Document:

Purchase Agreement

 Exhibit 10.1 
 June 27, 2007 
 To: ONEOK, Inc.

 100 West Fifth Street 
 Tulsa, Oklahoma 74103 
 From: Bank of America, N.A. 
 c/o Banc of America Securities LLC 

9 West 57th Street, 40th Floor 
 New York, NY 10019 
 Telephone: 212-583-8373 
 Facsimile: 212-230-8610 
  

	 	Re:	Enhanced Overnight Share Repurchase 

 Ladies and Gentlemen:

 SECTION 1. Initial Shares. 
 Bank of America, N.A. (the “Seller”) will sell to ONEOK, Inc., an Oklahoma corporation (the “Company”), and the Company will purchase from the Seller for settlement on June 28, 2007 (the
“Purchase Date”), 7,500,000 shares (the “Initial Shares”) of common stock, par value $0.01 per share, of the Company (the “Common Stock”) at a purchase price (the “Purchase Price”)
equal to the number of the Initial Shares multiplied by $49.33. At or prior to 4:00 P.M. New York City time on the first Trading Day after the Purchase Date, Seller shall deliver or cause to be delivered the Initial Shares through the facilities of
The Depository Trust Company to the Company against payment by the Company of the Purchase Price by wire transfer of immediately available funds. Except as provided in the preceding sentence, the sale of the Initial Shares to the Company by the
Seller shall be effected in accordance with the Seller’s customary procedures. 
 SECTION 2. Definitions. 
 “Average Purchase Price” means the arithmetic average of the Daily Average Prices for all Trading Days during the Averaging Period.

 As used in this Letter Agreement, the following terms shall have the following meanings: 
 “Averaging Period” means the period of consecutive Trading Days commencing on June 28, 2007 and ending on December 28, 2007;
provided that the Seller may, in its absolute discretion, accelerate the last day of the Averaging Period to any Trading Day on or after August 

 
23, 2007 upon written notice to the Company (it being understood that such notice may be given on the same date that the Seller elects to be the last day of
the Averaging Period). 
 “BAS” means Banc of America Securities LLC. 
 “Calculation Agent” means BAS. 
 “Common Stock” has the meaning specified in Section 1. 
 “Company” has the meaning specified
in Section 1. 
 “Daily Average Price” means for any Trading Day in the Averaging Period, the Reported VWAP for such
Trading Day minus $0.80. 
 “Designee” has the meaning specified in Section 16. 
 “Exchange” means, at any time, the principal national securities exchange or automated quotation system, if any, on which the Common
Stock is listed or quoted at such time. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Federal Funds Rate” means, for any day, the rate on such day for Federal Funds, as published by Bloomberg and found by pressing the
following letters “FEDSOPEN” followed by pressing the <Index> key and pressing the following letters “HP” followed by pressing the <Go> key; provided that if any such day is not a New York Banking Day, the
Federal Funds Rate for such day shall be the Federal Funds Rate for the immediately preceding New York Banking Day. 
 “Initial
Shares” has the meaning specified in Section 1. 
 “ISDA Definitions” means the 2002 ISDA Equity Derivatives
Definitions, as published by the International Swaps and Derivatives Association, Inc. 
 “Make-Whole Payment Shares” has
the meaning specified in Section 5(c). 
 “Maximum Deliverable Number” means 25,000,000, subject to adjustment pursuant
to Section 7(a). 
 “Merger Event” has the meaning specified in the ISDA Definitions. For purposes of the ISDA
Definitions, the Shares are shares of Common Stock, the Issuer is the Company, the Merger Date shall be deemed to be the Announcement Date as specified in the ISDA Definitions and the final Valuation Date shall be deemed to be the last day of the
Averaging Period. 
 “New York Banking Day” means any day except for a Saturday, Sunday or a day on which the Federal
Reserve Bank of New York is closed. 
 “Payment Shares” means Restricted Payment Shares or Make-Whole Payment Shares.

 “Private Placement Agreement” has the meaning specified in Section 6(a)(iii). 
 “Purchase Date” has the meaning specified in Section 1. 
 “Purchase Price” has the meaning specified in Section 1. 
  

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 “Refund Shares” has the meaning specified in Section 5(a)(i). 
 “Regulation M” means Regulation M under the Exchange Act. 
 “Remaining Scheduled Days” means the scheduled number of Trading Days remaining in the Averaging Period as of the time of any suspension of the Averaging Period. 
 “Reported VWAP” means, for any Trading Day, the Rule 10b-18 dollar volume weighted average price per share of Common Stock for that
Trading Day as reported on Bloomberg Page “OKE.N <Equity> AQR SEC” (or any successor thereto), or, in the event such price is not so reported on such Trading Day for any reason, as determined by the Calculation Agent in a
commercially reasonable manner. 
 “Repurchase Cost” means the product of (i) the Average Purchase Price multiplied
by (ii) the number of Initial Shares. 
 “Requirements” has the meaning specified in Section 3(b). 

“Restricted Payment Shares” has the meaning specified in Section 5(a)(ii). 
 “Restricted Share Amount” means the quotient of (i) the absolute value of the Settlement Amount divided by (ii) the
Restricted Share Value of a Restricted Payment Share. 
 “Restricted Share Value” means, with respect to any Restricted
Payment Shares or Make-Whole Payment Shares, 95% of the value thereof per share to the Seller, determined by the Calculation Agent by commercially reasonable means. 
 “Rule 10b-18” means Rule 10b-18 under the Exchange Act. 
 “Securities Act”
means the Securities Act of 1933, as amended. 
 “Seller” has the meaning specified in Section 1. 
 “Seller’s Short Position” means, at any time, the number of shares of Common Stock constituting the Seller’s theoretical net
short position in relation to the transactions contemplated by this Letter Agreement at such time, as determined by the Calculation Agent. 
 “Settlement Amount” means an amount equal to (i) the Purchase Price minus (ii) the Repurchase Cost. 
 “Settlement Balance” has the meaning specified in Section 5(c). 
 “Settlement Day” means any
day that is not a Saturday, a Sunday or a day on which banking institutions or trust companies in The City of New York are authorized or obligated by law or executive order to close. A Settlement Day “corresponds” to a Trading Day if it is
the day for settlement of regular way transactions for equity securities entered into on the Exchange on that Trading Day. 
 “Significant Subsidiary” has the meaning specified in Rule 1-02 of Regulation S-X. 
 “Tender
Offer” has the meaning specified in the ISDA Definitions. For purposes of the ISDA Definitions, the Issuer is the Company. 
  

