Document:

exhibit_10-3.htm

     

    Exhibit
10.3

     

     

    

      ONEOK,
INC.

       

      2005
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

       

      As
Amended and Restated December 18, 2008

       

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ONEOK,
INC.

      2005
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

      As
Amended and Restated December 18, 2008

       

      Table of
Contents

       

      Page

       

      
        	
                PURPOSE

              	
                1

              
	
                PART
      A.

              	
                EXCESS
      RETIREMENT BENEFITS

              	
                2

              
	
                ARTICLE
      I.     PURPOSE AND SCOPE OF PART
A

              	
                3

              
	
                1.1

              	
                Part
      A; Excess Retirement Benefits

              	
                3

              
	
                1.2

              	
                Separate
      Benefits

              	
                3

              
	
                1.3

              	
                Deferral
      of Compensation

              	
                3

              
	
                ARTICLE
      II.     ELIGIBILITY AND
    PARTICIPATION

              	
                3

              
	
                2.1

              	
                Eligibility
      for Selection

              	
                3

              
	
                2.2

              	
                Designation
      and Selection of Part A Participants in the Plan

              	
                3

              
	
                2.3

              	
                Scope
      of Part A Participation

              	
                4

              
	
                2.4

              	
                Election
      to Defer Compensation

              	
                4

              
	
                ARTICLE
      III.     EXCESS RETIREMENT
BENEFIT

              	
                5

              
	
                3.1

              	
                Excess
      Retirement Benefit

              	
                5

              
	
                3.2

              	
                Payment
      of Excess Retirement Benefit

              	
                6

              
	
                3.3

              	
                Specified
      Employee; Six (6) Month Required Delay in Payment

              	
                8

              
	
                3.4

              	
                Vesting
      of Excess Retirement Benefit

              	
                8

              
	
                3.5

              	
                Form
      of Payment

              	
                9

              
	
                3.6

              	
                Disability

              	
                9

              
	
                3.7

              	
                Death

              	
                9

              
	
                3.8

              	
                Nonqualified
      Deferred Compensation Plan Requirements

              	
                9

              
	
                ARTICLE
      IV.     BENEFICIARY

              	
                10

              
	
                ARTICLE
      V.      LEAVE OF ABSENCE

              	
                10

              
	
                ARTICLE
      VI.     ADMINISTRATION OF PART A OF THIS
      PLAN

              	
                10

              
	
                PART
      B.

              	
                SUPPLEMENTAL
      RETIREMENT BENEFITS

              	
                11

              
	
                ARTICLE
      I.        PURPOSE AND SCOPE OF
      PART B

              	
                12

              
	
                1.1

              	
                Part
      B, Supplemental Retirement Benefits

              	
                12

              
	
                1.2

              	
                Separate
      Benefits

              	
                12

              
	
                1.3

              	
                Deferral
      of Compensation

              	
                12

              
	
                ARTICLE
      II.   BENEFIT ACCOUNTS

              	
                12

              
	
                2.1

              	
                Eligibility
      for Selection

              	
                12

              

      

      
        
           
- i -

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                2.2

              	
                Designation
      and Selection of Part B Participants in the Plan

              	
                12

              
	
                2.3

              	
                Scope
      of Part B Participation

              	
                13

              
	
                2.4

              	
                Election
      to Defer Compensation

              	
                13

              
	
                ARTICLE
      III.     SUPPLEMENTAL RETIREMENT
    BENEFIT

              	
                14

              
	
                3.1

              	
                Supplemental
      Retirement Benefit

              	
                14

              
	
                3.2

              	
                Payment
      of Supplemental Retirement Benefit

              	
                16

              
	
                3.3

              	
                Specified
      Employee; Six (6) Month Required Delay in Payment

              	
                19

              
	
                3.4

              	
                Vesting
      of Supplemental Retirement Benefit

              	
                19

              
	
                3.5

              	
                Form
      of Payment

              	
                19

              
	
                3.6

              	
                Disability

              	
                20

              
	
                3.7

              	
                Death

              	
                20

              
	
                3.8

              	
                Nonqualified
      Deferred Compensation Plan Requirements

              	
                20

              
	
                ARTICLE
      IV.   BENEFICIARY

              	
                20

              
	
                ARTICLE
      V.   SUPPLEMENTAL RETIREMENT BENEFIT
       ADJUSTMENTS

              	
                21

              
	
                ARTICLE
      VI.   LEAVE OF ABSENCE

              	
                21

              
	
                ARTICLE
      VII.  ADMINISTRATION OF PART B OF THE PLAN

              	
                21

              
	
                PART
      C.

              	
                PLAN
      ADIMINSTRATION AND MISCELLANEOUS PROVISIONS

              	
                22

              
	
                ARTICLE
      I.        PURPOSE AND SCOPE OF
      PART C

              	
                23

              
	
                ARTICLE
      II.   DEFINITIONS AND CONSTRUCTION

              	
                23

              
	
                2.1

              	
                Definitions

              	
                23

              
	
                2.2

              	
                Construction

              	
                29

              
	
                2.3

              	
                Plan
      Purpose

              	
                29

              
	
                ARTICLE
      III.   COMMITTEE

              	
                29

              
	
                3.1

              	
                Appointment
      of Committee

              	
                29

              
	
                3.2

              	
                Committee
      Officials

              	
                29

              
	
                3.3

              	
                Committee
      Action

              	
                30

              
	
                3.4

              	
                Committee
      Rules and Powers

              	
                30

              
	
                3.5

              	
                Reliance
      on Certificates, etc.

              	
                30

              
	
                3.6

              	
                Liability
      of Committee

              	
                30

              
	
                3.7

              	
                Determination
      of Benefits

              	
                30

              
	
                3.8

              	
                Information
      to Committee

              	
                31

              
	
                ARTICLE
      IV.   ADOPTION OF PLAN BY SUBSIDIARY, AFFILIATED OR
      ASSOCIATED COMPANIES

              	
                31

              
	
                ARTICLE
      V.   SOURCE OF BENEFITS

              	
                31

              
	
                5.1

              	
                Benefits
      Payable

              	
                31

              

      

      
        
           
- ii -

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                5.2

              	
                Investments
      to Facilitate Payment of Benefits

              	
                31

              
	
                5.3

              	
                Ownership
      of Insurance Contracts

              	
                31

              
	
                5.4

              	
                Trust
      for Payment of Benefits

              	
                32

              
	
                ARTICLE
      VI.                                 TERMINATION
      OF EMPLOYMENT

              	
                32

              
	
                ARTICLE
      VII.                                TERMINATION
      OF PARTICIPATION

              	
                33

              
	
                ARTICLE
      VIII.                                           TERMINATION,
      AMENDMENT, MODIFICATION, OR SUPPLEMENT OF THE PLAN

              	
                33

              
	
                8.1

              	
                Amendment
      or Termination

              	
                33

              
	
                8.2

              	
                Rights
      and Obligations Upon Amendment, Termination

              	
                34

              
	
                ARTICLE
      IX.                                 TREATMENT
      OF BENEFITS

              	
                34

              
	
                ARTICLE
      X.                                 RESTRICTIONS
      ON ALIENATION OF BENEFITS

              	
                35

              
	
                ARTICLE
      XI.                                 MISCELLANEOUS

              	
                35

              
	
                11.1

              	
                Deferral
      of Compensation Requirements

              	
                35

              
	
                11.2

              	
                Execution
      of Receipts and Releases

              	
                36

              
	
                11.3

              	
                No
      Guarantee of Interests

              	
                36

              
	
                11.4

              	
                Company
      Records

              	
                36

              
	
                11.5

              	
                Evidence

              	
                36

              
	
                11.6

              	
                Notice

              	
                36

              
	
                11.7

              	
                Change
      of Address

              	
                37

              
	
                11.8

              	
                Effect
      of Provisions

              	
                37

              
	
                11.9

              	
                Headings

              	
                37

              
	
                11.10

              	
                Governing
      Law

              	
                37

              
	
                11.11

              	
                Effective
      Date

              	
                37

              
	
                APPENDIX
      I

              	
                38

              

      

      

      

      
        
           
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      ONEOK,
INC.

      2005
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

      As
Amended and Restated December 18, 2008

       

      PURPOSE

       

      The
purpose of the ONEOK, Inc. 2005 Supplemental Executive Retirement Plan is to
provide the specified benefits to employees who are in a select group of
management or highly compensated employees who contribute materially to the
continued growth, development and future business success of ONEOK, Inc., and
its subsidiaries, effective January 1, 2005.  It is the intention of
ONEOK, Inc. that the Plan and the particular benefits provided to individuals
hereunder be administered as an unfunded nonqualified deferred compensation and
excess benefit plans established and maintained for a select group of management
or highly compensated employees.

       

      This Plan
is a new and separate plan, and except as otherwise expressly provided herein,
is not a continuation, successor plan to, or an amendment or restatement of the
preexisting and separate ONEOK, Inc. Supplemental Executive Retirement Plan, as
terminated and frozen pursuant to the terms thereof, effective December 31, 2004
(hereinafter referred to as the “Prior Frozen SERP”).  It is intended
that no individual shall be entitled to benefit under both the Prior Frozen SERP
and this Plan.

       

      The Plan
is intended to meet all requirements of Section 409A of the Code for
compensation deferred under the Plan to not be includible in gross income of the
Participant until actually paid or distributed pursuant to the
Plan.

       

      The
capitalized words and terms in this Plan document shall have the meaning given
in the definitions stated in Part C, Article II of the Plan, unless otherwise
expressly indicated.

       

                            

       

      
        
           

        

        
          - 1
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      PART
A.                      EXCESS RETIREMENT
BENEFITS

       

      
        
           

        

        
          - 2
-

          
            

          

        

        
           

        

      

      ARTICLE
I.                                

       

      PURPOSE AND SCOPE OF PART
A

       

      1.1 Part A; Excess Retirement Benefits.  The
provisions of Part A of the Plan shall establish and provide excess retirement
benefits to Employees of the Company who are (i) in a select group of management
or highly compensated employees of the Company within the meaning of Sections
201(a)(7), 301(a)(9) and 401(a)(1) of ERISA, and (ii) selected to participate in
Excess Retirement Benefits pursuant to the terms and provisions of this Part A
of the Plan.

       

      1.2 Separate
Benefits.  The Excess Retirement Benefits provided to
participants under Part A of the Plan are separate and independent from
Supplemental Retirement Benefits provided under Part B of the Plan.

       

      1.3 Deferral of
Compensation.  The Excess Retirement Benefits provided to
Participants under Part A of the Plan shall be considered and treated as
deferral of compensation to the extent and in the manner provided for in Section
409A of the Code and Treasury Regulations thereunder.

       

      ARTICLE
II.                                

       

      ELIGIBILITY AND
PARTICIPATION

       

      2.1 Eligibility for
Selection. In order to be eligible to be selected as a Part A
Participant in the Plan pursuant to Section 2.2 of this Article II, below, an
Employee must be in a select group of management or highly compensated employees
of the Company, as determined by the Chief Executive Officer, or the Committee
in the case of the Chief Executive Officer, in the Chief Executive Officer’s (or
Committee’s, as applicable) sole and absolute discretion.  An eligible
Employee may become a Part A Participant in the Plan only by being selected for
participation pursuant to Section 2.2 of this Article II, below.

       

             
2.2 Designation and Selection of Part A Participants in
the Plan.

       

      A. In order
to participate in Part A of the Plan an eligible Employee must also be
specifically designated and selected by the Chief Executive Officer, or in the
case of the Chief Executive Officer, by the Committee, to be a Part A
Participant in the Plan, with such designation and selection to be in the Chief
Executive Officer’s (or Committee’s, as applicable) sole and absolute
discretion.

       

      B. The
designation and selection of any eligible Employee to be a Part A Participant in
the Plan by the Chief Executive Officer/Committee, shall be confirmed in writing
by a written instrument and/or memorandum which shall specify the date that
compensation is first deferred under this Plan for such Part A Participant and
the date of his/her designation and selection, in such form as is prescribed by
the Committee that shall be in substantially the same form as Appendix I to this
Plan and that shall be made a part of the records of the Plan and the
Company.

       

      C. Not every
eligible Employee is required to be, or necessarily will be designated and
selected to be a Part A Participant in the Plan.

       

      
        
           

        

        
          - 3
-

          
            

          

        

        
           

        

      

      D. An
eligible Employee who is not designated and selected to be a Part A Participant
pursuant to this Section 2.2, shall not be entitled to any benefit or payment
under Part A of the Plan.

       

      E. No
Employee who is a participant in the Prior Frozen SERP or entitled to receive
any benefit or payment under the Prior Frozen SERP shall be designated and
selected to be a Part A Participant in the Plan; and it may be made a condition
to the designation and selection of an eligible Employee as a Part A Participant
that such Employee shall have elected in writing to completely terminate his/her
participation in the Prior Frozen SERP and waive all his/her entitlement to any
benefit or payment under the Prior Frozen SERP.

       

      F. Notwithstanding
anything otherwise provided herein, any eligible Employee who becomes a Part A
Participant shall be deemed to consent and agree that his/her participation in
Part A of the Plan shall supersede and cancel any entitlement he/she had to any
benefit or payment under the Prior Frozen SERP.

       

      2.3 Scope of Part A
Participation.  An eligible Employee designated and selected to
be a Part A Participant in the Plan shall, as a Part A Participant, be entitled
solely to the rights and benefits provided under the terms of Part A of the
Plan, and such designation and selection shall not entitle such Employee to
participate in Part B of the Plan or to receive benefits thereunder; provided,
that an Employee who is an Officer of the Company may be designated and selected
to be a Part A Participant, and selected under Part B of the Plan to be a Part B
Participant.

       

             
2.4 Election to Defer
Compensation.

       

      A. Except as
provided in Section 2.4.B., of this Article, the Company, pursuant to the Plan,
elects, determines and provides for the time and form of payment of an Excess
Retirement Benefit to any eligible Employee who is designated and selected to be
a Part A Participant.  The time and form of payment of an Excess
Retirement Benefit is stated and provided in Article III of this Part A of the
Plan.

       

      B. A Part A
Participant shall make a written Election that shall include a Specified Time
which shall be the Normal Specified Time of Distribution when his/her Excess
Retirement Benefit is to be paid and distributed under the Plan. The Specified
Time that may be stated in the Election, shall be:

       

      (1)  The later of (a) a
Specified Date, or (b) the date such Part A Participant (i) attains age fifty
(50), (ii) completes five (5) years of service with the Company, and (iii) has a
Separation from Service with the Company; or

       

      (2)  The date such Part A
Participant (i) attains age fifty (50), (ii) completes five (5) years of service
with the Company, and (iii) has a Separation from Service with the
Company.

       

      
        
           

        

        
          - 4
-

          
            

          

        

        
           

        

      

      The
Normal Specified Time of Distribution of a Part A Participant shall in no event
be before he/she (i) attains age fifty (50), (ii) completes five (5) years of
service with the Company, and (iii) has a Separation from Service with the
Company.

       

      C. The
designation and Election of the time and form of payment of the Excess
Retirement Benefit of an eligible Employee  when he/she is first
designated and selected to be a Part A Participant in the Plan shall be made and
confirmed in writing on or before the date that is thirty (30 days after the
date of such designation and selection in an instrument prescribed by the
Committee that shall be in substantially the same form as Appendix I to this
Plan and that shall be made a part of the records of the Plan and the
Company.

       

      D. The
designation and Election of the time and form of payment of an Excess Retirement
Benefit of a Part A Participant shall apply with respect to all compensation
deferred under the Plan for the Part A Participant after the date of his/her
designation and selection.  The designation and Election of the time
and form of payment of an Excess Retirement Benefit of a Part A Participant
shall be effective on and after the date that it is made by the Part A
Participant and the Company as to compensation deferred under the Plan for all
taxable years of the Part A Participant thereafter.

       

      E. The Plan
does not provide an eligible Employee or Part A Participant the opportunity to
make an initial election of the form of payment of the Excess Retirement Benefit
to him/her under the Plan.  A Part A Participant shall be allowed to
change the form of an annuity benefit to the extent provided in Section 3.5 of
Article III of this Part A of the Plan.  A Part A Participant shall be
allowed to make a Subsequent Election as to time of payment of an Excess
Retirement Benefit as provided in Section 3.2 of Article III of this Part A of
the Plan.

       

      F. All
Elections made under the Plan by and for a Part A Participant on or before
December 31, 2008, shall be retroactively effective to conform to the terms and
provisions of the Plan, as amended and restated effective December 18, 2008, to
meet the requirements of Code section 409A and Treasury Regulations to the
extent allowed under such regulations and published guidance of the Internal
Revenue Service.

       

      ARTICLE
III.                                

       

      EXCESS RETIREMENT
BENEFIT

       

      3.1 Excess Retirement
Benefit.

       

      A.           The
Company shall pay each Part A Participant the vested Excess Retirement Benefit
attributable to a Part A Participant’s annual eligible compensation under the
Retirement Plan that is in excess of the limitations on such Part A
Participant’s Retirement Plan Benefits contained in Code Sections 401(a)(17) and
415(b).

       

      B.           The
Excess Retirement Benefit will be calculated by applying the same benefit
formula, vesting provisions, and early retirement provisions as are in and apply
to the Part A Participant’s Retirement Plan Benefit under the Retirement
Plan.

       

      
        
           

        

        
          - 5
-

          
            

          

        

        
           

        

      

      C.           The
Excess Retirement  Benefit shall be calculated for the time of the
commencement of payment of it to a Part A Participant (hereinafter referred to
as "Excess Retirement Benefit Commencement Date") pursuant to the terms and
provisions of the Plan governing the time and form of payment thereof,
irrespective of whether or not a corresponding Retirement Plan Benefit is then
being paid or is to commence payment to such Part A Participant at that time,
and irrespective of the time and form of payment of the Retirement Plan Benefit
that has been elected, is being paid or may be paid to the Part A
Participant.

       

      D.           The
Excess Retirement Benefit shall be calculated and determined for the Excess
Retirement Benefit Commencement Date of a Part A Participant as
follows:

       

      (1)  Calculate
as a single (straight) life annuity payable at age sixty-five (65);

       

      (2)  Apply early retirement
provisions based upon the age of the Part A Participant at the Excess Retirement
Benefit Commencement Date;

       

      (3)  Apply the factors for
the form of payment that has been elected by the Part A Participant in
accordance with the terms and provisions of this Plan as an actuarial equivalent
of a single (straight) life annuity, if such elected form of payment is other
than a single (straight) life annuity in accordance with the Plan and reasonable
actuarial assumptions and methods, as determined by the Committee;
and

       

      (4)  Deduct the Retirement
Plan Benefit calculated at the same time and form of payment as the Excess
Retirement Benefit, irrespective of the time and form of payment of the
Retirement Plan Benefit elected by the Participant for the Retirement
Plan.

       

      E.           The
Committee shall be authorized to take such other actions and apply procedures
that it determines, in its discretion, to calculate, determine and commence the
payment of an Excess Retirement Benefit to a Part A Participant at the Excess
Retirement Benefit Commencement Date.

       

      F.           All
Elections made under the Plan by and for a Part B Participant on or before
December 31, 2008, shall be retroactively effective to conform to the terms and
provisions of the Plan, as amended and restated effective December 18, 2008, to
meet the requirements of Code section 409A and Treasury Regulations to the
extent allowed under such regulations and published guidance of the Internal
Revenue Service.

       

      3.2 Payment of Excess Retirement
Benefit.

       

      A. Subject
to the requirements of Section 3.3 below (six-month required delay of payment
for Specified Employee), a vested Excess Retirement Benefit shall be paid to a
Part A Participant entitled thereto or his/her Beneficiary, commencing on
his/her Normal Specified Distribution Date.

       

      
        
           

        

        
          - 6
-

          
            

          

        

        
           

        

      

      B. A Part A
Participant shall be allowed to make a Subsequent Election to change the time of
distribution and payment of his/her Excess Retirement Benefit from his/her
Normal Specified Distribution Date to a Subsequent Election Distribution Date
resulting from such election, if:

       

      (i) he/she
delivers a written notification of such Subsequent Election to the Committee, or
its designee, in the form it prescribes, not less than twelve (12) months prior
to his/her Normal Specified Distribution Date, and

       

      (ii) he/she
makes a corresponding Subsequent Election with respect to any Supplemental
Retirement Benefit he/she is entitled to under Part B of the Plan in such
written notification.

       

      C.  A
Part A Participant shall be allowed to make a Subsequent Election as to any
Subsequent Election Distribution Date established for the payment of his/her
Excess Retirement Benefit if:

       

      (i) he/she
delivers a written notification of such Subsequent Election to the Committee, or
its designee, in the form it prescribes, not less than twelve (12) months prior
to such Subsequent Election Distribution Date, and

       

      (ii) he/she
makes a corresponding Subsequent Election with respect to any Supplemental
Retirement Benefit he/she is entitled to under Part B of the Plan in such
written notification.

       

      D. Notwithstanding
anything otherwise provided in the Plan or in any Election or Subsequent
Election of a Part A Participant, any Subsequent Election made by a Part A
Participant under the Plan shall result in a Subsequent Election Distribution
Date of his/her Excess Retirement Benefit being established for it, and the
first distribution and payment with respect to which such Subsequent Election is
made being deferred to a Subsequent Election Distribution Date that is not less
than five (5) years from the date such distribution and payment would otherwise
have been made.

       

      E. Except as
otherwise expressly specified in the Plan, a distribution or payment shall be
treated as made upon the date specified under the Plan if the payment is made at
such date or a later date within the same taxable year of the Participant or, if
later, by the 15th day of the third calendar month following the date specified
under the Plan and the Participant is not permitted, directly or indirectly, to
designate the taxable year of the payment. In addition, a distribution or
payment shall be treated as made upon the date specified under the Plan and
shall not be treated as an accelerated payment if the payment is made no earlier
than thirty (30) days before the designated payment date and the Participant is
not permitted, directly or indirectly, to designate the taxable year of the
payment. For purposes of this paragraph, if the date specified is only a
designated taxable year of the Participant, or a period of time during such a
taxable year, the date specified under the Plan is treated as the first day of
such taxable year or the first day of the period of time during such taxable
year, as applicable. If calculation of the amount of the distribution or
payment is not administratively practicable due to events beyond
the

       

      
        
           

        

        
          - 7
-

          
            

          

        

        
           

        

      

      control
of the Participant (or Participant's beneficiary), the distribution or payment
will be treated as made upon the date specified under the Plan if the
distribution or payment is made during the first taxable year of the Participant
in which the calculation of the amount of the distribution or payment is
administratively practicable. For purposes of this section, the inability of a
Corporation to calculate the amount or timing of a distribution or payment due
to a failure of a Participant (or Participant's beneficiary) to provide
reasonably available information necessary to make such calculation does not
constitute an event beyond the control of the Participant.

       

      3.3 Specified Employee; Six (6) Month Required Delay in
Payment.  If a Part A Participant is a Specified Employee,
his/her vested Excess Retirement Benefit shall not commence being paid until
after the end of the Specified Employee Required Deferral Period.

       

      In the
case of any Participant who is a Specified Employee as of the date of a
Separation from Service, distribution and payments of any Deferred Compensation
may not be made before the date that is six (6) months after the date of
Separation from Service (or, if earlier than the end of the six-month period,
the date of death of the Specified Employee). For this purpose, a Participant
who is not a Specified Employee as of the date of a Separation from Service will
not be treated as subject to this requirement even if the Participant would have
become a Specified Employee if the Participant had continued to provide services
through the next Specified Employee Effective Date; and a Participant who is
treated as a Specified Employee as of the date of a Separation from Service will
be subject to this requirement even if the Participant would not have been
treated as a Specified Employee after the next Specified Employee Effective Date
had the Specified Employee continued in employment with the Corporation through
the next Specified Employee Effective Date. The required delay in payment is met
if payments to which a Specified Employee would otherwise be entitled during the
first six (6) months following the date of Separation from Service are
accumulated and paid on the first day of the seventh month following the date of
Separation from Service, or if each payment to which a Specified Employee is
otherwise entitled upon a Separation from Service is delayed by six (6) months.
The Committee shall have and retain discretion to choose which method will be
implemented, provided that no direct or indirect election as to the method may
be provided to the Participant. For an affected Specified Employee, a date upon
which the Committee or the Corporation designates that the payment will be made
after the six-month delay is treated as a fixed payment date for purposes of the
other requirements of the Plan once the Separation from Service has
occurred.

