Document:

eip2019psuawardagreement

                                                                     Exhibit 10.55                  ONEOK, INC. EQUITY INCENTIVE PLAN               PERFORMANCE UNIT AWARD AGREEMENT                      FORM OF AWARD AGREEMENT         This Performance Unit  Award Agreement (the “Agreement”) is entered into as of the   20th day  of February,  2019, by  and  between ONEOK,  Inc. (the “Company”)  and  «Officer_Name» (the “Grantee”),  an  employee  of  the  Company  or a  Subsidiary  thereof,  pursuant to the terms of the ONEOK, Inc. Equity Incentive Plan (the “Plan”).         1. Performance Unit Award.  This Performance Unit Award Agreement and the Notice  of  Performance  Unit  Award  and  Agreement  dated February 20,  2019, a  copy  of  which  is  attached hereto and incorporated herein by reference, establishes the terms and conditions for  the Company’s grant of an Award of «No_of_Perf_Units» Performance Units (the “Award”) to  the Grantee pursuant to the Plan. This Agreement, when executed by the Grantee, constitutes an  agreement  between  the Company and  the  Grantee.  Capitalized terms not  defined in  this  Agreement shall have the meaning ascribed to them in the Plan.         2. Performance  Period; Vesting.   The Performance  Units granted pursuant  to the  Award will vest in accordance with the following terms and conditions:               (a)   Grantee’s rights with respect to the Performance Units shall be restricted  during the period beginning February 20, 2019, (the “Grant Date”), and ending on February 20,  2022, (the “Performance Period”).                 (b)   Except as otherwise provided in this Agreement or the Plan, the Grantee  shall vest in a percentage of the number of Performance Units granted by this Award (including  any  Dividend  Equivalents,  as  described  below) at  the end of  the  Performance  Period, as  provided for in Exhibit A and Exhibit B attached hereto, based upon the Company’s ranking for  Total Stockholder Return against the ONEOK Peer Group listed in Exhibit C attached hereto,  all  as  determined  by  the  Committee  in  its  sole  discretion.  Upon vesting,  the  Grantee  shall  become entitled to receive one (1) share of the Company’s common stock (“Common Stock”)  for  each such Performance  Unit.   No  fractional  shares  shall  be  issued, and  any  amount  attributable to a fractional share shall instead be paid to the Grantee in cash.               (c)   If the Grantee’s  employment with  the Company terminates prior to the  end of the Performance Period other than by reason of Retirement, Disability, death or Change  in Control, the Grantee shall forfeit all right, title and interest in the Performance Units and any  Common Stock otherwise payable pursuant to this Agreement. For purposes of this Agreement,  employment  with  any  Subsidiary  of  the  Company  shall  be  treated  as  employment  with  the  Company.  Likewise, a termination of employment shall not be deemed to occur by reason of a  transfer of employment between the Company and any Subsidiary.               (d)   If the Grantee’s employment with the Company is terminated during the  Performance Period by reason of (i) Retirement, (ii) Disability or (iii) death, then the Grantee  shall be partially vested in, and the Grantee shall be entitled to receive, a prorated amount of  Performance  Units.   The  prorated  amount  is  determined  by  multiplying  the  original  Award                                    {00106806 - 1 }                                        1    

 

                                                                     Exhibit 10.55   times the percentage certified by the Committee at the end of the Performance Period, which is  then multiplied by a fraction consisting of the number of full months that have elapsed under  the Performance Period at the time of such event divided by the total number of months in the  Performance Period.                 (e) Unless the Committee provides otherwise prior to a Change in Control, in the  event of a Change in Control (as defined below), the vesting or forfeiture of the Performance  Units will be subject to the terms and conditions of Section 11 of the Plan.                 (f) For purposes of the Award and this Agreement, “Retirement” shall mean a  voluntary termination of employment if the Grantee has both completed five (5) years of service  with the Company and attained age fifty (50); and “voluntary termination” shall mean that the  Grantee  had  an  opportunity  to  continue  employment  with  the  Company,  but  did  not  do  so.   “Disability” shall have the meaning provided in the Plan. The term “Change in Control” shall  have the meaning provided in the Plan unless the Award is or becomes subject to Code Section  409A, in which event the term “Change in Control” shall mean a “change in control event” as  defined in Treasury Regulations Section 1.409A-3(i)(5).           3.    Dividend  Equivalents.  During  the  Performance  Period,  the  Award  will  be  increased by a number of additional Performance Units (“Dividend Equivalents”) representing  all cash dividends that would have been paid to the Grantee if one share of Common Stock had  been issued to the Grantee on the Grant Date for each Performance Unit granted pursuant to this  Agreement.   The Dividend  Equivalents  credited  during  the  Performance  Period will  include  fractional shares; provided, however, the shares of Common Stock actually issued upon vesting  of  the  Dividend  Equivalents shall  be paid only in  whole  shares  of  Common  Stock,  and  any  fractional shares of Common Stock shall be paid in an amount of cash equal to the Fair Market  Value of such fractional shares of Common Stock. Dividend Equivalents shall be subject to the  same vesting provisions and other terms and conditions of this Agreement, and shall be paid on  the same date, as the Performance Units to which they are attributable. Moreover, references in  this  Agreement  to  Performance  Units  shall  be  deemed  to  include  any  Performance  Units  attributable to Dividend Equivalents.          4.    Non-Transferability of Performance Units.                 (a)   Except  as  provided below,  the  Performance  Units  may  not  be  sold,  assigned, transferred, pledged, encumbered or otherwise disposed of by Grantee or any other  person until the end of the Performance Period.  Any such attempt shall be wholly ineffective  and will result in immediate forfeiture of all such amounts.                            (b)   Notwithstanding the foregoing, the Grantee may transfer any part or all  rights in the Performance Units to members of the Grantee’s immediate family, to one or more  trusts  for  the  benefit  of  such  immediate  family members or to partnerships  in  which  such  immediate  family  members  are  the  only  partners, in  each  case  only if  the  Grantee  does  not  receive any consideration for the transfer.  In the event of any such transfer, the Performance  Units shall remain subject to the terms and conditions of this Agreement.  For any such transfer  to be effective, the Grantee must provide prior written notice thereof to the Committee, unless  otherwise  authorized and approved by the Committee, in  its  sole discretion;  and the Grantee                                     {00106806 - 1 }                                        2    