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 “Trading Day” means any day (i) other than a Saturday, a Sunday or a day on which
the Exchange is not open for business, (ii) during which trading of any securities of the Company on any national securities exchange has not been suspended and (iii) during which there has not been, in the Calculation Agent’s
commercially reasonable judgment, a material limitation in the trading of Common Stock. 
 “Valuation Period” has the
meaning specified in Section 5(a). 
 SECTION 3. Seller Purchases. 
 (a) The Initial Shares may be sold short to the Company. It is understood that during the Averaging Period the Seller may purchase shares of Common Stock
in connection with this Letter Agreement, which shares may be used to cover all or a portion of such short sale. Such purchases will be conducted independently of the Company. The timing of such purchases by the Seller, the number of shares
purchased by the Seller on any day, the price paid per share of Common Stock pursuant to such purchases and the manner in which such purchases are made, including without limitation whether such purchases are made on any securities exchange or
privately, shall be within the absolute discretion of the Seller. It is the intent of the parties that this transaction comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act, and the parties agree that this Letter Agreement
shall be interpreted to comply with the requirements of Rule 10b5-1(c), and the Company shall take no action that results in this transaction not so complying with such requirements. Without limiting the generality of the preceding sentence, the
Company acknowledges and agrees that (A) the Company does not have, and shall not attempt to exercise, any influence over how, when or whether the Seller effects any purchases of Common Stock in connection with this Letter Agreement,
(B) during the period beginning on (but excluding) the date of this Letter Agreement and ending on the last day of the Averaging Period, if any, neither the Company nor its officers or employees shall, directly or indirectly, communicate any
information regarding the Company or the Common Stock to any employee of the Seller or its affiliates responsible for trading the Common Stock in connection with the transactions contemplated hereby, provided that the limitation imposed by
this clause (B) shall not extend to or affect disclosures by the Company by means of (i) press releases in the ordinary course of its business or as otherwise required by law or (ii) reports, proxy statements or other documents
publicly filed or furnished by the Company with or to the Securities and Exchange Commission, (C) the Company is entering into this Letter Agreement in good faith and not as part of a plan or scheme to evade compliance with federal securities
laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act and (D) during the period beginning on (but excluding) the date of this Letter Agreement and ending on the later of the last day of the Averaging Period or the
last day of the Valuation Period, if any, the Company will not alter or deviate from this Letter Agreement or enter into or alter a corresponding hedging transaction with respect to the Common Stock. The Company also acknowledges and agrees that any
amendment, modification, waiver or termination of this Letter Agreement must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c) under the Exchange Act. Without limiting
the generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act, and no such amendment,
modification, waiver or termination shall be made at any time at which the Company or any officer or director of the Company is aware of any material nonpublic information regarding the Company or the Common Stock. 
 (b) In the event that the Seller, in its commercially reasonable discretion, determines that it is appropriate with regard to any legal, regulatory or
self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by the Seller, and including without limitation Rule 10b-18, 

  

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Rule 10b-5, Regulation 13D-G and Regulation 14E under the Exchange Act, the “Requirements”), for the Seller to refrain from purchasing
Common Stock or to purchase fewer than the number of shares of Common Stock that the Seller would otherwise purchase on any Trading Day during the Averaging Period, then the Seller may, in its commercially reasonable discretion, elect that the
Averaging Period be suspended as appropriate with regard to any Requirements. The Seller shall notify the Company upon the exercise of the Seller’s rights pursuant to this Section 3(b) and shall subsequently notify the Company on the day
the Seller reasonably believes that the circumstances giving rise to such exercise have changed. If the Averaging Period is suspended by the Seller pursuant to this Section 3(b), at the end of such suspension the Seller shall determine in good
faith and in a commercially reasonably manner the number of Trading Days remaining in the Averaging Period, which number shall not exceed the Remaining Scheduled Days as of the time of such suspension. 
 (c) The Company agrees that it shall not take, shall not cause its affiliates or agents to take, and shall use commercially reasonable efforts to prevent
its affiliates from taking any action that reasonably could be expected to cause Regulation M to be applicable to any purchases of Common Stock, or any security for which the Common Stock is a reference security (as defined in Regulation M), by the
Company or any of its affiliated purchasers (as defined in Regulation M) during the Averaging Period. 
 (d) The Company shall, at least one
day prior to the first day of the Averaging Period, notify the Seller of the total number of shares of Common Stock purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4) by or for the
Company or, to the knowledge of the Company, any of its affiliated purchasers, during each of the four calendar weeks preceding the first day of the Averaging Period and during the calendar week in which the first day of the Averaging Period occurs
(“Rule 10b-18 purchase”, “blocks” and “affiliated purchaser” each being used as defined in Rule 10b-18), which notice shall be substantially in the form set forth as Appendix B hereto. 
 (e) From the date hereof through the last day of the Averaging Period, the Company shall (i) notify the Seller prior to the opening of trading in
the Common Stock on any day on which the Company makes, or expects to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition, or similar transaction involving a recapitalization relating to
the Company (other than any such transaction in which the consideration consists solely of cash and there is no valuation period), (ii) promptly notify the Seller following any such announcement that such announcement has been made, and
(iii) promptly deliver to the Seller following the making of any such announcement a certificate indicating (A) the Company’s average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during the three full calendar months
preceding the date of the announcement of such transaction and (B) the Company’s block purchases (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar months preceding the date of
the announcement of such transaction. In addition, the Company shall promptly notify the Seller of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders. The Company acknowledges that any
such public announcement may cause the Averaging Period to be suspended pursuant to Section 3(b). Accordingly, the Company acknowledges that its actions in relation to any such announcement or transaction must comply with the standards set
forth in Section 3(a). 
 SECTION 4. Company Purchases. 
 Without the prior written consent of the Seller (which consent shall not unreasonably be delayed, denied or conditioned), the Company shall not, shall
not cause its affiliates and affiliated purchasers (each as defined in Rule 10b-18) to, and shall take commercially reasonable efforts in 

  

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order for its affiliates and affiliated purchasers not to, directly or indirectly (including, without limitation, by means of a cash-settled or other
derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any shares of Common Stock (or an equivalent interest, including a unit of beneficial
interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable for shares of Common Stock during the period beginning on, and including, the Purchase Date and ending on, and including, the last
date of the Averaging Period or, if the Settlement Amount is greater than zero, the last date of the Valuation Period. During such time, any purchases of Common Stock (or any security convertible into or exchangeable for shares of Common Stock) by
the Company shall be made through BAS, which is an affiliate of the Seller, pursuant to a letter substantially in the form of Appendix A hereto and subject to such commercially reasonable conditions as the Seller shall impose, and shall be in
compliance with Rule 10b-18 or otherwise in a manner that the Company and the Seller reasonably believe is in compliance with the requirements of applicable law (including, without limitation, Rule 10b-5, Regulation 13D-G and Regulation 14E under
the Exchange Act); provided that this Section 4 shall not apply to the following: (i) privately negotiated purchases of Common Stock (or any security convertible into or exchangeable for shares of Common Stock) by an affiliate or
affiliated purchaser of the Company from another such affiliate or affiliated purchaser; (ii) purchases of Common Stock pursuant to exercises of stock options granted to former or current employees, officers, directors, or other affiliates or
affiliated purchasers of the Company in accordance with any employee benefit plan (as defined in Securities Act Form S-8) that is disclosed in any report, proxy statement or other document publicly filed or furnished by the Company with or to the
Securities and Exchange Commission, including the withholding and/or purchase of Common Stock from holders of such options to satisfy payment of the option exercise price and/or satisfy tax withholding requirements in connection with the exercise of
such options; (iii) purchases of Common Stock from holders of performance shares or units or restricted shares or units to satisfy tax withholding requirements in connection with vesting; (iv) the conversion or exchange by holders of
convertible or exchangeable securities of the Company previously issued; or (v) the purchases of shares of Common Stock effected by or for a plan of the Company by an agent independent of the issuer that satisfy the requirements of Rule
10b-18(a)(13)(ii), and provided further that for the avoidance of doubt, the receipt by affiliates or affiliated purchasers of the Company of grants under any Company equity incentive plan or retirement plan shall not constitute a purchase of Common
Stock governed by this Section 4. 
 SECTION 5. Purchase Price Adjustment and Settlement. 
 (a) After the expiration of the Averaging Period, 
 (i) if the Settlement Amount is greater than zero, as an adjustment to the Purchase Price, the Seller shall transfer to the Company, for no additional consideration, a number of shares of Common Stock equal to the
Settlement Amount divided by the Average Purchase Price (the “Refund Shares”) in the manner provided in Section 5(b), or 
 (ii) if the Settlement Amount is less than zero, as an adjustment to the Purchase Price, the Company shall elect to 
 (A) transfer to the Seller, for no additional consideration, a number of shares of Common Stock, which will not be registered for resale, equal to the Restricted Share Amount (the “Restricted Payment
Shares”) on the Settlement Day corresponding to the last Trading Day of the Averaging Period in the manner provided in Section 5(b), and any Make-Whole Payment Shares as provided in Section 5(c), or 
  

