to execute or file any general consent to service of process under the laws of any jurisdiction; to
take any action that would subject it to service of process in suits other than those arising out of the offer and sale of the Shares covered by the registration statement; or to subject itself to taxation in any jurisdiction where it would not
otherwise be obligated to do so, but for this paragraph (vii); 

 
 11 

 (viii)    Use commercially reasonable efforts to cause the Shares to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the Shareholder to consummate the public sale or other disposition of the Shares; 
  
 (ix)    Use commercially reasonable efforts to cause all Shares covered by such registration statement to be approved for trading on a national
interdealer quotation system or listed on the securities exchanges on which similar securities issued by the Company are then listed or traded, if permitted by the rules of such securities exchanges, prior to the sale of such Shares by the
Shareholder; 
  
 (x)    Promptly notify the Shareholder, at any time when a prospectus relating
to any of the Shares covered by such registration statement is required to be delivered under the Securities Act, of the Company’s becoming aware that the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the request of the Shareholder,
promptly prepare and furnish to the Shareholder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Shares, such prospectus shall not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
  
 (xi)    Promptly notify the Shareholder, the sales or placement agent or agents, if any, for the Shares and the managing underwriter or underwriters, if
any, thereof, after becoming aware thereof, when the registration statement or any related prospectus or any amendment or supplement has been filed, and, with respect to the registration statement or any post-effective amendment, when the same has
become effective, (A) of any request by the SEC for amendments or supplements to the registration statement or the related prospectus or for additional information, (B) of the issuance by the SEC of any stop order suspending the effectiveness of the
registration statement or the initiation of any proceedings for that purpose or (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction or the initiation of
any proceeding for such purpose; 
  
 (xii)    During the Effective Period, use commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the registration statement or any post-effective amendment thereto; 
  
 (xiii)    Permit the Shareholder if, in its sole judgment exercised in good faith, it believes it might be deemed to be a controlling person of the Company, to participate in the
preparation of such registration statement and all discussions between the Company and the SEC or its staff with respect to such registration statement, and to require the insertion therein of material, furnished to the Company in writing, which in
the reasonable judgment of the Shareholder should be included; 

 
 12 

  
 (xiv)    Deliver promptly to the Shareholder, upon the
Shareholder’s request, copies of all correspondence between the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement and permit the
Shareholder to do such investigation, with respect to information contained in or omitted from the registration statement, as it deems reasonably necessary. The Shareholder agrees that it will use its best efforts not to interfere unreasonably with
the Company’s business when conducting any such investigation; 
  
 (xv)    Provide a
transfer agent and registrar for all such Shares covered by such registration statement not later than the effective date of such registration statement, which transfer agent and registrar may be the Company, subject to any applicable law or
regulations; 
  
 (xvi)    Cooperate with the Shareholder and the managing underwriter or
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing such Shares to be sold under the registration statement, which certificates shall not bear any restrictive legends except as required by law; and,
in the case of an underwritten offering, enable such Shares to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, may request in writing at least two (2) business days prior to any sale of the
Shares to the underwriters; 
  
 (xvii)    Enter into such agreements (including, if the offering
is an underwritten offering, an underwriting agreement) as are customary in transactions of such kind and take such other actions as are reasonably necessary in connection therewith in order to expedite or facilitate the disposition of such Shares;
and (A) make such representations and warranties with respect to the registration statement, post-effective amendment or supplement thereto, prospectus or any amendment or supplement thereto, and documents incorporated by reference, if any, to the
managing underwriter or underwriters, if any, of the Shares and, at the option of the Shareholder, make to and for the benefit of such Shareholder the representations, warranties and covenants of the Company which are being made to the underwriters,
in form, substance and scope as are customarily made by the Company in connection with offerings of Shares in transactions of such kind (representations and warranties by the participating holders shall also be made as are customary in agreements of
that type); provided that the Company shall not be required to make any representations or warranties with respect to information specifically provided by the Shareholder for inclusion in the registration documents; (B) obtain an opinion of
counsel to the Company (which counsel may be internal counsel for the Company unless the managing underwriter or underwriters shall otherwise reasonably request) in customary form and covering matters of the type customarily covered by such an
opinion, addressed to such managing underwriter or underwriters, if any, and to the Shareholder and dated the date of the closing of the sale of the Shares relating thereto; (C) obtain a “comfort” letter or letters from the independent
certified public accountants who have certified the Company’s most recent audited financial statements that are incorporated by reference in the registration statement which is addressed to the Shareholder and the managing underwriter or
underwriters, if any, and is dated the date of the prospectus used in connection with the offering of such Shares and/or the date of 

