Document:

eip-psu2021formofawardag

{00138451 2 }  1  ONEOK, INC. EQUITY INCENTIVE PLAN  PERFORMANCE UNIT AWARD AGREEMENT  This Performance Unit Award Agreement (the “Agreement”) is entered into as of the  __  day of _______, 2021, by and between ONEOK, Inc. (the “Company”) and «Officer_Name»  (the “Grantee”), an employee of the Company or a Subsidiary thereof, pursuant to the terms of  the ONEOK, Inc. Equity Incentive Plan (the “Plan”).  1. Performance Unit Award.  This Performance Unit Award Agreement and the Notice of Performance Unit Award and Agreement dated February 17, 2021, a copy of which is attached  hereto and incorporated herein by reference, establishes the terms and conditions for the  Company’s grant of an Award of «No_of_Perf_Units» Performance Units (the “Award”) to the  Grantee pursuant to the Plan. This Agreement, when executed by the Grantee, constitutes an  agreement between the Company and the Grantee.  Capitalized terms not defined in this  Agreement shall have the meaning ascribed to them in the Plan.  2. Performance Period; Vesting.  The Performance Units granted pursuant to the Award will vest in accordance with the following terms and conditions:  (a) Grantee’s rights with respect to the Performance Units shall be restricted during the period beginning February 17, 2021 (the “Grant Date”) and ending on February 17,  2024 (the “Performance Period”).    (b) Except as otherwise provided in this Agreement or the Plan, the Grantee shall vest in a percentage of the number of Performance Units granted by this Award (including  any Dividend Equivalents, as described below) at the end of the Performance Period, as provided  for in Exhibit A and Exhibit B attached hereto, based upon the Company’s ranking for Total  Stockholder Return against the ONEOK Peer Group listed in Exhibit C attached hereto, all as  determined by the Committee in its sole discretion.  Upon vesting, the Grantee shall become  entitled to receive one (1) share of the Company’s common stock (“Common Stock”) for each  such Performance Unit.  No fractional shares shall be issued, and any amount attributable to a  fractional share shall instead be withheld to satisfy any withholding tax obligation.  (c) If the Grantee’s employment with the Company terminates prior to the end of the Performance Period other than by reason of Retirement, Disability, death or Change in  Control, the Grantee shall forfeit all right, title and interest in the Performance Units and any  Common Stock otherwise payable pursuant to this Agreement. For purposes of this Agreement,  employment with any Subsidiary of the Company shall be treated as employment with the  Company.  Likewise, a termination of employment shall not be deemed to occur by reason of a  transfer of employment between the Company and any Subsidiary.  (d) If the Grantee’s employment with the Company is terminated during the Performance Period by reason of (i) Retirement, (ii) Disability or (iii) death, then the Grantee  shall be partially vested in, and the Grantee shall be entitled to receive, a prorated amount of  Performance Units.  The prorated amount is determined by multiplying the original Award times  the percentage certified by the Committee at the end of the Performance Period, which is then  multiplied by a fraction consisting of the number of 30-day periods that have elapsed under the  Exhibit 10.34 

 

  {00138451 2 }  2    Performance Period at the time of such event divided by the total number of 30-day periods in  the Performance Period.    (e) Unless the Committee provides otherwise prior to a Change in Control, in the  event of a Change in Control, (as defined below), the vesting or forfeiture of the Performance  Units will be subject to the terms and conditions of Article 11 of the Plan; provided, however, the  following shall be substituted for Plan Sections 11.1(b) and 11.2(b): the amount to be paid with  respect to any outstanding Performance Units otherwise due and payable as a result of an event  described in either Plan Section 11.1 or 11.2, shall be based on the greater of (x) the target number  of Performance Units (100% Performance Multiplier) granted for the Performance Period,  prorated for a Grantee whose employment terminates before the end of the Performance Period  based upon the number of 30-day periods within the Performance Period completed as of the date  of the Grantee’s termination of employment (or the effective date of the Change in Control for  the events described in Section 11.2 of the Plan), divided by the total number of 30-day periods  in the Performance Period, or (y) the percentage of Performance Units earned for the Performance  Period based upon the actual performance level attained as of the date of the Change in Control,  in each case after giving effect to the accumulation of Dividend Equivalents.   (f) For purposes of the Award and this Agreement, “Retirement” shall mean a  voluntary termination of employment if the Grantee has both completed five (5) years of service  with the Company and attained age fifty (50). “Years of service” for this purpose excludes any  service with any predecessor employer that was not considered within the controlled group  (determined in accordance with Code section 414(c)) of the Company as of the date of the grant,  unless explicitly required by the agreement executed in connection with such asset or stock  acquisition, merger or other similar transaction  and “voluntary termination” shall mean that the  Grantee had an opportunity to continue employment with the Company, but did not do so.   “Disability” shall have the meaning provided in the Plan. The term “Change in Control” shall  have the meaning provided in the Plan unless the Award is or becomes subject to Code Section  409A, in which event the term “Change in Control” shall mean a “change in control event” as  defined in Treasury Regulations Section 1.409A-3(i)(5).     3. Dividend Equivalents.  During the Performance Period, before payment or  forfeiture of the Award, the Award will be increased by a number of additional Performance Units  (“Dividend Equivalents”) representing all cash dividends that would have been paid to the  Grantee if one share of Common Stock had been issued to the Grantee on the Grant Date for each  Performance Unit granted pursuant to this Agreement.  The Dividend Equivalents credited during  the Performance Period will include fractional shares; provided, however, the shares of Common  Stock actually issued upon vesting of the Dividend Equivalents shall be paid only in whole shares  of Common Stock, and any fractional shares of Common Stock in an amount of cash equal to the  Fair Market Value of such fractional shares of Common Stock shall be withheld to satisfy any  withholding tax obligation. Dividend Equivalents shall be subject to the same vesting provisions  and other terms and conditions of this Agreement, and shall be paid on the same date, as the  Performance Units to which they are attributable. Moreover, references in this Agreement to  Performance Units shall be deemed to include any Performance Units attributable to Dividend  Equivalents.    4. Non-Transferability of Performance Units.    

 

  {00138451 2 }  3    (a) The Performance Units may not be sold, assigned, transferred, pledged,  encumbered or otherwise disposed of by Grantee or any other person until the end of the  Performance Period.  Any such attempt shall be wholly ineffective and will result in immediate  forfeiture of all such amounts.    (b) Notwithstanding the foregoing, the Grantee may transfer any part or all  rights in the Performance Units to members of the Grantee’s immediate family, to one or more  trusts for the benefit of such immediate family members or to partnerships in which such  immediate family members are the only partners, in each case only if the Grantee does not receive  any consideration for the transfer.  In the event of any such transfer, the Performance Units shall  remain subject to the terms and conditions of this Agreement.  For any such transfer to be  effective, the Grantee must provide prior written notice thereof to the Committee, unless  otherwise authorized and approved by the Committee, in its sole discretion; and the Grantee shall  furnish to the Committee such information as it may request with respect to the transferee and the  terms and conditions of any such transfer.  For purposes of this Agreement, “immediate family”  shall mean the Grantee’s spouse, children and grandchildren.      (c) The Grantee also may designate a Beneficiary, using the form attached  hereto as Exhibit D or such other form as may be approved by the Committee, to receive any  rights of the Grantee which may become vested in the event of the death of the Grantee under  procedures and in the form established by the Committee.  In the absence of such designation of  a Beneficiary, any such rights shall be deemed to be transferred to the estate of the Grantee.   5. Distribution of Common Stock.  Subject to any payment restrictions under Code  Section 409A or other applicable law, the Common Stock or cash the Grantee becomes entitled  to receive upon vesting of the Performance Units shall be distributed to the Grantee no later than  75 days after the first to occur of (i) the last day of the Performance Period, (ii) the date of the  Grantee’s separation from service in the event of a payment subject to Plan Section 11.1, or (iii)  the effective date of a Change in Control in the event of a payment subject to Plan Section 11.2.  Payment upon or after a Change in Control shall be made in cash or shares of Common Stock, as  determined by the Committee.  6. Administration of Award; Ratification of Actions.  The Award shall be subject to  such other rules as the Committee, in its sole discretion, may determine to be appropriate with  respect to administration thereof.  This Agreement shall be subject to discretionary interpretation  and construction by the Committee.  Day-to-day authority and responsibility for administration  of the Plan, the Award and this Agreement have been delegated to the Company’s Benefit Plan  Administration Committee and its authorized representatives, and all actions taken thereby shall  be entitled to the same deference as if taken by the Committee itself.  The Grantee shall take all  actions and execute and deliver all documents as may from time to time be requested by the  Committee.  By receiving this Award or other benefit under the Plan, Grantee and each person  claiming under or through Grantee shall conclusively be deemed to have indicated acceptance  and ratification of, and consent to, any action taken under the Plan or the Award by the Company,  the Board, the Committee or the Benefit Plan Administration Committee.    7.  Tax Liability and Withholding.  The Grantee agrees to pay to the Company any  applicable federal, state or local income, employment, social security, Medicare or other  

 