 

                                                                     Exhibit 10.55   shall furnish to the Committee such information as it may request with respect to the transferee  and the terms and conditions of any such transfer.  For purposes of this Agreement, “immediate  family” shall mean the Grantee’s spouse, children and grandchildren.                  (c)   The Grantee also may designate a Beneficiary, using the form attached  hereto as Exhibit D or such other form as may be approved by the Committee, to receive any  rights of the Grantee which may become vested in the event of the death of the Grantee under  procedures and in the form established by the Committee.  In the absence of such designation of  a Beneficiary, any such rights shall be deemed to be transferred to the estate of the Grantee.         5.    Distribution of Common Stock.  Subject to any payment restrictions under Code  Section 409A or other applicable law, the Common Stock or cash the Grantee becomes entitled  to  receive upon vesting of the Performance Units shall be distributed to the Grantee no later  than 75 days after the earlier of (i) the last day of the Performance Period; or (ii) the effective  date of a Change in Control.           6.    Administration of Award; Ratification of Actions.  The Award shall be subject to  such other rules as the Committee, in its sole discretion, may determine to be appropriate with  respect  to  administration  thereof.   This  Agreement shall  be  subject  to  discretionary  interpretation and construction by the Committee.  Day-to-day authority and responsibility for  administration  of  the  Plan,  the  Award  and  this  Agreement  have  been  delegated  to  the  Company’s Benefit Plan Administration Committee and its authorized representatives, and all  actions taken thereby shall be entitled to the same deference as if taken by the Committee itself.   The Grantee shall take all actions and execute and deliver all documents as may from time to  time be requested by the Committee.  By receiving this Award or other benefit under the Plan,  Grantee and each person claiming under or through Grantee shall conclusively be deemed to  have indicated acceptance and ratification of, and consent to, any action taken under the Plan or  the  Award  by  the  Company,  the  Board,  the  Committee  or  the  Benefit  Plan  Administration  Committee.           7.  Tax  Liability  and  Withholding.  The  Grantee  agrees  to  pay  to  the Company any  applicable  federal,  state  or  local  income,  employment,  social  security,  Medicare  or  other  withholding  tax  obligation  arising  in  connection  with  the  Award  to  the  Grantee,  which  the  Company shall determine; and the Company shall have the right, without the Grantee’s prior  approval  or  direction,  to  satisfy  such  withholding  tax  by  withholding  all  or  any  part  of  the  shares of Common Stock or cash that would otherwise be distributed or paid to the Grantee,  with any shares of Common Stock so withheld to be valued at the Fair Market Value on the date  of  such  withholding.  The  Grantee,  with  the  consent  of  the Company,  may  satisfy  such  withholding  tax  by  transferring cash  or  Common  Stock to  the Company,  with  any  shares of  Common Stock so transferred to be valued at the Fair Market Value on the date of such transfer.  Any payment of required withholding taxes in the form of Common Stock shall not exceed the  maximum amount of tax that may be required to be withheld by law (or such other amount that  would result in an accounting charge with respect to such shares used to pay such taxes) unless  otherwise approved by the Committee. Income tax withholding shall occur on the date of actual  distribution. Notwithstanding the foregoing, the ultimate liability for Grantee’s share of all tax  withholding  is  the  Grantee’s  responsibility,  and  the  Company  makes  no  tax-related                                     {00106806 - 1 }                                        3    

 

                                                                     Exhibit 10.55   representations in connection with the grant or vesting of Performance Units or the distribution  of Common Stock or cash to the Grantee.         8.    Adjustment Provisions.  If, prior to the expiration of the Performance Period, any  change is made to the outstanding Common Stock or in the capitalization of the Company, the  Performance Units granted pursuant to this Award shall be equitably adjusted or terminated to  the extent and in the manner provided under the terms of the Plan.           9.    Clawbacks,  Insider  Trading  and  Other  Company  Policies.  The  Grantee  acknowledges and agrees that this Award is subject to all applicable clawback or recoupment,  insider trading, share ownership and retention and other policies that the Company’s Board of  Directors  may  adopt  from  time  to  time.  Notwithstanding  anything  in  the  Plan  or  this  Agreement  to  the  contrary,  all  or  a  portion  of  the  Award  made  to  the  Grantee  under  this  Agreement is subject to being called for repayment to the Company or reduced in any situation  where  the  Board  of  Directors  or  a  Committee  thereof  determines  that  fraud,  negligence,  or  intentional  misconduct  by  the  Grantee  was  a  contributing  factor  to  the Company having  to  restate all or a portion of its financial statement(s). Moreover, any Performance Units awarded  under the Plan in this or any prior year to any Participant who is a current or former “executive  officer” (as defined in Securities and Exchange Commission Rule 16a-1(f) under the Securities  Exchange Act of 1934, as amended) is subject to any clawback policy adopted or amended by  the Company from time to time (including, but not limited to, any clawback policy adopted to  comply  with  Section  954  of  the  Dodd-Frank  Act  or guidance  issued  thereunder  by  any  governmental  agency  or  national  securities  exchange),  regardless  of  whether  such  clawback  policy  is  adopted  or  amended  before  or  after  the  date  on  which  such  Performance  Units  are  granted, determined or paid.  A Participant’s acceptance of any  Award under the Plan in  any  year  shall  constitute  full  and  adequate  consideration  for  the  Company’s  right  to  recover  amounts  paid  to  such  Participant  under  the  Plan  in  any  prior  year. The  Committee  may  determine whether the Company shall effect any such repayment or reduction: (i) by seeking  repayment  from  the  Grantee,  (ii)  by  reducing  (subject  to  applicable  law  and  the  terms  and  conditions of the Plan or any other applicable plan, program, policy or arrangement) the amount  that would otherwise be awarded or payable to the Grantee  under the Award, the Plan or any  other  compensatory  plan,  program,  or  arrangement  maintained  by  the Company,  (iii)  by  withholding  payment  of  future  increases  in  compensation  (including  the  payment  of  any  discretionary bonus amount) or grants of compensatory awards that would otherwise have been  made in accordance with the Company's  otherwise applicable compensation practices, or (iv)  by any combination of the foregoing. The determination regarding the Grantee’s conduct, and  repayment or reduction under this provision shall be within the sole discretion of the Committee  and shall be final and binding on the Grantee and the Company. The Grantee, in consideration  of the grant of the Award, and by the Grantee’s execution of this Agreement, acknowledges the  Grantee's understanding of this provision and hereby agrees to make and allow an immediate  and complete repayment or reduction in accordance with this provision in the event of a call for  repayment or other action by the Company or Committee to effect its terms with respect to the  Grantee, the Award and/or any other compensation described in this Agreement.         10.   Stock Reserved.  The Company shall at all times during the term of the Award  reserve and keep available such number of shares of its Common Stock as will be sufficient to  satisfy the Award issued and granted to Grantee and the terms stated in this Agreement.  It is                                     {00106806 - 1 }                                        4    