 
 13 

 the closing of the sale of such Shares relating thereto, such letter or letters to be in customary form and covering such
matters of the type customarily covered by “comfort” letters of such type; (D) deliver such documents and certificates as may be reasonably requested by the Shareholder and the managing underwriter or underwriters, if any, of the Shares to
evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; and (E) undertake such obligations relating to expense reimbursement, indemnification and contribution as
provided in Sections 4.5 and 4.6 hereof; and 
  
 (xviii)  Comply with all applicable rules
and regulations of the SEC and generally make available to its security holders an earnings statement (which need not be audited), as soon as reasonably practicable but in no event later than ninety (90) days after the end of the period of twelve
(12) months commencing on the first day of any fiscal quarter next succeeding each sale by the Shareholder of Shares which have been registered pursuant to this Agreement (the “Registered Shares”) after the date hereof, which
earnings statement shall cover such twelve (12) month period and shall satisfy the provisions of Section 11(a) of the Securities Act and may be prepared in accordance with Rule 158 under the Securities Act. 
  
 (b)    In the event that the Company would be required, pursuant to Section 4.4(a)(xi)(D) above, to notify the
Shareholder, the sales or placement agent or agents, if any, for the Shares and the managing underwriter or underwriters, if any, thereof, the Company shall, subject to the provisions of Section 4.2(b) hereof, as promptly as practicable, prepare and
furnish to the Shareholder, to each placement or sales agent, if any, and to each underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registered Shares, such
prospectus shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The Shareholder agrees that, upon receipt of any notice from the Company pursuant to Section 4.4(a)(xi)(D) hereof, the Shareholder shall, and shall use its best efforts to cause any sales or placement agent or agents for the Shares and
the underwriters, if any, thereof, to forthwith discontinue disposition of the Shares until such person shall have received copies of such amended or supplemented prospectus and, if so directed by the Company, to destroy or to deliver to the Company
all copies, other than permanent file copies, then in its possession of the prospectus (prior to such amendment or supplement) covering such Shares as soon as practicable after the Shareholder’s receipt of such notice. 
  
 (c)    The Shareholder shall furnish to the Company in writing such information regarding the Shareholder and its
intended method of distribution of the Shares as the Company may from time to time reasonably request in writing, but only to the extent that such information is required in order for the Company to comply with its obligations under all applicable
securities and other laws and to ensure that the prospectus relating to such Shares conforms to the applicable requirements of the Securities Act and the rules and regulations thereunder. The Shareholder shall notify the Company as promptly as
practicable of any inaccuracy or change in information previously furnished by the Shareholder to the Company or of the occurrence of any event, in either case as a result of which any prospectus relating to the Shares contains or would contain an
untrue statement of a material fact regarding the Shareholder or its intended method 

 
 14 

 of distribution of such Shares or omits to state any material fact regarding the Shareholder or its intended method of distribution of such
Shares required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly furnish to the Company any additional information required to correct and update
any previously furnished information or required so that such prospectus shall not contain, with respect to the Shareholder or the distribution of the Shares, an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (d)    In the case of a registration or Subject Offering under Section 4.1 if the Company has determined to enter into an underwriting agreement in connection therewith or in the case of any Shelf
Takedown, all Shares to be included in such registration shall be subject to an underwriting agreement and no person may participate in such registration unless such person agrees to sell such person’s securities on the basis provided therein
and completes and executes all questionnaires, indemnities, underwriting agreements and other document (other than powers of attorney) which must be executed in connection therewith, and provides such other information to the Company or the
underwriter as may be necessary to register the Shareholder’s Shares. 
  
