Document:

Current_10K_Ex 1034

		
			EXHIBIT 10.34
		

		
			 
		

		
			WINMARK CORPORATION
		

		
			2020 STOCK OPTION PLAN
		

		
			 
		

		
			SECTION 1.
		

		
			DEFINITIONS
		

		
			 
		

		
			As used herein, the following terms shall have the meanings indicated below:
		

		
			 
		

		
			(a)         “Affiliate” shall mean a Parent or Subsidiary of the Company.
		

		
			 
		

		
			(b)         “Committee” shall mean a Committee of two or more directors who shall be appointed by and serve at the pleasure of the Board.  In the event the Company’s securities are registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, each of the members of the Committee shall be a “non-employee director” within the meaning of Rule 16b-3, or any successor provision, as then in effect, of the General Rules and Regulations under the Securities Exchange Act of 1934 as amended and shall be independent under the listing rules of any stock exchange upon which the Company’s common stock is listed for trading.
		

		
			 
		

		
			(c)         The “Company” shall mean Winmark Corporation, a Minnesota corporation.
		

		
			 
		

		
			(d)         “Fair Market Value” as of any date shall mean (i) if such stock is listed on the Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market, or an established stock exchange, the price of such stock at the close of the regular trading session of such market or exchange on such date, as reported by The Wall Street Journal or a comparable reporting service, or, if no sale of such stock shall have occurred on such date, on the next preceding day on which there was a sale of stock; (ii) if such stock is not so listed on the Nasdaq National Market, Nasdaq Small Cap Market, or an established stock exchange, the average of the closing “bid” and “asked” prices quoted by the OTC Bulletin Board, the Pink OTC Markets, or any comparable reporting service on such date or, if there are no quoted “bid” and “asked” prices on such date, on the next preceding date for which there are such quotes; or (iii) if such stock is not publicly traded as of such date, the per share value as determined by the Board, or the Committee, in its sole discretion by any fair and reasonable determination made in good faith that complies with Internal Revenue Code Sections 422 and 409A, as applicable.
		

		
			 
		

		
			(e)         The “Internal Revenue Code” is the Internal Revenue Code of 1986, as amended from time to time.
		

		
			 
		

		
			(f)         “Option Stock” shall mean Common Stock of the Company (subject to adjustment as described in Section 12) reserved for options pursuant to this Plan.
		

		
			 
		

		
			(g)         The “Optionee” means an employee of the Company or any Affiliate to whom an incentive stock option has been granted pursuant to Section 9; and a consultant or advisor, to or director, employee or officer, of the Company or any Affiliate to whom a nonqualified stock option has been granted pursuant to Section 10.
		

		
			 
		

		
			(h)         “Parent” shall mean any corporation which owns, directly or indirectly in an unbroken chain, fifty percent (50%) or more of the total voting power of the Company’s outstanding stock.
		

		
			 
		

		
			(i)          The “Plan” means the Winmark Corporation 2020 Stock Option Plan, as amended hereafter from time to time, including the form of Option Agreements as they may be modified by the Administrator from time to time.
		

		
			 
		

		
			(j)          A “Subsidiary” shall mean any corporation of which fifty percent (50%) or more of the total voting power of outstanding stock is owned, directly or indirectly in an unbroken chain, by the Company.
		

		
			 
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SECTION 2.
		

		
			PURPOSE
		

		
			 
		

		
			The purpose of the Plan is to promote the success of the Company and its Affiliates by facilitating the employment and retention of competent personnel and by furnishing incentive to officers, directors, employees, consultants, and advisors upon whose efforts the success of the Company and its Affiliates will depend to a large degree.
		

		
			 
		

		
			It is the intention of the Company to carry out the Plan through the granting of stock options which will qualify as “incentive stock options” under the provisions of Section 422 of the Internal Revenue Code, or any successor provision, and through the granting of “non-qualified stock options.”  Adoption of this Plan shall be and is expressly subject to the condition of approval by the shareholders of the Company within twelve (12) months before or after the adoption of the Plan by the Board of Directors.  In the event shareholder approval is not obtained within such twelve-month period, any incentive stock options granted under the Plan shall automatically become nonqualified stock options.
		

		
			 
		

		
			SECTION 3.
		

		
			EFFECTIVE DATE OF PLAN
		

		
			 
		

		
			The Plan shall be effective as of the date of adoption by the Board of Directors, subject to approval by the shareholders of the Company as required in Section 2.
		

		
			 
		

		
			SECTION 4.
		

		
			ADMINISTRATION
		

		
			 
		

		
			The Plan shall be administered by the Committee which shall be appointed by the Board of Directors of the Company (the “Board”) (hereinafter the Committee shall be referred to as the “Administrator”).  The Administrator shall have all of the powers vested in it under the provisions of the Plan, including but not limited to exclusive authority (where applicable and within the limitations described herein) to determine, in its sole discretion, whether an incentive stock option or nonqualified stock option shall be granted, the individuals to whom, and the time or times at which, options shall be granted, the number of shares subject to each option and the option price and terms and conditions of each option.  The Administrator shall have full power and authority to administer and interpret the Plan, to make and amend rules, regulations and guidelines for administering the Plan, to prescribe the form and conditions of the respective stock option agreements (which may vary from Optionee to Optionee) evidencing each option and to make all other determinations necessary or advisable for the administration of the Plan.  The Administrator’s interpretation of the Plan, and all actions taken and determinations made by the Administrator pursuant to the power vested in it hereunder, shall be conclusive and binding on all parties concerned.
		

		
			 
		

		
			No member of the Board or the Committee shall be liable for any action taken or determination made in good faith in connection with the administration of the Plan.  Any action of the Committee with respect to the administration of the Plan shall be taken pursuant to a majority vote of the Committee members or pursuant to the written resolution of all Committee members.
		

		
			 
		

		
			 
		

		
			SECTION 5.
		

		
			PARTICIPANTS
		

		
			 
		

		
			The Administrator shall from time to time, at its discretion and without approval of the shareholders, designate those employees, officers, directors, consultants, and advisors of the Company or of any Affiliate to whom nonqualified stock options shall be granted under this Plan; provided, however, that consultants or advisors shall not be eligible to receive stock options hereunder unless such consultant or advisor renders bona fide services 

		 

		

			 

		

to the Company or Affiliate and such services are not in connection with the offer or sale of securities in a capital raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities.  The Administrator shall, from time to time, at its discretion and without approval of the shareholders, designate those employees of the Company or any Affiliate to whom incentive stock options shall be granted under this Plan.  The Administrator may grant additional incentive stock options or nonqualified stock options under this Plan to some or all participants then holding options or may grant options solely or partially to new participants.  In designating participants, the Administrator shall also determine the number of shares to be optioned to each such participant.  The Administrator may from time to time designate individuals as being ineligible to participate in the Plan.
		

		
			 
		

		
			SECTION 6.
		

		
			STOCK
		

		
			 
		

		
			The Stock to be optioned under this Plan shall consist of authorized but unissued shares of Option Stock.  One Hundred Thousand (100,000) shares of Option Stock, together with any authorized but unissued shares reserved under the Company’s 2010 Stock Option Plan (the 2010 Plan) and the Stock Option Plan for Nonemployee Directors (the Nonemployee Director Plan), shall be reserved and available for Options under the Plan. No Optionee may be granted more than One Hundred Thousand (100,000) shares of Option Stock in the aggregate in any calendar year. In the event that any outstanding option under either the Plan,  the 2010 Plan or the Nonemployee Director Plan for any reason expires or is terminated prior to the exercise thereof, the shares of Option Stock allocable to the unexercised portion of such option shall continue to be reserved for options under the Plan and may be optioned hereunder. Immediately upon the approval of the Plan by the Company’s shareholders, no further grants will be permitted under the Company’s 2010 Plan and the Nonemployee Director Plan. The total number of shares of Option Stock reserved for options under this Plan (including those added from the 2010 Plan and the Nonemployee Director Plan) and the limit on annual grants shall be subject to adjustment as provided in Section 12 of the Plan.
		