 

                                                                     Exhibit 10.55   intended by the Company that the Plan and shares of Common Stock covered by the Award are  to be registered under the Securities Act of 1933, as amended, prior to the grant date; provided,  that  in  the  event  such  registration  is  for  any  reason  not  made  effective  for  such  shares,  the  Grantee agrees that all shares acquired pursuant to the grant will be acquired for investment and  will not be available for sale or tender to any third party.         11.   No Rights as Shareholder.  The issuance and transfer of Common Stock shall be  subject  to  compliance  by  the  Company  and  the  Grantee  with  all  applicable  laws, rules,  regulations and approvals.  No shares of Common Stock shall be issued or transferred unless  and  until  any  then-applicable legal requirements  have  been  fully met  or  obtained to  the  satisfaction of the Company and its counsel.  Except as otherwise provided in this Agreement,  the Grantee shall have no rights as a shareholder of the Company in respect of the Performance  Units or Common Stock for which the Award is granted.  The Grantee shall not be considered a  record  owner  of  shares of  Common  Stock with respect  to  the Performance  Units until  the  Performance Units are fully vested and Common Stock is actually distributed to the Grantee.         12.   Continued  Employment; Employment at  Will.   In  consideration  of  the  Company’s  granting  the  Award  as  incentive  compensation  to  Grantee  pursuant  to  this  Agreement, the Grantee agrees to all of the terms of this Agreement and to continue to perform  services for the Company  in  a  satisfactory  manner  as  directed  by the Company.   Provided,  however, no provision  in this  Agreement shall  confer  any  right  to the  Grantee’s  continued  employment, limit the right of the Company to terminate the Grantee’s employment at any time  or create any contractual right to receive any future awards under the Plan.  Moreover, unless  specifically provided under the terms thereof, the value of the Award will not be included as  compensation or earnings when calculating the Grantee’s benefits under any employee benefit  plan sponsored by the Company.         13.   Code Section 409A.  This Award and Agreement are intended to comply with  Code  Section  409A  or  an  exemption  therefrom  and  shall  be  construed  and  interpreted  in  a  manner that is consistent with the requirements for avoiding additional taxes or penalties under  Code Section 409A.  Notwithstanding any other provision of the Agreement, any distributions  or payments due hereunder that are subject to Code Section 409A may only be made upon an  event  and  in  a  manner  permitted  by Code Section  409A.  “Termination  of  employment”  or  words of similar import used in this Agreement shall mean, with respect to any payments of  deferred compensation subject to Code Section 409A, a “separation from service” as defined in  Code Section  409A.   Each  payment  of  compensation  under  this Agreement,  including  installment payments, shall be treated as a separate payment of compensation for purposes of  applying Code Section  409A.  Except  as provided  in  Section  6  of  this  Agreement  or  as  otherwise  permitted  under  Code  Section  409A,  Grantee  may  not,  directly  or indirectly,  designate the calendar year of settlement, distribution or payment.  To the extent that an Award  is or becomes subject to Code Section 409A and Grantee is a Specified Employee (within the  meaning  of  Code  Section  409A)  who  becomes  entitled  to a distribution  on  account  of  a  separation from service, no payment shall be made before the date which is six (6) months after  the date of the Grantee's separation from service or, if earlier, the date of Grantee’s death (the  “Delayed Payment Date”).  The accumulated amounts shall be distributed or paid in a lump sum  payment  on  the  Delayed  Payment  Date unless  the  Delayed  Payment  Date  is  the  date  of  Grantee’s death, in which event the accumulated amounts shall be paid in a lump sum payment                                     {00106806 - 1 }                                        5    

 

