Summary
This 8-K/A filing from ONEOK INC. (OKE) details the finalized compensation package for its newly appointed President and CEO, Pierce H. Norton II, effective June 28, 2021. The report amends a previous 8-K filing and provides specifics on Mr. Norton's base salary, short-term incentive awards, and substantial long-term equity incentives, including restricted stock units and performance stock units. Key aspects of Mr. Norton's compensation include a base salary of $835,000, with a target short-term incentive award of 125% of base salary. Importantly, the long-term incentives are structured to compensate him for forfeitures from his previous employer, with a significant portion not prorated for his start date. He will also receive credit for prior service for prorated incentive awards in the event of retirement, and an additional long-term award related to his departure from his previous role.
Key Highlights
- 1Pierce H. Norton II's finalized compensation details as President and CEO, effective June 28, 2021.
- 2Annual base salary set at $835,000.
- 3Eligible for short-term incentive award with a target of 125% of base salary.
- 4Receives a substantial long-term incentive award valued at $3,750,000, comprising restricted and performance stock units.
- 5Additional long-term incentive award of $1,321,057 in restricted stock units to compensate for prior employer award forfeitures.
- 6Long-term awards are structured with specific vesting schedules (2023 and 2024) and performance goals.
- 7Mr. Norton receives credit for prior service for prorated incentive awards in the event of retirement.