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 (B) make a cash payment to the Seller in immediately available funds in an amount
equal to the absolute value of the Settlement Amount on the Settlement Day corresponding to the last Trading Day of the Averaging Period. 
 The Company shall give written notice to the Seller not later than the later of (i) 3 Trading Days prior to the then scheduled last Trading Day of the Averaging Period or (ii) the second Trading Day after receiving notice of
acceleration of the Averaging Period from the Seller, of the Company’s election, if the Settlement Amount is less than zero, for the Company to deliver Restricted Payment Shares or to make a cash payment. Once made, such election will be
irrevocable. If the Company fails to make such an election by the election deadline, the Company shall have been deemed to have elected to make a cash payment. If the Company elects to deliver Restricted Payment Shares pursuant to this
Section 5(a)(ii), the Calculation Agent shall have the right to adjust the Settlement Amount to compensate the Seller for its cost of funds at the Federal Funds Rate during the period (the “Valuation Period”) commencing on the
first Trading Day immediately following the final day of the Averaging Period and ending on the date on which either the Settlement Balance is reduced to zero or the aggregate number of Restricted Payment Shares and Make-Whole Payment Shares (as
defined in Section 5(c)) equals the Maximum Deliverable Number. In no event shall the Seller reduce the Settlement Balance below zero and in all events the Seller shall return to the Company any Restricted Payment Shares or Make-Whole Payment
Shares that remain at the time that the Settlement Balance is reduced to zero. 
 (b) Delivery of Refund Shares or Restricted Payment Shares
shall be made as follows: 
 (i) if Refund Shares are to be transferred to the Company, the Seller shall deliver the shares
to the Company on the first Settlement Day following the last day of the Averaging Period, and 
 (ii) if Restricted Payment
Shares are to be transferred to the Seller, on the Settlement Day corresponding to the last Trading Day in the Averaging Period, the Company shall deliver to the Seller a number of Restricted Payment Shares equal to the Restricted Share Amount, and
the Company shall deliver any additional Make-Whole Payment Shares as provided in Section 5(c). 
 (c) If Restricted Payment Shares are
delivered in accordance with Section 5(b)(ii), on the last Trading Day of the Averaging Period a balance (the “Settlement Balance”) shall be established with an initial balance equal to the absolute value of the Settlement
Amount. Following the delivery of Restricted Payment Shares or any Make-Whole Payment Shares, Seller shall sell all such Restricted Payment Shares or Make-Whole Payment Shares in a commercially reasonable manner. At the end of each Trading Day upon
which sales have been made, the Settlement Balance shall be reduced by an amount equal to 95% of the aggregate proceeds received by Seller upon the sale of such Restricted Payment Shares or Make-Whole Payment Shares. If, on any Trading Day, all
Restricted Payment Shares and Make-Whole Payment Shares have been sold and, after giving effect thereto, the Settlement Balance has not been reduced to zero, the Company shall (i) deliver to Seller or as directed by Seller on the Settlement Day
corresponding to such Trading Day an additional number of Shares (the “Make-Whole Payment Shares”) equal to (x) the Settlement Balance as of such Trading Day divided by (y) the Restricted Share Value of the Make-Whole
Payment Shares or (ii) promptly deliver to Seller cash in an amount equal to the then remaining Settlement Balance. This provision shall be applied successively until either the Settlement Balance is reduced to zero or the aggregate number of
Restricted Payment Shares and Make-Whole Payment Shares equals the Maximum Deliverable Number. 
  

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 SECTION 6. Payment Shares. 
 (a) The Company may only deliver Restricted Payment Shares pursuant to Section 5(a)(ii)(A) and Make-Whole Payment Shares pursuant to
Section 5(c) subject to satisfaction of the following conditions: 
 (i) all Restricted Payment Shares and Make-Whole
Payment Shares shall be delivered to the Seller (or any affiliate of the Seller designated by the Seller) pursuant to the exemption from the registration requirements of the Securities Act provided by Section 4(2) thereof; 
 (ii) BAS, the Seller and any potential purchaser of any such shares from the Seller (or any affiliate of the Seller designated by the
Seller) identified by BAS or the Seller shall have entered into a confidentiality agreement reasonably acceptable in form and content to the Company and, pursuant thereto, shall have been afforded a commercially reasonable opportunity to conduct a
due diligence investigation with respect to the Company customary in scope for private placements of equity securities (including, without limitation, the right to have made available to them for inspection all financial and other records, pertinent
corporate documents and other information reasonably requested by them); and 
 (iii) an agreement (a “Private
Placement Agreement”) shall have been entered into between the Company and the Seller (or any affiliate of the Seller designated by the Seller) in connection with the private placement of such shares by the Company to the Seller (or any
such affiliate) and the private resale of such shares by the Seller (or any such affiliate), on customary and commercially reasonable terms substantially similar to private placement purchase agreements customary for private placements of equity
securities, in form and substance commercially reasonably satisfactory to the Seller, which Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase
agreements relating to the indemnification of, and contribution in connection with the liability of, the Seller and its affiliates, and shall provide for the payment by the Company of all reasonable out-of-pocket fees and expenses in connection with
such resale, including all reasonable out-of-pocket fees and expenses of counsel for the Seller, and shall contain representations, warranties and agreements of the Company reasonably necessary or advisable to establish and maintain the availability
of an exemption from the registration requirements of the Securities Act for such resales. 
 If the Settlement Amount is less than zero and the Company has
elected to deliver Restricted Payment Shares and any of the above conditions is not satisfied as of the last Trading Day of the Averaging Period and on each date when any Make-Whole Payment Shares are to be delivered, the Company shall, in lieu of
delivery of the Restricted Payment Shares or such Make-Whole Payment Shares, as the case may be, make a cash payment to the Seller in immediately available funds in an amount equal to the absolute value of the Settlement Amount or the then remaining
Settlement Balance, as the case may be, in either case on the second Settlement Day following the date when such delivery would have otherwise been required and shall reimburse the Seller for all reasonable out-of-pocket expenses it incurs in
connection with the anticipated delivery of the Restricted Payment Shares or the Make-Whole Payment Shares, including, without limitation, the out-of-pocket reasonable fees and expenses of outside counsel to the Seller incurred in connection
thereof. 
 For the avoidance of doubt, nothing in this Section 6(a) shall be read as requiring the Company to deliver cash in respect of the settlement
of the transactions contemplated by this Letter Agreement. 
  

