SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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(Date of report) |
January 20, 2006 |
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(Date of earliest event reported) |
January 19, 2006 |
ONEOK, Inc.
(Exact name of registrant as specified in its charter)
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Oklahoma |
001-13643 |
73-1520922 |
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(State or other jurisdiction |
(Commission |
(IRS Employer |
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of incorporation) |
File Number) |
Identification No.) |
100 West Fifth Street; Tulsa, OK
(Address of principal executive offices)
74103
(Zip code)
(918) 588-7000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
[] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 |
Entry into a Material Definitive Agreement |
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We adopted our Annual Officer Incentive Plan (the AOIP) in January 2000 and previously filed a copy of it with the Securities and Exchange Commission. The AOIP provides that certain of our officers may receive cash incentive awards based on their individual performance, and the performance and profitability of ONEOK, Inc. (the Company) and the performance of particular business units of the Company. The corporate and business unit criteria and individual performance criteria are established annually by the Executive Compensation Committee of our Board of Directors (the Committee). The Committee also establishes annual target awards for each officer. On January 19, 2006, the Committee established the corporate performance criteria for incentive awards under the AOIP for 2006. The corporate performance criteria for 2006 is based on our earnings per share (EPS), exclusive of the cumulative effect of accounting changes and certain gains or losses on sales of assets. Our actual EPS for 2006 will be compared with the threshold and target levels set by the Committee. No incentive amount will be paid based on this performance measure if actual EPS for 2006 is below the threshold level set by the Committee.
If the maximum target EPS is achieved or exceeded, then the participant's incentive award may be 200 percent of the officer's target award. After taking into account the achievement based on this corporate performance criteria, the Committee has the authority to adjust the amount of the award, based on business unit criteria and individual performance criteria.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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ONEOK, Inc. |
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Date: |
January 20, 2006 |
By: |
/s/ Jim Kneale |
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Jim Kneale |
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Executive Vice President -- Finance and Administration |
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and Chief Financial Officer |
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(Principal Financial Officer) |
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