  {00138451 2 }  4    withholding tax obligation arising in connection with the Award to the Grantee, which the  Company shall determine; and the Company shall have the right, without the Grantee’s prior  approval or direction, to satisfy such withholding tax by withholding all or any part of the shares  of Common Stock or cash that would otherwise be distributed or paid to the Grantee, with any  shares of Common Stock so withheld to be valued at the Fair Market Value on the date of such  withholding. The Grantee, with the consent of the Company, may satisfy such withholding tax  by transferring cash or Common Stock to the Company, with any shares of Common Stock so  transferred to be valued at the Fair Market Value on the date of such transfer. Any payment of  required withholding taxes in the form of Common Stock shall not exceed the maximum amount  of tax that may be required to be withheld by law (or such other amount that would result in an  accounting charge with respect to such shares used to pay such taxes). Income tax withholding  shall occur on the date of actual distribution. Notwithstanding the foregoing, the ultimate liability  for Grantee’s share of all tax withholding is the Grantee’s responsibility, and the Company makes  no tax-related representations in connection with the grant or vesting of Performance Units or the  distribution of Common Stock or cash to the Grantee.  8. Adjustment Provisions.  If, prior to the expiration of the Performance Period, any  change is made to the outstanding Common Stock or in the capitalization of the Company, the  Performance Units granted pursuant to this Award shall be equitably adjusted or terminated to  the extent and in the manner provided under the terms of the Plan.    9. Clawbacks, Insider Trading and Other Company Policies.  The Grantee  acknowledges and agrees that this Award is subject to all applicable clawback or recoupment,  insider trading, share ownership and retention and other policies that the Company’s Board of  Directors may adopt from time to time.  Notwithstanding anything in the Plan or this Agreement  to the contrary, all or a portion of the Award made to the Grantee under this Agreement is subject  to being called for repayment to the Company or reduced in any situation where the Board of  Directors or a Committee thereof determines that fraud, negligence, or intentional misconduct by  the Grantee was a contributing factor to the Company having to restate all or a portion of its  financial statement(s). Moreover, any Performance Units awarded under the Plan in this or any  prior year to any Participant who is a current or former “executive officer” (as defined in  Securities and Exchange Commission Rule 16a-1(f) under the Securities Exchange Act of 1934,  as amended) is subject to any clawback policy adopted or amended by the Company from time  to time (including, but not limited to, any clawback policy adopted to comply with Section 954  of the Dodd-Frank Act or guidance issued thereunder by any governmental agency or national  securities exchange), regardless of whether such clawback policy is adopted or amended before  or after the date on which such Performance Units are granted, determined or paid. A Participant’s  acceptance of any Award under the Plan in any year shall constitute full and adequate  consideration for the Company’s right to recover amounts paid to such Participant under the Plan  in any prior year. The Committee may determine whether the Company shall effect any such  repayment or reduction: (i) by seeking repayment from the Grantee, (ii) by reducing (subject to  applicable law and the terms and conditions of the Plan or any other applicable plan, program,  policy or arrangement) the amount that would otherwise be awarded or payable to the Grantee   under the Award, the Plan or any other compensatory plan, program, or arrangement maintained  by the Company, (iii) by withholding payment of future increases in compensation (including the  payment of any discretionary bonus amount) or grants of compensatory awards that would  otherwise have been made in accordance with the Company's  otherwise applicable compensation  

 

  {00138451 2 }  5    practices, or (iv) by any combination of the foregoing. The determination regarding the Grantee’s  conduct, and repayment or reduction under this provision shall be within the sole discretion of  the Committee and shall be final and binding on the Grantee and the Company. The Grantee, in  consideration of the grant of the Award, and by the Grantee’s execution of this Agreement,  acknowledges the Grantee's understanding of this provision and hereby agrees to make and allow  an immediate and complete repayment or reduction in accordance with this provision in the event  of a call for repayment or other action by the Company or Committee to effect its terms with  respect to the Grantee, the Award and/or any other compensation described in this Agreement.  10. Stock Reserved.  The Company shall at all times during the term of the Award  reserve and keep available such number of shares of its Common Stock as will be sufficient to  satisfy the Award issued and granted to Grantee and the terms stated in this Agreement.  It is  intended by the Company that the Plan and shares of Common Stock covered by the Award are  to be registered under the Securities Act of 1933, as amended, prior to the grant date; provided,  that in the event such registration is for any reason not made effective for such shares, the Grantee  agrees that all shares acquired pursuant to the grant will be acquired for investment and will not  be available for sale or tender to any third party.  11. No Rights as Shareholder.  The issuance and transfer of Common Stock shall be  subject to compliance by the Company and the Grantee with all applicable laws, rules, regulations  and approvals.  No shares of Common Stock shall be issued or transferred unless and until any  then-applicable legal requirements have been fully met or obtained to the satisfaction of the  Company and its counsel.  Except as otherwise provided in this Agreement, the Grantee shall  have no rights as a shareholder of the Company in respect of the Performance Units or Common  Stock for which the Award is granted.  The Grantee shall not be considered a record owner of  shares of Common Stock with respect to the Performance Units until the Performance Units are  fully vested and Common Stock is actually distributed to the Grantee.  12.  Continued Employment; Employment at Will.  In consideration of the Company’s  granting the Award as incentive compensation to Grantee pursuant to this Agreement, the Grantee  agrees to all of the terms of this Agreement and to continue to perform services for the Company  in a satisfactory manner as directed by the Company.  Provided, however, no provision in this  Agreement shall confer any right to the Grantee’s continued employment, limit the right of the  Company to terminate the Grantee’s employment at any time or create any contractual right to  receive any future awards under the Plan.  Moreover, unless specifically provided under the terms  thereof, the value of the Award will not be included as compensation or earnings when calculating  the Grantee’s benefits under any employee benefit plan sponsored by the Company.  13.  Code Section 409A.  This Award and Agreement are intended to comply with  Code Section 409A or an exemption therefrom and shall be construed and interpreted in a manner  that is consistent with the requirements for avoiding additional taxes or penalties under Code  Section 409A.  Notwithstanding any other provision of the Agreement, any distributions or  payments due hereunder that are subject to Code Section 409A may only be made upon an event  and in a manner permitted by Code Section 409A. “Termination of employment,” separation from  service or words of similar import used in this Agreement shall mean, with respect to any  payments of deferred compensation subject to Code Section 409A, a “separation from service”  as defined in Code Section 409A.  Each payment of compensation under this Agreement,  

 

  {00138451 2 }  6    including installment payments, shall be treated as a separate payment of compensation for  purposes of applying Code Section 409A.  Except as otherwise permitted under Code Section  409A, Grantee may not, directly or indirectly, designate the calendar year of settlement,  distribution or payment.  To the extent that an Award is or becomes subject to Code Section 409A  and Grantee is a Specified Employee (within the meaning of Code Section 409A) who becomes  entitled to a distribution upon separation from service, no payment shall be made before the date  which is six (6) months after the date of the Grantee's separation from service or, if earlier, the  date of Grantee’s death (the “Delayed Payment Date”), if required by Code Section 409A.  The  accumulated amounts shall be distributed or paid in a lump sum payment on the Delayed Payment  Date unless the Delayed Payment Date is the date of Grantee’s death, in which event the  accumulated amounts shall be paid in a lump sum payment by December 31 following the year  of Grantee’s death.  Notwithstanding the foregoing, the Company makes no representations that  the payments and benefits provided under this Agreement comply with Code Section 409A and  shall not be liable for all or any taxes, penalties, interest or other expenses that may be incurred  by the Grantee on account of non-compliance with Code Section 409A.  14. Entire Agreement; Severability; Conflicts.  This Agreement contains the entire terms  of the Award, and may not be changed other than by a written instrument executed by both parties  or an amendment of the Plan, except where such change or modification does not adversely affect  in a material way the terms of this Agreement, as provided in Section 15.4 of the Plan.  This  Agreement supersedes any prior agreements or understandings, and there are no other agreements  or understandings relating to its subject matter. The invalidity or unenforceability of any  provision of the Plan or this Agreement shall not affect any other provision of the Plan or this  Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable  to the extent permitted by law.  Should there be any inconsistency between the provisions of this  Agreement and the terms of the Award as stated in the resolutions and records of the Board of  Directors or the Plan, the provisions of such resolutions and records of the Board of Directors and  the Plan shall control.  15. Successors and Assigns.  The Award evidenced by this Agreement shall inure to  the benefit of and be binding upon the heirs, legatees, legal representatives, successors, and  assigns of the parties hereto.  16. Governing Law; Mandatory Claims Procedures.  This Agreement shall be  construed in accordance with, and subject to, the laws of the State of Oklahoma applicable to  contracts made and to be entirely performed in Oklahoma and wholly disregarding any choice of  law provisions or conflict of law principles that might otherwise be contrary to this express intent.   If Grantee or any person acting on Grantee’s behalf (the “Claimant”) has any claim or dispute  related in any way to the Award or to the Plan, the Claimant must follow the claims and arbitration  procedures set forth in Article 13 of the Plan.  All claims must be brought no later than one year  following the date on which the facts forming the basis of the claim are known or should have  been known by the claimant, whichever is earlier.  Any claim that is not submitted within the  applicable time limit shall be waived.    The Grantee hereby acknowledges receipt of this Agreement, the Notice of Performance  Unit Award and Agreement and a copy of the Plan, and accepts the Award under the terms and  conditions stated in this Agreement, subject to all terms and provisions of the Plan, by signing  

 

  {00138451 2 }  7    this Agreement as of the date indicated.  In the absence of a signed acceptance, the Grantee will  be deemed to have accepted this Award on the Grant Date, and all its associated terms and  conditions, including the mandatory claims and arbitration procedures, unless the Grantee notifies  the Company of the Grantee’s non-acceptance of the Award by contacting the stock plan  administrator, in writing within sixty (60) days of the Grant Date.                                Date                                                             «Officer_Name»   Grantee   

 

  {00138451 2 }  8    Exhibit A    Performance Unit Criteria  2021-2024 Performance Period          ONEOK Total Stockholder Return (TSR) Ranking vs.  ONEOK Peer Group  Percentage of Performance Units Earned   (Performance Multiplier)  90th percentile and above  75th percentile  50th percentile  25th percentile  Below 25th percentile  200%  150%  100%  50%  0%    If ONEOK’s TSR ranking within the ONEOK Peer Group at the end of the Performance Period is between any two  of the stated percentile levels in the above table, the percentage of the Performance Units earned (the performance  multiplier) will be interpolated between the earning levels.  No Performance Units are earned based on performance  if ONEOK’s TSR ranking at the end of the Performance Period is below the 25th percentile within its Peer Group.          

