[Form 4] ONEOK INC /NEW/ Insider Trading Activity

Rhea-AI Filing Summary

Randy N. Lentz, Executive Vice President and Chief Operating Officer of ONEOK, reported receipt of 10,331 restricted stock units under the companys Equity Incentive Plan on 09/23/2025. The award is classified as RSU 2025-S and will vest on 09/23/2028. During the three-year vesting period the units will accrue dividend equivalents that will be paid in shares when the underlying units vest. The filing shows 10,331 shares of common stock will underlie the award and that the reporting was submitted via attorney-in-fact on 09/25/2025. No exercise price or cash payment is reported because this is a grant of restricted units rather than an option.

Positive

• Clear retention incentive: 10,331 RSUs vesting on 09/23/2028 supports long-term alignment with shareholders
• Dividends paid in shares: Dividend equivalents credited and paid in stock increase alignment without cash outlay at grant
• Full disclosure: Form 4 lists grant date, vesting schedule, amount, and reporting officer role

Negative

• None.

Insights

Financial Analyst

TL;DR: A routine executive RSU grant of 10,331 units vests in three years; modest near-term dilution but typical long-term retention tool.

The reported grant is a standard time-based restricted stock unit award designed to retain senior management through 2028. The award size (10,331 RSUs) is explicitly documented and will convert one-for-one to shares upon vesting, including dividend equivalents paid in shares. This disclosure is procedural and non-cash; it does not change current outstanding shares until vesting occurs. For investors, materiality depends on ONEOKs total share count, which is not provided here.

Corporate Governance Expert

TL;DR: Governance-wise this is a standard equity retention grant reported under Section 16; transparency appears complete for the grant terms provided.

The Form 4 documents the grant date, vesting date, number of units, dividend equivalent treatment, and the reporting officer's role. The filing is signed by an attorney-in-fact and includes the required explanatory remark noting the awards plan-based nature and dividend equivalent mechanics. There are no indicated deviations from typical disclosure practices in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lentz Randy N

(Last) (First) (Middle)

100 WEST FIFTH STREET

(Street)

TULSA OK 74103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ONEOK INC /NEW/ [ OKE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RSU 2025-S	(1)	09/23/2025		A		10,331		(1)	(1)	Common Stock, par value $0.01	10,331	(1)	10,331	D

Explanation of Responses:

1. Restricted units awarded under the Issuer's Equity Incentive Plan. The award will vest on 9/23/2028. During the vesting period, the award will be credited with dividend equivalents that will be paid out in shares of common stock at the time the underlying units vest and are issued. The award and credited dividend equivalents will be payable with one share of the Issuer's common stock for each vested restricted unit, including additional restricted units resulting from dividend equivalents.

Remarks:

Executive Vice President and Chief Operating Officer

	/s/ Patrick W. Cipolla, Attorney-in-Fact for Randy N. Lentz	09/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Randy N. Lentz report on the Form 4 for ONEOK (OKE)?

The Form 4 reports a grant of 10,331 restricted stock units (RSU 2025-S) to Randy N. Lentz on 09/23/2025, vesting on 09/23/2028 with dividend equivalents paid in shares.

When will the RSUs granted to the ONEOK executive vest?

The award will vest on 09/23/2028, three years after the grant date.

How are dividend equivalents treated for the RSUs in this Form 4?

Dividend equivalents will be credited during the vesting period and paid in shares at the time the underlying units vest and are issued.

Does the Form 4 show any immediate change in ONEOK outstanding shares?

No immediate change is reported; the Form 4 documents a grant that will convert to 10,331 shares upon vesting, affecting share count only at vesting.

Who reported the transaction and when was the Form 4 filed?

The reporting person is Randy N. Lentz (Executive Vice President and Chief Operating Officer), and the Form 4 was signed via attorney-in-fact and dated 09/25/2025.