		
			 
		

		
			SECTION 7.
		

		
			DURATION OF PLAN
		

		
			 
		

		
			Incentive stock options may be granted pursuant to the Plan from time to time during a period of ten (10) years from the effective date as defined in Section 3.  Nonqualified stock options may be granted pursuant to the Plan from time to time after the effective date of the Plan and until the Plan is discontinued or terminated by the Board.
		

		
			 
		

		
			SECTION 8.
		

		
			PAYMENT
		

		
			 
		

		
			Optionees may pay for shares upon exercise of options granted pursuant to this Plan with cash, personal check, certified check or, if approved by the Administrator in its sole discretion, previously-owned shares of Option Stock valued at such stock’s then Fair Market Value, or any other form of payment, or any combination of the foregoing; provided that, with respect to an incentive stock option, the discretion to permit previously owned shares or other forms is set forth in the Option at the time of grant. The Administrator may, in its sole discretion, limit the forms of payment available to the Optionee and may exercise such discretion any time prior to the termination of the Option granted to the Optionee or upon any exercise of the Option by the Optionee.           With respect to payment in the form of previously owned shares of Option Stock, the Administrator may require advance approval or adopt such rules as it deems necessary to assure compliance with Rule 16b-3, or any successor provision, as then in effect, of the General Rules and Regulations under the Securities Exchange Act of 1934, if applicable.
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SECTION 9.
		

		
			TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS
		

		
			 
		

		
			Each incentive stock option granted pursuant to this Section 9 shall be evidenced by a written stock option agreement (the “Option Agreement”).  The Option Agreement shall be in such form as may be approved from time to time by the Administrator and may vary from Optionee to Optionee; provided, however, that each Optionee and each Option Agreement shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		
			(a)         Number of Shares and Option Price.  The Option Agreement shall state the total number of shares covered by the incentive stock option.  To the extent required to qualify the Option as an incentive stock option under Section 422 of the Internal Revenue Code, or any successor provision, the option price per share shall not be less than one hundred percent (100%) of the per share Fair Market Value of the Option Stock on the date the Administrator grants the option; provided, however, that if an Optionee owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of its parent or any Subsidiary, the option price per share of an incentive stock option granted to such Optionee shall not be less than one hundred ten percent (110%) of the per share Fair Market Value of the Option Stock on the date of the grant of the option.  The Administrator shall have full authority and discretion in establishing the option price and shall be fully protected in so doing.
		

		
			 
		

		
			(b)         Term and Exercisability of Incentive Stock Option.  The term during which any incentive stock option granted under the Plan may be exercised shall be established in each case by the Administrator.  To the extent required to qualify the Option as an incentive stock option under Section 422 of the Internal Revenue Code, or any successor provision, in no event shall any incentive stock option be exercisable during a term of more than ten (10) years after the date on which it is granted; provided, however, that if an Optionee owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of its parent or any Subsidiary, the incentive stock option granted to such Optionee shall be exercisable during a term of not more than five (5) years after the date on which it is granted.  The Option Agreement shall state when the incentive stock option becomes exercisable and shall also state the maximum term during which the Option may be exercised.  In the event an incentive stock option is exercisable immediately, the manner of exercise of the option in the event it is not exercised in full immediately shall be specified in the Option Agreement.  The Administrator may accelerate the exercise date of any incentive stock option granted hereunder which is not immediately exercisable as of the date of grant.
		

		
			 
		

		
			(c)         Other Provisions.  The Option Agreement authorized under this Section 9 shall contain such other provisions as the Administrator shall deem advisable.  Any such Option Agreement shall contain such limitations and restrictions upon the exercise of the option as shall be necessary to ensure that such option will be considered an “incentive stock option” as defined in Section 422 of the Internal Revenue Code or to conform to any change therein.
		

		
			 
		

		
			SECTION 10.
		

		
			TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTIONS
		

		
			 
		

		
			Each nonqualified stock option granted pursuant to this Section 10 shall be evidenced by a written Option Agreement.  The Option Agreement shall be in such form as may be approved from time to time by the Administrator and may vary from Optionee to Optionee; provided, however, that each Optionee and each Option Agreement shall comply with and be subject to the following terms and conditions:
		

		
			 
		

		
			(a)         Number of Shares and Option Price.  The Option Agreement shall state the total number of shares covered by the nonqualified stock option.  Unless otherwise determined by the Administrator, the option price per share shall be one hundred percent (100%) of the per share Fair Market Value of the Option Stock on the date the Administrator grants the option.
		

		
			 
		

		
			

		 

		

			 

		

		

		
			(b)         Term and Exercisability of Nonqualified Stock Option.  The term during which any nonqualified stock option granted under the Plan may be exercised shall be established in each case by the Administrator.  The Option Agreement shall state when the nonqualified stock option becomes exercisable and shall also state the maximum term during which the Option may be exercised.  In the event a nonqualified stock option is exercisable immediately, the manner of exercise of the option in the event it is not exercised in full immediately shall be specified in the stock option agreement.  The Administrator may accelerate the exercise date of any nonqualified stock option granted hereunder which is not immediately exercisable as of the date of grant.
		

		
			 
		

		
			(c)         Withholding.  The Company or its Affiliate shall be entitled to withhold and deduct from future wages of the Optionee all legally required amounts necessary to satisfy any and all withholding and employment-related taxes attributable to the Optionee’s exercise of a nonqualified stock option; provided, however, that the Optionee may pay by cash or check, or make arrangements satisfactory to the Company respecting payment of such withholding and employment-related taxes.
		

		
			 
		

		
			(d)         Other Provisions.  The Option Agreement authorized under this Section 10 shall contain such other provisions as the Administrator shall deem advisable.
		

		
			 
		

		
			SECTION 11.
		

		
			TRANSFER OF OPTION
		

		
			 
		

		
			No incentive stock option shall be transferable, in whole or in part, by the Optionee other than by will or by the laws of descent and distribution and, during the Optionee’s lifetime, the option may be exercised only by the Optionee.  If the Optionee shall attempt any transfer of any incentive stock option granted under the Plan during the Optionee’s lifetime, such transfer shall be void and the incentive stock option, to the extent not fully exercised, shall terminate.
		

		
			 
		

		
			No nonqualified stock option shall be transferred, except that the Administrator may, in its sole discretion, permit the Optionee to transfer any or all nonqualified stock options to any member of the Optionee’s “immediate family” as such term is defined in Rule 16a-1(e) promulgated under the Securities Exchange Act of 1934, or any successor provision, or to one or more trusts whose beneficiaries are members of such Optionee’s “immediate family” or partnerships in which such family members are the only partners; provided, however, that the Optionee receives no consideration for the transfer and such transferred nonqualified stock option shall continue to be subject to the same terms and conditions as were applicable to such nonqualified stock option immediately prior to its transfer.
		

		
			 
		

		
			SECTION 12.
		

		
			RECAPITALIZATION, SALE, MERGER, EXCHANGE
		

		
			OR LIQUIDATION
		

		
			 
		

		
			If, following adoption of this Plan, the Company effects an increase or decrease in the number of shares of Common Stock in the form of a subdivision or consolidation of shares, or the payment of a stock dividend, effects any other increase or decrease in the number of shares of Common Stock without receipt of consideration by the Company, or in the event of any transaction described in Section 424(a) of the Code, the number of shares of Option Stock reserved under Section 6 hereof, the limit set forth in Section 6 and the number of shares of Option Stock covered by each outstanding option and the price per share thereof shall be equitably adjusted by the Administrator to reflect such change in a manner that precludes the enlargement of rights and benefits under the Option.  If any adjustment under this Section 12 creates a fractional share under a Stock Option, such fractional share shall be disregarded, and the number of shares reserved under Section 6 and the number subject to any Stock Option granted under this Plan shall be the next lower number of shares, rounding all fractions downward. An adjustment made under this Section by the Committee shall be conclusive and binding on all affected persons.  Additional shares which may be credited pursuant to such adjustment shall be subject to the same restrictions as are applicable to the shares with respect to which the adjustment relates.
		