                                                                     Exhibit 10.55   by  December  31  following  the  year  of  Grantee’s  death.  Notwithstanding  the  foregoing,  the  Company  makes  no  representations  that  the  payments  and  benefits  provided  under  this  Agreement  comply  with  Code  Section  409A  and  shall  not  be  liable  for  all  or  any  taxes,  penalties, interest  or other expenses  that may be incurred by the Grantee on account  of non- compliance with Code Section 409A.         14.   Entire Agreement; Severability; Conflicts.  This Agreement contains the entire  terms of the Award, and may not be changed other than by a written instrument executed by  both parties or an amendment of the Plan.  This Agreement supersedes any prior agreements or  understandings,  and  there  are  no  other  agreements  or  understandings  relating  to  its  subject  matter.  The invalidity or unenforceability of any provision of the Plan or this Agreement shall  not affect any other provision of the Plan or this Agreement, and each provision of the Plan and  this Agreement shall be severable and enforceable to the extent permitted by law.  Should there  be any inconsistency between the provisions of this Agreement and the terms of the Award as  stated in the resolutions and records of the Board of Directors or the Plan, the provisions of such  resolutions and records of the Board of Directors and the Plan shall control.         15.   Successors and Assigns.  The Award evidenced by this Agreement shall inure to  the  benefit  of  and  be  binding  upon  the  heirs,  legatees,  legal  representatives,  successors,  and  assigns of the parties hereto.         16.   Governing  Law;  Mandatory  Claims Procedures.   This  Agreement  shall  be  construed in accordance with, and subject to, the laws of the State of Oklahoma applicable to  contracts made and to be entirely performed in Oklahoma and wholly disregarding any choice  of law provisions or conflict of law principles that might otherwise be contrary to this express  intent.  If Grantee or any person acting on Grantee’s behalf (the “Claimant”) has any claim or  dispute related in any way to the Award or to the Plan, the Claimant must follow the claims and  arbitration procedures set forth in Section 13 of the Plan.  All claims must be brought no later  than one year following the date on which the facts forming the basis of the claim are known or  should have been known by the claimant, whichever is earlier.  Any claim that is not submitted  within the applicable time limit shall be waived.           The Grantee hereby acknowledges receipt of this Agreement, the Notice of Performance  Unit Award and Agreement and a copy of the Plan, and accepts the Award under the terms and  conditions stated in this Agreement, subject to all terms and provisions of the Plan, by signing  this Agreement as of the date indicated.  In the absence of a signed acceptance, the Grantee will  be  deemed  to  have  accepted  this  Award  on  the  Grant  Date,  and  all  its  associated  terms  and  conditions,  including  the  mandatory  claims  and  arbitration  procedures,  unless  the  Grantee  notifies  the  Company  of  the  Grantee’s  non-acceptance  of  the  Award  by  contacting  the stock  plan administrator, in writing within sixty (60) days of the Grant Date.                                                                               Date                                                              «Officer_Name»                                      Grantee                                       {00106806 - 1 }                                        6    

 

                                                                                      Exhibit 10.55                                               Exhibit A                                                                                         Performance Unit Criteria                                     2019-2022 Performance Period                       ONEOK Total Stockholder Return (TSR) Ranking vs.       Percentage of Performance Units Earned                 ONEOK Peer Group                                (Performance Multiplier)              90th percentile and above                                 200%                   75th percentile                                      150%                   50th percentile                                      100%                   25th percentile                                      50%                Below 25th percentile                                    0%    If ONEOK’s TSR ranking within the ONEOK Peer Group at the end of the Performance Period is between any two  of the stated percentile levels in the above table, the percentage of the Performance Units earned (the performance  multiplier) will be interpolated between the earning levels.  No Performance Units are earned if ONEOK’s TSR  ranking at the end of the Performance Period is below the 25th percentile within its Peer Group.                                                                                                      {00106806 - 1 }                                                 7    

 

                                                                                      Exhibit 10.55                                                                                                 Exhibit B                                                                           Illustration of Hypothetical 2019-2022 Performance Period                                  Performance Unit Award Calculation       The illustrations below assume that 500 Performance Units are awarded to Grantee in February 2019.  ONEOK Total Stockholder Return (TSR) Ranking vs. ONEOK Peer Group    Hypothetical 1: If ONEOK’s TSR Ranking for 2019-2022 is at the 40th percentile within the ONEOK Peer Group,  then the performance multiplier would be 80 percent, as interpolated between a 50 percent multiplier (25th  percentile within Peer Group) and a 100 percent multiplier (50th percentile within Peer Group) from Exhibit A.    Hypothetical 2: If ONEOK’s TSR Ranking for 2019-2022 is at the 60th percentile within the ONEOK Peer Group,  then the performance multiplier would be 120 percent, as interpolated between a 100 percent multiplier (50th  percentile within Peer Group) and a 150 percent multiplier (75th percentile within Peer Group) from Exhibit A.        Percentage of Performance Units Earned    Hypothetical 1: 80% x 500 PUs = 400 shares of Common Stock payable to Grantee in 2019.    Hypothetical 2: 120% x 500 PUs = 600 shares of Common Stock payable to Grantee in 2019.                                                                                                         {00106806 - 1 }                                                 8    

 

                                                  Exhibit C                                                                                    2019-2022 ONEOK TSR Peer Group*                                                                     Company Name                        Sym                                  Buckeye Partners LP                                 BPL                                         DCP Midstream, LP                                   DCP                                         Enable Midstream Partners LP                       ENBL                                         Energy Transfer LP                                  ET                                          EnLink Midstream, LLC                              ENLC                                         Enterprise Products Partners LP                     EPD                                        Kinder Morgan Inc.                                  KMI                                        Magellan Midstream Partners LP                     MMP                                         MPLX LP                                            MPLX                                        NuStar Energy LP                                    NS                                         Plains All American Pipeline, LP                   PAA                                         Targa Resources Corp                               TRGP                                        Williams Companies Inc.                            WMB                                           * In the event that any member of the 2019-2022 ONEOK Peer Group liquidates or reorganizes under the United  States Bankruptcy Code (U.S.C. Title 11) such member shall remain in the 2019-2022 ONEOK Peer Group. If any  member of the 2019-2022 ONEOK Peer Group is acquired by another entity (regardless of the acquiring entity’s  relationship to or current outstanding ownership of the acquired Peer Group member) before the end of the  Performance Period, such member shall be removed from the 2019-2022 ONEOK Peer Group for purposes of  calculating the Performance Multiplier. In all other cases involving merger, reorganization or other material change  in ownership, legal structure or business operations of any member of the 2019-2022 ONEOK Peer Group before  the end of the Performance Period, the Committee shall have discretionary authority to retain, remove or replace  such member for purposes of calculating the Performance Multiplier.                                     {00106806 - 1 }                             9  

 