       

      In such a
case, the Part A Participant shall, to the extent permissible under Code Section
409A, receive a Specified Employee Catch-Up Payment at the end of the Specified
Employee Required Deferral Period and thereafter receive vested Excess
Retirement Benefit monthly payments in accordance with the Plan.  If
such a Specified Employee Catch-Up Payment is not permissible under Code Section
409A, the Excess Retirement Benefit shall be paid and distributed to the
Specified Employee in accordance with the requirements of Code Section 409A and
the regulations thereunder, and the time and form of payment elected shall not
otherwise be changed or accelerated.

       

      3.4 Vesting of Excess Retirement
Benefit. A Part A Participant’s Excess Retirement Benefit shall
unconditionally vest in such Participant and become nonforfeitable upon such
Part

       

      
        
           

        

        
          - 8
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      A
Participant’s completion of five (5) Years of Service; provided, that the Excess
Retirement Benefit shall not be vested and nonforfeitable upon Retirement if the
Part A Participant has not completed five (5) Years of Service.

       

      3.5 Form of
Payment.   The vested Excess Retirement Benefit shall be
paid to a Part A Participant in the form of a 50% qualified joint and survivor
annuity, as defined in the Retirement Plan, if such Part A Participant is
married on his/her Initial Participation Date as a Part A
Participant.  The vested Excess Retirement Benefit shall be paid in
the form of a single (straight) life annuity, as defined in the Retirement Plan,
if such Part A Participant is unmarried on his/her Initial Participation Date as
a Part A Participant.  A Part A Participant shall be allowed to change
the form of payment of an Excess Retirement Benefit that is initially elected
and designated, or any permissible form previously elected by the Part A
Participant hereunder, to the extent provided in this Section
3.5.  Any such change in the form of payment pursuant to this Section
3.5 shall be allowed only if (i) it is made in writing by the Participant in an
instrument prescribed by the Committee prior to the first payment and
distribution of an Excess Retirement Benefit, (ii) the Committee determines that
the previously elected form of payment and the changed form of payment are
actuarially equivalent applying reasonable actuarial methods and assumptions,
and (iii) the Part A Participant complies with such other requirements as the
Committee may prescribe. A change in form of payment pursuant to the
foregoing provisions shall not change, delay or accelerate the scheduled date
for the first annuity payment of an Excess Retirement Benefit under the Plan.
Each change in form of payment of an Excess Retirement Benefit pursuant to the
foregoing provisions shall be deemed to make a similar change in the form of
payment with respect to any Supplemental Retirement Benefit payable to the
Participant under the Plan

       

      3.6 Disability.  If a
Part A Participant shall become Disabled prior to Retirement and such total
disability continues for more than six (6) months, such Participant shall be
entitled to receive an Excess Retirement Benefit.  The vested Excess
Retirement Benefit of such Part A Participant shall be distributed on the first
day of the month next following the time he/she becomes Disabled if he/she has
attained age fifty (50) at the time he/she becomes Disabled. The vested Excess
Retirement Benefit of such Part A Participant shall be distributed on the first
day of the month next following such Part A Participant attaining the age of
fifty (50) if he/she becomes Disabled prior to attaining that age. A Part A
Participant shall be entitled to make a Subsequent Election with respect to the
distribution of a vested Excess Retirement Benefit in accordance with and
subject to the provisions of Section 3.2, above.

       

      3.7 Death.  In event of
the death of a Part A Participant prior to commencing payment of his/her Excess
Retirement Benefit under this Plan, , an amount equal to fifty-five percent
(55%) of his/her vested Excess Retirement Benefit of such Part A Participant
shall be paid and distributed to the Beneficiary of such Part A Participant
pursuant to Article IV of this Part A of the Plan, below, on the first day of
the month next following the date of death of such Part A
Participant.

       

      3.8 Nonqualified Deferred Compensation
Plan Requirements.  Notwithstanding anything to the contrary
expressed or implied herein, the deferral of all Compensation under this Plan
shall be subject to the requirements set forth in Article XI, Section 11.1 of
Part C of the Plan.

       

      
        
           

        

        
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      ARTICLE
IV.                                

       

      BENEFICIARY

       

      The
Beneficiary of a Part A Participant’s Excess Retirement Benefit shall be the
person or persons who would be the beneficiary or beneficiaries entitled to
receive the Retirement Plan Benefit of the Part A Participant under the terms
and provisions of the Retirement Plan if he/she died prior to the commencement
of payment of such Retirement Plan Benefit under the Retirement
Plan.

       

      ARTICLE
V.                                

       

      LEAVE OF
ABSENCE

       

      If a Part
A Participant is authorized by the Company for any reason, including military,
medical, or other, to take a leave of absence from employment, such Part A
Participant’s participation in Part A of the Plan shall remain in
effect.

       

      ARTICLE
VI.                                

       

      ADMINISTRATION OF PART A OF
THE PLAN

       

      Except as
otherwise expressly provided herein, this Part A of the Plan shall be
administered pursuant to the provisions of Part C of the Plan.

       

                          

       

      
        
           

        

        
          - 10
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      PART
B.                      SUPPLEMENTAL RETIREMENT
BENEFITS

       

                                     

       

      
        
           

        

        
          - 11
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      ARTICLE
I.                                

       

      PURPOSE AND SCOPE OF PART
B

       

      1.1 Part B, Supplemental Retirement
Benefits.  The provisions of Part B of the Plan shall establish
and provide supplemental retirement benefits to employees who are (i) in a
select group of management or highly compensated employees of the Company within
the meaning of Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA, (ii)
Officers of the Company, and (iii) selected to participate in and receive
Supplemental Retirement Benefits pursuant to the terms and provisions of this
Part B of the Plan.

       

      1.2 Separate
Benefits.  The Supplemental Retirement Benefits provided to
participants under Part B of the Plan are separate and independent from Excess
Retirement Benefits provided under Part A of the Plan.

       

      1.3 Deferral of
Compensation.  The Supplemental Retirement Benefits provided to
Participants under Part B of the Plan shall be considered and treated as
deferral of compensation to the extent and in the manner provided for in Section
409A of the Code and Treasury Regulations thereunder.

       

      ARTICLE
II.                                

       

      ELIGIBILITY AND
PARTICIPATION

       

      2.1 Eligibility for
Selection.  In order to be eligible to be selected as a Part B
Participant in the Plan, pursuant to Section 2.2 of this Article II, below, an
Employee must be an Officer of the Company, who is in a select group of
management or highly compensated employees of the Company, as determined by the
Chief Executive Officer, or in the case of the Chief Executive Officer, by the
Committee, in the Chief Executive Officer’s (or Committee’s, as applicable) sole
and absolute discretion.  An eligible Employee/Officer may become a
Part B Participant in the Plan only by being selected pursuant to Section 2.2 of
this Article II, below.

       

      2.2 Designation and Selection of Part B Participants in
the Plan.

       

      A. In order
to participate in Part B of the Plan an eligible Employee/Officer must be
specifically designated and selected by the Chief Executive Officer, or in the
case of the Chief Executive Officer, by the Committee, to be a Part B
Participant in the Plan, with such designation and selection to be in the Chief
Executive Officer’s (or Committee’s, as applicable) sole and absolute
discretion.

       

      B. The
designation and selection of an eligible Employee/Officer to be a Part B
Participant in the Plan by the Chief Executive Officer/Committee shall be
confirmed in writing by a written instrument and/or memorandum which shall
specify the date that compensation is first deferred under this Plan for such
Part B Participant and the date of his/her designation and selection, in such
form as is prescribed by the Committee that shall be in substantially the same
form as Appendix I to this Plan and that shall be made a part of the records of
the Plan and the Company.

       

      C. Not every
eligible Employee/Officer is required to be, or necessarily will be designated
and selected to be a Part B Participant in the Plan.

       

      
        
           

        

        
          - 12
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      D. An
eligible Employee/Officer who is not designated and selected to be a Part B
Participant in the Plan, pursuant to this Section 2.2, shall not be entitled to
any benefit or payment under Part B of the Plan.

       

      E. No
Employee/Officer, and who is a participant in the Prior Frozen SERP or entitled
to receive any benefit or payment under the Prior Frozen SERP shall be
designated and selected to be a Part B Participant in the Plan; and it may be
made a condition to the designation and selection of an eligible
Employee/Officer to be a Part B Participant that he/she shall have elected in
writing to completely terminate his/her participation in the Prior Frozen SERP
and waive all his/her entitlement to any benefit or payment under the Prior
Frozen SERP.

       

      F. Notwithstanding
anything otherwise provided herein, any eligible Employee/Officer who becomes a
Part B Participant shall be deemed to consent to and agree that his/her
participation in Part B of the Plan shall supersede and cancel any entitlement
he/she had to any benefit or payment under the Prior Frozen SERP.

       

      2.3 Scope of Part B
Participation.  An Employee/Officer designated and selected to
be a Part B Participant in the Plan shall as a Part B Participant be entitled
solely to the rights and benefits provided under Part B of the Plan, and such
designation and selection shall not entitle such Employee/Officer to participate
in Part A of the Plan or receive any benefit thereunder; provided, that an
Employee/Officer may be designated and selected to be a Part B Participant and
designated and selected under Part A of the Plan to be a Part A Participant
under the Plan.

       

             
2.4 Election
to Defer Compensation

       

      A. Except as
otherwise provided in Section 2.4.B. of this Article, the Company, pursuant to
the Plan, elects, determines and provides for the time and form of payment of a
Supplemental Retirement Benefit to any eligible Employee who is designated and
selected to be a Part B Participant.  The time and form of payment of
a Supplemental Retirement Benefit is stated and provided in Article III of this
Part B of the Plan.

       

      B. A Part B
Participant shall make a written Election that shall include a Specified Time
which shall be the Normal Specified Time of Distribution when his/her
Supplemental Retirement Benefit is to be paid and distributed under the Plan.
The Specified Time that may be stated in the Election, shall be:

       

      (1) The later of (a) a Specified Date,
or (b) the date such Part B Participant (i) attains age fifty (50), (ii)
completes five (5) years of service with the Company, and (iii) has a Separation
from Service with the Company; or

       

      (2) the date such Part B Participant
(i) attains age fifty (50), (ii) completes five (5) years of service with the
Company, and (iii) has a Separation from Service with the Company.

       

      
        
           

        

        
          - 13
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      The
Normal Specified Time of Distribution of a Part B Participant shall in no event
be before he/she (i) attains age fifty (50), (ii) completes five (5) years of
service with the Company, and (iii) has a Separation from Service with the
Company.

       

      C. The
designation and Election of the time and form of payment of the Supplemental
Retirement Benefit of an eligible Employee when he/she is first designated and
selected to be a Part B Participant in the Plan shall be made and confirmed in
writing on or before the date that is thirty (30) days after the date of such
designation and selection in an instrument prescribed by the Committee, that
shall be in substantially the same form as Appendix I and that shall be made a
part of the records of the Plan and the Company.

       

      D. The
designation of the time and form of payment of a Supplemental Retirement Benefit
of a Part B Participant shall apply with respect to all compensation deferred
under the Plan for the selected Part B Participant after the date of his/her
designation and selection.  The designation of the time and form of
payment of a Supplemental Retirement Benefit of a Part B Participant shall be
effective on and after the date that it is made by the Part B Participant and
the Company as to compensation deferred under the Plan for all taxable years of
the Part B Participant thereafter.

       

      E. The Plan
does not provide an eligible Employee or Part B Participant the opportunity to
make an initial election of the form of payment of the Supplemental Retirement
Benefit to him/her under the Plan.  A Part B Participant shall be
allowed to change the form of an annuity benefit to the extent provided in
Section 3.5 of Article III of this Part B of the Plan.  A Part B
Participant shall be allowed to make a Subsequent Election as to time of payment
of an Excess Retirement Benefit as provided in Section 3.2 of Article III of
this Part B of the Plan.

       

      F. All
Elections made under the Plan by and for a Part B Participant on or before
December 31, 2008, shall be retroactively effective to conform to the terms and
provisions of the Plan, as amended and restated effective December 18, 2008, to
meet the requirements of Code section 409A and Treasury Regulations to the
extent allowed under such regulations and published guidance of the Internal
Revenue Service.

       

      ARTICLE
III.                                

       

      SUPPLEMENTAL RETIREMENT
BENEFIT

       

      3.1 Supplemental Retirement
Benefit.

       

      A.   The
Company shall pay  a monthly Supplemental Retirement Benefit to each
Part B Participant which shall be an amount calculated as follows:

       

      (1) Calculate a single (straight) life
annuity payable at age sixty-five (65) equal to the product of the Part B
Participant’s Final Average Earnings, multiplied by the Part B Participant’s
Benefit Factor Percentage at his/her Retirement under the Table in Section
3.1.D. of this Article III, below, and then multiplied by the Part B
Participant’s Service Factor Percentage at his/her Retirement under the Table in
Section 3.1.E. of this Article III, below;

       

      
        
           

        

        
          - 14
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      (2) Apply early commencement of payment
provisions based upon the age of the Part B Participant when Supplemental
Retirement Benefit payments to the Part B Participant commence pursuant to
Section 3.1.F. of this Article III, below;

       

      (3) Apply the factors for the form of
payment that has been elected by the Part B Participant in accordance with the
terms and provisions of this Plan as an actuarial equivalent of a single
(straight) life annuity, if such elected form of payment is other than a single
(straight) life annuity, in accordance with the Plan and reasonable actuarial
assumptions and methods, as determined by the Committee; and

       

      (4) Deduct the Retirement Plan Benefit
pursuant to Section 3.1.G. of this Article III, below, and the Excess Retirement
Benefit pursuant to Section 3.1.H. of this Article III, below, calculated at the
same time and the form of the Supplemental Retirement Benefit elected under this
Plan, irrespective of the time and form of payment of the Retirement Plan
Benefit elected by the Participant for the Retirement Plan.

       

      B. The
Supplemental Retirement Benefit shall be calculated for the time of the
commencement of payment of it to the Part B Participant (hereinafter referred to
as the "Supplemental Retirement Benefit Commencement Date") pursuant to the
terms and provisions of this Plan governing the time and form of payment
thereof, irrespective of whether or not a corresponding Retirement Plan Benefit
is then being paid or is to commence payment to such Part B Participant at that
time, and irrespective of the time and form of payment of the Retirement Plan
Benefit that has been elected, is being paid or may be paid to the Part B
Participant.

       

      C. The
Committee shall be authorized to take such other actions and apply procedures
that it determines, in its discretion, to calculate, determine and commence the
payment of a Supplemental Retirement Benefit to a Part B Participant at the
Supplemental Retirement Benefit Commencement Date.

       

      D. Benefit Factor
Percentage.  A Part B Participant’s Benefit Factor Percentage
shall be based upon his/her age at his/her Retirement, as follows:

       

      
        
          	
                  Retirement
      Age

                	
                  Benefit
      Factor

                  Percentage

                
	
                  50
      & under

                  51

                  52

                  53

                  54

                  55

                  56

                  57

                  58

                  59

                  60

                  61

                	
                  50%

                  51%

                  52%

                  53%

                  54%

                  55%

                  56%

                  57%

                  58%

                  58.5%

                  59%

                  59.5%

                

        

      

       

       

      
        
          
          

        

        
          - 15
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                    Retirement
      Age

                  	
                    Benefit
      Factor

                    Percentage

                  
	
                    62

                    63

                    64

                    65
      & over

                  	
                    60%

                    60%

                    60%

                    60%

                  

          

        

         

               
E.           Service Factor
Percentage.  A Part B Participant’s Service Factor Percentage
shall be based upon his/her completed Years of Service at his/her Retirement, as
follows:

         

        
          
            	
                    Years
      of Service

                  	
                    Service
      Factor Percentage

                  
	
                    1

                    2

                    3

                    4

                    5

                    6

                    7

                    8

                    9

                    10

                    11

                    12

                    13

                    14

                    15

                    16

                    17

                    18

                    19

                    20
      & over

                  	
                    5%

                    10%

                    15%

                    20%

                    25%

                    30%

                    35%

                    40%

                    45%

                    50%

                    55%

                    60%

                    65%

                    70%

                    75%

                    80%

                    85%

                    90%

                    95%

                    100%

                  

          

        

         

               
F.           Adjustment of Retirement
Benefit Payments; Early Commencement.  The amount of a Part B
Participant’s Supplemental Retirement Benefit payments will be reduced by reason
of early commencement of payment thereof, based on the following table depending
upon the Part B Participant’s age when Supplemental Retirement Benefit payments
to the Part B Participant commence:

         

        
          
            	
                    Part
      B Participant

                    Age
      At Commencement

                  	
                    Early
      Commencement Reduced

                    Payout
      Percentage Factor

                  
	
                    Under
      50

                    50

                    51

                  	
                    0

                    50%

                    55%

                  

          

        

      

       

      
        
          
          

        

        
          - 16
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                    Part
      B Participant

                    Age
      At Commencement

                  	
                    Early
      Commencement Reduced

                    Payout
      Percentage Factor

                  
	
                    52

                    53

                    54

                    55

                    56

                    57

                    58

                    59

                    60

                    61

                    62
      & over

                  	
                    60%

                    65%

                    70%

                    75%

                    80%

                    85%

                    90%

                    95%

                    97%

                    99%

                    100%

                  

          

        

      

       

      G. Retirement Plan Benefit
Offset.  The Supplemental Retirement Benefit of a Part B
Participant shall be offset and reduced by an amount equal to the Retirement
Plan Benefit payable to such Part B Participant to be calculated in the same
form of payment and as if it is to be paid at the time payment of the
Supplemental Retirement Benefit is calculated and made under this
Plan.

       

      H. Excess Retirement Benefit
Offset.  If a Part B Participant is also a Part A Participant
under the Plan and entitled to receive an Excess Retirement Benefit under Part A
of the Plan, the Supplemental Retirement Benefit of such Part B Participant
shall be offset and reduced by an amount equal to such Excess Retirement Benefit
payable to such Part B Participant pursuant to Part A of the Plan.

       

       

      3.2 Payment of Supplemental Retirement
Benefit.

       

      A. Subject
to the requirements of Section 3.3 below (six-month required delay of payment
for a Specified Employee), a vested Supplemental Retirement Benefit shall be
paid to a Part B Participant entitled thereto or his/her Beneficiary, commencing
on his/her Normal Specified Distribution Date.

       

      B. A Part B
Participant shall be allowed to make a Subsequent Election to change the time of
distribution and payment of his/her Supplemental Retirement Benefit from his/her
Normal Specified Distribution Date to a Subsequent Election Distribution Date
resulting from such election, if:

       

      (i) he/she
delivers a written notification of such Subsequent Election to the Committee, or
its designee, in the form it prescribes, not less than twelve (12) months prior
to his/her Normal Specified Distribution Date, and

       

      (ii) he/she
makes a corresponding Subsequent Election with respect to any Excess Retirement
Benefit he/she is entitled to under Part A of the Plan in such written
notification.

       

      
        
           

        

        
          - 17
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      C.  A
Part B Participant shall be allowed to make a Subsequent Election as to any
Subsequent Election Distribution Date established for payment of his/her
Supplemental Retirement Benefit if:

       

      (i) he/she
delivers a written notification of such Subsequent Election to the Committee, or
its designee, in the form it prescribes, not less than twelve (12) months prior
to such Subsequent Election Distribution Date, and

       

      (ii) he/she
makes a corresponding Subsequent Election with respect to any Excess Retirement
Benefit he/she is entitled to under Part A of the Plan in such written
notification.

       

      D. Notwithstanding
anything to the contrary otherwise provided in the Plan or in any Election or
Subsequent Election of a Part B Participant, any Subsequent Election made under
the Plan shall result in a Subsequent Election Distribution Date of his/her
Supplemental Retirement Benefit being established for it, and the first
distribution and payment with respect to which such Subsequent Election is made
being deferred to a Subsequent Election Distribution Date that is for not less
than five (5) years from the date such distribution and payment would otherwise
have been made.

       

      E. Except as
otherwise expressly specified in the Plan, a distribution or payment shall be
treated as made upon the date specified under the Plan if the payment is made at
such date or a later date within the same taxable year of the Participant or, if
later, by the 15th day of the third calendar month following the date specified
under the Plan and the Participant is not permitted, directly or indirectly, to
designate the taxable year of the payment. In addition, a distribution or
payment shall be treated as made upon the date specified under the Plan and
shall not be treated as an accelerated payment if the payment is made no earlier
than thirty (30) days before the designated payment date and the Participant is
not permitted, directly or indirectly to designate the taxable year of the
payment. For purposes of this paragraph, if the date specified is only a
designated taxable year of the Participant, or a period of time during such a
taxable year, the date specified under the Plan is treated as the first day of
such taxable year or the first day of the period of time during such taxable
year, as applicable. If calculation of the amount of the distribution or
payment is not administratively practicable due to events beyond the control of
the Participant (or Participant's beneficiary), the distribution or payment will
be treated as made upon the date specified under the Plan if the distribution or
payment is made during the first taxable year of the Participant in which the
calculation of the amount of the distribution or payment is administratively
practicable. For purposes of this section, the inability of a Corporation to
calculate the amount or timing of a distribution or payment due to a failure of
a Participant (or Participant's beneficiary) to provide reasonably available
information necessary to make such calculation does not constitute an event
beyond the control of the Participant.

       

      
        
           

        

        
          - 18
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      3.3 Specified Employee; Six (6) Month
Required Delay in Payment. If a Part B Participant is a Specified
Employee his/her Supplemental Retirement Benefit shall not commence being paid
until after the end of the Specified Employee Required Deferral
Period.

       

      In the
case of any Participant who is a Specified Employee as of the date of a
Separation from Service, distribution and payments of any Deferred Compensation
may not be made before the date that is six (6) months after the date of
Separation from Service (or, if earlier than the end of the six-month period,
the date of death of the Specified Employee). For this purpose, a Participant
who is not a Specified Employee as of the date of a Separation from Service will
not be treated as subject to this requirement even if the Participant would have
become a Specified Employee if the Participant had continued to provide services
through the next Specified Employee Effective Date; and a Participant who is
treated as a Specified Employee as of the date of a Separation from Service will
be subject to this requirement even if the Participant would not have been
treated as a Specified Employee after the next Specified Employee Effective Date
had the Specified Employee continued in employment with the Corporation through
the next Specified Employee Effective Date. The required delay in payment is met
if payments to which a Specified Employee would otherwise be entitled during the
first six (6) months following the date of Separation from Service are
accumulated and paid on the first day of the seventh month following the date of
Separation from Service, or if each payment to which a Specified Employee is
otherwise entitled upon a Separation from Service is delayed by six (6) months.
The Committee shall have and retain discretion to choose which method will be
implemented, provided that no direct or indirect election as to the method may
be provided to the Participant. For an affected Specified Employee, a date upon
which the Committee or the Corporation designates that the payment will be made
after the six-month delay is treated as a fixed payment date for purposes of the
other requirements of the Plan once the Separation from Service has
occurred.

       

      In such a
case the Part B Participant shall, to the extent permissible under Code Section
409A, receive a Specified Employee Catch-Up Payment at the end of the Specified
Employee Required Deferral Period and thereafter receive vested Supplemental
Retirement Benefit monthly payments in accordance with the Plan.  If
such a Specified Employee Catch-Up Payment is not permissible under Code Section
409A, the Supplemental Retirement Benefit shall be paid and distributed to the
Specified Employee in accordance with the requirements of Code Section 409A and
the regulations thereunder, and the time and form of payment elected shall not
otherwise be changed or accelerated.

       

      3.4 Vesting of Supplemental Retirement
Benefit.  Subject to Sections 3.5 and 3.6 of this Article III,
below, a Part B Participant’s Supplemental Retirement Benefit shall
unconditionally vest in such Part B Participant and become nonforfeitable upon
the Part B Participant’s completion of five (5) Years of Service; provided that
the Supplemental Retirement Benefit shall not vest in a Part B Participant at
the time of, or by reason of his/her Retirement or under any other circumstance
if he/she has not completed five (5) Years of Service.