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 (b) If the Company elects to deliver Restricted Payment Shares pursuant to Section 5(a)(ii)(A)
above, the Company shall not (i) take or cause to be taken any action that would make unavailable the exemption set forth in Section 4(2) of the Securities Act for the sale of any Restricted Payment Shares or Make-Whole Payment Shares by
the Company to the Seller, or (ii) engage or cause any person to engage in any general solicitation in connection with, or engage in any securities offering that could be integrated with, the resales of Restricted Payment Shares and Make-Whole
Payment Shares by the Seller that would make unavailable an exemption from the registration requirements of the Securities Act reasonably acceptable to the Seller for such resales. 
 (c) If the Settlement Amount is less than zero and the Company elects to deliver Restricted Payment Shares pursuant to Section 5(a)(ii)(A), then, if
necessary, the Company shall use its commercially reasonable efforts to cause the number of authorized but unissued shares of Common Stock to be increased to an amount sufficient to permit the Company to fulfill its obligations under Section 5
above. 
 (d) The Company has the ability to disclose publicly all material information relating to the Company. 
 (e) Notwithstanding the provisions of Section 5(a) above, if the Company has elected to deliver any Payment Shares hereunder, the Company shall not
be required to deliver more than the Maximum Deliverable Number of shares of Common Stock as Payment Shares hereunder. 
 SECTION 7.
Adjustment of Terms. 
 (a) In the event (i) of any corporate event involving the Company or the Common Stock (including, without
limitation, a stock split, stock dividend, bankruptcy, insolvency, reorganization, Merger Event, Tender Offer, rights offering, recapitalization, spin-off or issuance of any securities convertible or exchangeable into shares of Common Stock), or the
announcement of any such corporate event, (ii) the Seller determines, in its commercially reasonable discretion after using commercially reasonable efforts to do so, that it is unable or it is impracticable to establish, re-establish,
substitute or maintain a hedge of its position in respect of the transactions contemplated by this Letter Agreement when such hedge is necessary or consistent with the Seller’s customary business practices to hedge the price and market risk of
performance under this Letter Agreement or (iii) the Seller determines, in its commercially reasonable discretion, that it is unable to borrow Common Stock at a rebate rate greater than or equal to the Federal Funds Rate minus 50 basis
points per annum, then, in each case, the terms of the transaction (including, without limitation, the number of Trading Days in the Averaging Period, any Daily Average Price and the Settlement Amount) described herein shall be subject to adjustment
by the Calculation Agent in a commercially reasonable manner as in the exercise of its good faith judgment it deems appropriate under the circumstances; provided that in no event shall any adjustment pursuant to this Section 7 eliminate
any of the settlement methods available to the Company pursuant to Section 5 hereof. 
 (b) Notwithstanding the authority provided to
the Calculation Agent in subsection (a) of this Section 7, in the event of a corporate event (such as certain reorganizations, mergers, or other similar events) in which all holders of Common Stock may receive consideration other than the
common equity securities of the continuing or surviving entity, the adjustments referred to in such subsection shall permit the Company to satisfy its settlement obligations hereunder by delivering the consideration received by holders of Common
Stock upon such corporate event, in such proportions as in the exercise of its good faith judgment the Calculation Agent deems appropriate under the circumstances. 
  

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 SECTION 8. Governing Law; Waiver of Jury Trial. 
 (a) THIS LETTER AGREEMENT SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. The parties hereto irrevocably submit to the non-exclusive
jurisdiction of the Federal and state courts located in the Borough of Manhattan, in the City of New York in any suit or proceeding arising out of or relating to this Letter Agreement or the transactions contemplated hereby. 
 (b) EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
LETTER AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 9. Assignment and Transfer. 
 Except as otherwise provided in Section 16 hereof, the rights and duties under this Letter Agreement may not be assigned or transferred by the
Company or the Seller without the prior written consent of the other party; provided that the Seller may assign any of its rights or duties hereunder to any of its affiliates of reasonably equivalent credit quality as the Seller without the prior
written consent of the Company. 
 SECTION 10. No Condition of Confidentiality. 
 The Seller and the Company hereby acknowledge and agree that the Seller has authorized the Company to disclose this Letter Agreement and the transactions
contemplated hereby to any and all persons, and there are no express or implied agreements, arrangements or understandings to the contrary, and the Seller hereby waives any and all claims to any proprietary rights with respect to this Letter
Agreement and the transactions contemplated hereby, and authorizes the Company to use any information that the Company receives or has received with respect to this Letter Agreement and the transactions contemplated hereby in any manner. 

SECTION 11. Calculations. 
 The
Calculation Agent shall make all calculations and determinations in respect of this Letter Agreement in good faith, applying commercially reasonable standards and methods. Where reasonably practicable, the Calculation Agent shall consult with the
Company prior to making any calculation or determination in respect of this Letter Agreement (and the Company acknowledges its obligations under Section 3(a) in respect of any such consultation). Following any calculation by the Calculation
Agent hereunder, upon a prior written request by the Company, the Calculation Agent will provide to the Company by e-mail to the e-mail address provided by the Company in such a prior written request a report (in a commonly used file format for the
storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation. 
 SECTION 12.
Representations, Warranties and Agreements of the Company. 
 The Company represents and warrants to, and agrees with, the Seller as
follows: 
 (a) The Company acknowledges and agrees that it is not relying, and has not relied, upon the Seller or any affiliate of the
Seller with respect to the legal, accounting, tax or other implications of this Letter Agreement and that it has conducted its own analyses of the legal, accounting, tax and other implications hereof. The Company further acknowledges and agrees that
neither the Seller nor any affiliate of the Seller has acted as its advisor in any capacity in connection with this Letter Agreement or the transactions contemplated hereby. The Company is 

  

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entering into this Letter Agreement with a full understanding of all of the terms and risks hereof (economic and otherwise), has adequate expertise in
financial matters to evaluate those terms and risks and is capable of assuming (financially and otherwise) those risks. 
 (b) The Company
has all corporate power and authority to enter into this Letter Agreement and to consummate the transactions contemplated hereby. This Letter Agreement has been duly authorized and validly executed and delivered by the Company and constitutes a
valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general equitable principles. 

(c) If Payment Shares are delivered pursuant to Section 5(a)(ii) or Section 5(c), such Payment Shares, when delivered, shall have been duly
authorized and shall be duly and validly issued, fully paid and nonassessable and free of preemptive or similar rights, and such delivery shall pass title thereto free and clear of any liens or encumbrances. 
 (d) The Company is not entering into this Letter Agreement to facilitate a distribution of the Common Stock (or any security convertible into or
exchangeable for Common Stock) or in connection with a future issuance of securities. 
 (e) The Company is not entering into this Letter
Agreement to create actual or apparent trading activity in the Common Stock (or any security convertible into or exchangeable for Common Stock) or to manipulate the price of the Common Stock (or any security convertible into or exchangeable for
Common Stock). 
 (f) The execution and delivery by the Company of, and the compliance by the Company with all of the provisions of, this
Letter Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or
any other agreement or instrument to which the Company or any of its Significant Subsidiary is a party or by which the Company or any of its Significant Subsidiaries is bound or to which any of the property or assets of the Company or any of its
Significant Subsidiaries is subject, except where such breach or default would not reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations hereunder, nor will such action result in any
violation of the provisions of the Certificate of Incorporation or By-laws or other constitutive documents of the Company or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the
Company or any of its Significant Subsidiaries or any of their respective properties. 
 (g) On the Purchase Date and on each day to and
including the final day of the Averaging Period or Valuation Period, if applicable, (i) the assets of the Company at their fair valuation exceed the liabilities of the Company, including contingent liabilities, (ii) the capital of the
Company is adequate to conduct the business of the Company and (iii) the Company has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to
pay as such debts mature. 
 (h) Except as contemplated by clause (i) below, no consent, approval, authorization, order, registration,
qualification or filing of or with any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their respective properties is required for the execution and delivery by the Company of, and the
compliance by the Company with all the terms of, this Letter Agreement or the consummation by the Company of the transactions contemplated hereby. 
  