 

  {00138451 2 }  9        Exhibit B    Illustration of Hypothetical 2021-2024 Performance Period  Performance Unit Award Calculation      The illustrations below assume that 500 Performance Units are awarded to Grantee in February 2021.  ONEOK Total Stockholder Return (TSR) Ranking vs. ONEOK Peer Group    Hypothetical 1: If ONEOK’s TSR Ranking for 2021-2024 is at the 40th percentile within the ONEOK Peer  Group, then the performance multiplier would be 80 percent, as interpolated between a 50 percent multiplier  (25th percentile within Peer Group) and a 100 percent multiplier (50th percentile within Peer Group) from  Exhibit A.    Hypothetical 2: If ONEOK’s TSR Ranking for 2021-2024 is at the 60th percentile within the ONEOK Peer  Group, then the performance multiplier would be 120 percent, as interpolated between a 100 percent multiplier  (50th percentile within Peer Group) and a 150 percent multiplier (75th percentile within Peer Group) from  Exhibit A.        Percentage of Performance Units Earned    Hypothetical 1: 80% x 500 PUs = 400 shares of Common Stock payable to Grantee in 2024.    Hypothetical 2: 120% x 500 PUs = 600 shares of Common Stock payable to Grantee in 2024.            

 

  {00138451 2 } 10      Exhibit C    2021-2024 ONEOK TSR Peer Group*    Company Name Sym       DCP Midstream LP DCP      Enable Midstream Partners LP ENBL      Energy Transfer LP ET      EnLink Midstream, LLC ENLC      Enterprise Products Partners EPD      Kinder Morgan Inc. KMI      Magellan Midstream Partners  MMP          MPLX LP MPLX      NuStar Energy LP NS       Plains All American Pipeline LP PAA      Targa Resources Corp TRGP      Williams Companies Inc. WMB        * In the event that any member of the 2021-2024 ONEOK Peer Group liquidates or reorganizes under the United  States Bankruptcy Code (U.S.C. Title 11) such entity shall remain in the 2021-2024 ONEOK Peer Group but shall  be deemed to have a TSR of -100% for purposes of calculating the Performance Multiplier. If any member of the  2021-2024 ONEOK Peer Group is acquired by an unrelated entity before the end of the Performance Period, such  member shall be removed from the 2021-2024 ONEOK Peer Group for purposes of calculating the Performance  Multiplier. In all other cases involving merger, reorganization or other material change in ownership, legal structure  or business operations of any member of the 2021-2024 ONEOK Peer Group including acquisition by a related  entity before the end of the Performance Period, the Committee shall have discretionary authority to retain, remove  or replace such member for purposes of calculating the Performance Multiplier.      

 

  {00138451 2 } 11  Exhibit D    Beneficiary Designation Form    I, _________________________________ (“Plan Participant”), state that I am a participant in the ONEOK,  Inc. Equity Incentive Plan, the ONEOK, Inc. Equity Compensation Plan, or any other stock compensation plan  sponsored by ONEOK, Inc. (individually and collectively, the “Plan”), and the holder of one or more Awards granted  to me under the Plan.  With the understanding that I may change the following beneficiary designations at any time  by furnishing written notice thereof to the Committee (provided that such change does not affect the time and form of  payment of any amounts subject to an existing deferral election), I hereby designate the following individuals (or  entities) as my beneficiaries to receive any and all benefits payable to me under the Plan and to exercise all rights,  benefits and features of the Awards described below, in accordance with the terms of the Plan and any associated  award agreement, in the event of my death as follows:  1. Primary Beneficiary (Beneficiaries)  The Primary Beneficiaries named below shall have first priority to any and all Awards described below and  to exercise all rights, benefits and features of the Awards described below, in accordance with the terms of the Plan  and any associated award agreement, in the event of my death.  Name    Relationship  SSN      Percentage of Total                                             If a designated Primary Beneficiary named dies or ceases to exist prior to receiving the share designated for  such Primary Beneficiary, such share shall be transferred proportionately to other surviving and existing designated  Primary Beneficiaries.  2. Contingent Beneficiary (or Beneficiaries)  The Contingent Beneficiaries named below, if any, shall receive all Awards described below and  to exercise,  enjoy and receive all rights, benefits and features of the Awards described below (including Awards that I have elected  to defer under the Plan or the ONEOK, Inc. 2005 Nonqualified Deferred Compensation Plan, if applicable) in  accordance with the Plan and the terms and provisions of such Awards in the event of my death if no Primary  Beneficiary named above survives me or exists.  Name    Relationship  SSN       Percentage of Total                                             

 

  {00138451 2 } 12  3. Awards Covered By Beneficiary Designation  This Beneficiary Designation is applicable to and covers the following Awards:  (Check one)  _______ All Awards previously granted to me under the Plan and all Awards to be granted to me under the Plan in  the future; or  _______ The following Awards that have been granted to me under the Plan:  (List Awards Covered)  Award     Grant Date      Number of Shares of Stock                                              4. General Terms  This instrument does not modify, extend or increase any rights or benefits otherwise provided for by any  Award under the Plan.  All terms used in this instrument shall have the meaning provided for under the Plan, unless  otherwise indicated herein.  This instrument is not applicable to Common Stock of ONEOK, Inc. that I have acquired  outright and without any restrictions or limitations under the Plan prior to my death.  This instrument revokes and  supersedes any prior designation of a Beneficiary (or Beneficiaries) made by me with respect to the Awards covered  by this Beneficiary Designation as set forth in Paragraph 3.      IN WITNESS WHEREOF, I have signed this instrument this     day of ____________, __________.      Plan Participant  __________________________________  Witness    __________________________________  Witness       RECEIVED AND ACKNOWLEDGED this ____ day of ________, 20__,            ______________________________________        For the Committeeoke10-k2020exhibit1040

{00113938 2 } ONEOK, INC. 2020 NONQUALIFED DEFERRED COMPENSATION PLAN  (Effective January 1, 2020)  Exhibit 10.40 

 

  {00113938 2 }  TABLE OF CONTENTS    ARTICLE 1. PURPOSE AND EFFECTIVE DATE ...................................................................... 1  1.1 Purpose ............................................................................................................................ 1  1.2 Effective Date ................................................................................................................. 1  1.3 Definitions....................................................................................................................... 1  ARTICLE 2. PARTICIPATION .................................................................................................... 2  2.1 Commencement of Participation..................................................................................... 2  2.2 Special Rule for Initial Participation ............................................................................... 2  2.3 Termination of Participation ........................................................................................... 2  ARTICLE 3. PARTICIPANT ELECTIVE CONTRIBUTIONS ................................................... 3  3.1 Deferral Agreement ........................................................................................................ 3  3.2 Amount of Deferral ......................................................................................................... 3  3.3 Evergreen ........................................................................................................................ 3  3.4 Timing of Election .......................................................................................................... 3  3.5 Irrevocability, Generally ................................................................................................. 4  3.6 Withholding of Deferrals ................................................................................................ 4  ARTICLE 4. EMPLOYER CONTRIBUTIONS ............................................................................ 5  4.1 Employer Contributions .................................................................................................. 5  4.2 Timing of Employer Contributions ................................................................................. 5  ARTICLE 5. PAYMENT SCHEDULE AND FORM OF PAYMENT ......................................... 6  5.1 Distribution Date ............................................................................................................. 6  5.2 Form of Distribution. ...................................................................................................... 6  5.3 Unforeseeable Emergency .............................................................................................. 6  5.4 Distributions to Specified Employees ............................................................................. 6  5.5 Subsequent Elections ...................................................................................................... 6  ARTICLE 6. SPECIAL DISTRIBUTION RULES ........................................................................ 8  6.1 Permissible Accelerations of Distributions ..................................................................... 8  6.2 Permissible Delays in Payment ....................................................................................... 9  6.3 General Timing Rules ..................................................................................................... 9  ARTICLE 7. ACCOUNTS AND CREDITS/OTHER ADJUSTMENTS .................................... 11  7.1 Contribution Credits to Account ................................................................................... 11  7.2 Vesting .......................................................................................................................... 11  7.3 Earnings Credits to Account ......................................................................................... 11  7.4 Adjustment of Accounts ............................................................................................... 11  ARTICLE 8. AMENDMENT AND TERMINATION ................................................................ 12  8.1 Amendment by Employer ............................................................................................. 12  8.2 Plan Terminations ......................................................................................................... 12  ARTICLE 9. PLAN ADMINISTRATION................................................................................... 13  9.1 Committee; Duties ........................................................................................................ 13  9.2 Binding Effect of Decisions .......................................................................................... 13  9.3 Delegation of the Committee’s Powers and Responsibilities ....................................... 13  9.4 Indemnification ............................................................................................................. 14  9.5 Claims and Review Procedures .................................................................................... 14  9.6 Disability Determinations ............................................................................................. 17  

 

