Form 4: ONEOK Executive Awarded 11,019 Restricted Stock Units

Mary M. Spears, Chief Accounting Officer and Senior Vice President, Finance and Tax at ONEOK, received an award of 11,019 restricted stock units under the company's Equity Incentive Plan.

Summary

• Mary M. Spears, Chief Accounting Officer and Senior Vice President, Finance and Tax at ONEOK INC /NEW/ (OKE), was awarded 11,019 Restricted Stock Units (RSUs).
• The award was made under the Issuer's Equity Incentive Plan on September 23, 2025.
• The RSUs will vest in three tranches: 20% on September 23, 2026, 30% on September 23, 2027, and 50% on September 23, 2028.
• Dividend equivalents will be credited during the vesting period and paid out in shares of common stock when the underlying units vest.
• Each vested restricted unit, including those from dividend equivalents, will be payable with one share of ONEOK's common stock.

Sentiment

Score: 6

Explanation: The filing reports a standard equity compensation award to a key executive, which is generally viewed as a positive for aligning management interests with shareholders and for executive retention, without indicating any unusual or negative circumstances.

Positives

• Aligns the interests of a key executive, Mary M. Spears, with those of shareholders through equity ownership.
• Serves as a retention mechanism, incentivizing the executive to remain with the company through the multi-year vesting schedule.
• Represents a standard practice for executive compensation, indicating a structured approach to rewarding leadership.

Negatives

• Potential for minor future dilution of existing shareholders as new shares are issued upon vesting of the 11,019 RSUs and associated dividend equivalents.
• Represents a future compensation expense for the company.

Future Outlook

The filing details a future vesting schedule for the awarded restricted stock units, with shares to be issued on September 23, 2026, September 23, 2027, and September 23, 2028.

Industry Context

The award of restricted stock units to key executives is a common and widely accepted practice within the energy and infrastructure sectors, as well as across most publicly traded industries, to align management incentives with long-term shareholder value creation and to retain talent.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) with a multi-year vesting schedule is a standard component of executive compensation packages across the S&P 500 and comparable midstream energy companies like Kinder Morgan (KMI) or Enterprise Products Partners (EPD).
• This structure is designed to promote long-term commitment and performance, similar to how other industry leaders structure their equity incentives.
• The specific number of units awarded would typically be benchmarked against peer group compensation data, though such benchmarking details are not provided in this filing.

Stakeholder Impact

• Shareholders: Minor potential for future dilution upon vesting, but also benefits from increased alignment of executive interests with long-term company performance.
• Employees (Mary M. Spears): Receives significant equity compensation, incentivizing continued performance and retention.

Next Steps

• Vesting of 20% of the RSUs on September 23, 2026.
• Vesting of 30% of the RSUs on September 23, 2027.
• Vesting of 50% of the RSUs on September 23, 2028.
• Issuance of ONEOK common stock shares upon each vesting date, including shares for credited dividend equivalents.

Key Dates

Keywords

ONEOK, OKE, Restricted Stock Units, RSU, Equity Incentive Plan, Executive Compensation, Insider Transaction, Form 4, Mary M. Spears, Chief Accounting Officer, Senior Vice President Finance Tax