                                                Exhibit D                                                                                        Beneficiary Designation Form                                                                                                             I,  _________________________________ (“Plan  Participant”),  state  that  I  am  a  participant  in  the  ONEOK,  Inc.  Equity  Incentive  Plan,  the  ONEOK,  Inc.  Long  Term  Incentive  Plan,  the  ONEOK,  Inc.  Equity  Compensation  Plan,  or  any  other  stock  compensation  plan  sponsored  by  ONEOK,  Inc.  (individually  and  collectively,  the “Plan”), and  the  holder  of  one  or  more Awards granted  to  me  under  the  Plan.  With  the  understanding  that  I  may  change  the  following  beneficiary  designations  at  any  time  by  furnishing  written  notice  thereof to the Committee (provided that such change does not affect the time and form of payment of any amounts  subject to an existing deferral election), I hereby designate the following individuals (or entities) as my beneficiaries  to receive any and all benefits payable to me under the Plan and to exercise all rights, benefits and features of the  Awards that have been granted to me under the Plan, in accordance with the terms of the Plan and any associated  award agreement, in the event of my death as follows:   1.     Primary Beneficiary (Beneficiaries)          The Primary Beneficiaries named below shall have first priority to any and all benefits payable to me under  the Plan and to exercise all rights, benefits and features of the Awards that have been granted to me under the Plan,  in accordance with the terms of the Plan and any associated award agreement, in the event of my death.          Name                          Relationship           SSN                Percentage of Total                                                                                                                                                                                                                                                                                                            If a designated Primary Beneficiary named dies or ceases to exist prior to receiving the share designated for such  Primary  Beneficiary,  such  share  shall  be  transferred  proportionately  to  other  surviving  and  existing  designated  Primary Beneficiaries.   2.     Contingent Beneficiary (or Beneficiaries)          The Contingent Beneficiaries named below, if any, shall receive any benefits provided or payable to me  under the Plan and be entitled to exercise, enjoy and receive all rights, benefits and features of the Awards that have  been granted to me under the Plan (including Awards that I have elected to defer under the Plan or the ONEOK, Inc.  2005  Nonqualified  Deferred  Compensation  Plan,  if  applicable)  in  accordance  with  the  Plan  and  the  terms  and  provisions of such Awards in the event of my death if no Primary Beneficiary named above survives me or exists.          Name                          Relationship           SSN                Percentage of Total                                                                                                                                                                                                                                                                                                              {00106806 - 1 }                            10  

 

    3.     Awards Covered By Beneficiary Designation          This Beneficiary Designation is applicable to and covers the following Awards that have been granted to  me under the Plan:         (Check one)  _______ All Awards previously or subsequently granted to me under the Plan; or  _______ The following Awards that have been granted to me under the Plan:                                (List Awards Covered)         Award                         Grant Date                 Number of Shares of Stock                                                                                                                                                                                                                                                                                                                    4.     General Terms          This instrument does not modify, extend or increase any rights or benefits otherwise provided for by any  Award under the Plan.  All terms used in this instrument shall have the meaning provided for under the Plan, unless  otherwise  indicated  herein.  This  instrument  is  not  applicable  to  Common  Stock  of  ONEOK,  Inc.  that  I  have  acquired  outright  and  without  any  restrictions  or  limitations  under  the  Plan  prior  to  my  death.  This  instrument  revokes and supersedes any  prior designation of a Beneficiary (or Beneficiaries)  made by  me  with respect to the  Awards covered by this Beneficiary Designation as set forth in Paragraph 3.                      IN WITNESS WHEREOF, I have signed this instrument this     day of ____________, __________.                                                                                                                                                      Plan Participant  __________________________________  Witness     __________________________________  Witness              RECEIVED AND ACKNOWLEDGED this ____ day of ________, 20__,                                                   ______________________________________                                               For the Committee                                                                                                       {00106806 - 1 }                            11EX-4.5

 Exhibit 4.5 

CORCEPT THERAPEUTICS INCORPORATED 

2012 INCENTIVE AWARD PLAN 

STOCK OPTION GRANT NOTICE 

Corcept Therapeutics Incorporated, a Delaware corporation, (the “Company”), pursuant to its 2012 Incentive Award Plan, as it
may be amended from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares of the Company’s common stock, par value $0.001
(“Stock”), set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein, as well as in the Plan, the Stock Option Agreement attached hereto as Exhibit A (the
“Stock Option Agreement”), and the Special Provisions for Stock Options Granted to Participants Outside the U.S. (as applicable) attached hereto as Exhibit B (the “Non-U.S.
Provisions”), each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice, the Stock Option Agreement and the Non-U.S. Provisions. 
  

			
	Participant:	  	[                    ]
		
	Grant Date:	  	[                    ]
		
	Vesting Start Date:	  	[                    ]
		
	Exercise Price per Share:	  	$[        ]
		
	Total Number of Shares Subject to the Option:	  	[                ] shares
		
	Expiration Date:	  	[                    ]
		
	Vesting Schedule:	  	[To be specified in individual agreements]

					
			
	Type of Option:	  	☐  Incentive Stock Option	  	☐  Nonstatutory Stock Option

 By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms
and conditions of the Plan, the Stock Option Agreement, the Non-U.S. Provisions and this Grant Notice. Participant has reviewed the Stock Option Agreement, the Plan, the
Non-U.S. Provisions and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant
Notice, the Stock Option Agreement, the Non-U.S. Provisions and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any
questions arising under the Plan, this Grant Notice, the Non-U.S. Provisions or the Stock Option Agreement. 
  

									
	CORCEPT THERAPEUTICS INCORPORATED:	 		 	PARTICIPANT:
					
	By:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Title:	 	 	 		 		 	
	Address:	 	 	 		 	Address:	 	 
		 	 	 		 		 	

 EXHIBIT A 

TO STOCK OPTION GRANT NOTICE 

CORCEPT THERAPEUTICS INCORPORATED STOCK OPTION AGREEMENT 

Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this
“Agreement”) is attached, Corcept Therapeutics Incorporated, a Delaware corporation (the “Company”), has granted to Participant an Option under the Company’s 2012 Incentive Award Plan, as it may be amended from
time to time (the “Plan”), to purchase the number of shares of Stock indicated in the Grant Notice. 
 ARTICLE 1.

 GENERAL 
 1.1
Defined Terms. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 

1.2 Incorporation of Terms of Plan. The Option is subject to the terms and conditions of the Plan which are incorporated herein by
reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
 ARTICLE 2.

