Form 4: ONEOK Director Pattye L. Moore Defers Compensation into Phantom Stock

ONEOK Director Pattye L. Moore acquired 2,095 shares of phantom stock on May 23, 2025, as part of her deferred compensation plan, increasing her total beneficial ownership to 202,045 phantom shares.

Summary

• Pattye L. Moore, a Director of ONEOK INC /NEW/ (OKE), acquired 2,095 shares of phantom stock on May 23, 2025.
• This acquisition resulted from her election to defer annual cash and/or stock retainer into phantom stock under the Issuer's Deferred Compensation Plan for Non-Employee Directors.
• Each share of phantom stock is convertible into ONEOK common stock on a 1-for-1 ratio.
• The phantom stock is settled in shares of Issuer common stock at a determination date or a designated date upon Ms. Moore's retirement.
• Following this transaction, Ms. Moore beneficially owns a total of 202,045 shares of phantom stock.
• The implied price per phantom stock unit at the time of acquisition was $81.14.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. It's a routine compensation deferral, which is a positive sign of director alignment, but not a significant market-moving event.

Positives

• Indicates a director's continued participation and investment in the company's long-term performance through a deferred compensation plan.
• Aligns the director's interests with shareholders by increasing their equity exposure in the company.

Future Outlook

This filing does not provide forward-looking statements regarding the company's financial performance or strategic outlook, but rather details an insider transaction related to compensation.

Industry Context

This transaction is a routine insider filing for a director's compensation deferral, common across various industries, particularly in mature companies with established executive and director compensation plans. It reflects standard corporate governance practices for aligning director incentives with shareholder value.

Comparison to Industry Standards

• The deferral of director compensation into equity-linked instruments like phantom stock is a common practice among publicly traded companies, including those in the energy infrastructure sector like ONEOK.
• This aligns with best practices for corporate governance by linking director remuneration to the long-term performance of the company's stock.
• Specific comparable companies in the midstream energy sector, such as Kinder Morgan (KMI) or Enterprise Products Partners (EPD), often utilize similar equity-based compensation structures for their non-employee directors to foster long-term alignment.

Corporate Governance

Stakeholder Impact

• Shareholders: Increased alignment of a director's interests with shareholder value through equity-based compensation.

Next Steps

• The phantom stock will be settled in shares of ONEOK common stock at a determination date or a designated date upon the reporting person's retirement.

Key Dates

Recommendation

Keywords

ONEOK, OKE, Pattye L. Moore, Director, SEC Form 4, Phantom Stock, Deferred Compensation, Insider Transaction, Equity Compensation, Corporate Governance