 Section
4.5    Registration Expenses.  Except as set forth below, the Company agrees to bear and to pay, or cause to be paid, promptly upon request being made therefor, all expenses incident to the Company’s
performance of its obligation to file the Shelf Registration Statement and to register for the shares for sale or compliance with this Agreement, including, without limitation: (a) all fees and expenses in connection with the qualification of the
Registered Shares for offering and sale under state securities or “blue sky” laws referred to in Section 4.4(a)(vii) hereof, including reasonable fees and disbursements of counsel for any placement or sales agent or underwriter in
connection with such qualifications, (b) all expenses relating to the preparation, printing, distribution and reproduction of the registration statement, each prospectus included therein or prepared for distribution pursuant hereto, each amendment
or supplement to the foregoing, the certificates representing the Shares and all other documents relating hereto, (c) the costs and charges of any escrow agent, transfer agent, registrar, any custodian or attorney-in-fact appointed to act on behalf
of the Shareholder (including, without limitation, all salaries and expenses of the Company’s officers and employees performing legal or accounting duties), (d) fees, disbursements and expenses of the Company’s counsel and its other
advisors and experts and independent certified public accountants of the Company (including the expenses of any opinions or “comfort” letters required by or incident to such performance and compliance) and (e) the fees and expenses
incurred in connection with the listing of the Shares on The New York Stock Exchange, Inc. and any other stock exchange or national securities exchange on which Shares shall at such time be listed (collectively, the “Registration
Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by the Shareholder, any sales or placement agent or agents for the Shares and the underwriters, if any, thereof, in connection with the filing of the
Shelf Registration Statement and the registration of the Shares for sale, the Company shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. The
Shareholder shall pay all Registration Expenses with respect to any Shelf Takedown effected by the Shareholder and shall pay its pro rata share of the Registration Expenses for any Subject Offering in which the Shareholder has requested that
Piggy-Back 

 
 15 

 Shares be included. The Shareholder shall pay all underwriting discounts and commissions and any capital gains, income or transfer taxes, if
any, attributable to the sale of the Shares. 
  
 Section 4.6    Indemnification;
Contribution.  (a) Indemnification by the Company. The Company shall, and it hereby agrees to, indemnify and hold harmless Parent, the Shareholder, and each person who participates as a placement or sales agent or as an
underwriter in any offering or sale of the Shares, against any losses, claims, damages or liabilities to which Parent, the Shareholder or such agent or underwriter may become subject, insofar as such losses, claims, damages or liabilities (or
actions or proceedings in respect thereof) (collectively, “Claims”) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any registration statement, or any preliminary or
final prospectus contained therein, or any amendment or supplement thereto, or any document incorporated by reference therein, or arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and the Company shall, and it hereby agrees to, reimburse Parent, the Shareholder or any such agent or underwriter for any
legal or other out-of-pocket expenses reasonably incurred by them in connection with investigating or defending any such Claims; provided, however, that the Company shall not be liable to any such person in any such case to the extent
that any such Claims arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary or final prospectus, or amendment or supplement thereto, in
reliance upon and in conformity with written information furnished to the Company by Parent, the Shareholder or any agent, underwriter or representative of Parent or the Shareholder expressly for use therein, or by Parent or the Shareholder’s
failure to furnish the Company, upon request, with the information with respect to Parent, the Shareholder, or any agent, underwriter or representative of Parent or the Shareholder, or Parent or the Shareholder’s intended method of
distribution, that is the subject of the untrue statement or omission or if the Company shall sustain the burden of proving that Parent, the Shareholder or such agent or underwriter sold securities to the person alleging such Claims without sending
or giving, at or prior to the written confirmation of such sale, a copy of the applicable prospectus (excluding any documents incorporated by reference therein) or of the applicable prospectus, as then amended or supplemented (excluding any
documents incorporated by reference therein), if the Company had previously furnished copies thereof to Parent or the Shareholder or such agent or underwriter, and such prospectus corrected such untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement. 
  