		
			 
		

		
			

		 

		

			 

		

		

		
			Unless otherwise provided in the Option Agreement, in the event of an acquisition of the Company through the sale of substantially all of the Company’s assets and the consequent discontinuance of its business or through a merger, consolidation, exchange, reorganization, reclassification, extraordinary dividend divestiture or liquidation of the Company (collectively referred to as a “transaction”), all outstanding stock options shall become immediately exercisable, whether or not such options had become exercisable prior to the transaction.  In addition to the foregoing, the Board may provide for one or more of the following:
		

		
			 
		

		
			(a)         the complete termination of this Plan and the cancellation of outstanding options not exercised prior to a date specified by the Board (which date shall give Optionees a reasonable period of time in which to exercise the options prior to the effectiveness of such transaction);
		

		
			 
		

		
			(b)         that Optionees holding outstanding stock options shall receive, with respect to each share of Stock subject to such options, as of the effective date of any such transaction, cash in an amount equal to the excess of the Fair Market Value of such Stock on the date immediately preceding the effective date of such transaction over the option price per share of such options; provided that the Board may, in lieu of such cash payment, distribute to such Optionees shares of stock of the Company or shares of stock of any corporation succeeding the Company by reason of such transaction, such shares having a value equal to the cash payment herein;
		

		
			 
		

		
			(c)         the continuance of the Plan with respect to the exercise of options which were outstanding as of the date of adoption by the Board of such plan for such transaction and provide to Optionees holding such options the right to exercise their respective options as to an equivalent number of shares of stock of the corporation succeeding the Company by reason of such transaction.
		

		
			 
		

		
			The Board may restrict the rights of or the applicability of this Section 12 to the extent necessary to comply with Section 16(b) of the Securities Exchange Act of 1934, the Internal Revenue Code or any other applicable law or regulation.  The grant of an option pursuant to the Plan shall not limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, exchange or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets.
		

		
			 
		

		
			 
		

		
			SECTION 13.
		

		
			INVESTMENT PURPOSE
		

		
			 
		

		
			No shares of Option Stock shall be issued pursuant to the Plan unless and until there has been compliance, in the opinion of Company’s counsel, with all applicable legal requirements, including without limitation, those relating to securities laws and stock exchange listing requirements.  As a condition to the issuance of Option Stock to Optionee, the Administrator may require Optionee to (a) represent that the shares of Option Stock are being acquired for investment and not resale and to make such other representations as the Administrator shall deem necessary or appropriate to qualify the issuance of the shares as exempt from the Securities Act of 1933 and any other applicable securities laws, and (b) represent that Optionee shall not dispose of the shares of Option Stock in violation of the Securities Act of 1933 or any other applicable securities laws.
		

		
			 
		

		
			As a further condition to the grant of any stock option or the issuance of Option Stock to Optionee, Optionee agrees to the following:
		

		
			 
		

		
			(a)         In the event the Company advises Optionee that it plans an underwritten public offering of its Common Stock in compliance with the Securities Act of 1933, as amended, and the underwriter(s) seek to impose restrictions under which certain shareholders may not sell or contract to sell or grant any option to buy or otherwise dispose of part or all of their stock purchase rights of the underlying Common Stock, Optionee will not, for a period not to exceed 180 days from the prospectus, sell or contract to sell or grant an option to buy or otherwise dispose of any stock option granted to Optionee pursuant to the Plan 

		 

		

			 

		

or any of the underlying shares of Option Stock without the prior written consent of the underwriter(s) or its representative(s).
		

		
			 
		

		
			(b)         In the event the Company makes any public offering of its securities and determines in its sole discretion that it is necessary to reduce the number of issued but unexercised stock purchase rights so as to comply with any states securities or Blue Sky law limitations with respect thereto, the Administrator shall have the right (i) to accelerate the exercisability of any stock option and the date on which such option must be exercised, provided that the Company gives Optionee prior written notice of such acceleration and a reasonable period of time to exercise, and (ii) to cancel any options or portions thereof which Optionee does not exercise prior to or contemporaneously with such public offering.
		

		
			 
		

		
			The Company reserves the right to place a legend on any stock certificate issued upon exercise of an option granted pursuant to the Plan to assure compliance with this Section 13.
		

		
			 
		

		
			SECTION 14.
		

		
			RIGHTS AS A SHAREHOLDER
		

		
			 
		

		
			An Optionee (or the Optionee’s successor or successors) shall have no rights as a shareholder with respect to any shares covered by an option until the date of the issuance of a stock certificate evidencing such shares.  No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property), distributions or other rights for which the record date is prior to the date such stock certificate is actually issued (except as otherwise provided in Section 12 of the Plan).
		

		
			 
		

		
			SECTION 15.
		

		
			AMENDMENT OF THE PLAN
		

		
			 
		

		
			The Administrator may from time to time, insofar as permitted by law, suspend or discontinue the Plan or revise or amend it in any respect; provided, however, that no such revision or amendment, except
		

		
			 
		

		
			as is authorized in Section 12, shall impair the terms and conditions of any option which is outstanding on the date of such revision or amendment to the material detriment of the Optionee without the consent of the Optionee.  Notwithstanding the foregoing, no such revision or amendment shall (i) increase the number of shares subject to the Plan except as provided in Section 12 hereof, (ii) change the designation of the class of employees eligible to receive options, (iii) decrease the price at which options may be granted, (iv) materially increase the benefits accruing to Optionees under the Plan, or otherwise make any material amendment of the Plan as defined under any listing regulations of the stock exchange in which the Company’s common stock is listed without the approval of the shareholders of the Company if such approval is required for compliance with the requirements of any applicable law or regulation.  Furthermore, the Plan may not, without the approval of the shareholders, be amended in any manner that will cause incentive stock options to fail to meet the requirements of Section 422 of the Internal Revenue Code.
		

		
			 
		

		
			SECTION 16.
		

		
			NO OBLIGATION TO EXERCISE OPTION
		

		
			 
		

		
			The granting of an option shall impose no obligation upon the Optionee to exercise such option.  Further, the granting of an option hereunder shall not impose upon the Company or any Affiliate any obligation to retain the Optionee in its employ for any period.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			STOCK OPTION AGREEMENT
		

		
			 
		

		
			WINMARK CORPORATION
		

		
			2020 STOCK OPTION PLAN
		

		
			 
		

		
			THIS AGREEMENT, made effective as of this ______ day of ___________, _____, by and between Winmark Corporation, a Minnesota corporation (the “Company”), and ________________ ("Optionee").
		

		
			 
		

		
			W I T N E S S E T H:
		

		
			 
		

		
			WHEREAS, Optionee on the date hereof is an employee, officer, director or consultant of the Company or an Affiliate; and
		

		
			 
		

		
			WHEREAS, the Company may grant incentive stock options to employees and nonqualified stock options to employees, officers, non-employee directors and consultant to purchase shares of the Company's Common Stock pursuant to the Company's 2020 Stock Option Plan (the "Plan"); and
		

		
			 
		

		
			WHEREAS, the Administrator has authorized the grant of a stock option to Optionee under the terms of the Plan and this Agreement and has determined the fair market value of the Company's Common Stock as of the Date of Grant as set forth below;
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:
		

		
			 
		

		
			1.          Grant of Option.  The Company hereby grants to Optionee on the date set forth above (the "Date of Grant"), the right and option (the "Option") to purchase all or portions of an aggregate of _______ (________________) shares of Common Stock (the "Stock") at a per share price of $______ (the “Option Price”) on the terms and conditions set forth herein, and subject to adjustment pursuant to Section 12 of the Plan.  This Option is [intended to be an incentive stock option as defined in Section 9 of the Plan and Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations thereunder] [a nonqualified stock option under Section 10 of the Plan].
		