       

      3.5 Form of
Payment.  The vested Supplemental Retirement Benefit shall be
paid to a Part B Participant in the form of a 50% qualified joint and survivor
benefit, as defined in the Retirement Plan, if such Part B Participant is
married on his/her Initial Participation Date as a Part B
Participant.  The vested Supplemental Retirement Benefit shall be paid
in the form of a

       

      
        
           

        

        
          - 19
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        single
(straight) life annuity, as defined in the Retirement Plan, if such Part B
Participant is unmarried on his/her Initial Participation Date as a Part B
Participant.  A Part B Participant shall be allowed to change the form
of payment of a Supplemental Retirement Benefit that is initially elected and
designated, or any permissible form previously elected by the Part B Participant
hereunder, to the extent provided in this Section 3.5.  Any such
change in the form of payment pursuant to this Section 3.5 shall be allowed only
if (i) it is made in writing by the Part B Participant in an instrument
prescribed by the Committee prior to the first payment and distribution of a
Supplemental Retirement Benefit, (ii) the Committee determines that the
previously elected form of payment and the changed form of payment are
actuarially equivalent applying reasonable actuarial methods and assumptions,
and (iii) the Part B Participant complies with such other requirements as the
Committee may prescribe.  A change in form of payment pursuant to the
foregoing provisions shall not change, delay or accelerate the scheduled date
for the first annuity payment of a Supplemental Retirement Benefit under the
Plan. Each change in form of payment of a Supplemental Retirement Benefit
pursuant to the foregoing provisions shall be deemed to make a similar change in
form of payment with respect to any Excess Retirement Benefit payable to the
Participant under the Plan

      

       

      3.6 Disability.   If
a Part B Participant becomes Disabled prior to his/her Separation from Service,
the vested Supplemental Retirement Benefit of such Part B Participant shall be
distributed on the first day of the month next following the time he/she becomes
Disabled if he/she has attained age fifty (50) at the time he/she becomes
Disabled. The vested Supplemental Retirement Benefit of such Part B Participant
shall be distributed on the first day of the month next following such Part B
Participant attaining the age of fifty (50) if he/she becomes Disabled prior to
attaining that age. A Part B Participant shall be entitled to make a Subsequent
Election with respect to the distribution of a vested Supplemental Retirement
Benefit in accordance with and subject to the provisions of Section 3.2,
above.

       

      3.7 Death. In the event of
the death of a Part B Participant prior to commencing payment of his/her
Supplemental Retirement Benefit an amount equal to fifty-five percent (55%) of
his/her vested Supplemental Retirement Benefit shall be paid and distributed to
the Beneficiary of such Part B Participant on the first day of the month next
following the date of death of such Part B Participant. 

       

      3.8 Nonqualified Deferred Compensation
Plan Requirements. Notwithstanding anything to the contrary
expressed or implied herein, the deferral of all Compensation under this Plan
shall be subject to the requirements set forth in Article XI, Section 11.1 of
Part C of the Plan.

       

      ARTICLE
IV.                                

       

      BENEFICIARY

       

      The
Beneficiary of a Part B Participant’s Supplemental Retirement Benefit shall be
the person or persons who would be the beneficiary or beneficiaries entitled to
receive the Retirement Plan Benefit of the Part B Participant under the terms
and provisions of the Retirement Plan if he/she died prior to the commencement
of payment of such Retirement Plan Benefit under the Retirement
Plan.

       

      
        
           

        

        
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      ARTICLE
V.                                

      SUPPLEMENTAL RETIREMENT
BENEFIT ADJUSTMENTS

       

      The
Committee shall be authorized to make and apply special adjustments in
determining the amount of a Part B Participant’s Supplemental Retirement
Benefit.  Such adjustments may be made from time to time by the
Committee for any Part B Participant, and may include, without limitation, the
granting or deemed accrual of additional Years of Service, the waiver of an
offset of retirement benefits provided by a prior employer, or such other
adjustments as the Committee determines, in its sole discretion; provided,
however, that no such adjustment shall be effective until it is made and
expressly acknowledged in writing by the Committee.

       

      ARTICLE
VI.                                

      LEAVE OF
ABSENCE

       

      If a Part
B Participant is authorized by the Company for any reason, including military,
medical, or other, to take a leave of absence from employment, such Part B
Participant’s Plan Agreement shall remain in effect.

       

      ARTICLE
VII.                                

      ADMINISTRATION OF PART B OF
THE PLAN

       

      Except as
otherwise expressly provided herein, this Part B of the Plan shall be
administered pursuant to the provisions of Part C of the Plan.

       

      
        
           

        

        
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      PART C.

      PLAN ADMINISTRATION AND
MISCELLANEOUS PROVISIONS

       

                                        

       

      
        
           

        

        
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      ARTICLE
I.                                

      PURPOSE AND SCOPE OF PART
C

       

      The
purpose of Part C of the Plan is to establish and provide certain provisions
governing the administration, and interpretation and application of all the
provisions of the Plan.  Unless otherwise expressly indicated, the
terms and provisions of Part C of the Plan shall be applicable to Part A, Part B
and Part C of the Plan.

       

      ARTICLE
II.                                

      DEFINITIONS AND
CONSTRUCTION

       

      2.1 Definitions. For purposes
of Parts A, B and C of the Plan, the following phrases or terms shall have the
indicated meanings unless otherwise clearly apparent from the
context:

       

      “Base
Cash Compensation” shall mean the regular monthly salary paid to a Participant
by the Company before any deductions or exclusions for taxes or other purposes,
and excluding any vehicle allowance, incentives, commissions and any other
special pay.

       

      “Beneficiary”
shall mean the individual or individuals entitled to receive any benefits in
accordance with the terms of Article IV of Part A, and Article IV of Part B of
the Plan, respectively.

       

      “Board of
Directors” shall mean the Board of Directors of ONEOK, Inc., unless otherwise
indicated or the context otherwise requires.

       

      “Change
in Ownership or  Control” shall mean to the extent provided by
Treasury Regulations issued under Code Section 409A, a change in the ownership
or effective control of the Company, or in the ownership of a substantial
portion of the assets of the Company.

       

      “Chief
Executive Officer” shall mean the Chief Executive Officer of the
Company.

       

      “Code”
shall mean the Internal Revenue Code of 1986, as amended.

       

      “Committee”
shall mean the Executive Compensation Committee of the Board of Directors or
such other Committee appointed to manage and administer the Plan and individual
Plan Agreements in accordance with the provisions of Article III of this Part C
of the Plan.

       

      “Company”
shall mean ONEOK, Inc., an Oklahoma corporation, or any division or subsidiary
thereof.

       

      “Compensation”
shall mean the Base and Short-Term Incentive Cash Compensation from the Company
paid to or deferred by a Participant during a calendar year.

       

      
        
           

        

        
          - 23
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      “Deferred
Compensation” shall mean any Excess Retirement Benefit or Supplemental
Retirement Benefit to be paid to a Participant pursuant to the
Plan.

       

      “Disabled”
shall mean that a Participant is unable to engage in substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, or is, by reason of any
medically determinable physical or mental impairment which can be expected to
last for a continuous period of not less than twelve (12) months, receiving
income replacement benefits for a period of not less than three (3) months under
an accident or health plan covering Employees of the Company.

       

      “Effective
Date” shall mean the effective date of the Plan, January 1, 2005.

       

      “Election”
shall mean the initial Election of a Participant or by the Company to defer
payment and distribution of Deferred Compensation to a Participant made pursuant
to the terms and provisions of the Plan, that shall include the Participant's
Election of the time of payment and the Company's Election of the form of
payment.

       

      “Election
Date” shall mean the date of the Election by the Participant and the Company to
defer compensation under the Plan for an eligible Employee who is a Part A
Participant or a Part B Participant, that is made or deemed made pursuant to the
terms of the Plan.

       

      “Employee”
shall mean any person who is in the regular full-time employment of the Company
or is on authorized leave of absence therefrom, as determined by the personnel
rules and practices of the Company.  The term does not include persons
who are retained by the Company solely as consultants or under
contract.

       

      “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as
amended.

       

      “Excess
Retirement Benefit” shall mean an amount equal to the difference between (i) the
Retirement Plan Benefit to which the Part A Participant would be entitled under
the Retirement Plan if such Retirement Plan Benefit was computed without the
restrictions or limitations imposed by Sections 401(a)(17) and 415(b) of the
Code as now or hereafter in effect, less (ii) the amount of Retirement Plan
Benefit payable to the Part A Participant under the Retirement
Plan.

       

      “Final
Average Earnings” shall mean the average of the highest thirty-six (36)
consecutive months Compensation during the last sixty (60) month period of an
Employee’s employment with the Company.

       

      “Fixed
Schedule” shall mean the distribution or payment of compensation deferred under
the Plan in a fixed schedule of distributions or payments that are determined
and fixed at the time the deferral of such Compensation is first elected by the
Participant.

       

      
        
           

        

        
          - 24
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      “Initial
Participation Date” shall mean the date an Employee or Officer first becomes a
Part A Participant and/or Part B Participant in the Plan.

       

      ”Normal
Specified Distribution Date” shall mean as to a Part A Participant or Part B
Participant, the first day of the calendar month next following or coincident
with the later of the date the Participant has elected in his/her Election the
Specified Time of payment and distribution of compensation deferred under the
Plan which shall be either (1) the later of (a) a Specified Date, or (b) the
date such Part A Participant (i) attains age fifty (50), (ii) completes five (5)
years of service with the Company, and (iii) has a Separation from Service with
the Company; or (2) the date such Part A Participant (a) attains age fifty (50),
(b) completes five (5) years of service with the Company, and (c) has a
Separation from Service with the Company.

       

      “Officer”
shall mean a person who is an elected officer of the Company.

       

      “Part A
Participant” shall mean an Employee who is selected and elects to participate in
Part A of the Plan in accordance with the provisions of Article II of Part A of
the Plan.

       

      “Part B
Participant” shall mean an Employee who is selected and elects to participate in
Part B of the Plan in accordance with the provisions of Article II of Part B of
the Plan.

       

      “Performance-Based
Compensation” shall mean Compensation that is conditioned upon or subject to
meeting certain requirements similar to those under Code Section 162(m), as more
particularly provided for in Treasury Regulations issued under Code Section
409A.

       

      “Plan
Agreement” shall mean a form of written agreement which is entered into by and
between the Company and an Employee selected to become a Participant as a
condition to participation in the Plan as provided in Sections 2.2 and 2.4 of
Article II of Part B of the Plan.

       

      “Plan”
shall mean this ONEOK, Inc. 2005 Supplemental Executive Retirement Plan as
embodied herein and as amended from time to time.

       

      “Prior
Frozen SERP” shall mean the separate preexisting ONEOK, Inc. Supplemental
Executive Retirement Plan, terminated and frozen by the Board of Directors
effective December 31, 2004.

       

      “Rabbi
Trust” shall mean the trust created to hold assets which will be used to pay the
benefits provided hereunder, as provided in Section 5.4 of Article V of this
Part C of the Plan.

       

      “Retirement”
and “Retire” shall mean when Participant attains age fifty (50), completes five
(5) years of service with the Company, and has a Separation from Service from
the Company other than Separation from Service as a result of death of the
Employee, irrespective of whether or not the Employee is considered to have
retired

       

      
        
           

        

        
          - 25
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      under the
Retirement Plan or for any other purpose at the time of  his/her
termination of employment with the Company.

       

       “Retirement
Plan” shall mean the Retirement Plan for Employees of ONEOK, Inc. and
Subsidiaries.

       

      “Retirement
Plan Benefit” shall mean the benefit or benefits to which a Part A and/or Part B
Participant is entitled under the Retirement Plan.

       

      “Retirement
Plan Benefit Commencement Date” means the date a Participant commences receiving
payments of his/her Retirement Benefits under the Retirement Plan.

       

      “Separation
from Service” shall mean the termination of a Participant’s employment with the
Company.

       

       “Service”
shall mean employment of a Participant by the Company as a regular full-time
employee.

       

      “Short-Term
Incentive Cash Compensation” shall mean any payment by the Company under the
ONEOK, Inc. Annual Employee Incentive Plan or the ONEOK, Inc. Annual Officer
Incentive Plan.

       

      “Specified
Date” means a specific future date in a calendar year.

       

      “Specified
Employee” shall mean an Employee who, as of the date of the Employee's
separation from service, is a key employee of the Company if any stock of the
Company is then publicly traded on an established securities market or
otherwise; and for purposes of this definition, an Employee is a key employee if
the Employee meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or
(iii) (applied in accordance with the regulations thereunder and disregarding
section 416(i)(5)) at any time during the 12-month period ending on a Specified
Employee Identification Date. If an Employee is a key employee as of a
Specified Employee Identification Date, the Employee shall be treated as a key
employee for purposes of the Plan for the entire 12-month period beginning on
the Specified Employee Effective Date. For purposes of identifying a Specified
Employee by applying the requirements of section 416(i)(1)(A)(i), (ii), and
(iii), the definition of compensation under §1.415(c)-2(a) shall be used,
applied as if the Company were not using any safe harbor provided in
§1.415(c)-2(d), were not using any of the elective special timing rules provided
in §1.415(c)-2(e), and were not using any of the elective special rules provided
in §1.415(c)-2(g).

       

      “Specified
Employee Catch-Up Payment” shall mean a lump sum payment equal to all regularly
scheduled Excess Retirement Benefit and/or Supplemental Retirement Benefit
monthly payments to which a Part A Participant or Part B Participant is entitled
to under the Plan but which are not paid on and after the commencement of
payment of his/her Retirement Plan Benefit because of a Key Employee Required
Deferral Period.

       

      
        
           

        

        
          - 26
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      “Specified
Employee Effective Date” means the first day of the fourth month following the
Specified Employee Identification Date.

       

      “Specified
Employee Identification Date” means December 31.

       

      “Specified
Employee Required Deferral Period” shall mean the deferral of payment and
distribution of an Excess Retirement Benefit or a Supplemental Retirement
Benefit with respect to a Part A Participant or Part B Participant,
respectively, until a date which is six (6) months after the date of the
Separation from Service of such Participant.

       

      In the
case of any Participant who is a Specified Employee as of the date of a
Separation from Service, distribution and payments of any Deferred Compensation
may not be made before the date that is six (6) months after the date of
Separation from Service (or, if earlier than the end of the six-month period,
the date of death of the Specified Employee). For this purpose, a Participant
who is not a Specified Employee as of the date of a Separation from Service will
not be treated as subject to this requirement even if the Participant would have
become a Specified Employee if the Participant had continued to provide services
through the next Specified Employee Effective Date; and a Participant who is
treated as a Specified Employee as of the date of a Separation from Service will
be subject to this requirement even if the Participant would not have been
treated as a Specified Employee after the next Specified Employee Effective Date
had the Specified Employee continued in employment with the Corporation through
the next Specified Employee Effective Date. The required delay in payment is met
if payments to which a Specified Employee would otherwise be entitled during the
first six (6) months following the date of Separation from Service are
accumulated and paid on the first day of the seventh month following the date of
Separation from Service, or if each payment to which a Specified Employee is
otherwise entitled upon a Separation from Service is delayed by six (6) months.
The Committee shall have and retain discretion to choose which method will be
implemented, provided that no direct or indirect election as to the method may
be provided to the Participant. For an affected Specified Employee, a date upon
which the Committee or the Corporation designates that the payment will be made
after the six-month delay is treated as a fixed payment date for purposes of the
other requirements of the Plan once the Separation from Service has
occurred.

       

      “Specified
Time” shall mean a specified date at which Deferred Compensation deferred by or
for a Participant pursuant to the Plan is required to be distributed or paid and
which is specified at the time the Election of deferral of such Deferred
Compensation.

       

      “Subsequent
Election” shall mean an irrevocable written election made by a Participant to
change the time of distribution or payment of Deferred Compensation deferred
under the Plan that is made at any time after the initial Election with respect
to such Deferred Compensation, or after a prior Subsequent
Election.  Provided, that a change in a form of payment before a life
annuity payment has been made under the Plan, from one type of life annuity to
another type of life annuity with the same scheduled date of the first annuity
payment shall not be considered as a change in the time and form of

       

      
        
           

        

        
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      payment
constituting a Subsequent Election if the annuities are actuarially equivalent,
and such change is allowed as contemplated in Treasury Regulations
§1.409A-2(b)(ii).

       

      A
Subsequent Election may be made and effective under the Plan only if the
following conditions are met:

       

      (i) Such
Subsequent Election shall not take effect until at least twelve (12) months
after the date on which it is made in order for it to be considered
valid;

       

      (ii) Except in
the case of an election permitted under Section 409A and the Treasury
Regulations §1.409A-3(a)(2) (payment on account of disability), § 1.409A-3(a)(3)
(payment on account of death), or §1.409A-3(a)(6) (payment on account of the
occurrence of an unforeseeable emergency), the payment with respect to which
such Subsequent Election shall be deferred for a period of not less than five
(5) years from the date such payment would otherwise have been paid (or in the
case of a life annuity or installment payments treated as a single payment, five
(5) years from the date the first amount was scheduled to be paid);
and

       

      (iii) Any
Subsequent Election related to a payment described in Treasury Regulations
§1.409A-3(a)(4) (payment at a specified time or pursuant to a fixed schedule)
shall be made not less than twelve (12) months before the date the payment is
scheduled to be paid (or in the case of a life annuity or installment payments
treated as a single payment, twelve (12) months before the date the first amount
was scheduled to be paid)..

       

      “Subsequent
Election Distribution Date” shall mean with respect to a Part A Participant or
Part B Participant, the first day of the calendar month next following or
coincident with the first date on or after Subsequent Election Specified Time on
which the Participant (i) has a Separation from Service with the Company, (ii)
has attained age fifty (50), and (iii) has completed five (5) years of service
with the Company.

       

      "Subsequent Election Specified Time"
shall mean a specified fixed date in a calendar year that must be specified in
writing by the Participant in a Subsequent Election that is not less than five
(5) years from the date payment would otherwise have been made to the
Participant. The written specification of the then applicable Specified Time or
Subsequent Election Specified Time shall in all cases specify and fix a
Subsequent Election Specified Time that is not less than five (5) years from the
then applicable  Specified Time or Subsequent Election Specified
Time,  as the case may be, that has been elected and is in effect
under the Plan.

       

       “Supplemental
Retirement Benefit” shall mean the supplemental retirement benefit to be paid to
a Part B Participant pursuant to Article III and other applicable provisions of
Part B of the Plan.

       

      
        
           

        

        
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       “Unforeseeable
Emergency” shall mean a severe financial hardship to the Participant resulting
from illness or accident of the Participant, the Participant’s spouse, or a
dependent (as defined in Code Section 152(a)) of the Participant, loss of the
Participant’s property due to casualty, or other similar extraordinary
circumstances arising as a result of events beyond the control of the
Participant, and it is intended and directed with respect to any such
Unforeseeable Emergency that any amounts distributed under the Plan by reason
thereof shall not exceed the amounts necessary to satisfy such emergency plus
amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which such hardship is or
may be relieved through reimbursement or compensation by insurance or otherwise
or by liquidation of the Participant’s assets (to the extent the liquidation of
such assets would not itself cause severe financial hardship.

       

      “Years of
Service” shall include each full year, but not any portion of a year, during
which the Participant has been employed by the Company or any division or
subsidiary thereof.

       

      2.2 Construction.  The
singular when used herein may include the plural unless the context clearly
indicates to the contrary.  The words “hereof”, “herein”, “hereunder”,
and other similar compounds of the word “here” shall mean and refer to the
entire Plan and not to any particular provision or section.  Whenever
the words “Article” or “Section” are used in the Plan, or a cross reference to
an “Article” or “Section” is made, the Article or Section referred to shall be
an Article or Section of the same Part of the Plan unless otherwise
specified.

       

      2.3 Plan Purpose. The Plan is
intended to be an unfunded deferred compensation, excess and supplemental
retirement benefit plan established and maintained for a select group of
management and highly compensated employees of the Company within the meaning of
Sections 201(2) and (7), 301(a)(3), (9) and 401(a)(1) of ERISA, as provided
under the respective provisions of Part A and Part B of the Plan, and the
Company intends that any Participant or Beneficiary shall have the status of an
unsecured creditor as to the Plan or any trust, fund or other arrangement
established under or with respect to the Plan, and the Plan shall be construed,
interpreted and administered in accordance with such intended
purpose.

      ARTICLE
III.                                

      COMMITTEE

       

      3.1 Appointment of
Committee. The general administration of the Plan, including all
provisions of Part A and Part B of the Plan, and any Plan Agreements executed
hereunder, as well as construction and interpretation thereof, shall be vested
in the Committee, the number and members of which shall be designated and
appointed from time to time by, and shall serve at the pleasure of, the Board of
Directors.  Any such member of the Committee may resign by notice in
writing filed with the Board of Directors.  Vacancies shall be filled
promptly by the Board of Directors.

       

      3.2 Committee Officials. The
Board of Directors may designate one of the members of the Committee as Chairman
and may appoint a secretary who need not be a member of the
Committee.  The secretary shall keep minutes of the Committee’s
proceedings and all data,

       

      
        
           

        

        
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      records,
and documents relating to the Committee’s administration of the Plan and any
Plan Agreements executed hereunder. The Committee may appoint from its number
such subcommittees with such powers as the Committee shall
determine.  The Committee may authorize one or more of its members, or
any other person as agent of the Committee to execute or deliver any instrument,
make any payment on behalf of the Committee, or otherwise act for and on behalf
of the Committee with respect to the Plan.

       

      3.3 Committee Action. All
resolutions or other actions taken by the Committee shall be by the vote of a
majority of those present at a meeting at which a majority of the members are
present, or in writing by all the members at the time in office if they act
without a meeting.

       

      3.4 Committee Rules and Powers.
Subject to the provisions of the Plan, the Committee may from time to time
establish rules, forms, and procedures for the administration of the Plan,
including Plan Agreements. Except as herein otherwise expressly provided, the
Committee shall have the exclusive right to interpret the Plan and any Plan
Agreements, and to decide any and all matters arising thereunder or in
connection with the administration of the Plan and any Plan Agreements, and it
shall endeavor to act, whether by general rules or by particular decisions, so
as not to discriminate in favor of or against any person. The Committee shall
have the exclusive right to determine if a Participant has become Disabled with
respect to a Participant (consistent with the Plan’s definition of the term),
such determinations to be made on the basis of such medical and/or other
evidence that the Committee, in its sole and absolute discretion, may
require.  Such decisions, actions, and records of the Committee shall
be conclusive and binding upon the Company, the Participants, and all persons
having or claiming to have rights or interests in or under the
Plan.

       

      3.5 Reliance on Certificates,
etc.  The members of the Committee and the Officers and
Directors of the Company shall be entitled to rely on all certificates and
reports made by any duly appointed accountants, and on all opinions given by any
duly appointed legal counsel.  Such legal counsel may be counsel for
the Company.

       

      3.6 Liability of
Committee.  No member of the Committee shall be liable for any
act or omission of any other member of the Committee, or for any act or omission
on his part, excepting only his own willful misconduct. The Company shall
indemnify and save harmless each member of the Committee against any and all
expenses and liabilities arising out of membership on the Committee, excepting
only expenses and liabilities arising out of a Committee member’s own willful
misconduct. Expenses against which a member of the Committee shall be
indemnified hereunder shall include, without limitation, the amount of any
settlement or judgment, costs, counsel fees, and related charges reasonably
incurred in connection with a claim asserted, or a proceeding brought, or
settlement thereof.  The foregoing right of indemnification shall be
in addition to any other rights to which any such member may be
entitled.

       

      3.7 Determination of Benefits. In
addition to the powers hereinabove specified, the Committee shall have the power
to compute and certify, under the Plan and/or any Plan Agreement, the amount and
kind of benefits from time to time payable to Participants and their
Beneficiaries, and to authorize all disbursements for such
purposes.

       

      
        
           

        

        
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      3.8 Information to Committee. To
enable the Committee to perform its functions, the Company shall supply full and
timely information to the Committee on all matters relating to the compensation
of all Participants, their retirement, death, or other cause for termination of
employment, and such other pertinent facts as the Committee may
require.

       

      ARTICLE
IV.

      
        	
                 
      

              	
                ADOPTION OF PLAN BY
      SUBSIDIARY,

              

      

      
        	
                 
      

              	
                AFFILIATED OR
      ASSOCIATED COMPANIES

              

      

       

      Any
corporation which is a subsidiary of the Company may, with the approval of the
Board of Directors, adopt the Plan and thereby come within the definition of
Company in Article I of Part C of the Plan.

       

      ARTICLE
V.                                

      SOURCE OF
BENEFITS

       

      5.1 Benefits Payable. Excess
Retirement Benefits and Supplemental Retirement Benefits payable hereunder shall
be paid exclusively from the general assets of the Company or the Rabbi Trust to
be established pursuant to Section 5.4 of this Article V; provided, that no
person entitled to payment hereunder shall have any claim, right, security
interest, or other interest in any fund, trust, account, insurance contract, or
asset of the Company which may be looked to for such payment.  The
Company’s liability for the payment of benefits hereunder shall be evidenced
only by the Plan and each Plan Agreement entered into between the Company and a
Participant.