 GRANT OF OPTION 

2.1 Grant of Option. In consideration of Participant’s past and/or continued employment with or service to the Company or a
Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company grants to Participant the Option to purchase any part or all of an aggregate of
the number of shares of Stock set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement, subject to adjustments as provided in Section 13.2 of the Plan. Unless designated as a Nonstatutory Stock
Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted by law. 
 2.2 Exercise
Price. The exercise price of the shares of Stock subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however, that the price per share of the shares of Stock
subject to the Option shall not be less than 100% of the Fair Market Value of a share of Stock on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an Incentive Stock Option and Participant owns (within the meaning of
Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of the Company (each within the
meaning of Section 424 of the Code), the price per share of the shares of Stock subject to the Option shall not be less than 110% of the Fair Market Value of a share of Stock on the Grant Date. 

2.3 Consideration to the Company. In consideration of the grant of the Option by the Company, Participant agrees to render faithful and
efficient services to the Company or any Subsidiary. Nothing in the Plan or this Agreement shall confer upon Participant any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way
the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided
otherwise in a written agreement between the Company or a Subsidiary and Participant. 

  
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 ARTICLE 3. 

PERIOD OF EXERCISABILITY 

3.1 Commencement of Exercisability. 

(a) Subject to Sections 3.2, 3.3, 5.10 and 5.16 hereof, the Option shall become vested and exercisable in such amounts and at such times as
are set forth in the Grant Notice. In the event of a change in Participant’s employment status wherein there is a reduction in the number of his or her hours per week, the Administrator may amend the vesting schedule of the Option, including
but not limited to reducing the shares to be vested on each following vesting date, without the consent of Participant, in the Administrator’s sole discretion. 

(b) No portion of the Option which has not become vested and exercisable at the date of Participant’s Termination of Service shall
thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and Participant. 

(c) Notwithstanding Sections 3.1(a) hereof and the Grant Notice, but subject to Section 3.1(b) hereof, pursuant to Section 13.2 of
the Plan, the Option shall become fully vested and exercisable with respect to all shares of Stock covered thereby in the event of a Change in Control, in connection with which the successor corporation does not assume the Option or substitute an
equivalent right for the Option. Should the successor corporation assume the Option or substitute an equivalent right, then no such acceleration shall apply. [In the event the Option is assumed or substituted for an equivalent right, and the
surviving or successor corporation terminates Participant’s employment or service without Cause upon or within 12 months of a Change in Control, then the Participant shall be fully vested and exercisable in the assumed or substituted Option.]1 
  

	1 	 The bracketed sentence should be used for general employees. 

If Participant is a consultant, delete the bracketed sentence and replace with the following: “For the avoidance of doubt, in the event
the Option is assumed or substituted for an equivalent right, and the surviving or successor corporation terminates Participant’s service without Cause, no acceleration shall apply to the Option.” 

If Participant is an officer, delete the bracketed sentence and replace with the following: “In the event the Option is assumed or
substituted for an equivalent right, and (i) the surviving or successor corporation terminates Participant’s employment or service without Cause or (ii) Participant resigns for Good Reason (as defined below) upon or within 18 months
of a Change in Control, then Participant shall be fully vested and exercisable in the assumed or substituted Option. For purposes of this Agreement, “Good Reason” shall mean any of the following events which Participant provides
written notice to the surviving or successor corporation of within ninety (90) days of such event having occurred and which is not cured by the surviving or successor corporation within thirty (30) days after such written notice thereof is
provided to the surviving or successor corporation by Participant: (i) any reduction of Participant’s base salary or target annual bonus; (ii) any involuntary relocation of Participant’s principal workplace to a location more
than thirty five (35) miles in any direction from Participant’s current principal workplace, (iii) a substantial and material adverse change, without Participant’s written consent, in Participant’s title, authority,
responsibility or duties; or (iv) any material breach by the surviving or successor corporation of any provision of this Agreement or any other agreement between the surviving or successor corporation and Participant, after written notice
delivered to the surviving or successor corporation of such breach and the surviving or successor corporation’s failure to cure such breach; provided, however, Participant shall not have Good Reason to resign if
Participant would retain substantially similar title, authority, duties, base pay and bonus but might have greater or lesser reporting responsibilities. In order to constitute a termination of employment for Good Reason, Participant’s
employment must be terminated no later than one hundred eighty (180) days following the initial occurrence of any events set forth above.” 

  
 A-2 

 (d) Notwithstanding any provisions in this Agreement or the Plan to the contrary, if there
is a conflict between Section 3.1(c) hereof and a written agreement by and between Participant and the Company that contains a provision providing for the acceleration of the vesting of Participant’s stock options in the event of a
“change in control” or other similar term or a termination of employment or service within a certain period of time following a “change in control,” then such provision in the written agreement shall control only with regard to
the treatment of Participant’s stock options in the event of a “change in control” or a termination of employment or service within a certain period of time following a “change in control.” 

3.2 Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative.
Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3 hereof. 

3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following events:

 (a) The Expiration Date set forth in the Grant Notice, which shall in no event be more than ten (10) years from the Grant Date;

 (b) If this Option is designated as an Incentive Stock Option and Participant owned (within the meaning of Section 424(d) of the
Code), at the time the Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of the Company (each
within the meaning of Section 424 of the Code), the expiration of five (5) years from the Grant Date; 
 (c) The expiration of
three (3) months from the date of Participant’s Termination of Service, unless such termination occurs by reason of Participant’s death or disability or as provided in Section 3.3(e) below; 

(d) The expiration of one (1) year from the date of Participant’s Termination of Service by reason of Participant’s death or
disability or as provided in Section 3.3(e) below; or 
 (e) The expiration of three (3) years from the date of
Participant’s Termination of Service in the event Participant is either (i) fifty-five (55) years old or older and has five (5) years or more of service with the Company upon voluntary termination of service (e.g., retirement) or
(ii) is involuntarily terminated and has five (5) years or more of service with the Company upon Termination of Service, regardless of age. 