 11 

 (i) The Company has made, and shall use its commercially reasonable efforts during the Averaging Period
and the Valuation Period (if any) to make, all filings, if any, required to be made by it with the Securities and Exchange Commission, any securities exchange or any other regulatory body with respect to the transactions contemplated hereby.

 (j) As of the date hereof and as of the date, if any, that the Company elects to transfer any Payment Shares to the Seller, (i) none
of the Company and its officers and directors is, or will be, as the case may be, aware of any material nonpublic information regarding the Company or the Common Stock and (ii) all reports and other documents filed by the Company with the
Securities and Exchange Commission pursuant to the Exchange Act when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not or will
not, as the case may be, contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not
misleading. 
 (k) By means of a press release dated May 17, 2007, the Company publicly disclosed that its Board of Directors had
authorized a stock buy back program to repurchase up to 7.5 million shares of the Company’s currently issued and outstanding Common Stock. 
 (l) In the event that the Seller or the Calculation Agent or any of their affiliates becomes involved in any capacity in any action, proceeding or investigation brought by or against any person in connection with the
transactions by the Company contemplated by this Letter Agreement, the Company shall reimburse the Seller or the Calculation Agent or such affiliate for its reasonable legal and other out-of-pocket expenses (including the reasonable cost of any
investigation and preparation) incurred in connection therewith within 30 days of receipt of notice of such expenses, and shall indemnify and hold the Seller or the Calculation Agent or such affiliate harmless against any losses, claims, damages or
liabilities to which the Seller or the Calculation Agent or such affiliate may become subject in connection with any such action, proceeding or investigation except to the extent that any such expenses, losses, claims, damages or liabilities result
from the gross negligence, willful misconduct, bad faith or breach by the Seller or the Calculating Agent of any of the representations, warranties, covenants or agreements hereunder. If for any reason the foregoing indemnification is unavailable to
the Seller or the Calculation Agent or such affiliate or insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by the Seller or the Calculation Agent or such affiliate as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Seller or the Calculation Agent or such affiliate on the other hand in the matters contemplated by
this Letter Agreement or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and the
Seller or the Calculation Agent or such affiliate on the other hand in the matters contemplated by this Letter Agreement but also the relative fault of the Company and the Seller or the Calculation Agent or such affiliate with respect to such
losses, claims, damages or liabilities and any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Seller or the Calculation Agent or such affiliate, on the other hand, shall be in the
same proportion as the Purchase Price bears to any fees paid to the Seller hereunder. The reimbursement, indemnity and contribution obligations of the Company under this Section 12(l) shall be in addition to any liability that the Company may
otherwise have, shall extend upon the same terms and conditions to the partners, directors, officers, agents, employees and controlling persons (if any), as the case may be, of the Seller or the Calculation Agent and their affiliates and shall be
binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Company, the Seller or the Calculation Agent, any such affiliate and any such person. The Company also agrees that neither 

  

 12 

 
the Seller, the Calculation Agent nor any of such affiliates, partners, directors, officers, agents, employees or controlling persons shall have any
liability to the Company for or in connection with any matter referred to in this Letter Agreement except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Company result from the gross negligence or bad faith
of the Seller or the Calculation Agent or a breach by the Seller or the Calculation Agent of any of its covenants or obligations hereunder. The foregoing provisions shall survive any termination or completion of this Letter Agreement. 
 (m) For the avoidance of doubt, the parties agree that the commissions incorporated in the definitions of Restricted Share Amount and Restricted Share
Value and in Section 5(c) above are commercially reasonable fees for BAS’s activities in connection with Settlement under Section 5. 
 (n) The parties hereto agree and acknowledge that the Seller is a “financial institution,” “swap participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of Title
11 of the United States Code (the “Bankruptcy Code”). The parties hereto further agree and acknowledge that (A) this Letter Agreement is (i) a “securities contract,” as such term is defined in Section 741(7)
of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “settlement payment” within the meaning of Sections 362 and 546 of the Bankruptcy Code and (ii) a “swap
agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “transfer” and a “payment or other transfer of
property” within the meaning of Sections 362 and 546 of the Bankruptcy Code, and (B) the Seller is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(o), 546(e), 546(g), 555, 560 and 561 of
the Bankruptcy Code. 
 (o) During the period beginning on the date of this Letter Agreement and ending on the last day of the Averaging
Period, the Company shall not (i) alter the current per share amount of its ordinary cash dividend on Common Stock of $0.34 by more than $0.03 per share or the frequency of its ordinary cash dividend on the Common Stock, or (ii) declare
any dividend other than an ordinary cash dividend on the Common Stock, in either case that affects any dividend for which the ex-dividend date occurs from and including the date of this Letter Agreement through and including the last day of the
Averaging Period, in each case without the prior consent of the Seller. 
 SECTION 13. Representations, Warranties And Agreements of the
Seller. 
 The Seller and BAS each represents and warrants to, and agrees with, the Company as follows: 
 (a) Neither the Seller nor BAS is relying, and neither has relied, upon the Company or any affiliate of the Company with respect to the legal,
accounting, tax or other implications of this Letter Agreement and has conducted its own analyses of the legal, accounting, tax and other implications hereof. The Seller and BAS each further acknowledges and agrees that neither the Company nor any
affiliate of the Company has acted as its advisor in any capacity in connection with this Letter Agreement or the transactions contemplated hereby. The Seller is entering into this Letter Agreement with a full understanding of all of the terms and
risks hereof (economic and otherwise), has adequate expertise in financial matters to evaluate those terms and risks and is capable of assuming (financially and otherwise) those risks. 
 (b) The Seller has all power and authority to enter into this Letter Agreement and to consummate the transactions contemplated hereby. This Letter
Agreement has been duly authorized and validly executed and delivered by the Seller and constitutes a valid and legally 

  

 13 

 
binding obligation of the Seller, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and to general equitable principles. 
 (c) The execution and delivery by the Seller of, and the compliance
by the Seller with all of the provisions of, this Letter Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a material breach of any of the terms or provisions of, or constitute a default
under, any material indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Seller or any of its Significant Subsidiaries is a party or by which the Seller or any of its Significant Subsidiaries is bound or
to which any of the property or assets of the Seller or any of its Significant Subsidiaries is subject, except where such breach or default would not reasonably be expected to materially and adversely affect the ability of the Seller to perform its
obligations thereunder), nor will such action result in any violation of the provisions of the constitutive documents of the Seller or a material violation of any statute or any order, rule or regulation of any court or governmental agency or body
having jurisdiction over the Seller or any of its Significant Subsidiaries or any of their respective properties. 
 (d) On the Purchase Date
and on each day to and including the final day of the Averaging Period or Valuation Period, if applicable, (i) the assets of the Seller at their fair valuation exceed the liabilities of the Seller, including contingent liabilities,
(ii) the capital of the Seller is adequate to conduct the business of the Seller and (iii) the Seller has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur
debt beyond its ability to pay as such debts mature. 
 (e) No consent, approval, authorization, order, registration, qualification or
filing, except such as are customarily required in connection with transactions of the type contemplated hereby, of or with any court or governmental agency or body having jurisdiction over the Seller or any of its Significant Subsidiaries or any of
their respective properties is required for the execution and delivery by the Seller of, and the compliance by the Seller with all the terms of, this Letter Agreement or the consummation by the Seller of the transactions contemplated hereby.