       

      5.2 Investments to Facilitate Payment of
Benefits. Although the Company is not obligated to invest in any specific
asset or fund, or purchase any insurance contract, in order to provide the means
for the payment of any Excess Retirement Benefits and Supplemental Retirement
Benefits under the Plan, the Company may elect to do so, and, in such event, no
Participant shall have any interest whatever in such asset, fund, or insurance
contract.  In the event the Company elects to purchase or causes to be
purchased insurance contracts on the life of a Participant as a means for
making, offsetting, or contributing to any payment, in full or in part, which
may become due and payable by the Company under the Plan or a Participant’s Plan
Agreement, such Participant agrees to cooperate in the securing of life
insurance on his/her life by furnishing such information as the Company and the
insurance carrier may require, including the results and reports of previous
Company and other insurance carrier physical examinations as may be requested,
and taking any other action which may be requested by the Company and the
insurance carrier to obtain such insurance coverage.  If a Participant
does not cooperate in the securing of such life insurance, the Company shall
have no further obligation to such Participant under the Plan.

       

      5.3 Ownership of Insurance
Contracts. The Company shall be the sole owner of any insurance contracts
acquired on the life of a Participant with all incidents of ownership therein,
including, but not limited to, the right to cash and loan values, dividends, if
any, death benefits, and the right to termination thereof, and a Participant
shall have no interest whatsoever in such contracts, if any, and shall exercise
none of the incidents of ownership thereof.  Provided, however, the
Company may assign any such insurance contracts to the trustee of the Rabbi
Trust.

       

      
        
           

        

        
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      5.4   Trust for Payment of Benefits.
The Company shall create or utilize a Rabbi Trust for the purpose of
facilitating any retirement benefits payable hereunder.  Such trust
will be funded to provide the applicable vested Excess Retirement Benefits and
Supplemental Retirement Benefits payable under the Plan upon the occurrence of
any of the following events:

       

      a)           At
the Retirement of, and commencement of payment of an Excess Retirement Benefit
or a Supplemental Retirement Benefit to a Plan Participant;

       

      b)           Upon
a decision by the Committee, or by the Board of Directors; or

       

      c)           Upon
a Change in Ownership or Control.

       

      Such
funding may be in the form of single premium annuities, or an amount sufficient
for the trustee to purchase single premium annuities, or life insurance policies
or contracts insuring the lives of Participants, as the case may be, from
qualified and financially sound insurance companies, and such other forms or
types of investments the Company may select from time to time to provide the
applicable vested Excess Retirement Benefits and Supplemental Retirement
Benefits payable under the Plan and Plan Agreements.  Such funding and
the purchase of insurance, if any, will not relieve the Company of its
obligations to pay or cause to be paid the benefits hereunder.

       

      The Rabbi
Trust may be maintained and administered to also provide for the funding of
payment of amounts payable to participants in other deferred compensation and
benefit plans of the Company.  The funding, investments and
administration of the Rabbi Trust in connection with such other separate plan or
plans shall be separately administered and accounted for as determined to be
necessary and appropriate by the Company and trustee pursuant to the terms of
the Rabbi Trust.  It shall be permissible for the trustee to invest
funds of the Rabbi Trust in one or more forms of investment that is common to
plans being funded thereunder.

       

      The Rabbi
Trust shall be a grantor trust of which the Company is the grantor within the
meaning of the Code.  The principal of the Rabbi Trust held and
administered for providing payments under this Plan, or any share thereof so
held and administered, and any earnings thereon, shall be held separate and
apart from other funds of the Company and shall be used exclusively for the uses
and purposes of Part A Participants and/or Part B Participants in the Plan and
general creditors of the Company as specified herein below and in the trust
instrument.  Part A Participants and Part B Participants in the Plan
and their Beneficiaries shall have no preferred claim on, or any beneficial
ownership in any assets of the Rabbi Trust; and any rights created under the
Plan or any Plan Agreements, and the Rabbi Trust are to be made unsecured
contractual rights of Part A Participants and Part B Participants (and their
Beneficiaries, if applicable) against the Company; and assets held by the Rabbi
Trust will be subject to the claims of the Company’s general creditors under
federal and state law in the event of insolvency of the Company.

       

      ARTICLE
VI.                                

      TERMINATION OF
EMPLOYMENT

       

      Neither
the Plan nor any Plan Agreement with a Participant hereunder, either singly or
collectively, in any way obligate the Company, or any subsidiary of the Company,
to continue

       

      
        
           

        

        
          - 32
-

          
            

          

        

        
           

        

      

      the
employment of a Part A Participant or a Part B Participant with the Company, or
any subsidiary of the Company, nor does either limit the right of the Company or
any subsidiary of the Company at any time and for any reason to terminate such
Part A Participant’s or Part B Participant’s employment.  Termination
of a Part A Participant’s or Part B Participant’s employment with the Company,
or any subsidiary of the Company, for any reason, whether by action of the
Company, subsidiary, or such a Part A Participant or Part B Participant, shall
immediately terminate such Participant’s participation in the Plan and any such
Participant’s Plan Agreement, and all further obligations of either party
thereunder, except as may be provided in Article VIII of this Part C, and the
Participant’s Plan Agreement.  In no event shall the Plan or a Plan
Agreement, either singly or collectively, by their terms or implications
constitute an employment contract of any nature whatsoever between the Company,
or any subsidiary, and a Part A Participant or Part B Participant.

       

      ARTICLE
VII.                                

      TERMINATION OF
PARTICIPATION

       

      A Part A
Participant and a Part B Participant reserves the right to terminate
participation in the Plan and any such Participant’s Plan Agreement at any time
by giving the Company written notice of such termination not less than 30 days
(i) prior to the anniversary date of any contract or contracts of insurance on
the life of such Part A Participant or Part B Participant which may be in force
and utilized by the Company in connection with the Plan, or (ii) prior to the
date a Part A Participant or Part B Participant selects for termination if no
insurance contract is in effect.

       

      ARTICLE
VIII.                                           

      TERMINATION, AMENDMENT,
MODIFICATION,

      OR SUPPLEMENT OF THE
PLAN

       

      8.1   Amendment or Termination.
Subject to Section 8.2, below, the Company reserves the right to amend, modify,
supplement, or terminate the Plan, wholly or partially, from time to time, and
at any time.  The Company likewise reserves the right to amend,
modify, or supplement any written instrument made or delivered with respect to
the administration of the Plan, or any Plan Agreement, wholly or partially, from
time to time.  Such right to amend, modify, supplement, or terminate
the Plan or any Plan Agreement, as the case may be, shall be exercised for the
Company by the Board of Directors; provided, that the Committee
shall also be authorized to amend or modify the terms and provisions of the
Plan, or such a written instrument or Plan Agreement, except that any amendment
or modification of the Plan or Plan Agreement that changes the form or amount of
any payment or benefit provided for under the Plan shall be made only by action
of the Board of Directors; provided, further, in the event of a
Change in Ownership or Control of the Company, for a period of two (2) years
after the date of such Change of Ownership or Control the surviving corporation
may terminate or amend the Plan only by substitution by such corporation of
another plan or program, or by amendments to the Plan, which provide benefits no
less favorable to the Part A Participants or Part B Participants of this Plan;
and upon the expiration of such two (2) year period such surviving corporation
may thereafter terminate or amend the Plan or any such substituted plan subject
in any case to Section 8.2, below.

       

      
        
           

        

        
          - 33
-

          
            

          

        

        
           

        

      

      8.2   Rights and Obligations Upon
Amendment, Termination.  The following terms and conditions
shall govern the rights and obligations of a Part A Participant or Part B
Participant and the Company (including any surviving corporation in event of a
Change of Ownership or Control), respectively, with respect to the amendment or
termination of the Plan.

       

      A. Notwithstanding
anything to the contrary expressed or provided in the Plan or any Plan Agreement
of a Part A Participant or Part B Participant, no amendment, modification or
termination of the Plan, shall decrease a Part A Participant’s or Part B
Participant’s accrued Excess Retirement Benefit or Supplemental Retirement
Benefit, as applicable.  For purposes of this Paragraph A., a Plan
amendment which has the effect of decreasing a Part A Participant’s or Part B
Participant’s accrued Excess Retirement Benefit or Supplemental Retirement
Benefit, as the case may be, or eliminating any optional form of payment of a
Participant’s accrued Excess Retirement Benefit or Supplemental Retirement
Benefit, with respect to benefits attributable to service before the amendment
shall be treated as reducing an accrued Excess Retirement Benefit or
Supplemental Retirement Benefit. If a vesting schedule under the Plan or any
Plan Agreement is amended, a Part A Participant’s and Part B Participant’s
non-forfeitable percentage, determined as of the later of the date such
amendment is adopted or the date it becomes effective, will not be less than the
percentage computed under Part A and Part B of the Plan and Plan Agreements, as
applicable, without regard to such amendment.

       

      B. Except as
provided in paragraph A of this Section 8.2, upon the termination of the Plan by
the Board of Directors, or a termination of the Plan Agreement of a Participant,
in accordance with the provisions for such termination, neither the Plan nor the
Plan Agreement shall be of any further force or effect, and no party shall have
any further obligation under either the Plan or any Plan Agreement so
terminated, except as provided in the Plan or Plan Agreement with respect to
accrued benefits at the time of such termination or as elsewhere provided in the
Plan.

       

      C. For
purposes of paragraphs A and B of this Section 8.2, the term “Plan” shall also
mean and include any substituted plan that may be established in event of a
Change of Ownership or Control as described in Section 8.1, above, and the terms
“Excess Retirement Benefit” and “Supplemental Retirement Benefit” shall also
mean and include any benefit provided for under such a substituted
plan.

       

      ARTICLE
IX.                                

      TREATMENT OF
BENEFITS

       

      The
Excess Retirement Benefit provided for a Part A Participant and the Supplemental
Retirement Benefit provided for a Part B Participant under the Plan and/or under
any Plan Agreement are in addition to any other benefits available to such
Participant under any other Plan, plan or agreement of the Company for its
Employees and the Participants, and, except as may be otherwise expressly
provided for, the Plan and Plan Agreements entered into hereunder shall
supplement and shall not supersede, modify, or amend any other Plan, plan or
agreement of the Company.  The Excess Retirement Benefits and
Supplemental Retirement Benefits under the Plan and/or Plan Agreements entered
into hereunder shall not be considered compensation for

       

      
        
           

        

        
          - 34
-

          
            

          

        

        
           

        

      

      the
purpose of computing contributions or benefits under any plan maintained by the
Company, or any of its subsidiaries, which is qualified under Section 401(a) of
the Code.

       

      ARTICLE
X.                                

      RESTRICTIONS ON ALIENATION
OF BENEFITS

       

      No Excess
Retirement Benefit or Supplemental Retirement Benefit under the Plan or a Plan
Agreement shall be subject to anticipation, alienation, sale, assignment,
pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell,
assign, pledge, encumber, or charge the same shall be void.  No Excess
Retirement Benefit and Supplemental Retirement Benefit under the Plan or under
any Plan Agreement shall in any manner be liable for or subject to the debts,
contracts, liabilities, or torts of the person entitled to such
thereto.  If any Part A Participant or Part B Participant under the
Plan or a Plan Agreement should become bankrupt or attempt to anticipate,
alienate, sell, assign, pledge, encumber, or charge any right to a benefit under
the Plan or under any Plan Agreement, then such right or benefit shall, in the
discretion of the Committee, cease, and in such event, the Committee may, but
shall have no duty to hold or apply the same or any part thereof for the benefit
of such Part A Participant or Part B Participant, or his/her Beneficiary, in
such portion as the Committee, in its sole and absolute discretion, may deem
proper.

       

      ARTICLE
XI.                                

      MISCELLANEOUS

       

      11.1   Deferral of Compensation
Requirements. The following requirements stated in this Section 11.1
shall apply to the Plan, to all Elections or Subsequent Elections made by
Participants under the Plan, and to all distributions and payments made pursuant
to the Plan.

       

      A. Any
Compensation deferred under the Plan shall not be distributed earlier
than:

       

      (i) Separation
from Service of the Participant,

       

      (ii) the date
the Participant becomes Disabled,

       

      (iii) death of
the Participant,

       

      (iv) a
Specified Time (or pursuant to a Fixed Schedule) specified under the Plan at the
date of deferral of such Compensation,

       

      (v) a Change
in Ownership or Control, or

       

      (vi) the
occurrence of an Unforeseeable Emergency.

       

      B. Notwithstanding
the foregoing, in the case of a Participant who is a Specified Employee, no
distribution shall be made before the date which is six (6) months after the
date of the Participant’s Separation from Service, or, if earlier, the date of
death of such Participant.

       

      
        
           

        

        
          - 35
-

          
            

          

        

        
           

        

      

      C. No
acceleration of the time or schedule of any distribution or payment under the
Plan shall be permitted or allowed, except to the extent provided in Treasury
Regulations issued under Code Section 409A.

       

      If the
Plan, or the Committee acting pursuant to the Plan, permits under any Subsequent
Election by a Participant a delay in a payment or a change in the form of
payment of Compensation deferred under the Plan, such Subsequent Election shall
not take effect until at least twelve (12) months after the date on which it is
made.  In the case of a Subsequent Election related to a payment to be
made upon Separation from Service of a Participant, at a Specified Time or
pursuant to a Fixed Schedule, or upon a Change in Ownership or Control, the
first payment with respect to which such Subsequent Election is made shall be
deferred for a period of not less than five (5) years from the date such payment
would otherwise have been made; and any such Subsequent Election related to a
payment at a Specified Time or pursuant to a Fixed Schedule may not be made less
than twelve (12) months prior to the date of the first scheduled payment to
which it relates.

       

      11.2   Execution of Receipts and
Releases.  Any payment to a Participant, a Participant’s legal
representative, or Beneficiary in accordance with the provisions of the Plan or
any Plan Agreement executed hereunder shall, to the extent thereof, be in full
satisfaction of all claims hereunder against the Company.  The Company
may require such Participant, legal representative, or Beneficiary, as a
condition precedent to such payment, to execute a receipt and release therefore
in such form as it may determine.

       

      11.3   No Guarantee of
Interests.  Neither the Committee nor any of its members
guarantees the payment of any amounts which may be or becomes due to any person
or entity under the Plan or any Plan Agreement executed
hereunder.  The liability of the Company to make any payment under the
Plan or any Plan Agreement executed hereunder is limited to the then available
assets of the Company and the Rabbi Trust established under Section 5.4 of this
Part C.

       

      11.4   Company
Records.  Records of the Company as to a Participant’s
employment, termination of employment and the reason therefore, reemployment,
authorized leaves of absence, and compensation shall be conclusive on all
persons and entities, unless determined to be incorrect.

       

      11.5   Evidence.  Evidence
required of anyone under the Plan and any Plan Agreement executed hereunder may
be by certificate, affidavit, document, or other information which the person or
entity acting on it considers pertinent and reliable, and signed, made, or
presented by the proper party or parties.

       

      11.6   Notice. Any notice which
shall be or may be given under the Plan or a Plan Agreement executed hereunder
shall be in writing and shall be mailed by United States mail, postage
prepaid.  If notice is to be given to the Company, such notice shall
be addressed to the Company at:

       

      100 West
Fifth Street

       

      Tulsa,
Oklahoma 74103

       

      
        
           

        

        
          - 36
-

          
            

          

        

        
           

        

      

      and
marked to the attention of the Secretary, Executive Compensation Committee; or,
if notice to a Participant, addressed to the address shown on such Participant’s
most recent employment file with the Company.

       

      11.7   Change of
Address.  Any party may, from time to time, change the address
to which notices shall be mailed by giving written notice of such new
address.

       

      11.8   Effect of
Provisions.  The provisions of the Plan and of any Plan
Agreement executed hereunder shall be binding upon the Company and its
successors and assigns, and upon a Participant, the Participant’s Beneficiary,
assigns, heirs, executors, and administrators.

       

      11.9   Headings.  The
titles and headings of Articles and Sections are included for convenience of
reference only and are not to be considered in the construction of the
provisions hereof or any Plan Agreement executed hereunder.

       

      11.10        
Governing Law.  All
questions arising with respect to the Plan and any Plan Agreement executed
hereunder shall be determined by reference to the laws of the State of Oklahoma
in effect at the time of their adopting and execution,
respectively.

       

      11.11        
Effective
Date.  Except to the extent explicitly stated otherwise herein,
the terms and provisions of this amended and restated Plan shall be effective
December 18, 2008.

       

       

      ONEOK,
Inc.

       

                                          By:                                                                      

       

      ____________________

       

      

      
        
           

        

        
          - 37
-

          
            

          

        

        
           

        

      

      APPENDIX
I

       

      ONEOK,
Inc. 2005 Supplemental Executive Retirement Plan

      

      DESIGNATION
AND ELECTION OF AND FOR  PARTICIPANT AND PARTICIPATION
AGREEMENT

      

      (PLEASE
PRINT OR TYPE) Mail to: ONEOK, Inc., Attn: David Roth, Mail Drop 18-48, P.O. Box
871, Tulsa, OK 74102

      

      PARTICIPANT
INFORMATION

      

      Name:
___________________            Employee
No._______________________

      

      SERP Part
A & B Participant Commencement Date ____________________

      

      Marital
Status at Part A & B Participant Commencement Date
_________________

      

      PART
I - DETERMINATION OF ELIGIBILITY AND DESIGNATION AND SELECTION OF EMPLOYEE TO BE
PARTICIPANT

      

      __________________________(“Participant”)
is hereby determined to be in a select group of management or highly compensated
employees of the Company, who is eligible to become and is selected to be as a
Participant in the ONEOK, Inc. 2005 Supplemental Executive Retirement Plan
(Plan), effective _____________, 200___.

      

      ___________________________
is hereby designated to be a Part A Participant in the Plan.

      ___________________________
is hereby designated to be a Part B Participant in the Plan.

      

      This
determination and selection is made pursuant to Sections 2.1 and 2.2 of Article
II, Part A of the Plan and Sections 2.1 and 2.2 of Article II of Part B of the
Plan.

      

      Except as
otherwise provided in this instrument and the Plan with respect to the
Participant's election of a Specified Time for his/her Normal Specified
Distribution Date, the time and form of payment shall be elected and determined
under the Plan and by the Company as confirmed by this instrument.

      

      Pursuant
to Section 2.4 of Article II, Part A of the Plan, Participant, as a designated
Part A Participant in the Plan is determined to be entitled to and shall be paid
an Excess Retirement Benefit at his/her Normal Specified Time of Distribution,
as provided for under the Plan. Pursuant to Section 2.4 of Article II, Part B of
the Plan, Participant, as a designated Part B Participant in the Plan is
determined to be entitled to and shall be paid a Supplemental Retirement Benefit
at his/her Normal Specified Time of Distribution, as provided for under the
Plan.

      

      The time
and form of payment designated by or for the Participant shall be effective on
the date of this instrument and shall be as provided for in Article III of Part
A of the Plan for the Excess

      
        
           

        

        
          - 38
-

          
            

          

        

        
           

        

      

      Retirement
Benefit, and as provided for in Article III of Part B of the Plan for the
Supplemental Retirement Benefit.

      

      This
determination and deferral of compensation under the Plan shall apply with
respect to compensation to the deferred by or to the selected Participant on and
after the date of this instrument.

      

      Date:                      ______________________              ____________________________

                                      John W.
Gibson

                                                                       Chief Executive
Officer

      ONEOK, Inc.

      

      

      

      PART
II - ELECTION AND PARTICIPATION AGREEMENT

      

      SECTION
1: BACKGROUND AND INSTRUCTIONS

      

      Time
of Payment of SERP Benefit

      

      The
ONEOK, Inc. 2005 Supplement Executive Retirement Plan (“SERP" or the “Plan”), as
amended,  provides that the Excess Retirement Benefit that you accrue
as a Part A Participant and Supplemental Retirement Benefit that you accrue as a
Part B Participant will be paid and distributed to you at your Normal Specified Distribution
Date. 

      

      Your
Normal Specified Distribution Date is the later of (1) the Specified
Time (specified calendar date) you elect to receive payment and distribution of
the Excess Retirement Benefit and Supplemental Retirement Benefit,
or  (2) the date you (i) have attained age 50, (ii) completed 5 years
of service with the Company, and (iii) separated from service with the
Company.

      

      For
example, if at the Specified Time that you elect for payment and distribution of
your Excess Retirement Benefit and Supplemental Retirement Benefit you are still
employed by the Company, your Excess Retirement Benefit and Supplemental
Retirement Benefit will not be paid and distributed to you at that Specified
Time, and instead will be paid and distributed to you when you subsequently
separate from service with the Company.

      

      Similarly,
if the Specified Time you elect is later than the date you separate from service
with the Company, your Excess Retirement Benefit and Supplemental Retirement
Benefit will be paid and distributed to you at the Specified Time you
elect.

      

      You may
elect a time of payment that is the date you have (i) attained age 50, (ii)
completed 5 years of service with the Company, and (iii) separated from service
with the Company, and not otherwise elect a specific other date of payment in
your election.

      

      
        
           

        

        
          - 39
-

          
            

          

        

        
           

        

      

      Time
of Election of Specific Date (Time of Payment) as Your Normal Specified
Distribution Date

      

      Election of Specified Time
(Time of Payment) of Excess Retirement Benefit and Supplemental
Retirement  Benefit

      

      You must
make an irrevocable election of the Specified Time you want to be your Normal
Specified Distribution Date within thirty (30) days after the date you are
designated and selected to be a Part A Participant or Part B Participant in the
SERP.

      

      Subsequent
Election

      

      The SERP
provides that as a Part A Participant and Part B Participant you may make a
Subsequent Election to change the Normal Specified Distribution Date you
initially elect to a Subsequent Election Distribution Date. The Subsequent
Election is made as to the Specified Time you initially elected, or any
Subsequent Election Specified Time you have previously elected under the
Plan.

      

      A
Subsequent Election to change the Specified Time of payment of an Excess
Retirement Benefit and Supplemental Retirement Benefit is subject to several
special requirements that limit its effect and use.

      

      A
Subsequent Election cannot take effect until at least twelve (12) months after
the date it is made, the payment of the Excess Retirement Benefit and
Supplemental Retirement Benefit must be deferred for a period of not less than
five (5) years from the date payment would otherwise have been paid, and the
Subsequent Election cannot be made less than twelve (12) months before the
payment of the Excess Retirement Benefit and Supplemental Retirement
Benefit  is to be paid.

      

      Because
of these special restrictions and limitations, you should review your initially
elected Normal Specified Distribution Date periodically and carefully consider
it and any possible Subsequent Election to change the Specified Time you
initially elect in this instrument.

      

      You may
obtain information about making a Subsequent Election from the Company Employee
Benefits department.

      

      Form
of Payment of SERP Benefit

      

      The SERP
provides that if you are married at the time you commence participation as a
Part A Participant and Part B Participant, your Excess Retirement Benefit and
Supplemental Retirement Benefit will be paid to you in the form of a 50% joint
and survivor annuity.

      

      If you
are unmarried at the time you commence participation as a Part A Participant and
Part B Participant, your Excess Retirement Benefit and Supplemental Retirement
Benefit will be paid to you in the form of a single (straight) life
annuity.

      
        
           

        

        
          - 40
-

          
            

          

        

        
           

        

      

      As a Part
A Participant  and Part B Participant, you may elect to change the
form of payment of your Excess Retirement Benefit and Supplemental Retirement
Benefit to any actuarially equivalent annuity form of payment that is provided
for under the Retirement Plan for Employees of ONEOK, Inc. and Subsidiaries if
you make that change election prior to commencement of payment of your Excess
Retirement Benefit and Supplemental Retirement Benefit. A change only in such
allowed annuity forms of payment is not considered a Subsequent Election subject
to the special rules and limitations described above for Subsequent
Elections.

      

      SECTION
2: PART A PARTICIPANT ELECTION OF NORMAL SPECIFIED DISTRIBUTION
DATE

      

      I hereby
irrevocably elect as the time of payment of my Excess Retirement Benefit and
Supplemental Retirement Benefit:

      (
Initial and date one space)

      

      _______     _______The
later of (1)_____________, or (2) the date I have (i) attained age fifty (50) ,
(ii) completed five (5) years of service with the Company, and (iii) separated
from service with the Company.

      

      ________    _______The
date I have (i) attained age fifty (50), (iii) completed five (5) years of
service with the Company and (iii) separated from service with the
Company.