  {00113938 2 }  ARTICLE 10. MISCELLANEOUS ............................................................................................. 18  10.1 Unsecured General Creditor of the Employer .............................................................. 18  10.2 Trusts; Transfers of Assets, Property ............................................................................ 18  10.3 Section 409A ................................................................................................................. 18  10.5 Limitation of Rights ...................................................................................................... 18  10.6 Anti-Assignment ........................................................................................................... 18  10.7 Facility of Payment ....................................................................................................... 19  10.8 Notices .......................................................................................................................... 19  10.9 Tax Withholding ........................................................................................................... 19  10.10 No Guarantee or Employment or Participation ............................................................ 19  10.11 Unclaimed Benefit ........................................................................................................ 19  10.12 Governing Law ............................................................................................................. 20  10.13 Erroneous Payment ....................................................................................................... 20  ARTICLE 11. DEFINITIONS ...................................................................................................... 21    

 

  {00113938 2 }  1    ARTICLE 1.  PURPOSE AND EFFECTIVE DATE    1.1 Purpose.  The purpose of the Plan is to provide a select group of primarily  management or highly compensated employees of the Employer the option to defer the receipt of  portions of their compensation payable for services rendered to the Employer, and provide  nonqualified deferred compensation benefits which are not available to such employees by reason  of limitations on employer and employee contributions to qualified pension or profit-sharing plans  under the federal tax laws.     1.2 Effective Date.  The ONEOK, Inc. 2020 Nonqualified Deferred Compensation Plan  is effective January 1, 2020, with respect to Base Compensation for payroll periods ending, and  Incentive Compensation for services provided, on or after the Effective Date.    1.3 Definitions. Capitalized terms are defined in ARTICLE II.     

 

  {00113938 2 }  2  ARTICLE 2.  PARTICIPATION    2.1 Commencement of Participation.  Each Eligible Employee shall become a  Participant either upon the earlier of (i) the initial submission of an Election, or (ii) first receiving  an allocation of Employer Contributions or Supplemental Retirement Contributions.      2.2 Special Rule for Initial Participation. Within 30 days after the date an individual  first becomes an Eligible Employee, the individual may elect to commence participating with  respect to compensation to be paid for services performed after the election is filed. This election  relating to initial participation in the Plan is available only to Participants who do not participate in  any Aggregated Plans. If an Employee whose participation in the Plan is terminated again becomes  an Eligible Employee, he or she may elect to defer pursuant to this Section only if the Employee  was ineligible to defer compensation in any Aggregated Plans for the 24 months preceding the date  on which the Participant again became eligible to participate in this Plan.  2.3 Termination of Participation  Subject to Section 3.5, regarding the irrevocability  of a Participant’s Election, the Committee may, for any reason, terminate a Participant's  participation in the Plan and the Participant shall cease to be an Eligible Employee as of the date  specified by the Committee.  The terms of this Plan shall continue to govern Participant’s Account  until the Participant’s Account is paid in full.         

 

  {00113938 2 }  3  ARTICLE 3.  PARTICIPANT ELECTIVE CONTRIBUTIONS    3.1 Deferral Agreement.       Base Compensation.  Each Eligible Employee may defer a portion of Base  Compensation for such upcoming Plan Year by executing an Election deferring such Base  Compensation during the Election Period.   Incentive Compensation. Each Eligible Employee may defer a portion of  Incentive Compensation for such upcoming Plan Year by executing an Election deferring such  Incentive Compensation during the Election Period.  3.2 Amount of Deferral.  An Eligible Employee may elect to defer between 2% and  90% of his or her Base Compensation and between 10% and 90% of his or her Incentive  Compensation for a Plan Year; provided, however, that such deferrals shall be made in whole  percentages.  The deferral amount is the amount designated on the Participant’s Election.    3.3 Evergreen. A Participant’s Election shall remain in full force and effect for all  subsequent years until modified or revoked in writing during an Election Period or terminated in  accordance with Section 3.5. If a Participant’s Election has been deemed continued for a Plan Year  in accordance with this Section, it is irrevocable for such Plan Year.   3.4 Timing of Election.     Incentive Compensation.  The Election Period for Incentive Compensation  shall be within the fourth fiscal quarter of the calendar year immediately preceding the calendar  year in which the Incentive Compensation is earned with the specific time period determined  annually in the discretion of the Committee (or designee thereof). Subject to Section 3.3, above, if  a Participant desires to amend or modify the deferral of Incentive Compensation a new Election  must be timely executed for each Plan Year during the applicable Election Period.  An Eligible  Employee who does not timely execute an Election during his or her initial Election Period to  defer Incentive Compensation shall be deemed to have elected zero deferrals of Incentive  Compensation for such Plan Year and each subsequent Plan Year until a timely Election is made.   Notwithstanding the foregoing, in the discretion of the Committee, the Committee may provide  that the Election Period for Incentive Compensation (that also qualifies as performance based  compensation within the meaning of Section 409A) for a Plan Year may begin on June 1st and end  on June 30th of that Plan Year. If the Committee provides such Election Period for Incentive  Compensation, in no event shall the last day of any Election Period to defer Incentive  Compensation be later then the date that is six months before the end of the performance period,  provided that the Participant performs services continuously from the later of the beginning of the  performance period or the date the performance criteria are established through the date an  election is made, and provided further that in no event may any Participant elect to defer Incentive  Compensation after such compensation has become readily ascertainable.    

 

  {00113938 2 }  4   Base Compensation. The Election Period for Base Compensation shall be  within the fourth calendar quarter of the year immediately preceding the calendar year in which  the Base Compensation is earned with the specific time period determined annually in the  discretion of the Committee (or designee thereof). Subject to Section 3.3, above, if a Participant  desires to amend or modify the deferral of Base Compensation a new Election must be timely  executed for each Plan Year during the applicable Election Period.  An Eligible Employee who  does not timely execute an Election during his or her initial Election Period shall be deemed to  have elected zero deferrals of Base Compensation for such Plan Year and each subsequent Plan  Year until a timely Election is made.   Pre-Effective Date Election Period. For purposes of the initial Plan Year  beginning January 1, 2020, the Election Period for Eligible Employees prior to the Effective Date  of the Plan (who are identified to as eligible to become Participants in the Plan on January 1,  2020) shall be established by and in the Committee’s discretion during the period of October 1,  2019 through December 31, 2019 and shall apply to all Base Compensation for payroll periods  ending, and Incentive Compensation for services provided, on or after the Effective Date.  3.5 Irrevocability, Generally. Except as otherwise provided in Section 3.4, an Election  with respect to a Plan Year may not be changed or revoked for that Plan Year after the last day of  the Election Period.  A Participant's deferral Election for the remainder of the Plan Year will be  cancelled on account of the Participant's Disability in accordance with Treasury Regulation  Section 1.409A-3(j)(4)(xii).  3.6 Withholding of Deferrals.  The Employer shall have the sole discretion to  withhold the percentage of Base Compensation, and Incentive Compensation specified in a  Participant’s Election for a Plan Year at the times and in the amounts that the Employer, in its sole  discretion, selects, which need not be uniform either among Participants or as to payments to a  single Participant; provided, however, that deferral amounts must be withheld not later than the  end of the calendar year during which the Company would otherwise have paid the amounts to the  Participant but for the Participant’s Election.  Deferrals of Base Compensation shall not be  withheld during any period in which the Participant is on an unpaid leave of absence. All deferral  amounts that are withheld in accordance with this Section shall be deemed for all purposes to  comply with the Plan requirements regarding deferrals.       

 

  {00113938 2 }  5  ARTICLE 4.  EMPLOYER CONTRIBUTIONS    4.1 Employer Contributions.       Employer Contribution.   Each Plan Year, the Employer shall credit to the  Account of each Participant who is an Eligible Employee on the last day of the Plan Year (except  for any Participant whose Separation from Service was as a result of death, Disability or  Retirement) an amount equal 6% of Eligible Compensation.    Supplemental Retirement Contribution Each Plan Year, the Employer  shall credit to the Account of each Participant who is not eligible for or participating in the    ONEOK, Inc. 2005 Supplemental Executive Retirement Plan during the Plan Year and who is an  Eligible Employee on the last day of the Plan Year (except for any Participant whose Separation  from Service was as a result of death, Disability or Retirement) a Supplemental Retirement  Contribution in an amount equal to the total of subsections: (i), (ii), and (iii, if any) as described  below:  (i) An amount equal 1% of Eligible Compensation.   (ii) A discretionary percentage of Eligible Compensation generally based  on the profit sharing contribution issued for the Plan Year to eligible  employees under the ONEOK, Inc. 401(k) Plan for the Plan Year.  (iii) A supplemental amount determined by the Committee, in its sole  discretion.   4.2 Timing of Employer Contributions.  Employer Contributions and Supplemental  Employer Contributions shall be credited to the Participant’s Account as soon as administratively  practicable on or following the last day of each Plan Year.  