 (b)    Indemnification
by the Shareholder and Any Agents or Underwriters.  Parent and the Shareholder shall, and hereby agrees, severally and not jointly, to (i) indemnify and hold harmless the Company, its directors, officers, employees and controlling
persons, if any, and each underwriter, its partners, officers, directors, employees and controlling persons, if any, in any offering or sale of Shares, against any Claims to which the Company, its directors, officers, employees and controlling
persons, if any, may become subject, insofar as such Claims (including any amounts paid in settlement as provided herein), or actions or proceedings in respect thereof, arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in such registration statement, or any preliminary or final prospectus contained therein, or any amendment or supplement thereto, or any document incorporated by reference therein, or arise out of or are based upon any
omission or alleged omission to state 

 
 16 

 therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case only to the
extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by Parent or the Shareholder or such agent or underwriter (as
the case may be) expressly for use therein and (ii) reimburse the Company for any legal or other out-of-pocket expenses reasonably incurred by the Company in connection with investigating or defending any such Claim. 
  
 (c)    Notice of Claims, Etc.  Promptly after receipt by an indemnified party under Section 4.6 (a)
or (b) above of written notice of the commencement of any action or proceeding for which indemnification under Section (a) or (b) above may be requested, such indemnified party shall, without regard to whether a claim in respect thereof is to be
made against an indemnifying party pursuant to the indemnification provisions of, or as contemplated by, this Section 4.6, notify such indemnifying party and the underwriter in writing of the commencement of such action or proceeding; but the
omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party in respect of such action or proceeding on account of the indemnification provisions of or contemplated by Section 4.6(a)
or 4.6(b) hereof unless the indemnifying party was materially prejudiced by such failure of the indemnified party to give such notice, and in no event shall such omission relieve the indemnifying party from any other liability it may have to such
indemnified party. In case any such action or proceeding shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, unless in the reasonable opinion of outside counsel to the indemnified
party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, such indemnifying party shall be entitled to participate therein and, to the extent that it shall determine, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, such indemnifying party shall not be liable to such indemnified party for any legal or any other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation
(unless such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it which are different from or in addition to the defenses available to such indemnifying party, in which event the
indemnified party shall have the right to control its defense and shall be reimbursed by the indemnifying party for the expenses incurred in connection with retaining one separate counsel). If the indemnifying party is not entitled to, or elects not
to, assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel for each indemnified party with respect to such claim. The indemnifying party will not be subject to any liability for any settlement
made without its consent, which consent shall not be unreasonably withheld or delayed. No indemnifying party shall, without the prior written consent of the indemnified party, compromise or consent to entry of any judgment or enter into any
settlement agreement with respect to any action or proceeding in respect of which indemnification is sought under Section 4.6(a) or (b) (whether or not the indemnified party is an actual or potential party thereto), unless such compromise, consent
or settlement includes an unconditional term given by the claimant or plaintiff to the indemnified party of a release from all liability in respect of such claim or litigation and does not subject the indemnified party to any injunctive relief or
other equitable remedy. 

 
 17 

 (d)    Contribution.  Parent, the Shareholder and the Company agree that if, for any
reason, the indemnification provisions contemplated by Section 4.6(a) or 4.6(b) hereof are unavailable to or are insufficient to hold harmless an indemnified party in respect of any Claims referred to therein, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of such Claims in such proportion as is appropriate to reflect the relative fault of, and benefits derived by, the indemnifying party and the indemnified party, as well
as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The relative benefit derived by the parties shall be determined by reference to the fact that the Company entered into the Prior Registration Rights Agreement to induce Parent to engage in the transaction in which
the Shares were acquired. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.6(d) were determined (i) by pro rata allocation (even if Parent or the Shareholder or any agents for, or
underwriters of, the Shares, or all of them, were treated as one entity for such purpose), or (ii) by any other method of allocation which does not take account of the equitable considerations referred to in this Section 4.6(d). The amount paid or
payable by an indemnified party as a result of the Claims referred to above shall be deemed to include (subject to the limitations set forth in Section 4.6(c) hereof) any legal or other fees or expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action, proceeding or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation. 
  
 (e)    The indemnification and
contribution required by this Section 4.6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 

 
 (f)    Beneficiaries of Indemnification.  The obligations of the Company under this
Section 4.6 shall be in addition to any liability that it may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of Parent and the Shareholder and each agent and underwriter of the Shares and
each person, if any, who controls Parent and the Shareholder or any such agent or underwriter within the meaning of the Securities Act; and the obligations of Parent, the Shareholder and any agents or underwriters contemplated by this Section 4.6,
shall be in addition to any liability that Parent, the Shareholder or their respective agent or underwriter may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company (including any person
who, with his consent, is named in any registration statement as about to become a director of the Company) and to each person, if any, who controls the Company within the meaning of the Securities Act. 
  