      

      I
understand my election of the Specified Time stated above in this instrument is
irrevocable and shall remain in effect as the time of payment of my Excess
Retirement Benefit and Supplemental Retirement Benefit unless and until I file a
written Subsequent Election as to time of payment in accordance with the terms
of the SERP.

      

      I
understand, acknowledge and agree that I elect to participate in the Plan in
accordance with and subject to all terms and provisions of the Plan, and subject
to the terms and provisions of this instrument, which shall be administered,
interpreted and applied as determined by the Company and Committee under such
terms and provisions of the Plan.

      

      Employee’s
Signature__________________________ Date_________________

      

      Witness
_____________________________________ Date_________________

      

      SECTION
3: ONEOK USE ONLY

      

      Received
By___________________________            Date__________________

      

      

       

      

       

      

       

      

      
        
           

        

        
          - 41
-exhibit_10-8.htm

    Exhibit
10.8

    

    

    

    

    

    

    

    ONEOK,
Inc.

    

    2005
NONQUALIFIED

    

    DEFERRED
COMPENSATION PLAN

    

    As
Amended and Restated December 18, 2008

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ONEOK,
Inc.

    2005
NONQUALIFIED DEFERRED COMPENSATION PLAN

    As
Amended and Restated December 18, 2008

    

    Table of
Contents

    

    
      	
              ARTICLE
      I PURPOSE

            	
              1

            
	
              1.1

            	
              Statement
      of Purpose; Effective Date

            	
              1

            
	
              ARTICLE
      II DEFINITIONS

            	
              1

            
	
              2.1

            	
              Definitions

            	
              1

            
	
              ARTICLE
      III ELIGIBILITY AND PARTICIPATION

            	
              12

            
	
              3.1

            	
              Eligibility

            	
               
      12

            
	
              3.2

            	
              Participation

            	
               
      12

            
	
              3.3

            	
              Elections
      to Participate Irrevocable

            	
               
      12

            
	
              3.4

            	
              Exclusion from
      Eligibility

            	
              12

            
	
              ARTICLE
      IV DEFERRAL OF COMPENSATION AND EXCESS AMOUNTS

            	
              13

               

            
	
              4.1

            	
              Amount
      and Time of Election to Defer

            	
              13

            
	
              4.2

            	
              Deferral
      Periods; Payment

            	
              14

            
	
              4.3

            	
              Committee
      Authority; Deferral of Compensation

            	
              15

            
	
              4.4

            	
              General
      Requirements for All Elections

            	
              15

            
	
              4.5

            	
              Subsequent
      Elections

            	
              16

            
	
              4.6

            	
              Crediting
      Deferred Base Salary and Bonus

            	
              18

            
	
              4.7

            	
              Crediting
      of Plan Excess Amounts

            	
              18

            
	
              ARTICLE
      V PLAN EXCESS AMOUNTS

            	
              18

            
	
              5.1

            	
              General

            	
              18

            
	
              5.2

            	
              Thrift
      Plan Excess Employee Amount

            	
              19

            
	
              5.3

            	
              Thrift
      Plan Excess Matching Amount

            	
              19

            
	
              5.4

            	
              Profit
      Sharing Plan Excess Amount

            	
              19

            
	
              5.5

            	
              Retirement
      Plan Covered Compensation Excess Amount

            	
              19

            
	
              5.6

            	
              Supplemental
      Credit Amount

            	
              20

            
	
              5.7

            	
              Required
      Elections to Defer Excess Amounts

            	
              20

            
	
              ARTICLE
      VI BENEFIT ACCOUNTS

            	
              20

            
	
              6.1

            	
              Determination
      of Account

            	
              20

            
	
              6.2

            	
              Crediting
      of Investment Return; Other Items to Participant Accounts

            	
              20

            
	
              6.3

            	
              Investment
      Return; Designated Deemed Investment

            	
              21

            
	
              6.4

            	
              Statement
      of Account

            	
              21

            
	
              6.5

            	
              Vesting
      of Participant Accounts

            	
              21

            

    

    
      
         
i

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              ARTICLE
      VII PAYMENT OF BENEFITS

            	
              22

            
	
              7.1

            	
              Requirements
      for Distributions and Payments

            	
              22

            
	
              7.2

            	
              Payment
      of Plan Benefit; Long-Term Deferrals

            	
              23

            
	
              7.3

            	
              Payment
      of Plan Benefit; Short-Term Deferrals

            	
              23

            
	
              7.4

            	
              Specified
      Employee Six (6) Month Required Delay in Distribution and
      Payment

            	
              23

            
	
              7.5

            	
              Form
      of Distribution and Payment

            	
              24

            
	
              7.6

            	
              Distribution
      and Payment for Subsequent Elections

            	
              25

            
	
              7.7

            	
              Distribution
      and Payment for Early Separation from Service

            	
              25

            
	
              7.8

            	
              Distribution
      and Payment of Plan Benefit Upon Disability

            	
              25

            
	
              7.9

            	
              Distribution
      and Payment of Plan Benefit Upon Death

            	
              25

            
	
              7.10

            	
              Payment
      of Deferrals for Unforeseeable Emergency

            	
              25

            
	
              7.11

            	
              Commencement
      of Distributions and Payments

            	
              26

            
	
              7.12

            	
              No
      Acceleration of Distribution and Payment

            	
              26

            
	
              7.13

            	
              Retirement
      Plan Excess Amount

            	
              27

            
	
              ARTICLE
      VIII BENEFICIARY DESIGNATION

            	
              27

            
	
              8.1

            	
              Beneficiary
      Designation

            	
              27

            
	
              8.2

            	
              Amendments

            	
              28

            
	
              8.3

            	
              No
      Designation

            	
              28

            
	
              8.4

            	
              Effect
      of Payment

            	
              28

            
	
              ARTICLE
      IX ADMINISTRATION

            	
              28

            
	
              9.1

            	
              Plan
      Committee; Authority and Duties

            	
              28

            
	
              9.2

            	
              Agents

            	
              30

            
	
              9.3

            	
              Binding
      Effect of Decisions

            	
              30

            
	
              9.4

            	
              Indemnity
      of Committee

            	
              30

            
	
              ARTICLE
      X AMENDMENT AND TERMINATION OF PLAN

            	
              30

            
	
              10.1

            	
              Amendment

            	
              30

            
	
              10.2

            	
              Termination

            	
              31

            
	
              ARTICLE
      XI PLAN EFFECT, LIMITATIONS, MISCELLANEOUS PROVISIONS

            	
              31

            
	
              11.1

            	
              Nature
      of Employer Obligation; Funding

            	
              31

            
	
              11.2

            	
              Trusts;
      Transfers of Assets, Property

            	
              31

            
	
              11.3

            	
              Nonassignability

            	
              32

            
	
              11.4

            	
              Captions

            	
              33

            
	
              11.5

            	
              Governing
      Law

            	
              33

            
	
              11.6

            	
              Successors

            	
              33

            
	
              11.7

            	
              No
      Right to Continued Service

            	
              33

            

    

    
      
         
ii

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              EXHIBIT
      A

            	
              34

            
	
              EXHIBIT
      B

            	
              35

            
	
              EXHIBIT
      C

            	
              36

            
	
              EXHIBIT
      D

            	
              38

            

    

    

    

    

    
      
        iii 

      

      
         

        
          

        

      

      
         

      

    

     

    ONEOK,
Inc.

    2005
NONQUALIFIED DEFERRED COMPENSATION PLAN

    As
Amended and Restated December 18, 2008

     

    ARTICLE
I

    PURPOSE

     

    
      	
              1.1  

            	
              Statement of Purpose;
      Effective Date

            

    

     

    This
ONEOK, Inc., 2005 Nonqualified Deferred Compensation Plan (the “Plan”) and
related agreements between the Employer and certain management or highly
compensated employees is an unfunded, nonqualified deferred compensation plan
and arrangement.

     

    The
purpose of the Plan is to provide a select group of management and highly
compensated employees of the Employer with the option to defer the receipt of
portions of their compensation payable for services rendered to the Employer,
and provide nonqualified deferred compensation benefits which are not available
to such employees by reason of limitations on employer and employee
contributions to qualified pension or profit-sharing plans under the federal tax
laws.

     

    It is
intended that the Plan will assist in attracting and retaining qualified
individuals to serve as officers and managers of the Employer; and the Plan is
intended to constitute a plan which is unfunded and maintained by an employer
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees within the meaning of, and as
described in Section 201(2) and related provisions of ERISA.

     

    The Plan
is intended to meet all requirements of Section 409A of the Code for
compensation deferred under the Plan to not be includible in gross income of the
Participant until actually paid or distributed pursuant to the
Plan.

     

    The Plan
is generally effective on January 1, 2005.

     

    ARTICLE
II

    DEFINITIONS

     

    
      	
              2.1  

            	
              Definitions

            

    

     

    When used
in this Plan and initially capitalized, the following words and phrases shall
have the meanings indicated:

     

    Account

     

    “Account”
means an account established and maintained for a Participant pursuant to this
Plan, to which there shall be credited with and include all amounts of Deferred
Compensation that is deferred by and for the Participant under the Plan, which
may be accounted for as one or more separate items, amounts or subaccounts for
the compensation that is deferred and credited pursuant to the Plan, and
investment return thereon, to as determined and prescribed by the
Committee.

     

    
      
         

      

      
        - 1
-

        
          

        

      

      
         

      

    

    Base
Salary

     

    “Base
Salary” means a Participant’s basic wage or salary paid by the Employer to the
Participant without regard to any increases or decreases in such basic wage or
salary as a result of (i) an Election to defer basic wage or salary under this
Plan or (ii) an Election between benefits or cash provided under a plan of the
Employer maintained pursuant to Sections 125 or 401(k) of the Code, and as
limited in Exhibit B attached hereto. The Base Salary does not include any Lump
Sum Merit Award paid to a Participant, nor any Bonus, as defined in Section 2.5,
below.

     

    Beneficiary

     

    “Beneficiary”
means the person or persons designated or deemed to be designated by the
Participant pursuant to Article VIII to receive benefits payable under the Plan
in the event of the Participant’s death.

     

    Board

     

    “Board”
means the Board of Directors of the Corporation.

     

    Bonus

     

    “Bonus”
means the cash bonus paid or payable by the Employer to a Participant under an
Incentive Plan without regard to any decreases as a result of (i) an Election to
defer all or any portion of such Bonus under this Plan or (ii) an Election
between benefits or cash provided under the Thrift Plan or any other plan of the
Employer maintained pursuant to Section 401(k) of the Code.

     

    Change in Ownership or
Control

     

    “Change
in Ownership or Control” means to the extent provided by Treasury Regulations
issued under Code Section 409A, a change in the ownership or effective control
of the Corporation, or in the ownership of a substantial portion of the assets
of the Corporation.

     

    Code

     

    “Code”
means the Internal Revenue Code of 1986, and Treasury regulations thereunder, as
amended from time to time.

     

    Committee

     

    “Committee”
means the Executive Compensation Committee of the Board of Directors of the
Corporation.

     

    Compensation

     

    “Compensation”
means the Base Salary and Bonus payable with respect to an Eligible Employee for
each calendar year.

     

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

    Corporation

     

    “Corporation”
means ONEOK, Inc., its successors and assigns, or any division or Subsidiary
thereof.

     

    Deferred
Compensation

     

    "Deferred
Compensation" means the Base Salary and Bonus deferred by a Participant under
the Plan, and Qualified Employer Plan Excess Amounts and Supplemental Credit
Amounts that are accrued, deferred and credited by the Corporation for a
Participant under the Plan, that are made payable to a Participant in a later
taxable year of the Participant pursuant to this Plan.

     

    Defined Contribution Plan
Excess Amounts

     

    "Defined
Contribution Plan Excess Amounts" means the excess amounts deferred by or for a
Participant under this Plan with respect to qualified defined contribution plans
established and maintained by the Corporation pursuant to Article V of the
Plan.

     

    Determination
Date

     

    “Determination
Date” means a date on which the amount of a Participant’s Account is determined
and updated as provided in Article VI. Each December 31 of a calendar year shall
be the Determination Date.

     

    Disabled

     

    “Disabled”
or “Disability” means that a Participant is unable to engage in substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, or is, by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not
less than three (3) months under an accident or health plan covering Employees
of the Corporation. A Participant will be deemed to be Disabled if such
Participant is determined to be totally disabled by the Social Security
Administration.

     

    Early Separation from
Service

     

    “Early
Separation from Service” means a Participant’s Separation from Service prior to
attaining age fifty (50) and completing five (5) years of service with the
Corporation that is not by reason of death or Disability.

     

    Early Separation from
Service Form of Payment

     

    “Early
Separation from Service Form of Payment” shall mean the form of payment and
distribution of a Participant’s Plan Benefit in the event of his/her Early
Separation from Service which shall be a single lump sum payment at his/her
Early Separation from Service Specified Time of Distribution.

     

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

    Early Separation from
Service Specified Time of Distribution

     

    “Early
Separation from Service Specified Time of Distribution” means a time of
distribution and payment of the Participant’s Plan Benefit which is the date of
his/her Early Separation from Service.

     

    Election

     

    “Election”
means the election of a Participant or the Corporation for payment and
distribution of Deferred Compensation to the Participant for services performed
for a Plan Year.

     

    Eligible
Employee

     

    “Eligible
Employee” means a highly compensated or management employee of the Corporation
who is designated by the Committee, by individual name, or group or description,
in accordance with Section 3.1, as eligible to participate in the
Plan.

     

    Employee

     

    “Employee”
means an employee of the Corporation or a Subsidiary.

     

    Employer

     

    “Employer”
means, with respect to a Participant, the Corporation or the Subsidiary which
pays such Participant’s Compensation.

     

    ERISA

     

    “ERISA”
means the Employee Retirement Income Security Act of 1974, as
amended.

     

    Exchange
Act

     

    “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

     

    Fiscal
Year

     

    “Fiscal
Year” means the fiscal year of the Corporation commencing January 1 and ending
the following December 31.

     

    Fixed
Schedule

     

    “Fixed
Schedule” means the distribution or payment of Deferred Compensation deferred
under the Plan in a fixed schedule of distributions or payments that are
determined and fixed at the time the deferral of such compensation is first
elected by the Participant or Corporation under the Plan.

     

    

     

    
      
         

      

      
        - 4
-

        
          

        

      

      
         

      

    

    Incentive
Plan

     

    “Incentive
Plan” means the Annual Officer Incentive Plan or Annual Employee Incentive Plan
of the Corporation, as applicable to a Participant under the terms and
provisions thereof.

     

    Investment
Return

     

    “Investment
Return” means the rate of investment return to be credited to a Participant’s
Account pursuant to Section 6.2, which rate shall be determined in accordance
with Section 6.3 and Exhibit “C” attached hereto; provided, that no Investment
Return shall be credited with respect to the Retirement Plan Excess
Amount.

     

    Just
Cause

     

    “Just
Cause” shall
mean the Employee’s conviction in a court of law of a felony, or any crime or
offense in a court of law of a felony, or any crime or offense involving misuse
or misappropriation of money or property; the Employee’s violation of any
covenant, agreement or obligation not to disclose confidential information
regarding the business of the Corporation (or a division or Subsidiary); any
violation by the Employee of any covenant not to compete with the Corporation
(or a division or Subsidiary); any act of dishonesty by the Employee which
adversely affects the business of the Corporation (or a division or Subsidiary);
any willful or intentional act of the Employee which adversely affects the
business of, or reflects unfavorably on the reputation of the Corporation (or a
division or Subsidiary); the Employee’s use of alcohol or drugs which interferes
with the Employee’s performance of duties as an employee of the Corporation (or
a division or Subsidiary); or the Employee’s failure or refusal to perform the
specific directives of the Corporation’s Board, or its officers which directives
are consistent with the scope and nature of the Employee’s duties and
responsibilities with the existence and occurrence of all of such causes to be
determined by the Corporation in its sole discretion; provided, that nothing
contained in the foregoing provisions of this paragraph shall be deemed to
interfere in any way with the right of the Corporation (or a division or
Subsidiary), which is hereby acknowledged, to terminate the Employee’s
employment at any time without cause.

     

    Long-Term
Deferral

     

    “Long-Term
Deferral” means a deferral Election that is not a Short-Term Deferral and under
which distribution and payment of the Deferred Compensation and the Plan Benefit
shall be distributed and paid at a Specified Time that shall be the Normal
Specified Time of Distribution of the Participant. If a Subsequent Election is
made, the Plan Benefit deferred by a Long-Term Deferral in the Election shall
then be distributed and paid at the Subsequent Election Specified Time of
Distribution elected in the Subsequent Election.

     

    Lump Sum Merit
Award

     

    “Lump Sum
Merit Award” means a Lump Sum Merit Award granted and paid to a Participant
pursuant to the merit compensation program of the Corporation and its
Subsidiaries.

     

    
      
         

      

      
        - 5
-

        
          

        

      

      
         

      

    

    Normal Specified Time of
Distribution

     

    "Normal
Specified Time of Distribution" means a specified time that must be expressly
designated as the Specified Time of Distribution of the compensation deferred by
a Participant in and for each Long-Term Deferral Election, which Normal
Specified Time of Distribution shall be the first date on which the Participant
has (i) attained the age of fifty (50) years, (ii) completed five (5) years of
service with the Corporation, and (iii) had a Separation from
Service.

     

    Participant

     

    “Participant”
means any Eligible Employee who elects to participate by filing a Participation
Agreement as provided in Section 3.2.

     

    Participation
Agreement

     

    “Participation
Agreement” means the agreement filed by a Participant, in the form prescribed by
the Committee, pursuant to Section 3.2.

     

    Person

     

    “Person”
means an individual, a trust, estate, partnership, limited liability company,
association, corporation or other entity.

     

    Performance-Based
Compensation

     

    “Performance-Based
Compensation” means compensation, including Bonus (as hereinabove defined), that
is conditioned upon or subject to meeting certain requirements similar to those
under Code Section 162(m), as more particularly provided for in Treasury
Regulations issued under Code Section 409A.

     

    Plan

     

    “Plan”
means this ONEOK, Inc. 2005 Nonqualified Deferred Compensation Plan, as amended
from time to time.

     

    Plan
Benefit

     

    “Plan Benefit” means the
deferred benefit payable to a Participant or a Participant’s Beneficiary
pursuant to Article VII and otherwise under the Plan.

     

    Plan
Year

     

    “Plan
Year” means a twelve-month period commencing January 1 and ending the following
December 31.

     

    Profit Sharing
Plan

     

    “Profit
Sharing Plan” means the Profit Sharing Plan of the Corporation.

     

    
      
         

      

      
        - 6
-

        
          

        

      

      
         

      

    

    Profit Sharing Plan Excess
Amount

     

    “Profit
Sharing Plan Excess Amount” means an amount equal to the Participant’s
Compensation for the Plan Year that is used for calculating Company
Contributions to the Profit Sharing Plan multiplied by the applicable percentage
for determining the Company Contributions under the Profit Sharing Plan for the
Plan Year, minus the amount of Profit Sharing Plan Company Contributions that
are allocated to the Participant’s  Account for that Plan Year; it
being intended that a Participant shall have credited with a Profit Sharing Plan
Excess Amount that is equivalent to the amount of Company Contributions which
could not be allocated to the Participant’s Account for the Plan Year by reason
of all limitations on compensation and Company Contributions applicable to
Profit Sharing Plan Company Contributions under the Code and Treasury
regulations under the Code, including (i) the limitation on annual compensation
of an Employee that may be taken into account under Code section 401(a)(17),
(ii) the limitation on contributions and other additions under Code section
415(c), and (iii) the exclusion of the amount that a Participant has elected to
defer out of his or her Base Salary or Bonus under this Plan from “compensation”
as defined in the Profit Sharing Plan and/or used for calculation of Profit
Sharing Plan contributions and allocations, which amount is to be credited to a
Participant’s Account under Section 5.4 of the Plan.

     

    Qualified Employer Plan
Excess Amounts

     

    "Qualified
Employer Plan Excess Amounts" means amounts deferred by or for a Participant
with respect to participation and/or benefits provided under a qualified defined
contribution plan or defined benefit plan established and maintained by the
Employer, as more particularly provided for under Article V and otherwise in
this Plan.

     

    Retirement
Plan

     

    “Retirement
Plan” means the Retirement Plan for Employees of ONEOK, Inc. and
Subsidiaries.

     

    Retirement Plan
Covered
Compensation Excess Account

     

    “Retirement
Plan Covered Compensation Excess Account” means the account maintained on the
books of the Employer for the purpose of accounting for the Retirement Plan
Covered Compensation Excess Amount and for the amount of investment return
credited thereto for each Participant pursuant to Article VI of the
Plan.

     

    Retirement
Plan Covered Compensation
Excess Amount

     

    “Retirement
Plan Covered Compensation Excess Amount” means an amount for a Participant who
is a participant in the Retirement Plan, and not a participant in the ONEOK,
Inc. 2005 Supplemental Executive Retirement Plan nor a participant in the Profit
Sharing Plan, that is equal to the Participant’s Compensation for the Plan Year
less the limitations on compensation and contributions by the Corporation under
the Code and Treasury regulations under the Code, including (i) the limitation
on annual compensation of an Employee that may be taken into account under Code
section 401(a)(17), and (ii) the limitation on contributions and other additions
under Code section 415(c) multiplied by the applicable percentage for
determining the Company Contributions under the Profit Sharing Plan for the Plan
Year, which amount is to be

     

    
      
         

      

      
        - 7
-

        
          

        

      

      
         

      

    

    credited
to be allocated to, or recorded in and accounted for in the Account of a
Participant under Section 5.5 of the Plan.

     

    Retirement Plan Excess
Amount

     

    “Retirement
Plan Excess Amount” means the additional amount payable to a Participant with
respect to the Retirement Plan pursuant to Section 7.13.

     

    Separation from
Service

     

    “Separation
from Service” means the termination of a Participant’s employment with the
Corporation other than by reason of the Participant’s Disability or
death.

     

    Shares

     

    “Shares”
means the common stock, par value $0.01 per share, of the Corporation and any
other securities into which such shares are changed or for which such shares are
exchanged.

     

    Short-Term
Deferral

     

    “Short-Term
Deferral” means a deferral elected by a Participant under which payment of the
Plan Benefit shall be deferred to commence at a Specified Time of Distribution
irrespective of the Participant’s Separation from Service that is specified by
the Participant in his or her Election, that shall be not less than five (5)
years after the Participant’s Election thereof; provided, that the Committee,
may, in its sole discretion, determine and direct that a shorter period, of not
less than one (1) year, be applied to any Short-Term Deferral. If a Subsequent
Election is made, the Plan Benefit deferred by a Short-Term Deferral in the
Election shall then be distributed and paid at the Subsequent Election Specified
Time of Distribution elected in the Subsequent Election.

     

    Specified
Employee

     

    "Specified
Employee" means an Employee who, as of the date of the Employee's separation
from service, is a key employee of a Corporation if any stock of the Corporation
is then publicly traded on an established securities market or otherwise; and
for purposes of this definition, an Employee is a key employee if the Employee
meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied
in accordance with the regulations thereunder and disregarding section
416(i)(5)) at any time during the 12-month period ending on a Specified Employee
Identification Date. If an Employee is a key employee as of a Specified Employee
Identification Date, the Employee shall be treated as a key employee for
purposes of the Plan for the entire 12-month period beginning on the Specified
Employee Effective Date. For purposes of identifying a Specified Employee by
applying the requirements of section 416(i)(1)(A)(i), (ii), and (iii), the
definition of compensation under §1.415(c)-2(a) shall be used, applied as if the
Corporation were not using any safe harbor provided in §1.415(c)-2(d), were not
using any of the elective special timing rules provided in §1.415(c)-2(e), and
were not using any of the elective special rules provided in
§1.415(c)-2(g).

     

    
      
         

      

      
        - 8
-

        
          

        

      

      
         

      

    

    Specified Employee Effective
Date

     

    "Specified
Employee Effective Date" is the first day of the fourth month following the
Specified Employee Identification Date.

     

    Specified Employee
Identification Date

     

    "Specified
Employee Identification Date" means December 31.

     

    Specified
Time

     

    “Specified
Time” means a date or dates that are not discretionary and objectively
determinable at the time an amount of compensation is deferred and at which
objectively determinable deferred amounts are to be payable.