 

  {00113938 2 }  6  ARTICLE 5.  PAYMENT SCHEDULE AND FORM OF PAYMENT.       Subject to ARTICLE 6, Plan Accounts shall be distributed in accordance with the  provisions of this Article.  5.1 Distribution Date.  Amounts allocated to the Participant's Account shall be paid, or  begin to be paid, upon the earliest of: (i) a date, specified in the Participant’s Election, that is no  earlier than the January 1 following the 5th anniversary of the Participant’s Election; ii) the  Participant’s Separation from Service; (iii) the Participant’s death; (iv) the Participant’s Disability,  or (v) a Change in Control.  If a Participant does not have an Election with respect to contributions  for specific Plan Year, including an evergreen Election pursuant to Section 3.3, or if for any reason  the Participant’s Election for a Plan Year is invalid, the Participant’s Account attributable to that  Plan Year shall be paid upon the Participant’s Separation from Service.    5.2 Form of Distribution. Upon the occurrence of a distribution date in Section 5.1,  the Participant's Account shall be paid, or begin to be paid, in one of the following forms as  specified in the Participant’s Election (or Subsequent Election): (i) a single lump sum; (ii) annual  installments over 5 years; or (iii) annual installments over 10 years. Notwithstanding the foregoing,  at any time and in its discretion, the Committee may determine that the number of separate  Elections as to the time and form of a distribution shall be limited. Following the Committee’s  decision to implement a limit, any Participant Election specifying additional times and forms of  distribution in excess of such limit will be invalid. In the event there is no Participant Election with  respect to a Participant’s contributions for a specific Plan Year, or if for any reason the  Participant’s Election for a Plan Year is invalid, that portion of a Participant’s Account shall be  paid in a single lump sum.    5.3 Unforeseeable Emergency. A Participant may submit a written request for a  distribution on account of an Unforeseeable Emergency. Upon approval by the Committee of a  Participant’s request, the Participant’s Account, or that portion of a Participant’s Account deemed  necessary by the Committee to satisfy the Unforeseeable Emergency (determined in a manner  consistent with Section 409A) plus amounts necessary to pay taxes reasonably anticipated because  of the distribution, will be distributed in a single lump sum.  5.4 Distributions to Specified Employees.  Notwithstanding any other provision of the  Plan, if any payment or benefit provided to a Participant in connection with his or her Separation  from Service is determined to constitute "nonqualified deferred compensation" within the meaning  of Section 409A of the Code and the Participant is determined to be a "specified employee"  as  defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid, or  commence to be paid, until (i) the first payroll date to occur following the six-month anniversary  of the Separation from Service; or (ii) if earlier, on the Participant’s death (the "Specified  Employee Payment Date").  5.5 Subsequent Elections. In accordance with rules, procedures and forms specified  from time to time by the Committee, a Participant may file a Subsequent Election to change the  time on which the distribution is to commence or the form in which the Participant’s Account is  

 

  {00113938 2 }  7  distributed, or both.  A Participant may file a Subsequent Election only if it complies with the  provisions of section 409A of the Code and Treasury Regulations and the following conditions are  met:   The Subsequent Election shall not take effect until at least twelve (12)  months after the date on which it is made;    Except in the case of an election permitted under Section 409A and the  Treasury Regulations §1.409A-3(a)(2) (payment on account of disability), § 1.409A-3(a)(3)  (payment on account of death), or §1.409A-3(a)(6) (payment on account of the occurrence of an  unforeseeable emergency), the payment with respect to which such Subsequent Election shall be  deferred for a period of five (5) years from the date such payment would otherwise have been paid  (or in the case of installment payments treated as a single payment, five (5) years from the date the  first amount was scheduled to be paid); and   Any Subsequent Election related to a payment described in Treasury  Regulations §1.409A-3(a)(4) (payment at a specified time or pursuant to a fixed schedule) shall be  made not less than twelve (12) months before the date the payment is scheduled to be paid (or in  the case of a life annuity or installment payments treated as a single payment, twelve (12) months  before the date the first amount was scheduled to be paid).   A Participant who has made a prior Subsequent Election under the Plan  shall be allowed to make another Subsequent Election in accordance with this Section 5.5 and  other provisions of the Plan.   The Committee, or its designee, shall be authorized to administer, construe  and interpret the foregoing provisions and the Plan with respect to all Subsequent Elections to  assure compliance with the intent thereof and the requirements of the Plan and of Section 409A of  the Code and Treasury Regulations.     

 

  {00113938 2 }  8  ARTICLE 6. SPECIAL DISTRIBUTION RULES    6.1 Permissible Accelerations of Distributions  Except as otherwise provided in the  Plan and except as may be allowed in guidance from the Secretary of the Treasury, distributions  from a Participant’s Account may not be made earlier than the time such amounts would otherwise  be distributed pursuant to the terms of the Plan.   Taxes.  The Employer, in its sole discretion, may accelerate the time in  which payment shall be made under the Plan to: (a) pay the FICA tax imposed under Code  Sections 3101, 3121(a) and 3121(v)(2) on compensation deferred under the Plan, (b) pay the  income tax at source on wages imposes under Code Section 3401 or the corresponding  withholding provisions of the applicable, state, local or foreign tax laws as a result of the payment  of any FICA tax described in clause (a), and to pay the additional income tax at source on wages  attributable to the pyramiding Code Section 3401 wages and taxes, (c) pay state, local, or foreign  tax obligations arising from participation in the Plan that apply to an amount deferred under the  Plan before the amount is paid or made available to the Participant, (d) pay the income tax at  source on wages imposed under Code Section 3401 as a result of the payment described in clause  (d) and to pay the additional income tax at source on wages imposed under Code Section 3401  attributable to such additional Code Section 3401 wages and taxes, (e) pay the amount required to  be included in gross income as a result of the failure of the Plan to comply with the requirements  of Code Section 409A.  The total payment under clauses (a) and (b) shall, in no event, exceed the  aggregate of the FICA tax and the income tax withholding related to such FICA tax.  The total  payment under clause (c) shall, in no event, exceed the amount of such taxes due as a result of  participation in the Plan.  The total payment under clauses (c) and (d) shall, in no event, exceed the  aggregate of the state, local, and foreign tax amount, and the income tax withholding related to  such state, local, and foreign tax amount. The total payment under clause (e) shall, in no event,  exceed the amount required to be included in income as a result of the failure to comply with  requirements of Code Section 409A.   Compliance with Ethics Laws or Conflicts of Interests Laws. The  Committee is authorized, in its sole discretion, to accelerate the time or schedule of a payment to  the extent reasonably necessary to avoid the violation of an applicable federal, state, local, or  foreign ethics law or conflicts of interest law (including where such payment is reasonably  necessary to permit the Participant to participate in activities in the normal course of his position in  which the Participant would otherwise not be able to participate under an applicable rule),  determined in accordance with Section 409A.    Small Accounts. The Committee may, in its sole discretion, distribute in a  single lump sum the aggregate amounts credited to the Participant’s Account, along with any  related earnings, provided: (i) the distribution results in the payment of the Participant’s entire  interest in the Account and all Aggregated Plans, and (ii) the total payment does not exceed the  applicable dollar limit under Code section 402(g)(1)(B). The Committee shall notify the  Participant in writing if the Committee exercises its discretion pursuant to this Section.  

 

  {00113938 2 }  9   Settlement of a Bona Fide Dispute. The Committee may, in its sole  discretion, accelerate the time or schedule of a distribution as part of a settlement of a bona fide  dispute between the Participant and the Employer over the Participant’s right to a distribution  provided that the distribution relates only to the deferred compensation in dispute and the  Employer is not experiencing a downturn in financial health.   Settlement of Debt. The Committee may, in its sole discretion, accelerate  the time or schedule of a payment to satisfy the debt of a Participant to the Employer or any  Related Employer where such debt is incurred in the ordinary course of the service relationship  between the Participant and the Employer or Related Employer, as applicable, the entire amount of  the reduction in any Plan year does not exceed $5,000, and the reduction is made at the same time  and in the same amount as the debt otherwise would have been due and collected from the  Participant.  6.2 Permissible Delays in Payment.  Distributions may be delayed beyond the date  payment would otherwise occur in accordance with the Plan in any of the following circumstances:     Payments that would violate Federal Securities Laws or Other  Applicable Law.  The Employer may also delay payment if it reasonably anticipates that the  marking of the payment will violate Federal securities laws or other applicable laws provided  payment is made at the earliest date on which the Employer reasonably anticipates that the making  of the payment will not cause such violation.   Going Concern.  If the distribution would jeopardize the Employer’s ability  to continue as a going concern, provided that the delayed amount is distributed in the first calendar  year in which the payment would not have such effect.   Inability to Calculate.  If calculation of the amount of the payment is not  administratively practicable due to events beyond the control of the Participant (or Participant's  Beneficiary), the payment will be treated as made upon the date contemplated by the Plan if the  payment is made during the first calendar year in which the payment is administratively  practicable.   Other Events and Conditions.  The Employer also reserves the right to  delay payment upon such other events and conditions as the Secretary of the Treasury may  prescribe in generally applicable guidance published in the Internal Revenue Bulletin.  6.3 General Timing Rules.  The general rules in this section shall apply to all Plan  distributions.  Except as otherwise provided in this section, if a distribution is required upon the  occurrence of an event specified in Section 5.1, the distribution will commence between the date of  the distribution event and the later of (i) the end of the year in which the distribution event occurs,  and (ii) 15th day of the third calendar month following the distribution event; provided, however,  the Participant will not be permitted, directly or indirectly, to designate the taxable year of the  

 

  {00113938 2 }  10  distribution.  If a Participant has elected to receive a distribution commencing during a specific  calendar year, the distribution may occur any time during that year; provided, however, that if an  Participant’s Election specifies a particular month during which the distribution should commence,  the distributions may not commence before the first day of the specified month. Any distribution  that complies with this section shall be deemed for all purposes to comply with the Plan  requirements regarding the time and form of distributions.      