 Section 4.7     Underwriters.  If any of the Shares are to be sold pursuant to an Shelf Takedown by
the Shareholder, the investment banker or bankers and the managing underwriter or underwriters thereof shall be selected by the Shareholder, provided that such managing underwriter or underwriters must be of recognized international standing and
reasonably acceptable to the Company. 

 
 18 

 Section 4.8    Exchange Act Filings; Rule 144; Rule 144A.    (a) The
Company covenants to and with the Shareholder that to the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including, but
not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the SEC under the Securities Act and the rules and regulations adopted by the SEC thereunder) and shall take such
further action as the Shareholder may reasonably request, all to the extent required from time to time to enable the Shareholder to sell Shares without registration under the Securities Act within the limitations of the exemption provided by Rule
144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. Upon the request of the Shareholder, the Company shall deliver to the Shareholder a written statement as to
whether it has complied with such requirements. 
  
 (b)    If at any time the Company is not
subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, the Company agrees, upon the request of the Shareholder seeking to transfer Shares in conformity with Rule 144A
under the Securities Act, to furnish to the Shareholder or prospective purchasers of the Shares from the Shareholder the information required by Rule 144A(d)(4)(i) under the Securities Act in the manner and at the times contemplated by such Rule.

  
 (c)    The Company covenants to make available “adequate current public
information” concerning the Company within the meaning of Rule 144(c) under the Securities Act. 
  
 Section
4.9    Agreement of the Shareholder.   The Shareholder agrees not to, and it shall cause its subsidiaries not to, make any sale, transfer or other disposition of Shares except in compliance with the registration
requirements of the Securities Act and the rules and regulations thereunder or in accordance with the terms of this Agreement and the Shareholder Agreement. 
  
 Section 4.10    Legends.  (a) Stop transfer restrictions will be given to the Company’s transfer agent(s) with respect to the Shares and there will be placed
on the certificates or instruments representing the Shares, and on any certificate or instrument delivered in substitution therefor, a legend stating in substance: 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO SUCH REGISTRATION OR IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
  
 (b)    The Company hereby agrees that it will cause stop transfer restrictions to be released with respect to any Shares that are transferred (i)
pursuant to an effective registration statement under the Securities Act, (ii) pursuant to Rule 144 or Rule 145 under the Securities Act, (iii) in accordance with the requirements of Rule 903 or Rule 904 of Regulation S under the 

 
 19 

 Securities Act or (iv) pursuant to another exemption from the registration requirements of the Securities Act; provided, however,
that in the case of any transfer pursuant to clause (ii), (iii) or (iv) above, the request for transfer is accompanied by a written statement signed by the Shareholder confirming compliance with the requirements of the relevant exemption from
registration; and provided, further, that in the case of any transfer pursuant to clause (iv) above, other than any transfer by the Shareholder to one or more of its direct or indirect subsidiaries, or among such subsidiaries, or by any such
subsidiary to the Shareholder, the Company shall have received a written opinion of counsel reasonably satisfactory to the Company. The Company further agrees that it will cause the legend described in subsection (a) of this Section 4.10 to be
removed in the event of any transfer as provided in clause (i), (ii) or (iii) above. 
  
 Section
4.11    Treatment of Convertible Preferred Stock.  Shares of Convertible Preferred Stock owned by the Shareholder shall be treated in all respects in the same manner as shares of Common Stock owned by the
Shareholder for the purposes of this Agreement. 
  
 ARTICLE V 
  

MISCELLANEOUS 
  
 Section
5.1    Termination.  This Agreement shall terminate on the date on which the Company shall have obtained or been provided by the Shareholder with a written opinion of legal counsel reasonably satisfactory to the
Shareholder and addressed to the Company and the Shareholder to the effect that all of the Shares may be publicly offered for sale in the United States by the Shareholder without restriction as to manner of sale and amount of Securities sold under
the Securities Act. In addition, the obligations of the Company set forth in Section 4.1(a) and Section 4.4 shall immediately terminate in the event that the Shareholder Agreement is terminated other than in accordance with Section 6.1 thereof.