 (f) The Seller represents and warrants that it has implemented and it agrees that it will maintain reasonable policies and procedures,
taking into consideration the nature of its business, to ensure that material nonpublic information regarding the Company of which employees of the Seller may be aware will not be shared with individuals making investment and trading decisions in
relation to the transactions contemplated hereby. 
 (g) The Seller is not entering into this Letter Agreement to create actual or apparent
trading activity in the Common Stock (or any security convertible into or exchangeable for Common Stock) or to manipulate the price of the Common Stock (or any security convertible into or exchangeable for Common Stock). 
 SECTION 14. Acknowledgments and Agreements With Respect To Hedging and Market Activity.  
 (a) The Company acknowledges and agrees that: 
 (i) During the Averaging Period and, if applicable, the Valuation Period, the Seller and its affiliates may buy or sell shares of Common Stock or other securities or buy or sell options or futures contracts or enter
into swaps or other derivative securities in order to adjust its hedge position with respect to the transactions contemplated by this Letter Agreement; 
  

 14 

 (ii) The Seller and its affiliates also may be active in the market for the Common Stock
other than in connection with hedging activities in relation to the transactions contemplated by this Letter Agreement; 
 (iii) The Seller shall make its own determination as to whether, when or in what manner any hedging or market activities in the Company’s securities shall be conducted and shall do so in good faith and in such a commercially reasonable
manner as it deems appropriate to hedge its price and market risk with respect to the Daily Average Price and Reported VWAP; and 
 (iv) Any market activities of the Seller and its affiliates with respect to the Common Stock may affect the market price and volatility of the Common Stock, as well as the Daily Average Price and Reported VWAP, each in a manner that may be
adverse to the Company. 
 (b) Each of the Company and the Seller agrees that Non-Reliance as set forth in Section 13.1 of the ISDA
Definitions, Agreements and Acknowledgments Regarding Hedging Activities as set forth in Section 13.2 of the ISDA Definitions and Additional Acknowledgments as set forth in Section 13.4 of the ISDA Definitions shall be deemed to be
applicable to the transactions contemplated by this Letter Agreement as if this Letter Agreement were a confirmation that was governed by, and incorporated, such Sections of the ISDA Definitions. 
 SECTION 15. Notices. 
 Unless
otherwise specified, notices under this contract may be made by telephone, to be confirmed in writing to the address below. Changes to the notice information below must be made in writing. 
  

	 	(a)	If to the Company: 

 ONEOK, Inc.

 100 West Fifth Street 
 Tulsa, Oklahoma 74103 
 Attn: Curtis Dinan 
 Telephone: 918-588-7917 
 Facsimile: 918-588-7971 
  

	 	(b)	If to the Seller: 

 Bank of America, N.A.

 c/o Banc of America Securities LLC 
 9 West 57th Street, 40th Floor 
 New York, NY 10019

 Attn: John Servidio 
 Telephone: 212-847-6527 
 Facsimile: 212-230-8610 
 SECTION 16. Designation of Affiliate for Transactions in Common Stock. 
 The Seller may designate any of its affiliates (the “Designee”) to deliver or take delivery, as the case may be, and otherwise perform
its obligations to deliver or take delivery of, as the case may be, any shares of Common Stock in respect of the transactions contemplated by this Letter Agreement, and the Designee may assume such obligations and the obligations of the Seller under

  

 15 

 
this Letter Agreement with respect to such shares of Common Stock. Such designation shall not relieve the Seller of any of its obligations hereunder.
Notwithstanding the previous sentence, if the Designee shall have performed the obligations of the Seller hereunder, then the Seller shall be discharged of its obligations to the Company to the extent of such performance. In addition, the parties
acknowledge and agree that every time that the Seller is described in this Letter Agreement as buying, selling or otherwise transacting with third parties in the Common Stock, such buying, selling or transacting may be conducted by the Seller or one
or more of its affiliates. 
 SECTION 17. Equity Rights. 
 The Seller acknowledges and agrees that this Letter Agreement is not intended to convey to it rights with respect to this transaction that are senior to
the claims of common stockholders in the event of the Company’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during the Company’s bankruptcy to any claim
arising as a result of a breach by the Company of any of its obligations under this Letter Agreement. For the avoidance of doubt, the parties acknowledge that this Letter Agreement is not secured by any collateral that would otherwise secure the
obligations of the Company herein under or pursuant to any other agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

 16 

 Please confirm your agreement to the foregoing by signing and returning to John Servidio via facsimile at
212-230-8610 the enclosed duplicate of this Letter Agreement. 
  

					
	Very truly yours,
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Christopher A. Hutmaker
		 	Name:	 	Christopher A. Hutmaker
		 	Title:	 	Principal

  

					
	Acknowledged and agreed to as of the date first above written,
	
	 ONEOK, INC.

		
	By:	 	/s/ Curtis Dinan
		 	Name:	 	Curtis Dinan
		 	Title:	 	 Senior Vice President, Chief
 Financial Officer and
Treasurer

  

 17 

 APPENDIX A 
  
 [Date] 
  
 ONEOK, Inc. 
 100 West Fifth Street 
 Tulsa, Oklahoma 74103 
  

	 	Re:	Enhanced Overnight Share Repurchase 

 Ladies and Gentlemen:

 Reference is made to the Overnight Share Repurchase Letter Agreement between you and Bank of America, N.A. dated as of June 27, 2007
(the “Agreement”). Capitalized terms used without definition in this letter have the definitions assigned to them in the Agreement. 
 In accordance with Section 4 of the Agreement, the Seller agrees that Company may purchase shares of Common Stock during the Averaging Period subject to the following procedures: 
 (i) all such purchases will be made by Banc of America Securities LLC (“BAS”) in accordance with Rule 10b-18(b) or
otherwise in a manner that Company and BAS believe is in compliance with applicable requirements; 
 (ii) each purchase order
Company places with BAS will be an all or nothing order to purchase a minimum of 10,000 shares; 
 (iii) Company will pay to
BAS a $0.02 per share commission for each share of Common Stock purchased; and 
 (iv) [Insert price or other limits]

  

 We may terminate this letter agreement upon the effectiveness of any change in applicable law or
regulation that would cause the procedures set forth herein to impede our ability to execute appropriate trading transactions in relation to our obligations under the Agreement (including, without limitation, Section 3(a) of the Agreement) in a
manner consistent with applicable law and regulation. 
 Please indicate your agreement to, and acknowledgment of, the above by signing and
returning to us a copy of this letter. 
  

			
	 Very truly yours,
  
 BANC OF AMERICA SECURITIES LLC

		
	By:	 	  
		 	 Name:
 Title:

  

			
	 Acknowledged and agreed to as of
 the date
first above written,
  
 ONEOK, INC.

