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<FONT SIZE=4><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="CENTER">Washington, D.C. 20549</P>


<P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">FORM 8-K</P>


</B><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">CURRENT REPORT</P>


<P ALIGN="CENTER">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>


<P ALIGN="CENTER">SECURITIES EXCHANGE ACT OF 1934</P>


<P ALIGN="CENTER"></P></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=330>


<TR><TD WIDTH="60%" VALIGN="TOP">


<FONT SIZE=2><P>(Date of report)</FONT><B> </B></TD>


<TD WIDTH="40%" VALIGN="TOP">


<B><P>April 25, 2006 </B></TD>


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<TR><TD WIDTH="60%" VALIGN="TOP">


<FONT SIZE=2><P>(Date of earliest event reported)</FONT></TD>


<TD WIDTH="40%" VALIGN="TOP">


<B><P>April 20, 2006</B></TD>


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<B><FONT SIZE=5><P ALIGN="CENTER">ONEOK, Inc.</P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>


</FONT><P ALIGN="CENTER"></P>


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<TR><TD WIDTH="30%" VALIGN="TOP" HEIGHT=19>


<B><P ALIGN="CENTER">Oklahoma</B></TD>


<TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="31%" VALIGN="TOP" HEIGHT=19>


<B><P ALIGN="CENTER">001-13643</B></TD>


<TD WIDTH="5%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="28%" VALIGN="TOP" HEIGHT=19>


<B><P ALIGN="CENTER">73-1520922</B></TD>


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<TR><TD WIDTH="30%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">(State or other jurisdiction</FONT></TD>


<TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="31%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">(Commission</FONT></TD>


<TD WIDTH="5%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="28%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">(IRS Employer</FONT></TD>


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<TR><TD WIDTH="30%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">of incorporation)</FONT></TD>


<TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="31%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">File Number)</FONT></TD>


<TD WIDTH="5%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="28%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">Identification No.)</FONT></TD>


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<P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">100 West Fifth Street; Tulsa, OK</P>


</B><FONT SIZE=2><P ALIGN="CENTER">(Address of principal executive offices)</P>


</FONT><P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">74103</P>


</B><FONT SIZE=2><P ALIGN="CENTER">(Zip code)</P>


</FONT><P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">(918) 588-7000</P>


</B><FONT SIZE=2><P ALIGN="CENTER">(Registrant's telephone number, including area code)</P>


</FONT><P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">Not Applicable</P>


</B><FONT SIZE=2><P ALIGN="CENTER">(Former name or former address, if changed since last report)</P>


</FONT>


<FONT SIZE=2><P>[] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>





<P>[] Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)</P>





<P>[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>





<P>[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>


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<P>&nbsp;</P>


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<TR><TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>


<U><P>Item 1.01</U></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="86%" VALIGN="TOP" HEIGHT=19>


<U><P>Entry into a Material Definitive Agreement</U></TD>


</TR>


<TR><TD WIDTH="12%" VALIGN="TOP" HEIGHT=45><P></P></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=45><P></P></TD>


<TD WIDTH="86%" VALIGN="TOP" HEIGHT=45>





<P>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.</P>





<P>On January 20, 2006, we filed with the Securities and Exchange Commission a current report on Form 8-K setting forth the corporate performance criteria for incentive awards under our AOIP for 2006.</P>





<P>On April 20, 2006, we revised the corporate performance criteria for incentive awards under the AOIP for 2006.  The revised corporate performance criteria for 2006 provide that 50 percent of the performance measure under the AOIP is based on our return on invested capital (ROIC).  Our actual ROIC for 2006 will be compared to the revised threshold, target and maximum levels.  No incentive amount will be paid based on this performance measure if our actual ROIC for 2006 is below the revised threshold level. Also, the incentive payment based on our ROIC cannot exceed 300 percent of the target level set by the Committee, weighted at 50 percent.</P>





<P>The remaining 50 percent of the revised 2006 corporate performance measure is based on our earnings per share (EPS), adjusted to include minority interest and exclude the cumulative effect of accounting changes and certain gains or losses on sales of assets subsequent to our sale and transfer of assets to Northern Border Partners, L.P.  Our actual EPS for 2006 will be compared to the revised threshold and target levels.  No incentive amount will be paid based on this performance measure if the actual EPS for 2006 is below the revised threshold level.  Also, the incentive payment based on EPS cannot exceed 100 percent of the targeted payment, weighted at 50 percent.</P>


<P>  </P>


<P>If both the revised maximum ROIC and the target EPS are achieved or exceeded, then the portion of a participant's total incentive award, based on the above-described corporate performance criteria, will be 200 percent of the officer's target award.  After taking into account the achievement based on these corporate performance criteria, the Committee has the authority to adjust the amount of the award, based on business unit criteria and individual performance criteria.  </P>


</TD>


</TR>


<TR><TD WIDTH="12%" VALIGN="TOP" HEIGHT=28><P></P></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=28><P></P></TD>