 

  {00113938 2 }  11  ARTICLE 7. ACCOUNTS AND CREDITS/OTHER ADJUSTMENTS    7.1 Contribution Credits to Account.  A Participant's Account will be credited for  each Plan Year with: (a) the amount of the Participant’s elective deferrals in accordance with  ARTICLE 3, and the amount of any Employer Contributions  or Supplemental Retirement  Contributions credited on his behalf annually under ARTICLE 4.  Separate Accounts shall be  maintained for each Participant for each Plan Year for which contributions are credited to the  Participant.    7.2 Vesting.  A Participant shall always be 100% vested in all contributions allocated to  the Participant’s Account.    7.3 Earnings Credits to Account.  The Participant's Account shall be credited (or  debited) on each Valuation Date with income (or loss) based upon a hypothetical investment in any  one or more of the investment options available under the Plan, as prescribed by the Committee. In  the absence of any affirmative investment decision by the Committee (or any delegate thereof), the  investment options available under the Plan shall mirror the then current investment options  offered to participants under the ONEOK, Inc. 401(k) Plan (or any successor thereto), excluding  common stock of the Employer and any investment fund frozen to new contributions. The  crediting or debiting on each Valuation Date of income (or loss) shall be made for each respective  Account.  All investments of a Participant’s Account shall be valued at fair market value.   Additionally, all distributions, investments and investment exchanges allowed and made under the  Plan shall be as of the relevant Valuation Date at fair market value.     7.4 Adjustment of Accounts.  Each Account maintained for a Participant shall be  adjusted for interest credits and any expenses allocable under the terms of the Plan to the Account.   The Account shall be adjusted as of each Valuation Date to reflect: (a) the earnings credits and  expenses described under Section 7.3, above;  (b) amounts credited pursuant to ARTICLE 3 and  ARTICLE 4; and (c) distributions or withdrawals.      

 

  {00113938 2 }  12  ARTICLE 8.  AMENDMENT AND TERMINATION    8.1 Amendment by Employer.  The Employer may at any time amend the Plan in  whole or in part, except that no amendment may reduce the value of any Participant’s Account. An  amendment must be in writing and executed by a representative of the Employer authorized to take  such action.      8.2 Plan Terminations.       The Employer retains the discretion to terminate the Plan and distribute each  Participant’s Account in a single lump sum if (1) the termination does not occur proximate to a  downturn in the financial health of the Employer; (2) all Aggregated Plans are terminated, (3) no  payments other than payments that would be payable under the terms of the arrangements if the  termination had not occurred are made within 12 months of the termination of the arrangements,  (4) all payments are made within 24 months of the termination of the arrangements, and (5) neither  the Employer nor any Related Employer adopts a new arrangement that would be aggregated with  any terminated arrangement under Treasury Regulation Section 1.409A-1(c), if the same service  provider participated in both arrangements, at any time with the three year period following the  date of termination of the arrangement.   Automatic Termination following distribution of all Accounts.  The Plan  will terminate automatically as of the date that no amounts remain to be distributed under the Plan.   In connection with change in control.  The Employer reserves the right to  terminate the Plan and accelerate the time of payment of all amounts to be distributed under the  Plan in accordance with the following provisions of this Section 8.2.  The Employer may make an  irrevocable election to terminate the Plan and distribute all amounts credited to all Participant  Accounts within the 30 days preceding or the 12 months following a Change in Control.  For this  purpose, the Plan will be treated as terminated only if all other Aggregated Plans are terminated  and liquidated with respect to each Participant that experienced the Change in Control, so that  under the terms of the termination and liquidation all such Participants are required to receive all  amounts of compensation deferred under the terminated arrangements within 12 months of the date  the Employer irrevocably takes all necessary action to terminate and liquidate the Plan and such  other arrangements.       

 

  {00113938 2 }  13  ARTICLE 9.  PLAN ADMINISTRATION    9.1 Committee; Duties. This Plan shall be administered by the Committee. The  Committee shall have the authority to make, amend, interpret and enforce all appropriate rules and  regulations for the administration of the Plan and decide or resolve any and all questions, including  interpretations of the Plan, as they may arise in such administration.    9.2 Binding Effect of Decisions. The decision or action of the Committee with respect  to any question arising out of or in connection with the administration, interpretation and  application of the Plan and the rules and regulations promulgated hereunder shall be final,  conclusive and binding upon all persons having any interest in the Plan.    9.3 Delegation of the Committee’s Powers and Responsibilities. The Committee  may appoint an entity or individual, who may be an employee of the Employer or a third party, to  be the Committee’s agent with respect to the day-to-day administration of the Plan. In addition, the  Committee may, from time to time, employ other agents and delegate to them such administrative  duties as it sees fit, and may from time to time consult with counsel who may be counsel to the  Employer.    Except for settlor duties and responsibilities that are specifically reserved to  the Employer, the Board or the Committee (including, but not limited to, the ability to terminate  the Plan or approve amendments to the Plan), or which have been properly delegated to another  person or entity under the terms of the Plan, all settlor duties and responsibilities with respect to  the Plan are delegated to the ONEOK, Inc. Benefit Plan Sponsor Committee, with the exception of  the following duties and responsibilities which shall be delegated to the President and Chief  Executive Officer of the Employer:  (i) Amendments which constitute routine, ministerial, clarifying or  conforming amendments and do not materially modify the provision  or intent of the Plan;  (ii) To decide all questions concerning the Plan and the eligibility of any  person to participate in the Plan, in its sole discretion, subject to  review by the Committee; and  (iii) To determine the amount of any benefit or contribution or to increase  any benefit or contribution under the Plan (except for such increases  which related to the delegate’s own deferred compensation), so long  as such increase does not exceed One Million Dollars ($1,000,000)  for any Plan Year.   Except for such duties and responsibilities as may be specifically reserved to  the Employer, the Board, the Committee or the ONEOK, Inc. Benefit Plan Sponsor Committee, or  which have been properly delegated to another person or entity under the terms of the Plan, the  

 

  {00113938 2 }  14  ONEOK, Inc. Benefit Plan Administration Committee shall be responsible for the discretionary  administration of the Plan.   9.4 Indemnification.  To the fullest extent allowed by law, the Employer shall  indemnify and hold harmless each member of the Committee and each employee, officer, or  director of the Employer or any Related Employer to whom is delegated duties, responsibilities,  and authority with respect to the Plan against all claims, liabilities, fines and penalties, and all  expenses reasonably incurred by or imposed upon him (including but not limited to reasonable  attorneys' fees) which arise as a result of his actions or failure to act in connection with the  operation and administration of the Plan to the extent lawfully allowable and to the extent that such  claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for  by the Employer or and Related Employer.  Notwithstanding the foregoing, the Employer shall not  indemnify any person for any such amount incurred through any settlement or compromise of any  action unless the Employer consents in writing to such settlement or compromise.    9.5 Claims and Review Procedures   Claims Procedure.  If any person believes he is being denied any rights or  benefits under the Plan, such person (the “Claimant”) may file a claim in writing with the  Committee, or designee thereof (the “Claims Administrator”).  If any such claim is wholly or  partially denied, the Claims Administrator will notify such person of its decision in writing.  Such  notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan  provisions, (iii) a description of any additional material or information necessary for such person to  perfect such claim and an explanation of why such material or information is necessary, and (iv)  information as to the steps to be taken if the person wishes to submit a request for review.  Such  notification will be given within 90 days after the claim is received by the Claims Administrator  (or within 180 days, if special circumstances require an extension of time for processing the claim,  and if written notice of such extension and circumstances is given to such person within the initial  90 day period).  If such notification is not given within such period, the claim will be considered  denied as of the last day of such period and such person may request a review of his claim.   Review Procedure.  Within 60 days after the date on which a person  receives a written notification of denial of claim (or, if written notification is not provided, within  60 days of the date denial is considered to have occurred), such person (or his duly authorized  representative) may (i) file a written request with the Claims Administrator for a review of his  denied claim and of pertinent documents and (ii) submit written issues and comments to the  Claims Administrator.  The Claims Administrator will notify such person of its decision in writing.   Such notification will be written in a manner calculated to be understood by such person and will  contain specific reasons for the decision as well as specific references to pertinent Plan provisions.   The decision on review will be made within 60 days after the request for review is received by the  Claims Administrator (or within 120 days, if special circumstances require an extension of time for  processing the request, such as an election by the Claims Administrator to hold a hearing, and if  written notice of such extension and circumstances is given to such person within the initial 60-day  period).  If the decision on review is not made within such period, the claim will be considered  

 

  {00113938 2 }  15  denied. Except as otherwise provided in Section 9.5, the decision, action or inaction of the Claims  Administrative shall be final, conclusive and binding on all persons having an interest in the Plan.    Mandatory Arbitration.  If, after exhausting the procedures set forth in this  Section, a Claimant wishes to pursue legal action, any action by the Claimant with respect to a  claim made under Section 9.5, must be resolved by arbitration in the manner described in this  Section. This agreement to arbitrate shall be specifically enforceable.  A party may apply to the  United States District Court for the Northern District of Oklahoma for interim, injunctive or  conservatory relief, including without limitation a proceeding to compel arbitration.  If the  arbitration provisions herein are determined by any court to be unenforceable, any further legal  action must be filed only in the United States District Court for the Northern District of Oklahoma  within the time limits, and shall be subject to the standard of review, all as set forth below.  (i) Time Limits. A Claimant seeking arbitration of any determination of  the Claims Administrator must, within six (6) months of the date of  the Claims Administrator’s final decision, file a demand for  arbitration with the American Arbitration Association submitting the  claim to resolution by arbitration.  A Claimant waives any claim not  filed timely in accordance with this Section.  (ii) Rules Applicable to Arbitration. The arbitration process shall be  conducted in accordance with the Commercial Law Rules of the  American Arbitration Association.  (iii) Venue. The arbitration shall be conducted in Tulsa, Oklahoma.    (iv) Binding Effect. The decision of the arbitrator with respect to the  claim will be final and binding upon the Employer and the Claimant.   By participating in the Plan, and accepting Plan Benefits,  Participants, on behalf of themselves and any person with a Claim  relating to Participant’s Plan Benefits, agree to waive any right to  sue in court or to pursue any other legal right or remedy that might  otherwise be available in connection with the resolution of the  Claim.  (v) Enforceability. Judgment upon any award entered by an arbitrator  may be entered in any court having jurisdiction over the parties.  (vi) Waiver of Class, Collective, and Representative Actions. Any claim  shall be heard without consolidation of such claims with any other  person or entity.  To the fullest extent permitted by law, whether in  court or in arbitration, by participating in the Plan, Participants  waive any right to commence, be a party to in any way, or be an  actual or putative class member of any class, collective, or  representative action arising out of or relating to any claim, and  