		
			 
		

		
			2.          Duration and Exercisability.
		

		
			 
		

		
			a.           General.  The term during which this Option may be exercised shall terminate on _______________, ______, except as otherwise provided in Paragraphs 2(b) through 2(d) below.  This Option shall become exercisable according to the following schedule:
		

		
			 
		

		
			 
		

			
					
						 

					
						 

					
					
						 

					
					
						 

					
						 

				
	
					
						
Vesting Date

					
					
						
    

					
					
						Cumulative Percentage
of Shares

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			Once the Option becomes fully (100%) exercisable, Optionee may continue to exercise this Option under the terms and conditions of this Agreement until the termination of the Option as provided herein.  If Optionee does not purchase upon an exercise of this Option the full number of shares which Optionee is then entitled to purchase, Optionee may purchase upon any subsequent exercise prior to this Option's termination such previously un-purchased shares in addition to those Optionee is otherwise entitled to purchase.
		

		
			 
		

		
			

		 

		

			 

		

		

		
			b.          Cessation of Services (Other Than Disability or Death).  If Optionee's employment with the Company and its Affiliates, or in the case of a non-employee director or consultant, services performed for the Company and its Affiliates (in either case, the “Services”) ceases for any reason other than disability or death, this Option shall completely terminate on the earlier of (i) the close of business on the three-month anniversary date of the date such Services ceased, and (ii) the expiration date of this Option stated in Paragraph 2(a) above.  During such period, this Option shall be exercisable only to the extent the Option was exercisable immediately preceding the date on which Optionee's Services with the Company and its Affiliates ceased, but had not previously been exercised.  To the extent this Option was not exercisable on the date such Services ceased, or if Optionee fails to exercise the Option within the time specified in this Paragraph 2(b), all rights of Optionee under this Option shall be forfeited.
		

		
			 
		

		
			c.           Disability.  If Optionee ceases to provide Services to the Company and its Affiliates because of disability (as defined in Code Section 22(e), or any successor provision), this Option shall completely terminate on the earlier of (i) the close of business on the twelve-month anniversary date such Services ceased, and (ii) the expiration date of this Option stated in Paragraph 2(a) above.  During such period, this Option shall be exercisable only to the extent the Option was exercisable immediately preceding the date on which Optionee's Services with the Company and its Affiliates ceased, but had not previously been exercised.  To the extent this Option was not exercisable on the date such Services ceased, or if Optionee fails to exercise the Option within the time specified in this Paragraph 2(c), all rights of Optionee under this Option shall be forfeited.
		

		
			 
		

		
			d.          Death.  In the event of Optionee's death, this Option shall terminate on the earlier of (i) the close of business on the twelve-month anniversary date of the date of Optionee's death, and (ii) the expiration date of this Option stated in Paragraph 2(a) above.  In such period following Optionee's death, this Option may be exercised by the person or persons to whom Optionee's rights under this Option shall have passed by Optionee's will or by the laws of descent and distribution but only to the extent the Option was exercisable immediately preceding the date of Optionee's death, but had not previously been exercised.  To the extent this Option was not exercisable on the date of Optionee's death, or if such person or persons fail to exercise this Option within the time specified in this Paragraph 2(d), all rights under this Option shall be forfeited.
		

		
			 
		

		
			3.          Manner of Exercise.
		

		
			 
		

		
			a.           General.  The Option may be exercised only by Optionee (or other proper party in the event of death or incapacity), subject to the conditions of the Plan and subject to such other administrative rules as the Administrator may deem advisable, by delivering within the period specified in Paragraph 2 written notice of exercise to the Company at its principal office.  The notice shall state the number of shares as to which the Option is being exercised and shall be accompanied by payment in full of the Option Price for all shares of Stock designated in the notice.  The exercise of the Option shall be deemed effective upon receipt of such notice by the Company and upon payment that complies with the terms of the Plan and this Agreement.  The Option may be exercised with respect to any number or all of the shares of Stock as to which it can then be exercised and, if partially exercised, may be exercised as to the unexercised shares any number of times during the period specified in Paragraph 2.
		

		
			 
		

		
			b.          Form of Payment.  Payment of the Option Price by Optionee shall be in the form of cash, personal check, certified check or, subject to the approval of the Administrator, previously owned shares of Stock of the Company, or any combination thereof.  Any Stock so tendered as part of such payment shall be valued at its Fair Market Value as provided in the Plan.
		

		
			 
		

		
			c.           Stock Transfer Records.  As soon as practicable after the effective exercise of all or any part of the Option, Optionee shall be recorded on in book entry form on the stock transfer books of the Company as the owner of the Stock purchased, and upon the request of the Optionee, the Company
		

		
			shall deliver to Optionee one or more duly issued stock certificates evidencing such ownership.  All requisite original issue or transfer documentary stamp taxes shall be paid by the Company.
		

		
			 
		

		
			

		 

		

			 

		

		

		
			4.          Miscellaneous.
		

		
			 
		

		
			a.           Rights as Shareholder.  This Agreement shall not confer on Optionee any right with respect to the continuance of Services with the Company or any of its Affiliates, nor will it interfere in any way with the right of the Company to terminate any such Services.  Optionee shall have no rights as a shareholder with respect to the Stock subject to this Option until such Stock have been issued to Optionee upon exercise of this Option.  No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property), distributions or other rights for which the record date is prior to the date such Stock are issued, except as provided in Section 12 of the Plan.
		

		
			 
		

		
			b.          Securities Law Compliance.  The exercise of all or any parts of this Option shall only be effective at such time as counsel to the Company shall have determined that the issuance and delivery of Stock pursuant to such exercise will not violate any state or federal securities or other laws.  Optionee may be required by the Company, as a condition of the effectiveness of any exercise of this Option, to agree in writing that all Stock to be acquired pursuant to such exercise shall be held, until such time that such Stock is registered and freely tradable under applicable state and federal securities laws, for Optionee's own account without a view to any further distribution thereof and that such Stock will be not transferred or disposed of except in compliance with applicable state and federal securities laws.
		

		
			 
		

		
			c.           Mergers, Recapitalizations, Stock Splits, Etc.  Pursuant and subject to Section 12 of the Plan, certain changes in the number or character of the Stock of the Company (through sale, merger, consolidation, exchange, reorganization, divestiture (including a spin-off), liquidation, recapitalization, stock split, stock dividend or otherwise) shall result in an adjustment, reduction or enlargement, as appropriate, in Optionee's rights with respect to any unexercised portion of the Option (i.e., Optionee shall have such "anti-dilution" rights under the Option with respect to such events, but shall not have "preemptive" rights).
		

		
			 
		

		
			d.          Shares Reserved.  The Company shall at all times during the option period reserve and keep available such number of shares as will be sufficient to satisfy the requirements of this Agreement.
		

		
			 
		

		
			e.           Notice, Withholding Taxes.  If this Option is an incentive stock option, in the event the Optionee disposes of the shares of Stock issued under this Option within two years of the Date of Grant, or one year after the receipt of the Stock upon exercise (a “disqualifying disposition”), the Optionee agrees to inform the Company of such disqualifying disposition.  In the event that, in connection with the exercise of this Option, the Company is required to withhold and pay any applicable taxes on behalf of the Optionee, the Company or its Affiliate shall be entitled to take such action as it deems appropriate to insure that all applicable federal or state payroll, income or other taxes are withheld from any amounts payable by the Company to Optionee up to the maximum statutory withholding rates.  If the Company is unable to withhold such federal and state taxes, for whatever reason, Optionee hereby agrees to pay to the Company by cash or check, or make other arrangements satisfactory to the Company an amount equal to the amount the Company is required to withhold under applicable tax laws.
		