3.4 Special Tax Consequences. Participant acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the
time the Option is granted) of all shares of Stock with respect to which Incentive Stock Options, including the Option (if applicable), are exercisable for the first time by Participant in any calendar year exceeds $100,000, the Option and such
other options shall be Nonstatutory Stock Options to the extent necessary to comply with the limitations imposed by Section 422(d) of the Code. Participant further acknowledges that the rule set forth in the preceding sentence shall be applied
by taking the Option and other “incentive stock options” into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. Participant also acknowledges that
an Incentive Stock Option exercised more than three (3) months after Participant’s Termination of Employment, other than by reason of death or disability, will be taxed as a Nonstatutory Stock Option. 

  
 A-3 

 3.5 Tax Indemnity. 

(a) The Participant agrees to indemnify and keep indemnified the Company, any Subsidiary and his/her employing company, if different, from
and against any liability for or obligation to pay any Tax Liability (a “Tax Liability” being any liability for income tax, withholding tax and any other employment related taxes or social security contributions in any jurisdiction,
including, if applicable, employee’s and employer’s National Insurance contributions) that is attributable to (1) the grant or exercise of, or any benefit derived by the Participant from, the Option, (2) the acquisition by the
Participant of the Stock on exercise of the Option, or (3) the disposal of any Stock. 
 (b) The Option cannot be exercised until the
Participant has made such arrangements as the Company may require for the satisfaction of any Tax Liability that may arise in connection with the exercise of the Option and/or the acquisition of the Stock by the Participant. The Company shall not be
required to issue, allot or transfer Stock until the Employee has satisfied this obligation. 
 ARTICLE 4. 

EXERCISE OF OPTION 
 4.1
Person Eligible to Exercise. During the lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option
becomes unexercisable under Section 3.3 hereof, be exercised by Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and
distribution. 
 4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be
exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3 hereof. 

4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the
Company (or any third party administrator or other person or entity designated by the Company), during regular business hours, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under
Section 3.3 hereof: 
 (a) An exercise notice in a form specified by the Administrator, stating that the Option or portion thereof is
thereby exercised, such notice complying with all applicable rules established by the Administrator; 
 (b) The receipt by the Company of
full payment for the shares of Stock with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding tax, which shall be made by deduction from other compensation payable to Participant or in such
other form of consideration permitted under Section 4.4 hereof that is acceptable to the Company; 
 (c) Any other written
representations as may be required in the Administrator’s reasonable discretion to evidence compliance with the Securities Act or any other applicable law, rule or regulation; and 

(d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other than
Participant, appropriate proof of the right of such person or persons to exercise the Option. 

  
 A-4 

 Notwithstanding any of the foregoing, the Company shall have the right to specify all conditions of the
manner of exercise, which conditions may vary by country and which may be subject to change from time to time. 
 4.4 Method of
Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of Participant: 

(a) Cash or check; 
 (b) With
the consent of the Administrator, surrender of shares of Stock (including, without limitation, shares of Stock otherwise issuable upon exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid
adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof; or 

(c) Other property acceptable to the Administrator (including, without limitation, through the delivery of a notice that Participant has
placed a market sell order with a broker with respect to shares of Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of
the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale). 

4.5 Conditions to Issuance of Stock. The shares of Stock deliverable upon the exercise of the Option, or any portion thereof, may be
either previously authorized but unissued shares of Stock or issued shares of Stock which have then been reacquired by the Company. Such shares of Stock shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any
shares of Stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the following conditions: 

(a) The admission of such shares of Stock to listing on all stock exchanges on which such Stock is then listed; 

(b) The completion of any registration or other qualification of such shares of Stock under any state or federal law or under rulings or
regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
absolute discretion, determine to be necessary or advisable; 
 (d) The receipt by the Company of full payment for such shares of Stock,
including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4 hereof; and 

(e) The lapse of such reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for
reasons of administrative convenience. 
 4.6 Rights as Stockholder. The holder of the Option shall not be, nor have any of the
rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of any shares of Stock purchasable upon the exercise of any part of the Option unless and until such shares of
Stock shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or
other right for which the record date is prior to the date the shares of Stock are issued, except as provided in Section 13.2 of the Plan. 

  
 A-5 

 ARTICLE 5. 

OTHER PROVISIONS 
 5.1
Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or
revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other interested persons. No member of the Committee or the
Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Option. 

5.2 Whole Shares. The Option may only be exercised for whole shares of Stock. 

5.3 Option Not Transferable. Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred in any
manner other than by will or the laws of descent and distribution, unless and until the shares of Stock underlying the Option have been issued, and all restrictions applicable to such shares of Stock have lapsed. Neither the Option nor any interest
or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void
and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 5.4 Binding Agreement.
Subject to the limitation on the transferability of the Option contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

5.5 Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the Option in such circumstances as it, in its
sole discretion, may determine. In addition, upon the occurrence of certain events relating to the Stock contemplated by Section 13.2 of the Plan (including, without limitation, an extraordinary cash dividend on such Stock), the Administrator
shall make such adjustments the Administrator deems appropriate in the number of shares of Stock subject to the Option, the exercise price of the Option and the kind of securities that may be issued upon exercise of the Option. Participant
acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and Section 13.2 of the Plan. 

5.6 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the
Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last address reflected on the Company’s records. By a notice given pursuant to
this Section 5.6, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to Participant shall, if Participant is then deceased, be given to the person entitled to
exercise his or her Option pursuant to Section 4.1 hereof by written notice under this Section 5.6. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with
postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 

  
 A-6 

 5.7 Titles. Titles are provided herein for convenience only and are not to serve as a
basis for interpretation or construction of this Agreement. 
 5.8 Governing Law. The laws of the State of Delaware shall govern the
interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

5.9 Conformity to Securities Laws. Participant acknowledges that the Plan and this Agreement are intended to conform to the extent
necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything
herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement
shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 5.10 Amendments, Suspension and
Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the
Board; provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material way without the prior written
consent of Participant. 
 5.11 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or
multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.3 hereof, this Agreement shall be binding upon Participant and
his or her heirs, executors, administrators, successors and assigns. 
 5.12 Notification of Disposition. If this Option is
designated as an Incentive Stock Option, Participant shall give prompt notice to the Company of any disposition or other transfer of any shares of Stock acquired under this Agreement if such disposition or transfer is made (a) within two
(2) years from the Grant Date with respect to such shares of Stock or (b) within one (1) year after the transfer of such shares of Stock to Participant. Such notice shall specify the date of such disposition or other transfer and the
amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer. 