 

  {00113938 2 }  16  Participants agree that any Claim may only be initiated or  maintained and decided on an individual basis.   (vii) Standard of Review. Any decision of an Arbitrator on a claim shall  be limited to determining whether the Claim Administrator’s  decision or action was arbitrary or capricious or was unlawful.  The  Arbitrator shall adhere to and apply the deferential standard of  review set out in Conkright v. Frommert, 559 U.S. 506 (2010),  Metropolitan Life Insurance Co. v. Glenn, 554 U.S. 105 (2008), and  Firestone Tire and Rubber Co. v. Bruch, 489 U.S. 101 (1989), and  shall accord due deference to the determinations, interpretations, and  construction of the Plan document of the Claims Administrator.  (viii) General Procedures.  (1) Arbitration Rules. The arbitration hearing will be conducted under  the AAA Commercial Arbitration Rules (as amended or revised  from time to time by AAA) (hereinafter the “AAA Rules”), before  one AAA arbitrator who is from the Large, Complex Case Panel  and who has experience with matters involving executive  compensation and equity compensation plans.  The AAA Rules  and the terms and procedures set forth here may conflict on certain  issues.  To the extent that the procedures set forth here conflict  with the AAA Rules, the procedures set forth here shall control  and be applied by the arbitrator.  Notwithstanding the amount of  the claim, the Procedures for Large, Complex Commercial  Disputes shall not apply.  (2) Substantive Law. The arbitrator shall apply the substantive law  (and the laws of remedies, if applicable), of Oklahoma or federal  law, or both, depending upon the claim.  Except to the extent  required by applicable law, all arbitration decisions and awards  shall be kept strictly confidential and shall not be disclosed by the  Claimant to anyone other than the Claimant’s spouse, attorney or  tax advisor.   (3) Authority. The arbitrator shall have jurisdiction to hear and rule  on prehearing disputes and is authorized to hold prehearing  conferences by telephone or in person as the arbitrator deems  necessary.  The arbitrator will have the authority to hear a motion  to dismiss and/or a motion for summary judgment by any party  and in doing so shall apply the standards governing such motions  under the Federal Rules of Civil Procedure.  

 

  {00113938 2 }  17  (4) Pre-Hearing Procedures. Each party may take the deposition of not  more than one individual and the expert witness, if any, designated  by another party.  Each party will have the right to subpoena  witnesses in accordance with the Arbitration Act.  Additional  discovery may be had only if the arbitrator so orders, upon a  showing of substantial need.    (5) Fees and Costs. Administrative arbitration fees and arbitrator  compensation shall be borne equally by the parties, and each party  shall be responsible for its own attorney’s fees, if any; provided,  however, that the Committee will authorize payment by the  Employer of all administrative arbitration fees, arbitrator  compensation and attorney’s fees if the Committee concludes that  a Claimant has substantially prevailed on his or her claims.  Unless  prohibited by statute, the arbitrator shall assess attorney’s fees  against a party upon a showing that such party’s claim, defense or  position is frivolous, or unreasonable, or factually groundless.  If  either party pursues a claim by any means other than those set forth  in this Section, the responding party shall be entitled to dismissal  of such action, and the recovery of all costs and attorney’s fees  and losses related to such action, unless prohibited by statute.  (ix) Interstate Commerce and the Federal Arbitration Act. The Employer  is involved in transactions involving interstate commerce, and the  employee’s employment with the Employer involves such  commerce.  Therefore, the Arbitration Act will govern the  interpretation, enforcement, and all judicial proceedings regarding  the arbitration procedures in this Section.  9.6 Disability Determinations. Whether a Participant has experienced a “Disability” as  will be determined by the Social Security Administration or under the terms of the Company’s  long-term disability plan in accordance with those claims procedures. The claims procedures set  forth in this ARTICLE 9 will not apply to that question, but will apply to any other issues relating  to Plan benefits.      

 

  {00113938 2 }  18  ARTICLE 10.  MISCELLANEOUS    10.1 Unsecured General Creditor of the Employer.  Participants and their  Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or  claims in any property or assets of the Employer or any Related Employer.  For purposes of the  payment of benefits under the plan, the assets of the Employer or of any Related Employer shall  be, and shall remain, the general, unpledged, unrestricted assets of the Employer or of such Related  Employer, respectively.  The Employer's obligation under the Plan shall be merely that of an  unfunded and unsecured promise to pay money in the future.    10.2 Trusts; Transfers of Assets, Property. Notwithstanding the foregoing, in the  event of a Change in Ownership or Control, the Employer shall create an irrevocable Trust, or  before such time the Employer may create an irrevocable or revocable Trust, to hold funds to be  used in payment of the obligations of the Employer or any Related Employer under the Plan.  10.3 Section 409A.  It is intended that the Plan comply with the provisions of Section  409A, so as to prevent the inclusion in gross income of any amounts deferred hereunder in a  taxable year that is prior to the taxable year or years in which such amounts would otherwise  actually be paid or made available to Participants or Beneficiaries. This Plan shall be construed,  administered, and governed in a manner that effects such intent, and the Committee shall not take  any action that would be inconsistent with such intent. Each installment payment of compensation  under this Plan shall be treated as a separate payment of compensation for purposes of applying  Section 409A.  Although the Committee shall use its best efforts to avoid the imposition of  taxation, interest and penalties under Section 409A of the Code, the tax treatment of deferrals  under this Plan is not warranted or guaranteed. Neither the Company, any Employer, the Board,  any director, officer, employee and advisor, the Board nor the Committee (or any delegate thereof)  shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any  Participant, Beneficiary or other taxpayer as a result of the Plan. The Committee is authorized to  make any adjustments (including any additional contributions, offsets, recovery or recoupment)  that it deems necessary or advisable, in its sole discretion, to comply with Code Section 409A.  10.4 Employer's Liability.  The Employer's liability for the payment of benefits under  the Plan shall be defined only by the Plan and by the Elections entered into between a Participant  and the Employer.  The Employer shall have no obligation or liability to a Participant under the Plan  except as provided by the Plan and an Election.    10.5 Limitation of Rights.  Neither the establishment of the Plan, nor any amendment  thereof, nor the creation of any fund or account, nor the payment of any benefits, will be construed  as giving to the Participant or any other person any legal or equitable right against the Employer,  the Committee or any Related Employer except as provided herein; and in no event will the terms  of employment or service of the Participant be modified or in any way affected hereby.    10.6 Anti-Assignment.  No right or interest of the eligible employees or retirees under  this Plan shall be subject to involuntary alienation, assignment or transfer of any kind.  The  

 

  {00113938 2 }  19  Employer, the Board, the Committee and any of their delegates shall not review, confirm,  guarantee or otherwise comment on the legal validity of any voluntary assignment.      10.7 Facility of Payment.  If the Employer determines, on the basis of medical reports  or other evidence satisfactory to the Employer, that the recipient of any benefit payments under the  Plan is incapable of handling his affairs by reason of minority, illness, infirmity or other  incapacity, the Employer may disburse such payments to a  person or institution designated by a  court which has jurisdiction over such recipient or a person or institution otherwise having the  legal authority under State law for the care and control of such recipient.  The receipt by such  person or institution of any such payments, and any such payment to the extent thereof, shall  discharge the liability of the Employer for the payment of benefits hereunder to such recipient.    10.8 Notices.  Any notice or other communication required or permitted to be given in  connection with the Plan shall be in writing and shall be deemed to have been duly given (i) upon  request, if delivered personally or via courier, (ii) upon confirmation of receipt, if given by  facsimile or electronic transmission, and (iii) on the third business day following mailing, if mailed  first-class, postage prepaid, registered or certified mail as follows:     If it is sent to the Employer or Employer, it will be at the address specified  by the Employer; or   If it is sent to a Participant or Beneficiary, it will be at the last address filed  with the Employer by the Participant (or Beneficiary).  10.9 Tax Withholding.  The Employer shall have the right to deduct from all payments  or deferrals made under the Plan any tax required by law to be withheld.  If the Employer  concludes that tax is owing with respect to any deferral or payment hereunder, the Employer shall  withhold such amounts from any payments due the Participant or his Beneficiary, as permitted by  law, or otherwise make appropriate arrangements with the Participant or his Beneficiary for  satisfaction of such obligation.  Tax, for purposes of this section, means any federal, state, local,  foreign or any other governmental income tax, employment or payroll tax, excise tax, or any other  tax or assessment owing with respect to amounts deferred, any earnings thereon, and any payments  made to Participants or Beneficiaries under the Plan.    10.10 No Guarantee or Employment or Participation.  Nothing in the Plan shall  interfere with or limit in any way the right of the Employer to terminate any Participant's  employment at any time and for any reason, nor confer upon any Participant any right to continue  in the employ of the Employer or any Related Employer.  No employee of the Employer shall have  a right to be selected as a Participant under the Plan or, if selected, to continue to participate for  any Plan Year.    10.11 Unclaimed Benefit.  Each Participant shall keep the Employer informed of his  current address and the current address of his Beneficiary.  The Employer shall not be obligated to  search for the whereabouts of any person.  If the location of a Participant is not made known to the  Employer within three years after the date on which payment of the Participant's vested Account is  