		
			 
		

		
			f.           Nontransferability.  During the lifetime of Optionee, the accrued Option shall be exercisable only by Optionee or by the Optionee's guardian or other legal representative, and shall not be assignable or transferable by Optionee, in whole or in part, other than by will or by the laws of descent and distribution.
		

		
			 
		

		
			g.          2020 Stock Option Plan.  The Option evidenced by this Agreement is granted pursuant to the Plan, a copy of which Plan has been made available to Optionee and is hereby incorporated into this Agreement.  This Agreement is subject to and in all respects limited and conditioned as provided
		

		
			in the Plan.  All defined terms of the Plan shall have the same meaning when used in this Agreement.  The Plan governs this Option and, in the event of any questions as to the construction of this Agreement or in the event of a conflict between the Plan and this Agreement, the Plan shall govern, except as the Plan otherwise provides.
		

		
			 
		

		
			

		 

		

			 

		

		

		
			h.          Lockup Period Limitation.  Optionee agrees that in the event the Company advises Optionee that it plans an underwritten public offering of its Common Stock in compliance with the Securities Act of 1933, as amended, and that the underwriter(s) seek to impose restrictions under which certain shareholders may not sell or contract to sell or grant any option to buy or otherwise dispose of part or all of their stock purchase rights of the underlying Common Stock, Optionee hereby agrees that for a period not to exceed 180 days from the prospectus, Optionee will not sell or contract to sell or grant an option to buy or otherwise dispose of this option or any of the underlying shares of Stock without the prior written consent of the underwriter(s) or its representative(s).
		

		
			 
		

		
			i.           Blue Sky Limitation.  Notwithstanding anything in this Agreement to the contrary, in the event the Company makes any public offering of its securities and determines in its sole discretion that it is necessary to reduce the number of issued but unexercised stock purchase rights so as to comply with any state securities or Blue Sky law limitations with respect thereto, the Administrator shall have the right (i) to accelerate the exercisability of this Option and the date on which this Option must be exercised, provided that the Company gives Optionee 15 days' prior written notice of such acceleration, and (ii) to cancel any portion of this Option or any other option granted to Optionee pursuant to the Plan which is not exercised prior to or contemporaneously with such public offering.  Notice shall be deemed given when delivered personally or when deposited in the United States mail, first class postage prepaid and addressed to Optionee at the address of Optionee on file with the Company.
		

		
			 
		

		
			j.           Stock Legend.  The Administrator may require that the certificates for any shares of Stock purchased by Optionee (or, in the case of death, Optionee's successors) shall bear an appropriate legend to reflect the restrictions of Paragraph 4(b), 4(h) and 4(i) of this Agreement.
		

		
			 
		

		
			k.          Scope of Agreement.  This Agreement shall bind and inure to the benefit of the Company and its successors and assigns and Optionee and any successor or successors of Optionee permitted by Paragraph 2 or Paragraph 4(f) above.
		

		
			 
		

		
			l.           Arbitration.  Any dispute arising out of or relating to this Agreement or the alleged breach of it, or the making of this Agreement, including claims of fraud in the inducement, shall be discussed between the disputing parties in a good faith effort to arrive at a mutual settlement of any such controversy.  If, notwithstanding, such dispute cannot be resolved, such dispute shall be settled by binding arbitration.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  The arbitrator shall be a retired state or federal judge or an attorney who has practiced securities or business litigation for at least 10 years.  If the parties cannot agree on an arbitrator within 20 days, any party may request that the chief judge of the District Court for Hennepin County, Minnesota, select an arbitrator.  Arbitration will be conducted pursuant to the provisions of this Agreement, and the commercial arbitration rules of the American Arbitration Association, unless such rules are inconsistent with the provisions of this Agreement.  Limited civil discovery shall be permitted for the production of documents and taking of depositions.  Unresolved discovery disputes may be brought to the attention of the arbitrator who may dispose of such dispute.  The arbitrator shall have the authority to award any remedy or relief that a court of this state could order or grant; provided, however, that punitive or exemplary damages shall not be awarded. The arbitrator may award to the prevailing party, if any, as determined by the arbitrator, all of its costs and fees, including the arbitrator's fees, administrative fees, travel expenses, out-of-pocket expenses and reasonable attorneys' fees. Unless otherwise agreed by the parties, the place of any arbitration proceedings shall be Hennepin County, Minnesota.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						WINMARK CORPORATION

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Its:

					
					
						 

					
					
						 

					
					
						OptioneeEX-4.1

 Exhibit 4.1 
  

 
  

ONEOK, INC. 
 as Issuer;

 ONEOK PARTNERS, L.P. 

and 
 ONEOK PARTNERS
INTERMEDIATE LIMITED PARTNERSHIP 
 as Guarantors; 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 as Trustee 

THIRTEENTH SUPPLEMENTAL INDENTURE 

Dated as of March 10, 2020 

to 
 INDENTURE 

relating to Securities 

Dated as of January 26, 2012 

2.200% Notes due 2025 
  

 
  

 TABLE OF CONTENTS 
  

			
	 	 	 Page

	 ARTICLE 1 Relation to Indenture; Definitions and Other Provisions of General Application
	 	1
		
	 SECTION 1.01. Relation to Indenture
	 	1
	 SECTION 1.02. Definitions
	 	2
	 SECTION 1.03. General References
	 	2
		
	 ARTICLE 2 The Series of Securities
	 	3
		
	 SECTION 2.01. The Form and Title of the Securities
	 	3
	 SECTION 2.02. Amount
	 	3
	 SECTION 2.03. Stated Maturity
	 	3
	 SECTION 2.04. Interest and Interest Rates
	 	3
	 SECTION 2.05. Optional Redemption
	 	4
	 SECTION 2.06. Global Securities
	 	4
		
	 ARTICLE 3 Agreement to Guarantee
	 	4
		
	 SECTION 3.01. Unconditional Guarantee
	 	4
	 SECTION 3.02. Limitation on Guarantor Liability
	 	6
	 SECTION 3.03. No Requirement to Endorse Notation of Guarantee
	 	7
	 SECTION 3.04. Release of Guarantee
	 	7
	 SECTION 3.05. Benefits Acknowledged
	 	7
		
	 ARTICLE 4 Miscellaneous
	 	7
		
	 SECTION 4.01. Notices
	 	7
	 SECTION 4.02. No Recourse Against Others
	 	7
	 SECTION 4.03. Certain Trustee Matters
	 	8
	 SECTION 4.04. Continued Effect
	 	8
	 SECTION 4.05. Governing Law
	 	8
	 SECTION 4.06. Counterparts
	 	8

 EXHIBITS 

Exhibit A: Form of Note 

 THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of March 10, 2020 (this
“Supplemental Indenture”), among ONEOK, INC., an Oklahoma corporation (the “Company”), ONEOK PARTNERS, L.P., a Delaware limited
partnership, and ONEOK PARTNERS INTERMEDIATE LIMITED PARTNERSHIP, a Delaware limited partnership (each a
“Guarantor” and together, the “Guarantors”), and U.S. BANK NATIONAL ASSOCIATION, as trustee under the Indenture referred to
below (in such capacity, the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee have heretofore entered into an Indenture, dated as of January 26, 2012 (the “Original
Indenture”) (the Original Indenture, as amended and supplemented from time to time, including without limitation pursuant to this Supplemental Indenture, being referred to herein as the “Indenture”); and 

WHEREAS, under the Original Indenture, a new series of Securities may at any time be established by the Board of Directors of the Company, in
accordance with the provisions of the Original Indenture, and the terms of such series may be established by an indenture supplemental to the Original Indenture; and 

WHEREAS, the Company proposes to create under the Indenture a new series of Securities; and 

WHEREAS, in connection with the issuance of the Notes (as herein defined), each of the Guarantors desires to become a guarantor of, and
provide a guarantee of, the Notes; and 
 WHEREAS, all acts and things necessary to make the Notes and Guarantees (as herein defined), when
executed by the Company and the Guarantors, respectively, and when the Notes are authenticated and delivered by the Trustee as provided in the Original Indenture and this Supplemental Indenture, the valid and binding obligations of the Company and
the Guarantors, and to make this Supplemental Indenture a valid and binding agreement in accordance with the Original Indenture have been done or performed. 

NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE 1 
 RELATION TO
INDENTURE; DEFINITIONS AND OTHER PROVISIONS OF 
 GENERAL APPLICATION 

SECTION 1.01. Relation to Indenture. 

With respect to the Notes, this Supplemental Indenture constitutes an integral part of the Indenture. 

 SECTION 1.02. Definitions. 

Except as may be provided in a future indenture supplemental to the Original Indenture, for the benefit of the Holders of the Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Original Indenture shall be amended by adding the following defined terms to Section 101 in appropriate alphabetical sequence.
For all purposes of this Supplemental Indenture, capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Original Indenture. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed, assuming the Notes matured on August 15, 2025, that would be used, at the time of a selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes assuming the Notes matured on August 15, 2025. 

“Comparable Treasury Price” means, with respect to any Redemption Date, the Reference Treasury Dealer Quotation for
such Redemption Date. 
 “Quotation Agent” means a Reference Treasury Dealer. 

“Reference Treasury Dealer” means Barclays Capital Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and
TD Securities (USA) LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government Securities dealer in the United States (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer and certify same to the Trustee. 

“Reference Treasury Dealer Quotation” means, with respect to any Redemption Date, the average, as determined by the
Company and certified to the Trustee by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Company by a Reference Treasury Dealer at
5:00 p.m. on the third Business Day preceding such Redemption Date. 
 SECTION 1.03. General References. 

All references in this Supplemental Indenture to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and
Sections of this Supplemental Indenture; and the terms “herein,” “hereof,” “hereunder” and any other word of similar import refers to this Supplemental Indenture. 

  
 2 

 ARTICLE 2 

THE SERIES OF SECURITIES 

SECTION 2.01. The Form and Title of the Securities. 

There is hereby established a new series of Securities to be issued under the Indenture and to be designated as the Company’s 2.200% Notes
due 2025 (the “Notes”). The Notes shall be substantially in the form attached as Exhibit A hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Company may deem appropriate or as may be required or appropriate to comply with any laws or with
any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which the Notes may be listed or traded, or to conform to general usage, or as may, consistently with the Indenture, be determined by the
officers executing such Notes, as evidenced by their execution thereof. The Notes and any beneficial interest in the Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The Notes shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, the
terms, conditions and covenants of the Original Indenture as supplemented by this Supplemental Indenture (including the form of Note set forth as Exhibit A hereto (the terms of which are incorporated in and made a part of this Supplemental
Indenture for all intents and purposes)). 
 SECTION 2.02. Amount. 

The aggregate principal amount of the Notes which may be authenticated and delivered pursuant hereto is unlimited. The Trustee shall initially
authenticate and deliver Notes for original issue in an initial aggregate principal amount of up to $400,000,000 upon delivery to the Trustee of a Company Order for the authentication and delivery of such Notes. The aggregate principal amount of the
Notes to be issued hereunder may be increased at any time hereafter and the series may be reopened for issuances of additional Notes upon Company Order without the consent of any Holder. The Notes issued on the date hereof and any such additional
Notes that may be issued hereafter shall be part of the same series of Securities for all purposes under the Indenture. 
 SECTION 2.03.
Stated Maturity. 
 The Notes may be issued on any Business Day on or after March 10, 2020, and the Stated Maturity of the
Notes shall be September 15, 2025. 
 SECTION 2.04. Interest and Interest Rates. 

The rate or rates at which the Notes shall bear interest, the date or dates from which such interest shall accrue, the interest payment dates
on which any such interest shall be payable and the regular record date for any interest payable on any interest payment date, in each case, shall be as set forth in the form of Note set forth as Exhibit A hereto. 

  
 3 

 SECTION 2.05. Optional Redemption. 

At its option, the Company may redeem the Notes, in whole or in part, in principal amounts of $2,000 and in integral multiples of $1,000 in
excess thereof, at any time or from time to time, at the applicable redemption price determined as set forth in the form of Note attached hereto as Exhibit A, in accordance with the terms set forth in the Notes and in accordance with Article
Eleven of the Original Indenture. 
 SECTION 2.06. Global Securities. 

The Notes shall initially be issuable in whole or in part in the form of one or more Global Securities. Such Global Securities (i) shall
be deposited with, or on behalf of, The Depository Trust Company, which shall act as Depositary with respect to the Notes, (ii) shall bear the legends applicable to Global Securities set forth in Section 204 of the Original Indenture,
(iii) may be exchanged in whole or in part for Notes in definitive form upon the terms and subject to the conditions provided in Section 304 of the Original Indenture and in this Supplemental Indenture and (iv) shall otherwise be
subject to the applicable provisions of the Indenture. 
 ARTICLE 3 

AGREEMENT TO GUARANTEE 

SECTION 3.01. Unconditional Guarantee. 

(a) For value received, subject to Section 3.04 hereof, each of the Guarantors hereby fully, irrevocably, unconditionally and absolutely
guarantees to the Holders of the Notes and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on such Notes, and all other amounts due and payable under the Indenture and such Notes by the Company to
the Trustee or such Holders (including, without limitation, all costs and expenses (including reasonable legal fees and disbursements of its agents and counsel) incurred by the Trustee or such Holders in connection with the enforcement of the
Indenture and the Guarantees) (collectively, the “Indenture Obligations”), when and as such amounts shall become due and payable, whether at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise,
according to the terms of such Notes and the Indenture. The guarantees by the Guarantors set forth in this ARTICLE 3 are referred to herein as the “Guarantees.” Without limiting the generality of the foregoing, each
Guarantor’s liability shall extend to all amounts that constitute part of the Indenture Obligations and would be owed by the Company to the Trustee or such Holders under the Indenture and such Notes but for the fact that they are unenforceable,
reduced, limited, impaired, suspended or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Company. 

(b) Failing payment when due of any amount guaranteed pursuant to the Guarantees, for whatever reason, each Guarantor will be obligated (to the
fullest extent permitted by applicable law) to pay the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever (whether for taxes, withholding or otherwise). The
Guarantees hereunder are intended to be a general, unsecured, senior obligation of each Guarantor and will rank pari passu in right of payment with all unsecured indebtedness of such Guarantor that is not, by its terms, expressly subordinated
in right of payment to the Guarantees of such Guarantor. Each 

  
 4 

 
Guarantor hereby agrees that, to the fullest extent permitted by applicable law, subject to Section 3.04 hereof, its obligations hereunder shall be full, irrevocable, unconditional and
absolute, irrespective of the validity, regularity or enforceability of such Notes, the Guarantees or the Indenture, the absence of any action to enforce the same, any waiver or consent by any such Holder with respect to any provisions hereof or
thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor hereby agrees that in
the event of a default in payment of any Indenture Obligations, whether at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, legal proceedings may be instituted by the Trustee on behalf of such Holders or, subject
to Section 507 of the Indenture, by such Holders, on the terms and conditions set forth in the Indenture, directly against such Guarantor to enforce the Guarantees without first proceeding against the Company. 