5.13 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if
Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent
necessary to conform to such applicable exemptive rule. 
 5.14 Not a Contract of Employment. Nothing in this Agreement or in the
Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries. 

5.15 Entire Agreement. The Plan, the Grant Notice and this Agreement (including all Exhibits thereto) constitute the entire agreement
of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 

  
 A-7 

 5.16 Section 409A. This Option is not intended to constitute “nonqualified
deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other
guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement (or any Exhibits hereto), if at any time the
Administrator determines that the Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other person for
failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement (or any Exhibits hereto), or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other
actions, as the Administrator determines are necessary or appropriate either for the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A. 

5.17 Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided.
This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall
have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Stock as a general unsecured creditor
with respect to options, as and when exercised pursuant to the terms hereof. 
 5.18 Consent to Personal Data Use. The Participant
acknowledges and agrees that the Company is permitted to collect, hold, store, process, modify, transfer, lock or delete certain personal (and sensitive) data in any medium about Participant (i.e., name, home address, telephone number, e-mail address, date of birth, tax identification number and payroll information) as a part of its personnel and other business records in the course of its business, including for
the-purpose of tracking stock option grants, processing stock option exercises and subsequent share transfers and sales, arranging for appropriate tax reporting and withholding and regulatory tracking and
reporting purposes and the Company may disclose such information to third parties in the event that such disclosure is in the Company’s view required in the course of its business, including for the proper tracking of stock option grants,
processing stock option exercises and subsequent share transfers and sales, arranging for appropriate tax reporting and withholding and regulatory tracking. This personal data will be transferred to other locations, including locations outside of
the European Union and in so-called insecure third-party countries that do not guarantee the data privacy protection level of the European Union. 

5.19 Special Provisions for Stock Options Granted to Participants Outside the U.S. The Option shall be subject to the special
provisions, if any, for the Participant’s country of residence, as set forth in the Special Provisions for Stock Options Granted to Participants Outside the U.S. attached to the Grant Notice as Exhibit B (the “Non-U.S. Provisions”). 
 (a) If Participant relocates to one of the countries included in the Non-U.S. Provisions during the life of the Option, the special provisions for such country shall apply to Participant, to the extent the Company determines that the application of such provisions is necessary or
advisable in order to comply with local law or facilitate the administration of the Plan. 
 (b) The Company reserves the right to impose
other requirements on the Option and the shares of Stock purchased upon exercise of the Option, to the extent the Company determines it is necessary or advisable in order to comply with local laws or facilitate the administration of the Plan, and to
require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

  
 A-8 

 EXHIBIT B 

TO STOCK OPTION GRANT NOTICE 

SPECIAL PROVISIONS FOR STOCK OPTIONS 

GRANTED TO PARTICIPANTS OUTSIDE THE U.S.

 This Exhibit B to the Corcept Therapeutics Incorporated 2012 Incentive Award Plan (the “Plan”) Stock Option Grant Notice
(“Grant Notice”) includes special terms and conditions applicable to Participants in the countries below. These terms and conditions are in addition to those set forth in the Stock Option Agreement (the “Agreement”)
and the Grant Notice. In the event of any inconsistency between the Agreement, the Grant Notice or the Plan and terms in this Exhibit B, the terms of this Exhibit B shall control. Any capitalized term used in this Exhibit B
without definition shall have the meaning ascribed to such term in the Plan, the Grant Notice or the Agreement, as applicable. 
 This Exhibit B also
includes information relating to exchange control and other issues of which Participant should be aware with respect to participation in the Plan. The information is based on the exchange control, securities and other laws in effect in the
respective countries as of January 2012. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information herein as the only source of information relating to the
consequences of participation in the Plan because the information may be out of date at the time the Option is exercised or shares of Stock acquired under the Plan are sold. 

In addition, the information is general in nature and may not apply to the particular situation of Participant, and the Company is not in a position to assure
Participant of any particular result. Accordingly, Participant is advised to seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to Participant’s individual situation. Finally, if Participant
is a citizen or resident of a country other than the one in which he or she is currently working, the information contained herein may not be applicable to Participant. 

UNITED KINGDOM 
 Service Providers.
The Agreement as amended pursuant to this Exhibit B forms the rules of the employee share scheme applicable to the United Kingdom based Participants of the Company and any Subsidiaries. Only Employees of the Company or any subsidiary or affiliate of
the Company are eligible to be granted Options under the Agreement. Other Service Providers who are not Employees are not eligible to receive Options under the Agreement in the United Kingdom. 

Section 3.4 of the Agreement. Section 3.4 of the Agreement shall not apply. 

Joint Election Requirements. At the discretion of the Company, the Option cannot be exercised until the Participant has entered into an election with
the Company (or his/her employer) (as appropriate) in a form approved by the Company and Her Majesty’s Revenue & Customs (a “Joint Election”) under which any liability of the Company and/or the employer for employer’s
national insurance contributions arising in respect of the granting, vesting, exercise of or other dealing in the Option, or the acquisition of shares of Stock on exercise of the Option, is transferred to and met by the Participant. 

Section 431 Election. The Participant undertakes that, upon request by the Company, he/she will join with his/her employer in
electing, pursuant to section 431 of the Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”) that, for relevant tax purposes, the market value of the shares of Stock acquired on exercise of the Option will be calculated as if the shares
of Stock were not restricted and sections 425 to 430 inclusive of ITEPA are not to apply to such shares of Stock. 
 Scope of Option Grant. The grant
of an Option does not form part of the Participant’s entitlement to remuneration or benefits in terms of his employment with the Company or any subsidiary or affiliate. 

  
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