 

  {00113938 2 }  20  scheduled to be made (or to commence), payment may be made as though the Participant had died  at the end of the three-year period.  If within one additional year after such three-year period has  elapsed, or, within three years after the actual death of a Participant, the Employer is unable to  locate the Beneficiary of the Participant, then the Employer shall have no further obligation to pay  any benefit hereunder to such Participant or Beneficiary or any other person and such benefit shall  be irrevocably forfeited.    10.12 Governing Law.  The Plan will be construed, administered and enforced according  to the laws of the State of Oklahoma without regard to principles of conflicts of law to the extent  not otherwise preempted by the Code or by ERISA.    10.13 Erroneous Payment.  Any amount paid under this Plan in error to a Participant or  to a Participant's Beneficiary shall be returned to the Employer. A payment made in error does not  create on the part of the recipient a legally binding right to such payment. In addition, the Plan and  its agents are authorized to (A) recoup overpayments plus any earnings or interest, and (B) if  necessary, offset any overpayments that are not returned against other Plan benefits to which the  recipient is or becomes entitled.     

 

  {00113938 2 }  21  ARTICLE 11.  DEFINITIONS    Pronouns used in the Plan are in the masculine gender but include the feminine gender unless  the context clearly indicates otherwise.  Wherever used herein, the following terms have the  meanings set forth below, unless a different meaning is clearly required by the context:  “Account” means an account established for the purpose of recording amounts credited on behalf  of a Participant, including (i) Participant deferrals of Base Compensation and Incentive  Compensation; (ii) Employer Contributions; (iii) Supplemental Retirement Contributions; and (iv)  any income, expenses, gains, losses or distributions included thereon.  The Account shall be a  bookkeeping entry only and shall be utilized solely as a device for the measurement and  determination of the amounts to be paid to a Participant pursuant to the Plan.    “Aggregated Plans” means this Plan or a portion of this Plan and all other non-qualified deferred  compensation plans which must be aggregated with the Plan or portion of the Plan in accordance  with the plan aggregation rules of Section 409A.  “Base Compensation” means a Participant’s basic wage or salary paid by the Employer to the  Participant without regard to any increases or decreases in such basic wage or salary as a result of  (i) an Election to defer basic wage or salary under this Plan or (ii) an Election between benefits or  cash provided under a plan of the Employer maintained pursuant to Sections 125 or 401(k) of the  Code, after deductions and withholdings of all income and employment taxes and any other amounts  required under uniform rules and procedures determined by the Committee and the Employer. The  Base Compensation does not include any, long-term incentive awards or other cash bonus, stock or  other equity paid to a Participant, nor any Incentive Compensation, as defined below.   “Beneficiary” means the persons, trusts, estates or other entities designated in writing by a  Participant, or otherwise entitled to receive benefits under the Plan upon the death of a Participant.  If a Participant fails to designate a Beneficiary, then the Participant’s Beneficiary shall be the  Participant’s spouse or, if the Participant does not have a spouse on the Participant’s date of death,  the Participant’s estate.  “Board”  means the Board of Directors of ONEOK, Inc.  “Change in Control”  shall mean any of the following events: (a) a person (or more than one person  acting as a group) acquires ownership of stock of the Company that, together with the stock held by  such person or group, constitutes more than 50% of the total fair market value or total voting power  of the stock of the Company; provided, that, a Change in Control shall not occur if any person (or  more than one person acting as a group) owns more than 50% of the total fair market value or total  voting power of the Company's stock and acquires additional stock; (b) one person (or more than  one person acting as a group) acquires (or has acquired during the twelve-month period ending on  the date of the most recent acquisition) ownership of the Company's stock possessing 30% or more  of the total voting power of the stock of such corporation; (c) A majority of the members of the  Board are replaced during any twelve-month period by directors whose appointment or election is  

 

  {00113938 2 }  22  not endorsed by a majority of the Board before the date of appointment or election; or (d) one person  (or more than one person acting as a group), acquires (or has acquired during the twelve-month  period ending on the date of the most recent acquisition) assets from the Company that have a total  gross fair market value equal to or more than 40% of the total gross fair market value of all of the  assets of the Company immediately before such acquisition(s).   “Code” means the Internal Revenue Code of 1986, as amended.  “Committee” means the Executive Compensation Committee of the Board or such other person(s)  or committee(s) as may be appointed from time to time by the Board to supervise all or a portion of  the administration of the Plan. Notwithstanding the foregoing, any ministerial duties assigned to the  Committee pursuant to this Plan shall be able to be completed by a designee of the Committee in its  discretion.  To the extent that the Committee has delegated any of its duties and responsibilities,  references to the Committee shall also refer to the delegate.  “Disabled” or “Disability”  means a determination that the Participant is, by reason of any  medically determinable physical or mental impairment which can be expected to result in death or  can be expected to last for a continuous period of not less than 12 months, receiving income  replacement benefits for a period of not less than three months under an accident and health plan  covering employees of the Employer or any Related Employer.  A Participant also will be considered  disabled if he is determined (a) to be totally disabled by the Social Security Administration, or (b)  to be disabled in accordance with a disability insurance program, provided that the definition of  disability applied under such disability insurance program complies with the requirements of  Treasury Regulation Section 1.409A-3(i)(4).  “Effective Date”  generally means January 1, 2020.  “Election” means a Participant’s notice, in the form and manner prescribed by the Committee,  electing to defer payment of a portion of his or her Incentive Compensation or Base Compensation   in accordance with ARTICLE 3, and specify the time and form of distribution of the deferred  Incentive Compensation, Base Compensation, Supplemental Retirement Contributions or Employer  Contributions, in accordance with ARTICLE 54, as well any evergreen election described in Section  3.3.  Elections shall be irrevocable except as otherwise provided in the Plan or pursuant to Treasury  guidance.    “Election Period” means the applicable period during which an Eligible Employee must complete  an Election.  “Eligible Compensation” means, for any Plan Year, the total amount by which the sum of a  Participant’s Base Compensation and Incentive Compensation exceeds the current compensation  limit as stated in Code Section 401(a)(17) in effect for that Plan Year.   “Eligible Employee” means an employee of the Employer who is designated by the Committee, by  individual name or group or description as eligible to participate in the Plan and who is a  management or highly compensated employee within the meaning of Sections 201(2), 301(a)(3) and  401(a)(1) of ERISA.  

 

  {00113938 2 }  23  “Employer” means ONEOK, Inc. or any successor entity thereto, and any Related Employer which  permits its Employees to participate in the Plan.  “Employer Contribution” means the contribution required by Section 4.1(a).“ERISA” means the  Employee Retirement Income Security Act of 1974, as amended.  “Incentive Compensation” means annual short-term bonuses paid to Eligible Employees under any  applicable annual performance-based incentive compensation plans and which is not Base  Compensation without regard to any decreases as a result of (i) an Election to defer all or any portion  of such Incentive Compensation under this Plan or (ii) an Election between benefits or cash provided  under any qualified retirement plan of the Employer maintained pursuant to Section 401(k) of the  Code. Incentive Compensation does not include long-term incentive awards, stock, or other equity.  “Participant” means an Eligible Employee who commences participation in the Plan in accordance  with Article 2.  “Plan” means this ONEOK, Inc. 2020 Nonqualified Deferred Compensation Plan, as amended from  time to time.  “Plan Year” means the calendar year.  “Related Employer” means (a) any corporation that is a member of a controlled group of  corporations as defined in Code Section 414(b) that includes the Employer, and (b) any trade or  business that is under Common Control as defined in Code Section 414(c) that includes the  Employer.“Retirement” means Separation from Service on or after age 50 with at least 5 years of  service with any Related Employer.  “Separation from Service” means a Participant's termination of employment with the Employer or  Related Employer for any reason other than death that meets the requirements of the definition of  "separation from service" set forth in Treasury Regulation Section 1.409A-1(h).  For purposes of  determining whether a Separation from Service has occurred, the 20% default threshold set forth in  Treasury Regulation Section 1.409A-1(h)(1)(ii) shall be utilized.  “Subsequent Election” means the election by a Participant to modify the time of distribution or  form of payment of any prior Election in accordance with Section 5.5.  “Supplemental Retirement Contribution” means the contribution(s) required by Section 4.1(b).  “Unforeseeable Emergency” means an unanticipated emergency that is caused by an event beyond  the control of the Participant that would result in severe financial hardship to the Participant resulting  from (i) an illness or accident of the Participant or the Participant’s spouse, the Participant’s  Beneficiary, or the Participant’s dependent (as defined in Code section 152, without regard to Code  sections 152(b)(1), (b)(2), and (d)(1)(B)), (ii) a loss of the Participant’s property due to casualty, or  (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events  beyond the control of the Participant, all as determined in the sole discretion of the Administrator.  

 

  {00113938 2 }  24  “Valuation Date”  means the date or dates specified by the Committee.                                        As approved by the Executive Compensation Committee of the ONEOK, Inc. Board of Directors July 24, 2019.

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