     

    Specified Time of
Distribution

     

    “Specified
Time of Distribution” means a Specified Time at which compensation deferred by a
Participant’s Election pursuant to the Plan is required to be distributed or
paid and which is specified in writing by the Participant in and at the time the
deferral of such compensation is elected by the Election of a
Participant.

     

    Subsequent
Election

     

    “Subsequent
Election” means an election made by a Participant with respect to the time of
distribution or payment of deferred compensation and Plan Benefit under the Plan
that is made at any time after Election that is made by the Participant and/or
Corporation with respect to such deferred compensation.

     

    Subsequent Election
Specified Date

     

    "Subsequent
Election Specified Date" shall mean a specified fixed date in a calendar year
that must be specified in writing by the Participant in a Subsequent Election
that is not less than five (5) years from the date payment would otherwise have
been made to the Participant under the Plan if such Subsequent Election was not
made by the Participant. The written specification of the Subsequent Election
Specified Date shall in all cases specify and fix a Specified Time that is not
less than five (5) years from the date payment would otherwise have been made to
the Participant, it being contemplated and intended that such written
specification shall, without limitation, in the case of a Long-Term Deferral (i)
meet the requirement in the case of a Participant who has not attained the age
of fifty (50) years that the specified Subsequent Election Specified Date be on
or after the date the Participant would attain the age of fifty-five (55) years,
and (ii) meet the requirement in the case of a Participant who has attained the
age of fifty (50) years, that the specified Subsequent Election Specified Date
be not less than five (5) years from the date next following the date of the
Subsequent Election; and in the case of a Short-Term Deferral meet the
requirement that the Subsequent Election Specified Date is not less than five
(5) years after the date payment would otherwise have been made to the
Participant.

     

    
      
         

      

      
        - 9
-

        
          

        

      

      
         

      

    

    Subsequent Election
Specified Time of Distribution

     

    "Subsequent
Election Specified Time of Distribution" means:

     

    (a) in the case of a Long-Term
Deferral, a Specified Time of Distribution that shall be the first date on or
after the Subsequent Election Specified Date for the Long-Term Deferral on which
the Participant has (i) attained the age of fifty (50) years, (ii) completed
five (5) years of service with the Corporation, and (iii) had a Separation from
Service, and

     

    (b) in the case of a Short-Term
Deferral, a Specified Time of Distribution that shall be the Subsequent Election
Specified Date for the Short-Term Deferral.

     

    Subsidiary

     

    “Subsidiary”
means any corporation of which the Corporation owns, directly or indirectly, at
least a majority of the shares of stock having voting power in the election of
directors of such corporation.

     

    Supplemental Credit Amount

     

    “Supplemental
Credit Amount” means a supplemental amount that may be deferred at the election
and direction of the Committee under Section 4.3(b).

     

    Taxable
Year

     

    “Taxable
Year” shall mean the Plan Year commencing January 1 and ending the following
December 31.

     

    Thrift
Plan

     

    “Thrift
Plan” means the Thrift Plan for Employees of ONEOK, Inc. and
Subsidiaries.

     

    Thrift Plan Excess Employee
Amount

     

    "Thrift
Plan Excess Employee Amount" means an amount equal to the amounts that would
have been allocated to the Participant's Account under the Thrift Plan for the
Plan Year by reason of the Participant's elections under the Thrift Plan, minus
the amount that was allocated to the Participant's account under the Thrift Plan
for that Plan Year it being intended that a Participant shall have credited to
the Participant’s Account the amount of contributions which could not be
allocated to the Participant’s Thrift Plan account for the Plan Year by reason
of and after application of the limitations on compensation and contributions or
annual additions and otherwise applicable to the Thrift Plan under the Code and
Treasury regulations, including (i) Code section 401(a)(17), (ii) Code section
415(c), (iii) the exclusion of the amount the Participant elected to defer out
of his or her Compensation under this Plan from “compensation” as defined and/or
used for calculation of Thrift Plan contributions or allocations, and other
limitations on Thrift Plan employee elective contributions under the
Code.

     

    
      
         

      

      
        - 10
-

        
          

        

      

      
         

      

    

    Thrift Plan Excess Matching
Amount

     

    “Thrift
Plan Excess Matching Amount” means an amount equal to the Participant’s Thrift
Plan Matching Contribution Percentage under the Thrift Plan for the Plan Year
multiplied by the Participant’s compensation as defined in the Thrift Plan
and/or used for calculation of Thrift Plan contributions and allocations in that
Plan Year, minus the amount of Thrift Plan matching contributions made by the
Corporation that are allocated to the Participant’s Thrift Plan account for that
Plan Year; it being intended that a Participant shall have credited to the
Participant’s Account the amount of matching contributions which could not be
allocated to the Participant’s Thrift Plan account for the Plan Year by reason
of and after application of the limitations on compensation and contributions or
annual additions and otherwise applicable to the Thrift Plan under the Code and
Treasury regulations, including (i) Code section 401(a)(17), (ii) Code section
415(c), (iii) the exclusion of the amount the Participant elected to defer out
of his or her Compensation under this Plan from “compensation” as defined and/or
used for calculation of Thrift Plan contributions or allocations, and other
limitations on Thrift Plan matching contributions under the Code.

     

    Thrift Plan Matching
Contribution Percentage

     

    “Thrift
Plan Matching Contribution Percentage” means the matching contribution
percentage in effect for a specific Plan Year under the Thrift
Plan.

     

    Trust

     

    “Trust”
means a trust created and established pursuant to Section 11.2 of the Plan, or
otherwise by the Corporation with respect to the Plan.

     

    Unforeseeable
Emergency

     

    “Unforeseeable
Emergency” means a severe financial hardship to the Participant resulting from
illness or accident of the Participant, the Participant’s spouse, or a dependent
(as defined in Code Section 152(a)) of the Participant, loss of the
Participant’s property due to casualty, or other similar extraordinary
circumstances arising as a result of events beyond the control of the
Participant, including such events and circumstances as are described and
considered to be an unforeseeable emergency under Code section 409A and the
regulations thereunder. It is intended and directed with respect to any such
unforeseeable emergency that any amounts distributed under the Plan by reason
thereof shall not exceed the amounts necessary to satisfy such emergency plus
amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which such hardship is or
may be relieved through reimbursement or compensation by insurance or otherwise
or by liquidation of the Participant’s assets (to the extent the liquidation of
such assets would not itself cause severe financial hardship).

     

    
      
         

      

      
        - 11
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    ARTICLE
III

    ELIGIBILITY
AND PARTICIPATION

    

    
      	
              3.1

            	
              Eligibility

            

    

     

    Eligibility
to participate in the Plan shall be granted to those Eligible Employees who are
designated by the Committee. Subject to Section 3.4, below (providing for
exclusion of Employees not qualifying under certain definitional terms of
federal law), the Committee shall adopt a complete written list and/or
designation of the Eligible Employees, by individual name or by reference to an
identifiable group of persons or by descriptions of the components of
compensation of an individual which would qualify the individuals who are
eligible to participate, and all of whom shall be a select group of management
or highly compensated employees. The written list and/or designation of Eligible
Employees by the Committee, from time to time, shall be adopted and maintained
in the records of the Committee and Corporation.

     

    3.2           Participation

     

    Participation
in the Plan shall be limited to Eligible Employees who make an Election to
participate in the Plan by timely filing a Participation Agreement with the
Committee. An Eligible Employee shall commence participation in the Plan upon
the first day of the Plan Year or Fiscal Year as the case may be, designated in
his or her Participation Agreement filed with the Committee prior to the
beginning of such Plan Year.

     

    The
Committee may in its sole discretion, allow in the case of the first Plan Year
in which an individual becomes an Eligible Employee to make an initial Election
to participate in the Plan and elect a deferral with respect to Compensation or
other amounts that become payable under the Plan for services to be performed
after the Election; provided, that any Election by such an Eligible Employee
shall be made within thirty (30) days after the date he/she becomes eligible to
participate in the Plan.

     

    3.3           Elections to Participate
Irrevocable

     

    A
Participant may not change a previously elected percentage of compensation
deferred by an Election, or terminate his or her Election to participate in the
Plan and defer compensation for a Plan Year. Except as may otherwise be
determined and approved by the Committee pursuant to the Plan, a Participant’s
Election to defer compensation shall only be effective as of the beginning of
the next Plan Year following receipt of the Participant’s Election by the
Corporation. Determinations on all Elections and of any effective dates other
than as specified above, shall be made by the Committee in accordance with its
prevailing administrative procedures.

     

    3.4           Exclusion from
Eligibility

     

    Notwithstanding
any other provisions of this Plan to the contrary, if the Committee determines
that any Participant may not qualify as a “management or highly compensated
employee” within the meaning of ERISA, or regulations thereunder, the Committee
may determine, in its sole discretion, that such Participant shall cease to be
eligible to participate in this Plan.

     

    
      
         

      

      
        - 12
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    ARTICLE
IV

    DEFERRAL
OF COMPENSATION AND EXCESS AMOUNTS

    

    4.1           Amount and Time of Election
to Defer

     

    
      	
              (a)  

            	
              Time of
      Election. A Participant’s Election to defer compensation for
      services performed during a Plan Year shall be made not later than the
      close of the preceding Plan Year, or such other time as provided in
      Treasury Regulations published under Code Section 409A; provided that in
      the case of the first Plan Year in which a Participant becomes eligible to
      participate in the Plan, such Election may be made with respect to
      services to be performed subsequent to the Election within thirty (30)
      days after the Participant becomes eligible to participate in the Plan. A
      Participant’s Election to defer that part of Compensation which
      constitutes Bonus that constitutes Performance-Based Compensation based on
      services over a period of at least twelve (12) months in and for a Plan
      Year shall be made no later than six (6) months before the end of that
      Plan Year.

            

    

     

    
      	
              (b)  

            	
              Participant Election
      Amounts. With respect to each Plan Year, a Participant may
      voluntarily elect the deferral of compensation by making an Election for
      deferral of or within the percentages stated below, and subject to the
      terms described in Exhibit B attached hereto; provided, that each
      Participant who makes an Election for a Plan Year may elect a deferral
      that is within or consists of one (1) or more of the following allowable
      percentages (in one percent (1%) increments) and types of compensation and
      amounts for that Plan Year, as
applicable:

            

    

     

    
      	
              (1)  

            	
              deferral
      of at least two percent (2%) and not more than ninety percent (90%) of the
      Participant’s Base Salary for the Plan
Year;

            

    

     

    
      	
              (2)  

            	
              deferral
      of at least ten percent (10%) and not more than ninety percent (90%) of
      the Participant’s Bonus for the Plan
Year;

            

    

     

    deferral
of one hundred percent (100%) of each Qualified Employer Plan Excess Amount
(except the Retirement Plan Excess Amount) to be accrued or deferred by or for
the Participant for the Plan Year;

     

    
      	
              (c)  

            	
              Corporation Election
      Amounts. The Supplemental Credit Amount and Retirement Plan Excess
      Amount shall be deferred as elected and designated by the Corporation as
      provided for in Sections 4.3(b) and 7.13, respectively,
    below.

            

    

     

    
      	
              (d)  

            	
              Election Choices and
      Effect. The deferral and crediting of Compensation, a Qualified
      Employer Plan Excess Amount and/or Supplemental Credit Amount to the
      Account of a Participant shall be made in respect of an Election of a
      Participant or the Corporation for a Plan Year as
  follows:

            

    

     

    
      	
              (1)  

            	
              A
      Participant may elect to defer Base Salary or Bonus for services performed
      during a Plan Year.

            

    

     

    
      
         

      

      
        - 13
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              (2)  

            	
              A
      Participant who does not elect to defer Base Salary or Bonus for services
      performed during a Plan Year may nevertheless elect to defer a Qualified
      Employer Plan Excess Amount, (except the Retirement Plan Excess Amount),
      which shall be deferred and credited to the extent applicable and as
      provided for and in accordance with Article V, below, for the Plan
      Year.

            

    

     

    
      	
              (3)  

            	
              Notwithstanding
      any other provisions herein, a Participant shall be required to elect to
      defer and have credited all Qualified Employer Plan Excess Amounts (except
      the Retirement Plan Excess Amount)  to which he or she is or
      becomes entitled to for a Plan Year, and shall not be allowed to defer
      only one or several of the Qualified Employer Plan Excess Amounts and not
      others for a Plan Year.

            

    

     

    
      	
              (e)  

            	
              Except
      as otherwise expressly provided in the Plan in the case of mid-year
      Elections for new Participants, an Election to defer Base Salary, Bonus,
      Qualified Employer Plan Excess Amounts or Supplemental Credit Amounts
      shall apply only to the next Plan Year following such Election. Except as
      otherwise directed by the Committee, Participants in the Plan shall make
      separate and new Elections  for each Plan
  Year.

            

    

     

    4.2           Deferral Periods;
Payment

     

    
      	
              (a)  

            	
              Participant Elections
      of Specified Time of Distribution. Every Election made by a
      Participant shall include a specific election of the Participant of
      deferral of compensation (i) to be paid or distributed at a Specified Time
      or pursuant to a Fixed Schedule, and (ii) in a specific form of payment
      stated in the Election.

            

    

     

    
      	
              (b)  

            	
              Deferral of Base
      Salary or Bonus. Subject to the requirements of Section 4.2(d),
      below, a Participant shall be allowed to defer Base Salary or Bonus under
      the Plan by electing either a Long-Term Deferral or a Short-Term Deferral.
      The Participant shall elect and designate his or her deferral period as
      either a Long-Term Deferral or a Short-Term Deferral in the Election and
      Participation Agreement filed by the Participant with the Committee for a
      Plan Year.

            

    

     

    
      	
              (c)  

            	
              Qualified Employer
      Plan Excess Amounts, Supplemental Credit Amounts; Only Long-Term
      Deferral. For compensation of Participants in Plan Years beginning
      on or after January 1, 2009, subject to the requirements of Section 4.4,
      below, every Election to defer and credit with a Qualified Employer Plan
      Excess Amount and/or a Supplemental Credit Amount shall be a Long-Term
      Deferral.

            

    

     

    
      	
              (d)  

            	
              Early Separation from
      Service. Notwithstanding the foregoing or any Specified Time or
      form of payment elected by a Participant in his/her Election or otherwise
      elected and specified by the Corporation pursuant to Plan, or in any
      allowed Subsequent Election, in the event the Participant has an Early
      Separation from Service the Participant’s Plan Benefit shall be paid and
      distributed to the Participant in a single lump sum payment at the
      Participant’s Early Separation

            

    

     

    
      
         

      

      
        - 14
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              from Service Distribution Date, except for
      Short-Term Deferral installment payments that have already commenced, as
      described and provided fro in Section 7.7 of the Plan. The time and form
      of payment in event of an Early Separation from Service is determined and
      specified by the Corporation under the Plan, and a Participant may change
      or modify such time and form of payment, and may not elect otherwise by
      his/her Election or any Subsequent
  Election.

            

    

     

    
      	
              (e)  

            	
              The
      Investment Return and/or any other actual, notional or deemed earnings
      credited to a Participant's Account pursuant to this Plan with respect to
      any Deferred Compensation by an Election of a Participant or the
      Corporation shall be paid at the same time and in the same form of payment
      as the Participant has elected in his/her Election for such Deferred
      Compensation , and no separate election or time or form of payment shall
      be allowed or occur with respect to the Investment Return or other
      earnings credited.

            

    

     

    4.3           Committee Authority;
Deferral of Compensation

     

    
      	
              (a)  

            	
              General.
      Subject to the requirements of Section 4.4, below, the Committee may, in
      its sole discretion, determine and direct that the amount of deferral and
      period of deferral which may be elected for Deferred Compensation, for any
      particular Plan Year or other period of service, be limited to an amount
      or amounts, and for a period or periods other than that which is otherwise
      generally provided herein.

            

    

     

    
      	
              (b)  

            	
              Supplemental Credit
      Amount. The Committee may elect to have a
      Supplemental  Credit Amount credited to the Account of a
      Participant with respect to a Plan Year. A Supplemental Credit Amount
      shall be established and deferred by irrevocable designation of the time
      and form of payment by the Corporation, by the written action and election
      of the Committee or its designee, which shall be made no later than the
      later of the time the Participant becomes entitled to the amount thereof
      by such designation, or if later, the time the Participant would be
      required to make an election if the Participant were provided such
      election. The Corporation by this Plan designates that each such
      Supplemental Credit Amount designated by it in a Plan Year shall be
      deferred for the same period, and be payable at the same Specified Time
      and in the same form of payment as the Long-Term Deferrals of and for a
      Participant for that Plan Year. A Participant shall have no right or
      opportunity to make any election with respect to the amount, deferral and
      the time and form of payment of a Supplemental Credit
    Amount.

            

    

     

    4.4           General Requirements for All
Elections

     

    Notwithstanding
anything to the contrary expressed or, implied herein, the following
requirements stated in this Section 4.4 shall apply to the Plan and to all
Elections by Participants under the Plan.

     

    
      	
              (a)  

            	
              Time of
      Election. The deferral of compensation for services performed by a
      Participant may be deferred by Election only if the Election to
      defer

            

    

     

    
      
         

      

      
        - 15
-

        
          

        

      

      
         

      

    

     

    
      	
            	
              compensation
      payable with respect to services performed by the Participant in the
      immediately following year is made and becomes irrevocable not later than
      the close of the Plan Year (December 31), or such other time as is
      provided for in Treasury Regulations issued under Code Section 409A. Each
      Election to defer compensation shall be made not later than the close of
      the Participant’s taxable year preceding the service year. Provided, that
      in the case of the first year in which a Participant is eligible to
      participate in the Plan, such Election may be made with respect to
      services to be performed subsequent to the Election within thirty (30)
      days after the date the Participant becomes eligible to the participate in
      the Plan. Provided, further, in the case of any Performance-Based
      Compensation based on services performed over a period of at least twelve
      (12) months, such Election may be made on or before the date that is six
      (6) months before the end of the performance period, provided that the
      Participant performs services continuously from the later of the beginning
      of the performance period or the date the performance criteria are
      established through the date an Election is made and provided the criteria
      are established through the date an Election is made, and in no event may
      such an Election to defer Performance-Based Compensation be made after
      such Performance-Based Compensation has become readily
      ascertainable.

            

    

     

    
      	
              (b)  

            	
              Time and Form of
      Payment. Every Election to defer compensation shall include an
      election as to the Specified Time and form of payment and distribution of
      the compensation deferred.

            

    

     

    4.5           Subsequent
Elections

     

    
      	
              (a)  

            	
              General. Any
      Subsequent Election that is made under the Plan to elect a delay in a
      payment or a change in the form of payment of compensation deferred by an
      Election under the Plan, shall not take effect until at least twelve (12)
      months after the date on which it is made. In the case of a Subsequent
      Election related to a payment to be made upon Separation from Service of a
      Participant, at a Specified Time or pursuant to a Fixed Schedule, or upon
      a Change in Ownership or Control, the first payment with respect to which
      Subsequent Election is made shall be deferred for a period of not less
      than five (5) years from the date such payment would otherwise have been
      made; and any such Subsequent Election related to a payment at a Specified
      Time or pursuant to a Fixed Schedule may not be made less than twelve (12)
      months prior to the date of the first scheduled payment to which it
      relates.

            

    

     

    
      	
              (b)  

            	
              No
      Subsequent Election shall be allowed to be made under the Plan that does
      not comply with the provisions of section 409A of the Code and Treasury
      Regulations. A Subsequent Election may be made and effective under the
      Plan with respect to the payment of deferred compensation only if the
      following conditions are met:

            

    

     

    
      	
              (1)  

            	
              Such
      Subsequent Election shall not take effect until at least twelve (12)
      months after the date on which it is
made;

            

    

     

    
      
         

      

      
        - 16
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              (2)  

            	
              Except
      in the case of an election permitted under Section 409A and the Treasury
      Regulations §1.409A-3(a)(2) (payment on account of disability), §
      1.409A-3(a)(3) (payment on account of death), or §1.409A-3(a)(6) (payment
      on account of the occurrence of an unforeseeable emergency), the payment
      with respect to which such Subsequent Election shall be deferred for a
      period of five (5) years from the date such payment would otherwise have
      been paid (or in the case of a life annuity or installment payments
      treated as a single payment, five (5) years from the date the first amount
      was scheduled to be paid); and

            

    

     

    
      	
              (3)  

            	
              Any
      Subsequent Election related to a payment described in Treasury Regulations
      §1.409A-3(a)(4) (payment at a specified time or pursuant to a fixed
      schedule) shall be made not less than twelve (12) months before the date
      the payment is scheduled to be paid (or in the case of a life annuity or
      installment payments treated as a single payment, twelve (12) months
      before the date the first amount was scheduled to be
  paid).

            

    

     

    
      	
              (c)  

            	
              A
      Participant by or for whom an Election to defer compensation has been made
      under the Plan may make a Subsequent Election to change the time of
      payment of such deferred compensation by written instrument filed with the
      Committee in such form as it may prescribe at least twelve months (12)
      prior to the date of the first scheduled payment to which it
      relates.

            

    

     

    
      	
              (d)  

            	
              A
      Participant who has not made any prior Subsequent Election to change the
      Normal Specified Time of Distribution of deferred compensation under the
      Plan provided for in the Election shall be allowed to make a Subsequent
      Election applicable to such Normal Specified Time of Distribution in
      accordance with this Section 4.5 and the other provisions of the
      Plan.

            

    

     

    
      	
              (e)  

            	
              A
      Participant who has made a prior Subsequent Election of a Subsequent
      Election Specified Time of Distribution of Deferred Compensation under the
      Plan shall be allowed to make another Subsequent Election applicable to
      such Subsequent Election Specified Time of Distribution in accordance with
      this Section 4.5 and other provisions of the
  Plan.

            

    

     

    
      	
              (f)  

            	
              A
      Participant shall not be authorized to make changes between Long-Term and
      Short-Term Deferrals elected or provided for in an Election by making a
      Subsequent Election.

            

    

     

    
      	
              (g)  

            	
              The
      Committee shall be authorized to administer, construe and interpret the
      foregoing provisions and the Plan with respect to all Subsequent Elections
      to assure compliance with the intent thereof and the requirements of the
      Plan and of section 409A of the Code and Treasury
    Regulations.

            

    

     

    
      	
              (h)  

            	
              Notwithstanding
      the foregoing provisions, the Committee, in its sole discretion, shall be
      authorized to determine, from time to time and/or in the particular
      case

            

    

     

    
      
         

      

      
        - 17
-

        
          

        

      

      
         

      

    

    of any
one or more Participants, that a Subsequent Election not be allowed to be made
to change the time of payment of deferred compensation under the
Plan.

     

    4.6           Crediting Deferred Base
Salary and Bonus

     

    The
amount of Base Salary that a Participant elects to defer pursuant to an Election
of the Participant under the Plan shall be credited by the Employer to the
Participant’s Account monthly, provided that the Employer shall reduce the
deferral amount credited by the amount of taxes, including taxes imposed by the
Federal Insurance Contribution Act (FICA) or other amounts, if any, required to
be withheld by the Employer from a Participant’s Compensation pursuant to any
state, federal or local law. The amount of Bonus that a Participant elects to
defer pursuant to an Election of the Participant under the Plan shall be
credited by the Employer to the Participant’s  Account at the time the
Bonus would otherwise be paid or payable to the Participant under the Incentive
Plan pursuant to which such Bonus is paid or payable.

     

    4.7           Crediting of Plan Excess
Amounts

     

    The
amount of any Qualified Employer Plan Excess Amount or  Supplemental
Credit Amount  that a Participant or the Corporation elects to defer
pursuant to an Election of the Participant or the Corporation shall be credited
in accordance with Article V, below. Such amounts shall be credited on or before
the last day of the Plan Year for which they are deferred by the Participant or
Corporation Election.

     

    ARTICLE
V

    PLAN
EXCESS AMOUNT

    

    5.1           General

     

    
      	
              (a)  

            	
              Qualified
      Employer Plan Excess Amounts. There shall be deferred and credited to the
      Account of a Participant the Qualified Employer Plan Excess Amounts
      (except the Retirement Plan Excess Amount) that apply to such Participant
      for the Plan Year by reason or and based upon his/her participation during
      the Plan Year in one or more qualified defined contribution plans or
      defined benefit plans of the Corporation, as more particularly described
      and provided for in this Article V, including the Thrift Plan, Profit
      Sharing Plan and Retirement Plan. A Participant shall be entitled to defer
      and have credited to his/her Account such Qualified Employer Plan Excess
      Amounts (except the Retirement Plan Excess Amount) to the extent he/she is
      a participant in the qualified plan of the Corporation and his/her
      participation in, and benefits under such qualified plan come under and
      are affected in the manner described herein
  below.

