Form 4: ONEOK Executive Pierce Norton Acquires Share Through Employee Stock Award Program

ONEOK's President and CEO, Pierce Norton, acquired one share of common stock through the company's Employee Stock Award Program (ESAP).

Summary

• Pierce Norton, President and CEO of ONEOK, acquired one share of ONEOK common stock on November 7, 2024, at a price of $104.14.
• The acquisition was made through ONEOK's Employee Stock Award Program (ESAP).
• The ESAP has fully allocated its current share authorization due to ONEOK achieving the $103 milestone on Nov. 7, 2024.
• The ESAP will be paused until the 2025 annual shareholder meeting, expected in May, where a request for additional shares will be made.
• The program is expected to resume upon shareholder approval of additional shares.

Sentiment

Score: 6

Explanation: The document reflects a routine transaction and a temporary pause in a stock award program, suggesting a neutral sentiment with a slight positive bias due to the achievement of a milestone.

Positives

• The acquisition reflects management's participation in the company's stock award program.
• The achievement of the $103 milestone suggests positive performance that triggered the share issuance.

Negatives

• The ESAP program is paused, which could temporarily affect employee morale or compensation expectations.

Risks

• Shareholder approval for additional ESAP shares is not guaranteed, which could impact the program's future.

Future Outlook

The Employee Stock Award Program's continuation depends on shareholder approval for additional shares at the 2025 annual meeting.

Industry Context

Executive stock ownership is a common practice to align management's interests with those of shareholders. The pause in the ESAP program highlights the importance of shareholder approval for equity-based compensation plans.

Comparison to Industry Standards

• Employee stock award programs are common across the energy sector, with companies like Kinder Morgan and Williams Companies also utilizing similar schemes to incentivize employees.
• The size and structure of these programs vary, but they generally aim to align employee interests with shareholder value.
• The pause in ONEOK's ESAP program pending shareholder approval is a standard governance practice to ensure transparency and accountability.

Stakeholder Impact

• Shareholders: The ESAP program aims to align employee interests with shareholder value.
• Employees: The pause in the ESAP program may temporarily affect employee compensation expectations.
• Management: The acquisition of shares by the CEO reflects management's participation in the company's stock award program.

Next Steps

• ONEOK will seek shareholder approval for additional shares for the ESAP at the 2025 annual meeting.
• The official date for the 2025 annual shareholder meeting will be set and communicated in the future.
• The ESAP program is expected to resume upon shareholder approval.

Key Dates