Form 4: ONEOK Executive Pierce Norton II Awarded Performance and Restricted Stock Units
SEC Form 4 Filing
ONEOK's President and CEO, Pierce Norton II, receives performance and restricted stock units under the company's Equity Incentive Plan.
Summary
- Pierce Norton II, President and CEO of ONEOK Inc., was granted performance stock units (PSU) and restricted stock units (RSU) on February 19, 2025.
- The PSU award consists of 70,565 units, vesting on February 19, 2028, based on ONEOK's total shareholder return compared to a peer group.
- The RSU award consists of 30,242 units, vesting on February 19, 2028.
- Both PSU and RSU awards will be credited with dividend equivalents, payable in shares of common stock upon vesting.
- The reporting form was signed by Patrick W. Cipolla, Attorney-in-Fact for Pierce H Norton II on February 21, 2025.
Sentiment
Score: 7
Explanation: The document reflects a standard executive compensation practice, aligning management interests with shareholders. The sentiment is neutral to slightly positive.
Positives
- The granting of PSUs and RSUs aligns executive compensation with shareholder value and long-term company performance.
- Dividend equivalents credited to the awards provide additional value to the executive.
Future Outlook
The vesting of the performance units is contingent upon ONEOK's total shareholder return compared to a peer group over the vesting period.
Industry Context
Granting stock-based compensation is a common practice in the energy industry to incentivize executives and align their interests with those of shareholders.
Comparison to Industry Standards
- Companies like Kinder Morgan, Enbridge, and Williams Companies also utilize equity-based compensation plans for their executives.
- The specific terms of the PSU and RSU awards, such as the vesting period and performance metrics, are typical for executive compensation packages in the energy sector.
- Peer group comparisons for total shareholder return are a standard benchmark for performance-based equity awards.
Stakeholder Impact
- Shareholders: Aligns executive compensation with company performance, potentially increasing shareholder value.
- Employees: Provides insight into executive compensation structure.
- Executives: Incentivizes executives to achieve company goals and increase shareholder value.
Key Dates
| Date | Description |
|---|---|
| 02/19/2025 | Date of transaction: Grant date of performance stock units (PSU) and restricted stock units (RSU). |
| 02/19/2028 | Vesting date for both the PSU and RSU awards. |
| 02/21/2025 | Date of signature of the reporting form. |
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