            

    

     

    
      	
              (b)  

            	
              Supplemental
      Credit Amount. There shall be deferred and credited to the Account of a
      Participant Supplemental Credit Amounts that apply to such Participant for
      the Plan Year by reason or and based upon his/her entitlement thereto
      during the Plan Year as specified in the written authorization and
      direction of the deferral and credit thereof by the Corporation. A
      Participant shall be entitled to defer and have credited to his/her
      Account such Supplemental Credit Amounts to the extent provided for in
      such authorization.

            

    

     

    
      
         

      

      
        - 18
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    5.2           Thrift Plan Excess Employee
Amount

     

    a. The
Employer shall provide and credit a Thrift Plan Excess Employee Amount elected
under this Plan for each Participant making an Election thereof and eligible to
make and be allocated contributions under the Thrift Plan; except that the
Committee may, in its discretion, prior to any Plan Year, make a determination
not to provide for the election and crediting of Thrift Plan Excess Employee
Amounts for that Plan Year.

     

    b. The
Thrift Plan Excess Employee Amount under the Plan for each Participant under
this Section 5.2 shall be credited by the Employer as soon as practicable after
the time the related contributions and allocations are made under the Thrift
Plan, and no later than ninety (90) days after the end of the Plan Year that
includes the time that the related contributions and allocations are made under
the Thrift Plan.

     

    5.3           Thrift Plan Excess Matching
Amount

     

    a. The
Employer shall provide and credit a Thrift Plan Excess Matching Amount elected
under this Plan with respect to each Participant making an Election thereof and
eligible to be allocated matching contributions under the Thrift Plan; except
that the Committee may, in its discretion, prior to any Plan Year, make a
determination not to provide for the crediting of Thrift Plan Excess Matching
Amounts for that Plan Year.

     

    b. The
Thrift Plan Excess Matching Amount under the Plan for each Participant under
this Section 5.3, above, shall be credited by the Employer as soon as
practicable after the time the related matching contributions are made under the
Thrift Plan, and no later than ninety (90) days after the end of the Plan Year
that includes the time that the related matching contributions are made under
the Thrift Plan.

     

    5.4           Profit Sharing Plan Excess
Amount

     

    a. The
Employer shall provide and credit a Profit Sharing Plan Excess Amount under this
Plan with respect to each Participant making an Election thereof and eligible to
be allocated contributions under the Profit Sharing Plan; except that the
Committee may, prior to any Plan Year, make a determination not to provide for
the crediting of Profit Sharing Plan Excess Amounts for that Plan
Year.

     

    b. The
Profit Sharing Plan Excess Amount under the Plan for each Participant under this
Section 5.4, shall be credited by the Employer as soon as practicable after the
time the related contributions and allocations are made under the Profit Sharing
Plan, and no later than ninety (90) days after the end of the Plan Year that
includes the time that the related contributions and allocations are made under
the Profit Sharing Plan.

     

    5.5           Retirement Plan Covered
Compensation Excess Amount

     

    a. The
Employer shall provide and credit a Retirement Plan Covered Compensation Excess
Amount elected and deferred under this Plan for each Participant making an
Election thereof and

     

    
      
         

      

      
        - 19
-

        
          

        

      

      
         

      

    

    eligible
to participate in the Retirement Plan, and not participating in the ONEOK, Inc.
2005 Supplemental Executive Retirement Plan; except that the Committee may, in
its discretion, prior to any Plan Year, make a determination not to provide for
the election and crediting of Retirement Plan Covered Compensation Excess
Amounts for that Plan Year.

     

    b. The
Retirement Plan Covered
Compensation Excess Amount under the Plan for a Participant under this Section
5.5 shall be credited by the Employer as soon as practicable after the time the
related accruals and contributions are made under the Profit Sharing Plan, and
no later than ninety (90) days after the end of the Plan Year that includes the
time that the related contributions and allocations are made under the Profit
Sharing Plan.

     

    5.6           Supplemental Credit
Amount

     

    a. The
Employer shall provide and credit a Supplemental Credit Amount if elected and
deferred by the Corporation under this Plan for each Participant; except that
the Committee may, in its discretion, prior to any Plan Year, make a
determination not to provide for the election and crediting of Supplemental
Credit Amounts for that Plan Year.

     

    b. The
Supplemental Credit Amount under the Plan for a Participant under
this Section 5.6shall be credited by the Employer as soon as practicable
after the beginning of the Plan Year for which an election is made, and no later
than ninety (90) days after the end of the Plan Year.

     

    5.7           Required Elections to Defer
Excess Amounts

     

    The
deferral, allowance, provision of and crediting of a Qualified Employer Plan
Excess Amount shall be made and administered under this Plan if and to the
extent elected by a Participant in such Participant’s Election made pursuant to
and in accordance with the terms and provisions of Article IV. Provided, that
Retirement Plan Excess Amounts deferred under this Plan are separately provided
for and made payable under the Plan pursuant to and in accordance with Section
7.13 of the Plan; and Supplemental Credit Amounts are elected and made payable
as determined by the Committee in accordance with Section 4.3(b) of the
Plan.

     

    ARTICLE VI

    BENEFIT
ACCOUNTS

     

    6.1           Determination of
Account

     

    As of
each Determination Date, a Participant’s Account shall consist of the balance of
the Participant’s Account as of the immediately preceding Determination Date,
plus the Participant’s Deferred Compensation  credited pursuant to
Article V since the immediately preceding Determination Date, plus investment
return credited as of such Determination Date pursuant to Section 6.2, minus the
aggregate amount of distributions, if any, made from such Account since the
immediately preceding Determination Date.

     

    6.2           Crediting of Investment
Return; Other Items to Participant Accounts

     

    The
Account of each Participant shall be periodically credited and increased, or
debited and reduced, as the case may be, by the amount of investment return
specified under Section 6.3. The

     

    
      
         

      

      
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    Account
of each Participant shall also be debited and credited for any deemed purchases
or sales of, or other deemed transactions involving securities provided for
under the Plan. The Account,  shall be so credited and debited not
less frequently than monthly in the manner established and determined from time
to time by the Committee, in its sole discretion. The manner in which the
Committee determines that a Participant’s Account shall be so debited or
credited shall be described in written rules or procedures which shall be stated
from time to time by a written description thereof which shall be attached to
this Plan as Exhibit “D,” and furnished to the Participants in the
Plan.

     

    6.3           Investment Return;
Designated Deemed Investment

     

    The
Investment Return shall be determined in the manner specified in Exhibit “C”
attached hereto.

     

    To the
extent the Investment Return specified in Exhibit “C” attached hereto, applied
to a Participant’s deferrals includes a rate that is to be determined from
deemed investment of such  Participant’s Account in investment options
specified therein, the Committee shall prescribe the manner and form in which a
Participant may designate the deemed investment of deferrals and other amounts
in his or her Account. A Participant will be allowed to change such designation
of deemed investment monthly or with such other frequency as specified by the
Committee, in its sole discretion. Provided, that notwithstanding anything to
the contrary stated or implied by the Plan, including all Exhibits thereto, the
use, reference to or consideration of any such deemed investments made by the
Committee or Plan, or designated by Participants, the Committee and the
Corporation shall not be obligated to make or cause to be made any particular
type or form of investment with respect to the funding or payment of the Plan
Benefits or Accounts of Participants under the Plan, and no Participant shall
have the right to direct or in any manner control any actual investments, if
any, made by the Employer or any other person for purposes of providing funds
for paying liabilities of the Employer for benefits or otherwise under the
Plan.  No Participant shall have any ownership or beneficial interest
in any such actual investments made by the Employer.

     

    6.4           Statement of
Account

     

    The
Committee shall provide to each Participant a statement each calendar quarter
setting forth the balance or balances of such Participant’s Account which have
attributed an Investment Return as of the end of the calendar quarter showing
all adjustments made thereto during such calendar quarter.

     

    6.5           Vesting of Participant
Accounts

     

    Except as
provided in Sections 10.1 and 10.2, below, a Participant shall be one hundred
percent (100%) vested in his or her Account,  at all times: provided
that  the vesting of a Participant’s Retirement Plan Excess Account
shall be determined in like manner as the vesting of the Participant’s accrued
benefit under the Retirement Plan.

     

    
      
         

      

      
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    ARTICLE
VII

    PAYMENT OF
BENEFITS

     

    7.1           Requirements for
Distributions and Payments

     

    Notwithstanding
anything to the contrary expressed or implied herein, the following requirements
stated in this Section 7.1 shall apply to the Plan, to all Elections or
Subsequent Elections made by Participants under the Plan, and to all
distributions and payments made pursuant to the Plan.

     

    
      	
              (a)  

            	
              Any
      Compensation deferred under the Plan shall not be distributed earlier
      than

            

    

     

    
      	
              (1)  

            	
              separation
      from Service of the Participant,

            

    

     

    
      	
              (2)  

            	
              the
      date the Participant becomes
Disabled,

            

    

     

    
      	
              (3)  

            	
              death
      of the Participant,

            

    

     

    
      	
              (4)  

            	
              a
      Specified Time (or pursuant to a Fixed Schedule) specified under the Plan
      at the date of deferral of such
Compensation,

            

    

     

    
      	
              (5)  

            	
              a
      Change in Ownership or Control, or

            

    

     

    
      	
              (6)  

            	
              the
      occurrence of an Unforeseeable
Emergency.

            

    

     

    
      	
              (b)  

            	
              Notwithstanding
      the foregoing, in the case of a Participant who is a Specified Employee,
      no distribution shall be made before the date which is six (6) months
      after the date of the Participant’s Separation from Service, or, if
      earlier, the date of death of such
Participant.

            

    

     

    
      	
              (c)  

            	
              No
      acceleration of the time or schedule of any distribution or payment under
      the Plan shall be permitted or allowed, except to the extent provided in
      Treasury Regulations issued under Code Section
  409A.

            

    

     

    
      	
              (d)  

            	
              If
      the Plan, or the Committee acting pursuant to the Plan, permits under any
      Subsequent Election by a Participant a delay in a payment or a change in
      the form of payment of Compensation deferred under the Plan, such
      Subsequent Election shall not take effect until at least twelve (12)
      months after the date on which it is made. In the case of a Subsequent
      Election related to a payment to be made upon Separation from Service of a
      Participant, at a Specified Time or pursuant to a Fixed Schedule, or upon
      a Change in Ownership or Control, the first payment with respect to which
      such Subsequent Election is made shall be deferred for a period of not
      less than five (5) years from the date such payment would otherwise have
      been made; and any such Subsequent Election related to a payment at a
      Specified Time or pursuant to a Fixed Schedule may not be made less than
      twelve (12) months prior to the date of the first scheduled payment to
      which it relates.

            

    

     

    
      
         

      

      
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    7.2           Payment of Plan Benefit;
Long-Term Deferrals

     

    Subject
to the requirements stated in Section 7.1, above, and Section 7.7 below, a
Long-Term Deferral of Deferred Compensation shall be paid and distributed to the
Participant at the Normal Specified Time of Distribution elected by a
Participant (the Participant’s Separation from Service after attaining fifty
(50) years of age and the completion of five (5) years of service with the
Corporation). The Employer shall pay to the Participant the Plan Benefit in the
form of payment specified and elected in the Participant’s Election and
Participation Agreement pursuant to Section 7.5.

     

    7.3           Payment of Plan Benefit;
Short-Term Deferrals

     

    Subject
to the requirements stated in Section 7.1, above, and Section 7.7 below, a
Short-Term Deferral of Compensation elected by a Participant shall be paid and
distributed to a Participant at the Specified Time or pursuant to the Fixed
Schedule designated and elected by the Participant in his or her Election and
Participation Agreement. The Employer shall pay to the Participant the Plan
Benefit in the form of benefit specified and elected in the Participant’s
Election pursuant to Section 7.5; provided, that no part of a Short-Term
Deferral may be paid prior to five (5) years following the Participant’s
Election thereof.

     

    7.4           Specified Employee Six (6)
Month Required Delay in Distribution and Payment

     

    In the
case of any Participant who is a Specified Employee as of the date of a
Separation from Service, distribution and payments of any deferred compensation
and Plan Benefit may not be made before the date that is six (6) months after
the date of Separation from Service (or, if earlier than the end of the
six-month period, the date of death of the Specified Employee). For this
purpose, a Participant who is not a Specified Employee as of the date of a
Separation from Service will not be treated as subject to this requirement even
if the Participant would have become a Specified Employee if the Participant had
continued to provide services through the next Specified Employee Effective
Date; and a Participant who is treated as a Specified Employee as of the date of
a Separation from Service will be subject to this requirement even if the
Participant would not have been treated as a Specified Employee after the next
Specified Employee Effective Date had the Specified Employee continued in
employment with the Corporation through the next Specified Employee Effective
Date. The required delay in payment is met if payments to which a Specified
Employee would otherwise be entitled during the first six (6) months following
the date of Separation from Service are accumulated and paid on the first day of
the seventh month following the date of Separation from Service, or if each
payment to which a Specified Employee is otherwise entitled upon a Separation
from Service is delayed by six (6) months. The Committee shall have and retain
discretion to choose which method will be implemented, provided that no direct
or indirect election as to the method may be provided to the Participant. For an
affected Specified Employee, a date upon which the Committee or the Corporation
designates that the payment will be made after the six-month delay is treated as
a fixed payment date for purposes of the other requirements of the Plan once the
Separation from Service has occurred.

     

    
      
         

      

      
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    7.5           Form of Distribution and
Payment

     

    The Plan
Benefit payable to a Participant for Deferred Compensation shall be distributed
and paid in one of the following forms, as elected by the Participant in and at
the time of his or her Election.

     

    
      	
              (a)  

            	
              For
      Participants who elect a Long-Term Deferral, the Plan Benefit shall be
      distributed and paid in one of the following elected forms elected by the
      Participant in such Election:

            

    

     

    
      	
              (1)  

            	
              In
      annual payments of the vested Account balance, on and after the payment
      commencement date over a period of either five (5) or fifteen (15) years
      (together, in the case of each annual payment, with Investment Return
      thereon credited after the payment commencement date pursuant to Section
      6.2), with the amount of each such annual payment to be determined by
      multiplying the remaining principal amount and undistributed income in the
      Participant’s Account by a fraction, the numerator of which is one (1) and
      the denominator of which shall be the number of remaining annual payments,
      including the payment then being calculated;
or

            

    

     

    
      	
              (2)  

            	
              A
      lump sum.

            

    

     

    
      	
              (b)  

            	
              For
      Participants who elect a Short-Term Deferral, the Plan Benefit shall be
      distributed and paid in one of the following forms elected by the
      Participant in such Election:

            

    

     

    
      	
              (1)  

            	
              Annual
      payments of a fixed amount which shall amortize the vested Account
      balance, on and after the payment commencement date over a period of from
      two (2) to four (4) years (together, in the case of each annual payments
      with Investment Return thereon credited after the payment commencement
      date pursuant to Section 6.2), with the amount of each such annual payment
      to be determined by multiplying the remaining principal amount and
      undistributed income in the Participant’s Account by a fraction, the
      numerator of which is one (1) and the denominator of which shall be the
      number of remaining annual payments, including the payment then being
      calculated; or

            

    

     

    
      	
              (2)  

            	
              A
      lump sum.

            

    

     

    
      	
              (c)  

            	
              For
      any Participant who has an Early Separation from Service, the Plan Benefit
      shall be distributed in a single lump sum payment, except for Short-Term
      Deferral installment payments that have already commenced, as provided for
      in Section 7.7 below.

            

    

     

    
      
         

      

      
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    7.6           Distribution and Payment for
Subsequent Elections

     

    Subject
to the provisions of Section 7.1, above, if a Subsequent Election is made
pursuant to the Plan, the payment and distribution shall be made at the
Subsequent Election Time of Distribution that is elected and determined in and
by such Subsequent Election.

     

    7.7           Distribution and Payment for
Early Separation from Service

     

    Subject
to the requirements stated in Section 7.1, above, and notwithstanding the
foregoing provisions in Sections 7.2 and 7.3, a Long-Term Deferral and/or
Short-Term Deferral shall be paid and distributed to a Participant upon his/her
Early Separation from
Service., The Employer shall pay to the Participant his/her Plan Benefit in a
single lump sum payment equal to the balance of the Participant’s Account
determined pursuant to Article VI. This lump sum payment shall be made
notwithstanding any other period or time of payment that has been elected by the
Participant. Provided, that any installment payments of a Short-Term Deferral to
the Participant that have commenced and not been completed at such time shall
continue to be paid in accordance with the existing schedule of
payments.

     

    7.8           Distribution and Payment of
Plan Benefit Upon Disability

     

    Subject
to the requirements stated in Section 7.1, above, if a Participant becomes
Disabled, the Employer shall distribute and pay to the Participant, or the
Participant’s personal representative, a Plan Benefit. The payment and
distribution shall be made upon the date the Participant is determined by the
Committee to be Disabled. Notwithstanding any other provisions of the Plan, a
cancellation of a Participant's Election with respect to deferral of
compensation may be made by the Participant or the Committee where such
cancellation occurs by the later of the end of the taxable year of the
Participant or the 15th day of the third month following the
date the Participant incurs a Disability. For purposes of this paragraph, a Disability refers to any medically determinable physical or
mental impairment resulting in the Participant's inability to perform the duties
of his or her position or any substantially similar position, where such
impairment can be expected to result in death or can be expected to last for a
continuous period of not less than six (6) months.

     

    7.9           Distribution and Payment of
Plan Benefit Upon Death

     

    Subject
to the requirements stated in Section 7.1, above, upon the death of a
Participant the Participant’s Account shall be paid to the Participant’s
Beneficiary. If the Participant has elected Long-Term Deferral, the Plan Benefit
shall be paid to the Beneficiary over the time period elected by the Participant
commencing as soon as practicable after the time of death of the Participant. If
the Participant has elected a Short-Term Deferral, the Plan Benefit shall be
paid to the Beneficiary in a single lump sum payment. However, the Retirement
Plan Excess Amount will be paid to the same beneficiary as the Retirement Plan
benefit.

     

    7.10           Payment of Deferrals for
Unforeseeable Emergency

     

    Subject
to the requirements stated in Section 7.1, above, in the case of an
Unforeseeable Emergency, a Participant may apply in writing to the Corporation,
or its designated agent, for the immediate distribution of all or part of his or
her Plan Benefit; provided, that such a distribution

     

    
      
         

      

      
        - 25
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    shall not
exceed the amounts necessary to satisfy the emergency involved plus amounts
necessary to pay taxes reasonably anticipated as a result of the distribution,
after taking into account the extent to which such hardship is or may be
relieved through reimbursement or compensation by insurance or otherwise or by
liquidation of the Participant’s assets (to the extent the liquidation of such
assets would not itself cause severe financial hardship). In addition, the
Participant must continue to defer Compensation subsequent to such distribution
in accordance with the Participant’s Election and will not be permitted to elect
to defer Compensation attributable to the calendar year subsequent to the
calendar year of the distribution. The Corporation shall have the sole
discretion as to whether such distribution shall be made, and its determination
shall be final and conclusive. In making its determinations, the Corporation
shall follow a uniform and nondiscriminatory practice.

     

    7.11           Commencement of
Distributions and Payments

     

    Subject
to the requirements stated in Section 7.1, above, and except as otherwise
provided in Section 7.2, the commencement of payments under Sections 7.1 through
7.4, above, shall begin at the time specified by the Participant in his or her
Election and Participation Agreement consistent with the terms and provisions of
the Plan or Subsequent Election.

     

    Except as
otherwise expressly specified in the Plan, a distribution or payment shall be
treated as made upon the date specified under the Plan if the payment is made at
such date or a later date within the same taxable year of the Participant or, if
later, by the 15th day of the third calendar month following the date specified
under the Plan and the Participant is not permitted, directly or indirectly, to
designate the taxable year of the payment. In addition, a distribution or
payment shall be treated as made upon the date specified under the Plan and
shall not treated as an accelerated payment if the payment is made no earlier
than thirty (30) days before the designated payment date and the Participant is
not permitted, directly or indirectly to designate the taxable year of the
payment. For purposes of this paragraph, if the date specified is only a
designated taxable year of the Participant, or a period of time during such a
taxable year, the date specified under the Plan is treated as the first day of
such taxable year or the first day of the period of time during such taxable
year, as applicable. If calculation of the amount of the distribution or payment
is not administratively practicable due to events beyond the control of the
Participant (or Participant's beneficiary), the distribution or payment will be
treated as made upon the date specified under the Plan if the distribution or
payment is made during the first taxable year of the Participant in which the
calculation of the amount of the distribution or payment is administratively
practicable. For purposes of this section, the inability of a Corporation to
calculate the amount or timing of a distribution or payment due to a failure of
a Participant (or Participant's beneficiary) to provide reasonably available
information necessary to make such calculation does not constitute an event
beyond the control of the Participant.

     

    7.12           No Acceleration of
Distribution and Payment

     

    No
acceleration of the time or schedule of any payment or amount scheduled to be
paid pursuant to the terms of the Plan shall be allowed, and no such accelerated
payment may be made whether or not provided for under the expressed or implied
terms of such Plan. Provided, that there may be an acceleration of a payment in
accordance with the express provisions allowing the same under the Treasury
regulations issued under Code Section 409A or the Committee may
have

     

    
      
         

      

      
        - 26
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    discretion
to permit such acceleration to be made consistent with the regulations.
Provided, that a Participant shall have no discretion with respect to whether a
payment will be accelerated, and the Corporation or Committee shall not provide
a Participant a direct or indirect election as to whether the Corporation's or
Committee's discretion to accelerate a payment will be exercised, even if such
acceleration would be permitted under the regulations.

     

    7.13           Retirement Plan Excess
Amount

     

    Subject
to the requirements stated in Section 7.1, above, the Corporation shall pay to a
Participant or his or her survivor Beneficiary, as the case may be, a Retirement
Plan Excess Amount elected to be deferred and credited for the Participant by
the Corporation that shall be equal to the amount by which such Participant’s
retirement benefit under the Retirement Plan is reduced by reason of the
deferred Compensation elected by the Participant under the Plan not being taken
into account in the calculation of such Participant’s retirement benefit under
the Retirement Plan, but only if such deferred Compensation is not taken into
account in determining a retirement benefit or payment payable to such
Participant under the ONEOK, Inc., 2005 Supplemental Executive Retirement Plan
(SERP), nor under any other plan, arrangement or agreement of the Corporation
other than this Plan

     

    The
Retirement Plan Excess Amount payable to a Participant, or his or her
Beneficiary, under this Section 7.13 shall be paid commencing at the date of the
Participant’s Normal Specified Time of Distribution under this Plan and the
amount thereof shall be calculated pursuant to the Retirement Plan benefit
formula in the manner it would be calculated if the Participant commenced
payment of his/her Retirement Plan benefits at that time. However, if
Participant is a SERP participant, the time and form of payment of the
Participant’s Retirement Plan Excess Amount under this Plan shall be the time
and form of payment that the Participant has made or makes under the SERP as to
the time and form of payment of his/her benefits under the SERP; provided that
such election under the SERP shall be considered an election by the Participant
under this Plan that is subject to application of all pertinent requirements,
restrictions and limitations of this Plan with respect to the time of making and
effect of an Election or Subsequent Election, and/or the prohibition of an
acceleration of payment of the Retirement Plan Excess Amount; and provided
further, that to the extent that such an election would not comply with any of
such requirements, restrictions or limitations, the time of payment shall be the
Normal Specified Time of Distribution. The Retirement Plan Excess Amount shall
be paid in the form of a 50% joint and survivor annuity, as defined in the
Retirement Plan, if the Participant is married at the time of the Corporation’s
Election, and shall be paid in the form of a single (straight) life annuity, as
defined in the Retirement Plan, if the Participant is single at the time of the
Corporation’s Election. The form of payment can be changed by Participant prior
to commencement to another actuarially equivalent form of monthly
annuity.

     

    ARTICLE
VII

    BENEFICIARY
DESIGNATION

     

    8.1           Beneficiary
Designation

     

    Each
Participant shall have the right, at any time, to designate any person or
persons as his or her Beneficiary to whom payment under the Plan shall be made
in the event of the Participant’s

     

    
      
         

      

      
        - 27
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    death
prior to complete distribution to the Participant of his or her Account;
provided, that the Retirement Plan Excess Amount shall be paid to the
Participant’s beneficiary for Retirement Plan benefits. Any Beneficiary
designation shall be made in a written instrument provided by the Committee. All
Beneficiary designations must be filed with the Corporation and shall be
effective only when received in writing by the Corporation.