  
 Section 5.2    Recapitalizations, Exchanges, Etc. Affecting the Shares.  The
provisions of this Agreement shall apply to any and all shares of capital stock of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange
for, or in substitution of the Shares, by reason of a stock dividend, stock split, stock issuance, reverse stock split, combination, recapitalization, reclassification, merger, consolidation or otherwise. Upon the occurrence of any such event,
amounts hereunder shall be appropriately adjusted. 
  
 Section 5.3    Other Company
Securities.  The provisions of this Agreement shall apply mutatis mutandis to any publicly-traded security of the Company other than the Common Stock which may be owned by the Shareholder from time to time during the term
of this Agreement. 
  
 Section 5.4    Amendment.  This Agreement may not be
amended except by a written instrument, duly executed by the Company and the Shareholder. 
  
 Section
5.5    Notices.  Except as otherwise provided in this Agreement, all notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered by hand, when delivered 

 
 20 

 personally or by courier, three (3) days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt
requested), or when received by facsimile transmission if promptly confirmed by one of the foregoing means, as follows: 
  
 
	 If to the Company:
 
	 
	 ONEOK, Inc.
 100 West Fifth Street
 Tulsa, Oklahoma 74103
 Attention: Chief Executive Officer
 
	 
	 with a copy to:
 
	 
	 ONEOK, Inc.
 100 W. Fifth Street
 Suite 1000
 Tulsa, Oklahoma 74103
 Attention: General Counsel
 
	 
	 If to the Shareholder:
 
	 
	 Westar Industries, Inc.
 818 Kansas Avenue
 Topeka, Kansas 66612
 Attention: President
 Fax: (785) 575-8061
 
	 
	 with a copy to:
 
	 
	 Westar Industries, Inc.
 818 Kansas Avenue
 Topeka, Kansas 66612
 Attention: Corporate Secretary
 Fax: (785) 575-1936
 
	 
	 If to Parent:
 
	 
	 Westar Energy, Inc.
 818 Kansas Avenue
 Topeka, Kansas 66612
 Attention: President
 Fax: (785) 575-8061
 

 

 
 21 

 
	  
	 with a copy to:
  
 Westar Energy, Inc.
 818 Kansas
Avenue
 Topeka, Kansas 66612
 Attention: Corporate Secretary
 Fax: (785) 575-1936
 

 
  
 Section
5.6    Integration.  This Agreement and the other writings referred to herein or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject
matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to
its subject matter other than those expressly set forth or referred to herein. 
  
 Section
5.7    Binding Effect; Benefit.  This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns. Nothing in this Agreement, expressed or
implied, is intended to confer on any person other than the parties hereto, and their respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 
  
 Section 5.8    Assignability.  This Agreement shall not be assignable by any party hereto.

  
 Section 5.9     Counterparts.  This Agreement may be executed by the parties
hereto in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 Section 5.10    Applicable Law.  This Agreement 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. 
  
 Section 5.11    Shareholder
Agreement.  This Agreement shall remain in effect in accordance with its terms notwithstanding the termination or lapse in effectiveness of any other agreement between the Shareholder and the Company, including, but not limited to, the
Shareholder Agreement. 
  
 Section 5.12    Severability.  In the event any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired, and such unreasonable, unlawful or unenforceable provision shall be interpreted, revised or applied in the manner that renders it lawful and enforceable to the fullest extent possible
under law. 

 
 22 

 IN WITNESS WHEREOF, the parties named below have hereto set their hands as of the day and year first above written.

  
 
	 ONEOK, INC.
 
	 
	 By:
 	 	 /s/    David L. Kyle
 

	 Name:
 	 	 David L. Kyle
 
	 Title:
 	 	 Chairman, President and
 Chief Executive Officer
 

 
  
 
	 WESTAR ENERGY, INC.
 
	 
	 By:
 	 	 /s/    James Haines
 

	 Name:
 	 	 James Haines
 
	 Title:
 	 	 President/CEO
 

 
  
 
	 WESTAR INDUSTRIES, INC.
 
	 
	 By:
 	 	 /s/    James Haines
 

	 Name:
 	 	  
	 Title:
 	 	  

 

 
 23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}]]