		
	By:	 	  
		 	 Name:
 Title:

 APPENDIX B 
 [Company Letterhead] 
 From: Bank of America, N.A. 
 c/o Banc of America Securities LLC 
 9 West 57th Street,
40th Floor 
 New York,
NY 10019 
 Telephone: 212-583-8373 
 Facsimile: 212-230-8610

 Attn: John Servidio 
  

	 	Re:	Enhanced Overnight Share Repurchase 

 Ladies and Gentlemen:

 In connection with our entry into an Overnight Share Repurchase Letter Agreement dated as of June 27, 2007 (the
“Agreement”), we hereby represent that set forth below is the total number of shares of our common stock purchased by or for us or any of our affiliated purchasers in Rule 10b-18 purchases of blocks pursuant to the once-a-week block
exception contained in Rule 10b-18(b)(4) (all defined in Rule 10b-18 under the Securities Exchange Act of 1934, as amended) during the four full calendar weeks immediately preceding the first day of the Averaging Period (as defined in the Agreement)
and the week during which the first day of the Averaging Period occurs: 
  

							
	 	  	Monday’s
Date	  	Friday’s Date	  	Share
Number
	 Week 4:
	  		  		  	
	 Week 3:
	  		  		  	
	 Week 2:
	  		  		  	
	 Week 1:
	  		  		  	
	 Current Week:
	  		  		  	

 We understand that you will use this information in calculating trading volume for purposes of
Rule 10b-18. 
  

			
	 Very truly yours,
  
 ONEOK, INC.

		
	By:	 	  
		 	 Name:
 Title:Amended 2002 Restricted Stock Plan

 Exhibit 10.1 
 INFINITY PROPERTY AND CASUALTY CORPORATION 
 2002 RESTRICTED STOCK PLAN 
 (As amended and restated effective July 31, 2007) 
 ARTICLE 1 
 OBJECTIVES 
 The objectives of this 2002 Restricted Stock Plan (the “Plan”) are to enable Infinity Property and Casualty Corporation (the “Company”) and its subsidiaries to compete successfully in retaining and attracting key
employees of outstanding ability, to stimulate the efforts of such employees toward the Company’s objectives and to encourage the identification of their interests with those of the Company’s shareholders. 
 ARTICLE 2 
 DEFINITIONS 
 For purposes of this Plan, the following terms shall have the following meanings: 
 2.1 “Board” means the board of directors of the Company. 
 2.2 “Cause” means (i) the Employee’s failure or refusal to materially perform his/her duties; (ii) the Employee’s failure or refusal to follow material lawful directions of the Board or
any other act of material insubordination on the part of Employee; (iii) the engaging by the Employee in misconduct, including but not limited to any type of sexual harassment which is materially and demonstrably injurious to the Company or any
of its divisions, subsidiaries or affiliates, monetarily or otherwise; (iv) any conviction of, or plea of guilty or nolo contendere to, the Employee with respect to a felony (other than a traffic violation); or (v) the commission (or
attempted commission) of any act of fraud or dishonesty by the Employee which is materially detrimental to the business or reputation of the Company or any of its divisions, Subsidiaries or affiliates. 
 2.3 “Change of Control” means the occurrence of one (1) or more of the following events: 
 (i) After the Date of Award, any person or group of persons becomes both a Beneficial Owner (as such term is defined in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934 (the “1934 Act”) directly or indirectly of securities (a) representing 40% or more of the total number of votes that may be cast for the election of directors of the Company, whether by open market
purchases, by tender offer or exchange offer, through issuance of new shares by the Company or by merger or consolidation and (b) such person or group of persons is the Beneficial Owner directly or indirectly of a greater percentage of such
securities than American Financial Group, Inc.; 
 (ii) Within two (2) years after a merger, consolidation, liquidation or sale of assets
involving the Company, or a contested election of a Company director or 

 
directors, or any combination of the foregoing, the individuals who were directors of the Company immediately prior to the merger, consolidation,
liquidation, sale of assets or contested election shall cease to constitute a majority of the Board; or 
 (iii) Within two (2) years
after a tender offer or exchange offer for voting securities of the Company, the individuals who were directors of the Company immediately prior to the commencement of the tender offer or exchange offer shall cease to constitute a majority of the
Board. 
 2.4 “Code” means the Internal Revenue Code of 1986, as amended, or any successor legislation. 
 2.5 “Committee” means a committee designated by the Board. The Committee shall be comprised of three or more directors, each of whom shall be a
“Non-Employee Director” as defined in Rule 16b-3 of the 1934 Act and an “outside director” under Section 162(m) of the Code (“Section 162(m)”), as such Rule and Section may be amended, superseded or interpreted
hereafter. 
 2.6 “Date of Award” means the date on which an Employee executed a Restricted Stock Agreement. 
 2.7 “Disability” means the failure of the Employee to render services to the Company for a continuous period of six (6) months because of
the Employee’s physical or mental disability or illness. 
 2.8 “Employee” means any individual who performs services for the
Company or any Subsidiary and is treated as an “employee” for federal income tax purposes. 
 2.9 “Retirement” means the
termination of employment of an employee who is at least 65 years of age, or 55 years of age with at least ten years of employment with the Company and/or a Subsidiary of the Company. 
 2.10 “Shares” means shares of the Company’s common stock, no par value. 
 2.11 “Subsidiary” has the meaning set forth in Section 424(f) of the Code. 
 2.12 “Vested Shares” means the non-forfeitable Shares held by an Employee pursuant to an award under this Plan, as determined under the vesting
schedule at Article 7. 
 2.13 “Year of Service” means each year commencing on the Date of Award and ending on each anniversary of
that date during which the Employee provides continuous service to the Company. 

 ARTICLE 3 
 ADMINISTRATION 
 3.1 The Committee. This Plan shall be administered and interpreted by the Committee.

 3.2 Awards. The Committee is authorized to award Shares. In particular, the Committee shall have the authority: 
 3.2.1 to select the Employees which shall be awarded Shares; 
 3.2.2 to determine the number of Shares to be awarded to the Employees; and 
 3.2.3 to interpret the
provisions of this Plan and decide all questions of fact arising in its application. 
 3.3 Delegation of Administrative Duties. The
Committee may delegate its administrative duties to employees of the Company. 
 3.4 Decisions Final. Any action, decision, interpretation or
determination by or at the direction of the Committee concerning the application or administration of this Plan shall be final and binding upon all persons and need not be uniform with respect to its determination of recipients, amounts, timing,
form, terms or provisions. 
 ARTICLE 4 
 SHARES SUBJECT TO PLAN 
 4.1 Shares. The Company reserved for use under this Plan an aggregate of Five Hundred Thousand Shares
(500,000), which Shares shall be treasury shares, of which Three Hundred Sixty-Five Thousand Sixty Hundred Twenty-Five (365,625) remain available for issuance as of July 31, 2007. Shares which are forfeited as a result of an
Employee’s termination shall again become available for award under this Plan. 
 4.2 Adjustment Provisions. If the Company shall at any
time change the number of issued Shares without new consideration to the Company by stock dividend, split, combination, recapitalization, reorganization, exchange of shares, liquidation or other change in corporate structure affecting the Shares,
the total number of Shares reserved for issuance under this Plan shall be appropriately adjusted. 
 ARTICLE 5 
 AWARD OF SHARES 
 5.1 Shares Awarded by
Committee. Subject to the terms and conditions of this Plan, the Committee may, from time to time, award Shares to Employees pursuant to this Plan by written notice to the Employee. More than one award may be given to the same Employee. 

5.2 Restricted Stock Agreement. All Shares awarded under this Plan shall be evidenced by a Restricted Stock Agreement substantially in the form
attached hereto as Exhibit A. 