     

    8.2           Amendments

     

    Any
Beneficiary designation may be changed by a Participant by the filing of a new
Beneficiary designation, which will cancel all the Participant’s prior
Beneficiary designations filed with the Committee.

     

    8.3           No
Designation

     

    If a
Participant fails to designate a Beneficiary as provided above, or if all
designated Beneficiaries predecease the Participant, then the Participant’s
designated Beneficiary shall be deemed to be the Participant’s
estate.

     

    8.4           Effect of
Payment

     

    Payment
to a Participant’s Beneficiary (or, upon the death of a primary Beneficiary, to
the contingent Beneficiary or, if none, to the Participant’s estate) shall
completely discharge the Employer’s obligations under the Plan.

     

    ARTICLE
IX

    ADMINISTRATION

     

    9.1           Plan Committee; Authority
and Duties

     

    
      	
              (a)  

            	
              The
      Plan shall be administered by the Committee, which shall consist of not
      less than three (3) members, appointed from time to time by the Board to
      serve at the pleasure of the Board.

            

    

     

    
      	
              (b)  

            	
              Notwithstanding
      anything to the contrary expressed or implied herein, no member of the
      Committee shall have any right or authority to act, vote or decide upon
      any matter relating solely to such member under the Plan, or to act, vote
      upon or decide any issue or case in which such member's individual right
      to receive any Compensation under the Plan is particularly involved, or to
      take any action that would change or accelerate the deferral or payment of
      Compensation or benefits to such member in a manner or at a time not
      provided for under the Plan. In any case in which a member of the
      Committee is so disqualified to act and the remaining members cannot
      agree, or in any case where a majority or all of the members of the
      Committee are so disqualified, the Executive Compensation Committee of the
      Board shall appoint a substitute member or members of the Committee to
      exercise all powers of the disqualified member or members concerning the
      matter involved, or in the alternative the Executive Compensation
      Committee may, in its discretion, assume authority to act upon and
      decide the issues and case involved, with any such action and decision by
      it

            

    

     

    
      
         

      

      
        - 28
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              to
      be final and binding with respect to the Plan, Participants or other
      persons involved.

               

              The Committee and its members shall have no
      discretion to allow or cause distribution or payment of the Account or any
      deferred compensation to any Participant at a time or in a form or manner
      that is not in accordance with the terms and provisions of the Plan,
      including the requirements of Section 7.1, above, and the requirements of
      Code Section 409A.

            

    

     

    
      	
              (c)  

            	
              The
      Committee shall supervise the administration and operation of the Plan,
      may from time to time adopt rules and procedures governing the Plan and
      shall have authority to give interpretive rulings with respect to the
      Plan. The Committee shall have such other powers and duties as are
      specified in this Plan as the same may from time to time be constituted,
      and not in limitation but in amplification of the foregoing, the Committee
      shall have power, in its discretion to the exclusion of all other persons,
      to interpret the provisions of this instrument, to decide any disputes
      which may arise hereunder; to construe and determine the effect of
      Participant Agreements, Elections, beneficiary designations, and other
      actions and documents; to determine, in its discretion, all questions that
      shall arise under the Plan, including questions as to the rights of
      Employees to become Participants, as to the rights of Participants, any
      Beneficiary or other person with respect to the Plan, and including
      questions submitted by the trustee of a Trust created under Section 11.2
      on all matters necessary for it properly to discharge its duties, powers,
      and obligations; to employ legal counsel, accountants, consultants and
      agents; to establish and modify such rules, procedures and regulations for
      carrying out the provisions of the Plan not inconsistent with the terms
      and provisions hereof, as the Committee, in its discretion, may determine;
      and in all things and respects whatsoever, without limitation, to direct
      the administration of the Plan and any such Trust with the trustee being
      subject to the direction of the
Committee.

            

    

     

    
      	
              (d)  

            	
              The
      Committee may supply any omission or reconcile any inconsistency in this
      instrument in such manner and to such extent as it shall deem expedient to
      carry the same into effect and it shall be the sole and final judge of
      such expediency.

            

    

     

    
      	
              (e)  

            	
              The
      Committee may adopt such rules and regulations with respect to the
      signature by an Employee, Participant and/or Beneficiary as to any
      agreements, Elections or other papers to be signed by Employees or
      Participants or Beneficiaries and similar matters as the Committee shall
      determine in view of the laws of any state or
  states.

            

    

     

    
      	
              (f)  

            	
              The
      Committee shall maintain or cause to be maintained complete and adequate
      records pertaining to the Plan, including but not limited to the Accounts
      of Participants, all matters involving any Trust of the Plan, and all
      other records which the Committee in its discretion determines are
      necessary or desirable in the administration of the
  Plan.

            

    

     

    
      
         

      

      
        - 29
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              (g)  

            	
              Any
      act which the Plan authorizes or requires the Committee to do may be done
      by a majority of the then members of the Committee. The action of such
      majority of the members expressed either by a vote at a meeting or in
      writing without a meeting, shall constitute the action of the Committee
      and shall have the same effect for all purposes as if assented to by all
      of the members of the Committee at the time in office, provided, however,
      that the Committee may, in specific instances, authorize one (1) of its
      members to act for the Committee when and if it is found desirable and
      convenient to do so.

            

    

     

    9.2           Agents

     

    The
Committee may appoint an individual, who may be an employee of the Corporation,
to be the Committee’s agent with respect to the day-to-day administration of the
Plan. In addition, the Committee may, from time to time, employ other agents and
delegate to them such administrative duties as it sees fit, and may from time to
time consult with counsel who may be counsel to the Corporation.

     

    9.3           Binding Effect of
Decisions

     

    Any
decision or action of the Committee with respect to any question arising out of
or in connection with the administration, interpretation and application of the
Plan shall be final and binding upon all persons having any interest in the
Plan.

     

    9.4           Indemnity of
Committee

     

    The
Corporation shall indemnify and hold harmless the members of the Committee and
their agents duly appointed under Section 9.2 against any and all claims, loss,
damage, expense or liability arising from any action or failure to act with
respect to the Plan, except in the case of gross negligence or willful
misconduct by any such member or agent of the Committee.

     

    ARTICLE
X

    AMENDMENT
AND TERMINATION OF PLAN

     

    10.1           Amendment

     

    
      	
              (a)  

            	
              The
      Corporation, on behalf of itself and of each Subsidiary may by action of
      the Board at any time amend, modify, suspend or reinstate any or all of
      the provisions of the Plan, except that no such amendment, modification,
      suspension or reinstatement may adversely affect any Participant’s
      Account, as it existed as of the day before the effective date of such
      amendment, modification, suspension or reinstatement, without such
      Participant’s prior written
consent.

            

    

     

    
      	
              (b)  

            	
              The
      Plan may also be so amended or modified by resolution of the Committee or
      by the Committee executing a written instrument containing such amendment
      or modification (pursuant to authority which has been duly delegated to
      the Committee by the Board and is hereby acknowledged and recognized);
      provided, that no amendment or modification of the Plan to increase any
      compensation of or benefits provided to Participants under the Plan, and
      no termination of the

            

    

     

    
      
         

      

      
        - 30
-

        
          

        

      

      
         

      

    

     

    
      	
                

            	
              Plan
      shall be made unless such amendment or modification, or termination, is
      authorized pursuant to a resolution duly adopted by the Board. Any action
      by resolution or a written instrument by the Committee shall be presumed
      to be effective without necessity of further action or approval of the
      Board. In the event any issue should arise with respect to respective
      authority of the Committee, or of the Board, and amendments or
      modifications of the Plan made by them that are or appear to be
      inconsistent, final authority shall be reserved to and exercisable by the
      Board and its action to amend or modify the Plan shall take
      precedence.

               

              Written notice of any amendment or other action
      with respect to the Plan shall be given to each
    Participant.

            

    

     

    10.2           Termination

     

    The
Corporation, on behalf of itself and of each Subsidiary, in its sole discretion,
may by action pursuant to a resolution adopted by the Board terminate this Plan
at any time and for any reason whatsoever. Upon termination of the Plan, the
Committee shall take those actions necessary to administer any Participant
Accounts existing prior to the effective date of such termination; provided,
however, that a termination of the Plan shall not adversely affect the value of
a Participant’s Account, the crediting of investment return under Section 6.2,
or the timing or method of distribution of a Participant’s Account, without the
Participant’s prior written consent.

     

    ARTICLE
XI

    PLAN
EFFECT, LIMITATIONS,

    MISCELLANEOUS
PROVISIONS

     

    11.1           Nature of Employer
Obligation; Funding

     

    Participants,
their Beneficiaries, and their heirs, successors and assigns, shall have no
secured interest or claim in any property or assets of the Employer. The
Employer’s obligation under the Plan shall be merely that of an unfunded and
unsecured promise of the Employer to pay money in the future.

     

    11.2           Trusts; Transfers of Assets,
Property

     

    
      	
              (a)  

            	
              Notwithstanding
      the foregoing, in the event of a Change in Ownership or Control, the
      Corporation shall create an irrevocable Trust, or before such time the
      Corporation may create an irrevocable or revocable Trust, to hold funds to
      be used in payment of the obligations of Employers under the
      Plan.

            

    

     

    
      	
              (b)  

            	
              Notwithstanding
      anything otherwise expressed or implied herein, in the case of any assets
      set aside (directly or indirectly) in a such a Trust (or other arrangement
      determined by Treasury Regulations or otherwise pursuant to Code Section
      409A) for purposes of paying deferred compensation under the Plan, no such
      assets (or such a Trust or other arrangement) shall ever be located or
      transferred outside the United
States.

            

    

     

    
      
         

      

      
        - 31
-

        
          

        

      

      
         

      

    

    
      	
              (c)  

            	
              In
      the event of a Change in Ownership or Control or prior thereto, the
      Employers shall fund such Trust in an amount equal to not less than the
      total value of the Participants’ Accounts under the Plan as of the
      Determination Date immediately preceding the Change in Ownership or
      Control, provided that any funds contained therein shall remain liable for
      the claims of the general creditors of the respective
      Employers.

            

    

     

    
      	
              (d)  

            	
              Pursuant
      to this Section 11.2, the Corporation may, without further reference to or
      action by any Employee, Participant, or any Beneficiary from time to time
      enter into such further agreements with a trustee or other parties, and
      make such amendments to said trust agreement or such further agreements,
      as the Corporation may deem necessary or desirable to carry out the Plan;
      from time to time designate successor trustees of such a Trust; and from
      time to time take such other steps and execute such other instruments as
      the Corporation may deem necessary or desirable to carry out the Plan. The
      Committee shall advise the trustee of any such Trust in writing with
      respect to all Plan Benefits which become payable under the terms of the
      Plan and shall direct the trustee to pay such Plan Benefits from the
      respective Participants’ Accounts, and the Committee shall have authority
      to otherwise deal with and direct the trustee of such a Trust in matters
      pertinent to the Plan.

            

    

     

    
      	
              (e)  

            	
              It
      is intended that any Trust created hereunder is to be treated as a
      “grantor” trust under the Code, and the establishment of such a Trust is
      not intended to cause a Participant to realize current income on amounts
      contributed thereto, such a Trust is not intended to cause the Plan to be
      “funded” under ERISA and the Code, and any such Trust shall be so
      interpreted, and such Trust shall be funded in a manner that assets set
      aside or transferred to such Trust shall not be treated under Code Section
      409A as property transferred in connection with the performance of
      services by reason of such assets being located or transferred outside the
      United States.

            

    

     

    
      	
              (f)  

            	
              Notwithstanding
      anything to the contrary expressed or implied herein, no transfer of
      assets shall be made under or in connection with the Plan or Compensation
      deferred under the Plan that would constitute a transfer of property
      within the meaning of Code Section 83 with respect to such Compensation by
      reason of such assets becoming restricted to the provision of benefits
      under the Plan in connection with a change in the Corporation’s financial
      health, as provided for under Code Section 409A, and Treasury Regulations
      issued thereunder.

            

    

     

    11.3           Nonassignability

     

    No right
or interest under the Plan of a Participant or his or her Beneficiary (or any
person claiming through or under any of them), shall be assignable or
transferable in any manner or be subject to alienation, anticipation, sale,
pledge, encumbrance or other legal process or in any manner be liable for or
subject to the debts or liabilities of any such Participant or
Beneficiary.  If any Participant or Beneficiary shall attempt to or
shall transfer, assign, alienate, anticipate,

     

    
      
         

      

      
        - 32
-

        
          

        

      

      
         

      

    

    sell,
pledge or otherwise encumber his or her benefits hereunder or any part thereof,
or if by reason of his or her bankruptcy or other event happening at any time
such benefits would devolve upon anyone else or would not be enjoyed by him or
her, then the Committee, in its discretion, may terminate such Participant’s or
Beneficiary’s interest in any such benefit (including the Account) to the extent
the Committee considers necessary or advisable to prevent or limit the effects
of such occurrence. Termination shall be effected by filing a written instrument
with the Secretary of the Corporation and making reasonable efforts to deliver a
copy to the Participant or Beneficiary whose interest is adversely affected (the
“Terminated Participant”).

     

    As long
as the Terminated Participant is alive, any benefits affected by the termination
shall be retained by the Employer and, in the Committee’s sole and absolute
judgment, may be paid to or expended for the benefit of the Terminated
Participant, his or her spouse, his or her children or any other person or
persons in fact dependent upon him or her in such a manner as the Committee
shall deem proper. Upon the death of the Terminated Participant, all benefits
withheld from him or her and not paid to others in accordance with the preceding
sentence shall be disposed of according to the provisions of the Plan that would
apply if he or she died prior to the time that all benefits to which he or she
was entitled were paid to him or her.

     

    11.4           Captions

     

    The
captions contained herein are for convenience only and shall not control or
affect the meaning or construction hereof.

     

    11.5           Governing
Law

     

    The
provisions of the Plan shall be construed and interpreted according to the laws
of the State of Oklahoma.

     

    11.6           Successors

     

    The
provisions of the Plan shall bind and inure to the benefit of the Corporation,
its Subsidiaries, and their respective successors and assigns. The term
“successors” as used herein shall include any corporate or other business entity
which shall, whether by merger, consolidation, purchase or otherwise, acquire
all or substantially all of the business and assets of the Corporation or a
Subsidiary and successors of any such corporation or other business
entity.

     

    11.7           No Right to Continued
Service

     

    Nothing
contained herein shall be construed to confer upon any Eligible Employee the
right to continue to serve as an Eligible Employee of the Employer or in any
other capacity.

     

     

    ONEOK,
Inc.

     

    

     

    By: 

      
                                                            

    
      
         

      

      
        - 33
-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
               

            

    

    
      EXHIBIT
A

    

     

    ONEOK,
Inc.

    2005
NONQUALIFIED DEFERRED COMPENSATION PLAN

     

    
      	
              Re:

            	
              Section
      3.1 – Eligible Employees

            

    

     

    
      	
               
      

            	
              Effective
      Date:  December 18, 2008

            

    

     

    Except as
otherwise specifically determined by the Committee, the Committee has determined
that the Chief Executive Officer of the Corporation is and shall in all cases be
an Eligible Employee, and other Eligible Employees who may participate in the
Plan shall be designated in writing by the Chief Executive Officer, or his
designee, each Plan Year during the period after November 1 and prior to the
next January 1 (“Designation Period”), with such designation to indicate the
Eligible Employees for the Plan Year next following such Designation Period who
shall be each Employee who (i) had Base Salary on November 1 of that Plan Year,
which places such Employee in the group of Employees consisting of the top two
percent (2%) of the Employees when ranked on the basis of Base Salary, (ii) is
either an Officer of the Corporation or a highly compensated employee as defined
in Code section 414(q), and (iii) is so designated by name in writing in an
instrument signed by the Chief Executive Officer of the Corporation, or his
designee. The designation of Eligible Employees for a Plan Year shall be
reported to the Committee and Board in accordance with their
directions.

     

    An
Employee must be an Eligible Employee prior to the beginning of a Plan Year in
order to participate in the Plan for such Plan Year, unless otherwise determined
by the Committee.

     

    A list of
the Eligible Employees who are so designated and approved for a Plan Year shall
be made by the Chief Executive Officer, or his designee, the Committee, or by a
duly authorized representative of the Committee, and be maintained with the Plan
in the records of the Corporation.

     

    
      
         

      

      
        - 34
-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
               

            

    

    
      EXHIBIT
B

    

     

    ONEOK,
Inc.

    2005
NONQUALIFIED DEFERRED COMPENSATION PLAN

     

    
      	
              Re:

            	
              Section
      4.1 – Amount of Deferral

            

    

     

    
      	
               
      

            	
              Effective
      Date: December 18, 2008

            

    

     

    As of the
date above, and effective until this Exhibit is modified by the Committee and
Board, the table below indicates the types of compensation that are eligible for
deferral by and in an Election of a Participant or the Corporation at the
designated percentages stated:

     

    
      	
              Type of Compensation

            	
              Minimum
      Percentage

              That Must Be Deferred

            	
              Maximum
      Percentage That May Be
      Deferred

            
	
              Base
      Salary

            	
              2%

            	
              *90%

            
	
              Bonus
      (or the portion above a specified threshold)

            	
              10%

            	
              *90%

            
	
               

              Type of Compensation

            	
              Percentage
      That

              Must Be Deferred

            	 
      
	
              Qualified
      Employer Plan Amounts

            	
              100%

            	 
      
	
              Supplemental
      Credit Amounts

            	
              100%

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    A
Participant may defer Base Salary or Bonus only in 1% increments
thereof.

     

    *The
Participant’s deferral shall be after deductions and withholding of amounts
applicable to deferrals made by the Participant pursuant to other employee
benefit plans of the Employer under Code Sections 125 and 401(k), and after
deduction and withholding of all income and employment taxes required, as
determined by the Committee and Employer, under uniform rules and
procedures.

     

    
      
         

      

      
        - 35
-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
               

            

    

    
      EXHIBIT
C

    

     

    ONEOK,
Inc.

    2005
NONQUALIFIED DEFERRED COMPENSATION PLAN

     

    
      	
              Re:

            	
              Section
      2.1 – Investment Return

            

    

     

    
      	
               
      

            	
              Date:
      December 18, 2008

            

    

     

    
      	
              A.  

            	
              Long-Term
      Deferrals

            

    

     

    The
Investment Return on a Participant’s Account for Long-Term
Deferrals  shall be the rate determined pursuant to the
following:

     

    
      	
              1.  

            	
              A
      Participant shall designate in writing to the Committee or its designee
      such deemed investments of the amount or amounts of his/her Account that
      are Long-Term Deferrals in the manner and form, and at such times as
      prescribed by the Committee.

            

    

     

    
      	
              2.  

            	
              Unless
      otherwise determined in written action of the Committee that is described
      in a written explanation furnished to Participants prior to it becoming
      effective, the Plan shall provide for an Investment Return on Long-Term
      Deferrals based upon the notional or deemed investments directed from time
      to time by the Participant of his or her Long-Term Deferrals in one or
      more of the investment options then being provided for participant
      directed investments under the Thrift Plan and Profit Sharing Plan. The
      Committee and its designees shall establish administrative procedures for
      allowing Participant direction of deemed investment and the determination
      of the Investment Return thereon for Long-Term Deferrals of
      Participants.

            

    

     

    
      	
              3.  

            	
              A
      Participant shall be allowed to change such designation at least once each
      calendar quarter, or more frequently as determined by the Committee, in
      its sole discretion. Such Investment Return shall be determined and
      calculated in the manner determined by the Committee, in its sole
      discretion, and added to or deducted from the amount or amounts of his/her
      Account that are Long-Term Deferrals periodically, not less frequently
      than annually. Such Investment Return Rate shall be so credited to or
      deducted from the amount or amounts of a Participant’s Account that are
      Long-Term Deferrals until all payments with respect thereto have been made
      to the Participant, or to the Participant’s designated Beneficiary
      pursuant to the Plan. The Employer shall not be liable or otherwise
      responsible for any decrease in a Participant’s Account because of the
      investment performance resulting from application of the foregoing
      provisions which make the Investment Return on the amount or amounts of a
      Participant’s Long-Term Deferrals under the Plan equivalent to the
      investment return that is realized by deemed investment of the
      Participant’s Long-Term Deferrals in his or her Account in Thrift Plan or
      Profit Sharing Plan investment options designated by the
      Participant.

            

    

     

    
      
         

      

      
        - 36
-

        
          

        

      

      
         

      

    

    Notwithstanding
the foregoing, the Employer shall not be required to actually invest amounts
deferred by a Participant nor the Account of any Participant in any particular
form, type or amount of investment, and no Participant shall have the right to
direct or in any manner control the actual investments, if any, made by the
Employer or any other person for purposes of providing funds for paying the
liabilities of the Employer for benefits or otherwise under the Plan; and a
Participant shall not have any ownership or beneficial interest in any such
actual investments that may be made by the Employer. In no event shall any
Participant or Beneficiary have a right to receive an amount under the Plan
other than that of a general unsecured creditor of the Employer notwithstanding
the foregoing provisions with respect to the measurement and determination of a
Participant’s Investment Return on his/her Long-Term Deferrals in his or her
Account by reference to the performance of deemed investments in Thrift Plan or
Profit Sharing Plan investment options designated by the
Participant.

     

    
      	
              4.  

            	
              A
      Participant shall be entitled to elect to have the Investment Return
      credited to and deducted from Long-Term Deferrals in his or her Accounts
      under the Plan.  A Participant shall make an Election of such
      Investment Return at the time and in the manner prescribed by the
      Committee.

            

    

     

    
      	
              B.  

            	
              Short-Term
      Deferrals

            

    

     

    For
amounts deferred by a Participant as a Short-Term Deferral, the Investment
Return will be the Five-Year Treasury Bond Rate as of the first business day of
January of the Plan Year; provided, that the Corporation may determine such
other Investment Return as it selects from time to time, in its
discretion.

     

    
      
         

      

      
        - 37
-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
            

    

    
      EXHIBIT
D

    

     

    ONEOK,
Inc.

    2005
NONQUALIFIED DEFERRED COMPENSATION PLAN

     

     

     

    
      	
              Re:

            	
              Section
      6.2 – Crediting and Debiting of Investment
  Return,

            

    

    
      	
               
      

            	
              Other
      Items To Participant Accounts

            

    

    
      	
               
      

            	
              Date:
      December 18, 2008

            

    

     

    
      	
              A.  

            	
              The
      Account of each Participant shall be periodically credited and increased,
      or debited and reduced, as the case may be, by the amount of Investment
      Return specified under Section 6.3 of the
Plan.

            

    

     

    
      	
              B.  

            	
              Except
      as otherwise provided herein, the Account shall be credited and debited
      with Investment Return and losses, if any, not less frequently than on a
      monthly basis after such Accounts have been adjusted for any deferrals,
      credits, debits, distributions and
payments.

            

    

     

    
      	
              C.  

            	
              A
      Participant’s Accounts will be charged with cost of any deemed purchases
      of securities and credited with proceeds of any deemed sales of securities
      which may be considered as made in respect to the Investment Return
      specified in Exhibit “C” of the Plan by reason of changes in deemed
      investments designated by such Participant, in substantially the same
      manner as would occur if such securities were being purchased or sold by a
      Participant under the Thrift Plan and/or Profit Sharing Plan. The
      Committee may, in its sole discretion, allocate, charge and credit other
      items and amounts to such deemed purchases and sales in a manner
      comparable to the administration of such items under the Thrift Plan
      and/or Profit Sharing Plan, as determined
  applicable.

            

    

     

    
      	
              D.  

            	
              All
      of a Participant’s deferrals of Base Salary in a calendar month shall be
      deemed to be made as of the date it otherwise would have been paid to the
      Participant.

            

    

     

    
      	
              E.  

            	
              A
      Participant deferral of Bonus will be credited and debited with Investment
      Return from the date of deferral.

            

    

     

    
      	
              F.  

            	
              Until
      a Participant or his or her Beneficiary receives his or her entire
      account, the unpaid balance thereof shall be credited and debited with
      Investment Return as provided in Section 6.2 of the
  Plan.

            

    

     

    
      	
              G.  

            	
              A
      Retirement Plan Excess Amount shall be determined, taken into account and
      made payable to a Participant as determined by the Committee in accordance
      with Section 7.13 of the Plan.

            

    

     

    
      
         

      

      
        - 38
-

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