(c) To the fullest extent permitted by applicable law, subject to Section 3.04 hereof, the obligations of each Guarantor under this
ARTICLE 3 shall be as aforesaid full, irrevocable, unconditional and absolute and shall not be impaired, modified, discharged, released or limited by any occurrence or condition whatsoever, including, without limitation, (i) any compromise,
settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Company or either Guarantor contained in any of such Notes or the Indenture, (ii) any impairment,
modification, release or limitation of the liability of the Company, either Guarantor or any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable
Bankruptcy Law, as amended, or other statute or from the decision of any court, (iii) the assertion or exercise by the Trustee or any such Holder of any rights or remedies under any of such Notes or the Indenture or their delay in or failure to
assert or exercise any such rights or remedies, (iv) the assignment or the purported assignment of any property as security for any of such Notes, including all or any part of the rights of the Company or either Guarantor under the Indenture,
(v) the extension of the time for payment by the Company or either Guarantor of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of any of such Notes or the Indenture or of the time for
performance by the Company or either Guarantor of any other obligations under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi) the modification or amendment (whether material or otherwise) of
any duty, agreement or obligation of the Company or either Guarantor set forth in the Indenture, (vii) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of
assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment, rehabilitation or relief of, or other similar proceeding affecting, the Company or
either Guarantor or any of their respective assets, or the disaffirmance of any of such Notes, the Guarantees or the Indenture in any such proceeding, (viii) the release or discharge of the Company or either Guarantor from the performance or
observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (ix) the unenforceability of any of such Notes, the Guarantees or the Indenture, (x) any change in the name, business,
capital structure, corporate existence, or ownership of the Company or either Guarantor, or (xi) any other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, a surety or either Guarantor.

  
 5 

 (d) To the fullest extent permitted by applicable law, each Guarantor hereby (i) waives
diligence, presentment, demand of payment, notice of acceptance, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Company or such Guarantor, and all demands and notices whatsoever, (ii) acknowledges that
any agreement, instrument or document evidencing the Guarantees may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantees without notice to
them and (iii) covenants that its Guarantees will not be discharged except by complete performance of the Guarantees. To the fullest extent permitted by applicable law, each Guarantor further agrees that if at any time all or any part of any
payment theretofore applied by any Person to any Guarantees is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of either Guarantor, such Guarantees shall, to
the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantees shall continue to be effective or be reinstated, as the case may be, as though such
application had not been made. 
 (e) Each Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Company in
respect of any amounts paid by such Guarantor pursuant to the provisions of the Indenture; provided, however, that such Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of
subrogation with respect to any of such Notes until all of such Notes and the Guarantees shall have been indefeasibly paid in full or discharged. 

(f) To the fullest extent permitted by applicable law, no failure to exercise and no delay in exercising, on the part of the Trustee or the
Holders, any right, power, privilege or remedy under this ARTICLE 3 and the Guarantees shall operate as a waiver thereof, nor shall any single or partial exercise of any rights, power, privilege or remedy preclude any other or further exercise
thereof, or the exercise of any other rights, powers, privileges or remedies. The rights and remedies herein provided for are cumulative and not exclusive of any rights or remedies provided in law or equity. Nothing contained in this ARTICLE 3 shall
limit the right of the Trustee or the Holders to take any action to accelerate the maturity of such Notes pursuant to Article FIVE of the Indenture or to pursue any rights or remedies under the Indenture or under applicable law. 

SECTION 3.02. Limitation on Guarantor Liability. 

Each Guarantor and the Trustee hereby confirms that it is the intention of all such parties that the Guarantees of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantees. To effectuate
the foregoing intention, the Trustee and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of the other Guarantor in respect of the obligations of such other
Guarantor under this ARTICLE 3, result in the obligations of such Guarantor under its Guarantees not constituting a fraudulent transfer or conveyance. 

  
 6 

 SECTION 3.03. No Requirement to Endorse Notation of Guarantee. 

Each Guarantor hereby agrees that its execution and delivery of this Supplemental Indenture and the provisions set forth in this ARTICLE 3
shall evidence its Guarantee without the need for notation on any Notes. 
 SECTION 3.04. Release of Guarantee. 

(a) Notwithstanding anything to the contrary in this ARTICLE 3, if a Guarantor (i) shall cease to be a subsidiary of the Company or
(ii) shall no longer be (x) an obligor on, or issuer of, any capital markets debt securities or (y) a guarantor of any capital markets debt securities issued by the Company or the other Guarantor, in each case other than the Notes,
then, if no Default or Event of Default shall have occurred and be continuing, such Guarantor, upon giving notice to the Trustee to the foregoing effect, shall be deemed to be released from all of its obligations under the Indenture, and the
Guarantees shall be of no further force or effect with respect to such Guarantor. Following the receipt by the Trustee of any such notice, the Company shall cause the Indenture to be amended as provided in Section 901 of the Indenture;
provided, however, that the failure to so amend the Indenture shall not affect the validity of the termination of the Guarantees with respect to such Guarantor. 

(b) In addition, upon (i) the exercise of the legal defeasance or covenant defeasance option or the satisfaction and discharge of the
Indenture as provided in ARTICLES FIFTEEN and FOUR, respectively, of the Indenture with respect to a series of Notes or (ii) a series of Notes ceasing to be Outstanding, each of the Guarantors shall be deemed to be released from all its
obligations under the Indenture with respect to such series of Notes and the Guarantees of such series of Notes shall be of no further force or effect. 

SECTION 3.05. Benefits Acknowledged. 

Each Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements contemplated by the Indenture
and from the Guarantees under this Supplemental Indenture. 
 ARTICLE 4 

MISCELLANEOUS 
 SECTION
4.01. Notices. 
 Notices to the Guarantor shall be made in accordance with Section 105 of the Indenture at the address for
the Company set forth in such Section. 
 SECTION 4.02. No Recourse Against Others. 

No director, officer, employee, partner (including, for greater certainty, any general partner of any general partnership who is an individual
person), incorporator, manager, stockholder or member of either Guarantor, as such, will have any liability for any obligations of the Company, such Guarantor or the other Guarantor under the Notes or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. The waiver and release are part of the consideration for the issuance of the Guarantees and the Notes. 

  
 7 

 SECTION 4.03. Certain Trustee Matters. 

The recitals contained herein shall be taken as the statements of the Company and the Guarantors, and the Trustee assumes no responsibility for
their correctness. 
 The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or the Notes or
the proper authorization or the due execution hereof or thereof by the Company or any of the Guarantors. 
 Except as expressly set forth
herein, nothing in this Supplemental Indenture shall alter the duties, rights, privileges, immunities or obligations of the Trustee set forth in the Original Indenture, which shall be applicable in respect of the Notes and of this Supplemental
Indenture as fully and with like effect as if set forth herein in full. 
 The Trustee makes no representation or warranty as to the
validity or sufficiency of the information contained in the prospectus supplement related to the Notes, except such information which specifically pertains to the Trustee itself, or any information incorporated therein by reference with respect to
the Trustee. 
 SECTION 4.04. Continued Effect. 

Except as expressly supplemented and amended by this Supplemental Indenture, the Original Indenture shall continue in full force and effect in
accordance with the provisions thereof, and the Original Indenture (as supplemented and amended by this Supplemental Indenture) is in all respects hereby ratified and confirmed. This Supplemental Indenture and all its provisions shall be deemed a
part of the Original Indenture in the manner and to the extent herein and therein provided. 
 SECTION 4.05. Governing Law.

 This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. This
Supplemental Indenture and the Notes are subject to the provisions of the Trust Indenture Act that are required to be part of this Supplemental Indenture and the Notes and shall, to the extent applicable, be governed by such provisions. 

SECTION 4.06. Counterparts. 

This instrument may be executed in any number of counterparts, each of which, when delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 (Signature Pages Follow) 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and delivered, all as of the day and year first above written. 
  

			
	ONEOK, INC.
		
	By:	 	 /s/ Terry K. Spencer

	Name:	 	Terry K. Spencer
	Title:	 	President and Chief Executive Officer
	
	ONEOK PARTNERS, L.P.
		