 5.3 Securities Representation. As a condition to the award of Shares pursuant to this Plan, the Employee
receiving the award may be required to give such written assurances to the Company as the Company shall require that the Employee is acquiring the Shares for investment and without any present intention of selling or distributing the Shares in
violation of any applicable state or Federal law. 
 ARTICLE 6 
 RESTRICTION ON SHARES 
 6.1 Nontransferability of Shares. Employee, his/her heirs, administrators or
executors may not sell, assign, transfer, pledge, hypothecate or otherwise dispose of in any way the Shares acquired pursuant to an award under this Plan, until such Shares become Vested Shares. 
 6.2 Voting and Distribution Rights. Employee, his/her heirs, administrators or executors may vote and receive dividends or other distributions made with
respect to the Vested Shares acquired pursuant to an award under this Plan. At the time at which the Committee makes an award of Shares under this Plan, the Committee shall determine whether an employee, his/her administrators or executors may vote
and receive dividends or other distribution made with respect to Shares that are not Vested Shares. 
 6.3 Legend on Certificates. In order
to more fully effectuate the restrictions imposed by an award under this Plan, each stock certificate representing Shares acquired pursuant to such award shall have printed on such certificates the following legend or a legend substantially similar
thereto: 
 “The sale, assignment, transfer, pledge, hypothecation or other disposition of this certificate is subject to certain restrictions, the terms
and conditions of which are contained in the Company’s 2002 Restricted Stock Plan and a Restricted Stock Agreement, copies of which are on file in the office of the Secretary of the Company.” 
 ARTICLE 7 
 VESTING OF SHARES 
 7.1 Termination of Service. If the Employee is terminated by the Company for Cause, or the Employee terminates his/her service to the Company, other than
as a result of death, Disability or Retirement, then any non-Vested Shares acquired pursuant to an award under this Plan shall be forfeited by the Employee and returned to the Company without consideration. If an Employee’s service to the
Company is terminated as a result of death, Disability or Retirement, then the Committee may, at its sole discretion, authorize that all or a portion of such Employee’s non-Vested Shares convert to Vested Shares. 
 7.2 Vesting Schedule. An Employee’s Vested Shares shall be determined in accordance with a vesting schedule approved by the Committee at the time at
which the Committee makes an award of Shares under this 2002 Restricted Stock Plan. However, in no event, shall the rate at which any award of Shares become Vested Shares exceed 33.33% per year. 

 7.3 Automatic Vesting. In the event of (i) the dissolution or liquidation of the Company;
(ii) any merger, consolidation, exchange or other transaction in which the Company is not the surviving corporation or in which shares of the Company’s common stock are converted into cash, other securities or other property; or
(iii) thirty (30) calendar days prior to the scheduled consummation of a Change of Control; then the Shares acquired pursuant to an award under this Plan shall be deemed Vested Shares as of the date immediately prior to such transaction,
conversion or Change of Control. Further, the Shares acquired pursuant to an award under this Plan shall immediately be deemed Vested Shares upon the termination of the Employee by the Company other than for Cause, death or Disability. 

ARTICLE 8 
 AMENDMENT OR DISCONTINUANCE OF
PLAN 
 8.1 By Board of Directors. The Board may at any time amend, suspend, or discontinue this Plan. 
 8.2 Effect on Shares. No amendment to this Plan shall alter or impair any award of Shares previously given under this Plan without the consent of the
holders thereof. 
 ARTICLE 9 
 EFFECTIVE DATE 
 This Plan shall become effective as December 16, 2002 having been adopted by the Board and approved by the
shareholders of the Company as of such date. 
 ARTICLE 10 
 DURATION AND TERMINATION 
 This Plan shall terminate and no further stock shall be awarded hereunder after
December 16, 2012. In addition, the Committee may terminate this Plan at any time prior thereto. The termination of this Plan shall not, however, alter or impair any award of Shares given under this Plan without the consent of the holders
thereof. 
 ARTICLE 11 
 COMPLIANCE
WITH SECTION 16(B) 
 This Plan is intended to comply with all applicable conditions of Rule 16b-3 of the General Rules and Regulations under
the 1934 Act. All transactions involving the Company’s executive officers are subject to such conditions, regardless of whether the conditions are expressly set forth in this Plan. Any provision of this Plan that is contrary to a condition of
Rule 16b-3 shall not apply to executive officers of the Company. 

 ARTICLE 12 
 MISCELLANEOUS 
 12.1 Stock Power and Retention of Certificates. The Company may require the Employee to
execute and deliver to the Company a stock power in blank with respect to the non-Vested Shares and may, in its sole discretion, determine to retain possession of or escrow the certificates for the non-Vested Shares. The Company shall have the
right, in its sole discretion, to exercise such stock power in the event that the Company becomes entitled to the non-Vested Shares pursuant to Section 7.1. Notwithstanding retention of such certificates by the Company, the Employee shall have
all rights (including dividend and voting rights) with respect to the non-Vested Shares represented by such certificates. 
 12.2 No
Employment Guaranty. Nothing contained in this award shall be construed as a guaranty or promise of continued employment or shall interfere in any way with the right of the Company to terminate the employment of any Employee at any time for any
reason. 
 12.3 Taxes. To the extent that the lapse of restrictions on the non-Vested Shares resulting in the receipt of compensation by the
Employee for tax purposes, the Company shall withhold from any cash compensation then or thereafter payable to the Employee any tax required to be withheld by reason thereof. To the extent the Company determines that such cash compensation is or may
be insufficient to fully satisfy such withholding requirement, the Employee shall deliver to the Company cash in an amount determined by the Company to be sufficient to satisfy any such withholding requirement. If the Employee makes the election
authorized by Section 83(b) of the Code, the Employee shall submit to the Company a copy of the statement filed by the Employee to make such election. The Company may permit any such withholding obligation to be satisfied by reducing the number
of shares that would otherwise be deliverable to the Employee as Vested Shares. Any fraction of a share required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash by Employee. 

 EXHIBIT A 
 INFINITY PROPERTY AND CASUALTY CORPORATION 
 RESTRICTED STOCK AGREEMENT 
 Infinity Property and Casualty Corporation (the “Company”), hereby awards to [Employee]
                 shares of its common stock (“Shares”) in accordance with and subject to the terms of the Infinity Property and Casualty Corporation
2002 Restricted Stock Plan (the “Plan”), a copy of which is attached hereto and made a part hereof, and of this Restricted Stock Agreement. The Shares shall become “Vested Shares,” as defined in the Plan according to the
following schedule: 
  

			
	 Years of Service
	 	 Vested Percentage

	 1
	 	    %
	 2
	 	    %
	 3
	 	    %
	 4
	 	    %

 You [are / are not] entitled to voting rights on Shares that are not Vested Shares. You [are / are not] entitled
to receive dividends and other distributions on Shares that are not Vested Shares. 
 The Shares acquired pursuant to the Plan are subject to
certain restrictions affecting the sale, assignment, transfer, pledge, hypothecation or other disposition of such Shares in accordance with and subject to the terms of the Plan. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the      day of
                ,20    . 
  

					
	INFINITY PROPERTY AND CASUALTY CORPORATION	 	
			
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	

 I hereby accept the award of Shares set forth above in accordance with and subject to the
terms and conditions of this Restricted Stock Agreement and of the Plan and agree to be bound thereby. 
  

			
	  
	 	
	Employee

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