	By:	 	ONEOK Partners GP, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Walter S. Hulse III

	Name:	 	Walter S. Hulse III
	Title:	 	Chief Financial Officer, Treasurer and Executive Vice President, Strategic Planning and Corporate Affairs
	
	ONEOK PARTNERS INTERMEDIATE LIMITED PARTNERSHIP
		
	By:	 	ONEOK ILP GP, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Walter S. Hulse III

	Name:	 	Walter S. Hulse III
	Title:	 	Chief Financial Officer, Treasurer and Executive Vice President, Strategic Planning and Corporate Affairs
	
	U.S. BANK NATIONAL ASSOCIATION
	as Trustee
		
	By:	 	 /s/ George Hogan

	Name:	 	George Hogan
	Title:	 	Vice President

  
 [Signature Page to
Thirteenth Supplemental Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [If a Global
Security, insert—UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

[If a Global Security, insert—TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.] 

ONEOK, INC. 
 2.200%
Note due 2025 
  

			
	 No.            
	  	U.S. $                        

 CUSIP No. 682680 BA0 

ONEOK, Inc., an Oklahoma corporation (herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to,                            
or registered assigns, the principal sum of                          United States Dollars
($                            ) on September 15, 2025, and to pay interest thereon from
March 10, 2020, or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing on September 15, 2020, at the rate of 2.200%
per annum, until the principal hereof is paid or made available for payment and at the same rate per annum on any overdue principal and premium and on any overdue installment of interest. The amount of interest payable for any period shall be
computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable on this Note is not a Business Day,
then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date the
payment was originally payable. The interest so payable, and punctually paid or 

 
duly provided for, on any interest payment date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the regular record date for such interest, which record date shall be March 1 or September 1 (whether or not a Business Day), as the case may be, next preceding such interest payment date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on such regular record date and may either be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a
special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to such special record date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully
provided in the Indenture. 
 [If a Global Security, insert—Payment of the principal of (and premium, if any) and any such interest on
this Note will be made by transfer of immediately available funds to a bank account in the United States of America designated by the Holder to the Paying Agent in U.S. Dollars.] 

[If a definitive Security, insert—Payment of the principal of (and premium, if any) and any such interest on this Note will be made at
the office or agency of the Company maintained for that purpose in U.S. Dollars or subject to any laws or regulations applicable thereto and to the right of the Company (as provided in the Indenture) to rescind the designation of any such Paying
Agent, at the offices of _________________, and at such other offices or agencies as the Company may designate, by U.S. Dollar check drawn on, or transfer to a U.S. Dollar account maintained by the payee with, a bank in The City of New
York (so long as the applicable Paying Agent has received proper transfer instructions in writing at least 10 days prior to the payment date); provided, however, that payment of interest may be made at the option of the Company by
U.S. Dollar check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register or by transfer to a U.S. Dollar account maintained by the payee with a bank in The City of New York (so long
as the applicable Paying Agent has received proper transfer instructions in writing by the record date prior to the applicable interest payment date).] 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: _______________, _____ 
  

			
	ONEOK, INC.
		
	By:	 	              

	Name:
	Title:

  

			
	ATTEST
		
	By:	 	
                 

	Name:
	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: __________, ______ 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	By:	 	              

		 	Authorized Signatory

 EXHIBIT A 

[REVERSE OF NOTE] 

ONEOK, INC. 
 2.200%
Note due 2025 
 This security is one of a duly authorized issue of debt securities of the Company (the “Securities”), issued
and to be issued in one or more series under an Indenture, dated as of January 26, 2012, between the Company and U.S. Bank National Association, as Trustee (the “Trustee,” which term includes any successor trustee under the
Indenture), as amended and supplemented to date, including without limitation by the Thirteenth Supplemental Indenture thereto, dated March 10, 2020 among the Company, ONEOK Partners, L.P. and ONEOK Partners Intermediate Limited Partnership (each a
“Guarantor” and together, the “Guarantors”) and the Trustee, (such Indenture, as so amended and supplemented being referred to herein as the “Indenture”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof. The Securities of this series are referred to herein as the “Notes.” 

On or after August 15, 2025 (one month prior to the maturity date of the Notes), the Notes will be subject to redemption at any time at
the option of the Company, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest thereon to the applicable Redemption Date (subject to the right of holders
of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Redemption Date). 

Prior to August 15, 2025 (one month prior to the maturity date of the Notes), the Notes will be subject to redemption at the option of
the Company, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes; or (ii) as determined by a Quotation Agent, the sum of the present values of the
remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on August 15, 2025 (not including any portion of those payments of interest accrued as of the date of redemption)
discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 25 basis
points, plus, in the case of (i) and (ii), accrued but unpaid interest to the Redemption Date. 
 Unless the Company defaults in
payment of the redemption price, on and after the date of redemption, interest will cease to accrue on this Note or the portions hereof called for redemption. 

In the event of redemption of this Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for defeasance at any time of (1) the
entire indebtedness of this Note or (2) certain restrictive covenants and Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 

 If an Event of Default with respect to the Notes shall occur and be continuing, the
principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Guarantors fully,
irrevocably, unconditionally and absolutely guarantee the due and punctual payment of the principal of, and premium, if any, and interest on such Notes, and all other amounts due and payable under the Indenture and such Notes by the Company to the
Trustee or such Holders. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company, the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantors and the Trustee with the consent of not less
than the Holders of a majority in principal amount of the Outstanding Securities of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Outstanding Securities of each
affected series, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Guarantors with certain provisions of the Indenture. The Indenture permits, with certain exceptions as therein provided, the
Holders of a majority in principal amount of Securities of any series then Outstanding to waive past defaults under the Indenture with respect to such series and their consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and all holders of Notes of which this Note is a predecessor Note, whether or not notation of such consent or waiver is made upon this or any other Note. 

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any action or
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default and offered the Trustee reasonable
indemnity against costs, expenses and liabilities to be incurred in compliance with such request and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent
with such request, and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the
enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place(s) and rate, and in the currency, herein prescribed. 

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for definitive Securities of this series except
in the limited circumstances provided in the Indenture. 

 The holders of beneficial interests in this Global Security will not be entitled to receive
physical delivery of definitive Securities except as described in the Indenture and will not be considered the Holders thereof for any purpose under the Indenture.] 

[If a definitive Security, insert—As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Note is registerable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in The City of New York, or, subject to any laws or regulations applicable thereto and to the right of the
Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the offices of __________________ in the Borough of Manhattan, The City of New York, and at such other offices or agencies as the Company may
designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more
new Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 

The Notes are issuable only in registered form without coupons in denominations of $2,000 and any whole multiple of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Note shall be governed by and
construed in accordance with the laws of the State of New York. The Notes are subject to the provisions of the Trust Indenture Act that are required to be part of the Notes and shall, to the extent applicable, be governed by such provisions. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 [If a definitive Security, insert as a separate page— 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto _______________________________ (Please Print or Typewrite
Name and Address of Assignee) the within instrument of ONEOK, INC. and does hereby irrevocably constitute and appoint _____________________ Attorney to transfer said instrument on the books of the within-named Company, with full power of
substitution in the premises. 
 Please Insert Social Security or 

Other Identifying Number of Assignee: 
  

					
	  
	  		  	  

	  
	  		  	  

	  
	  		  	  

			
	Dated:__________	  		  	  

 

	  
	  		  	  

	  
	  		  	(Signature)
		  		  	
	Signature Guarantee:
	  

	                        
	(Participant in a Recognized Signature
	Guaranty Medallion Program)

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within
instrument in every particular, without alteration or enlargement or any change whatever.] 

 [If a Global Security, insert as a separate page— 

SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL SECURITY 
 The
following increases or decreases in this Global Security have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Security
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Security
	  	 Principal Amount

of this Global
 Security
following
 such decrease

(or increase)
	  	 Signature of

authorized
 officer
of
 Trustee or 

Depositary]

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