<TD WIDTH="86%" VALIGN="TOP" HEIGHT=28>


<FONT SIZE=3><P ALIGN="CENTER">2</FONT></TD>


</TR>


<TR><TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>


<TD WIDTH="86%" VALIGN="TOP" HEIGHT=18><P></P></TD>


</TR>


<TR><TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="86%" VALIGN="TOP" HEIGHT=19><P></P></TD>


</TR>


<TR><TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>


<TD WIDTH="86%" VALIGN="TOP" HEIGHT=18>





<P>&nbsp;</P>


<P>&nbsp;</TD>


</TR>


</TABLE>





<P ALIGN="CENTER">SIGNATURE</P>





<P>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.</P>





<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=696>


<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="48%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="37%" VALIGN="TOP" HEIGHT=19>


<P>ONEOK, Inc.</TD>


</TR>


<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="48%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="37%" VALIGN="TOP" HEIGHT=19><P></P></TD>


</TR>


<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>


<P>Date:</TD>


<TD WIDTH="48%" VALIGN="TOP" HEIGHT=20>


<P>April 25, 2006</TD>


<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>


<P>By:</TD>


<TD WIDTH="37%" VALIGN="TOP" HEIGHT=20>


<U><P>/s/ Jim Kneale</U></TD>


</TR>


<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="48%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="37%" VALIGN="TOP" HEIGHT=19>


<P>Jim Kneale</TD>


</TR>


<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>


<TD WIDTH="48%" VALIGN="TOP" HEIGHT=20><P></P></TD>


<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>


<TD WIDTH="37%" VALIGN="TOP" HEIGHT=20>


<P>Executive Vice President -- </P>


<P>Finance and Administration</TD>


</TR>


<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="48%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>


<TD WIDTH="37%" VALIGN="TOP" HEIGHT=19>


<P>and Chief Financial Officer</TD>


</TR>


<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>


<TD WIDTH="48%" VALIGN="TOP" HEIGHT=20><P></P></TD>


<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>


<TD WIDTH="37%" VALIGN="TOP" HEIGHT=20>


<P>(Principal Financial Officer)</TD>


</TR>


</TABLE>





<FONT SIZE=2>


<P>&nbsp;</P>


<P>&nbsp;</P>


</FONT><FONT SIZE=3><P ALIGN="CENTER">3</P>


</FONT><FONT SIZE=2>


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<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


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<P ALIGN="CENTER">&nbsp;</P></FONT></BODY>


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[{"type": "8-K", "sequence": "1", "filename": "rrd115195.htm", "description": "REVISED 2006 INCENTIVE PLAN", "secsgml_size_bytes": 9981}]
{"company-data": {"conformed-name": "ONEOK INC /NEW/", "cik": "0001039684", "assigned-sic": "4923", "irs-number": "731520922", "state-of-incorporation": "OK", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13643", "film-number": "06777301"}, "business-address": {"street1": "100 WEST 5TH ST", "city": "TULSA", "state": "OK", "zip": "74103", "phone": "9185887000"}, "mail-address": {"street1": "100 WEST 5TH ST", "city": "TULSA", "state": "OK", "zip": "74103"}, "former-company": {"former-conformed-name": "WAI INC", "date-changed": "19970519"}}
SECURITIES AND EXCHANGE COMMISSION
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
(Date of report)
April 25, 2006
(Date of earliest event reported)
April 20, 2006
ONEOK, Inc.
(Exact name of registrant as specified in its charter)
Oklahoma
001-13643
73-1520922
(State or other jurisdiction
(Commission
(IRS Employer
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))
Item 1.01
Entry into a Material Definitive Agreement
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 20, 2006, we filed with the Securities and Exchange Commission a current report on Form 8-K setting forth the corporate performance criteria for incentive awards under our AOIP for 2006.
On April 20, 2006, we revised the corporate performance criteria for incentive awards under the AOIP for 2006.  The revised corporate performance criteria for 2006 provide that 50 percent of the performance measure under the AOIP is based on our return on invested capital (ROIC).  Our actual ROIC for 2006 will be compared to the revised threshold, target and maximum levels.  No incentive amount will be paid based on this performance measure if our actual ROIC for 2006 is below the revised threshold level. Also, the incentive payment based on our ROIC cannot exceed 300 percent of the target level set by the Committee, weighted at 50 percent.
The remaining 50 percent of the revised 2006 corporate performance measure is based on our earnings per share (EPS), adjusted to include minority interest and exclude the cumulative effect of accounting changes and certain gains or losses on sales of assets subsequent to our sale and transfer of assets to Northern Border Partners, L.P.  Our actual EPS for 2006 will be compared to the revised threshold and target levels.  No incentive amount will be paid based on this performance measure if the actual EPS for 2006 is below the revised threshold level.  Also, the incentive payment based on EPS cannot exceed 100 percent of the targeted payment, weighted at 50 percent.
If both the revised maximum ROIC and the target EPS are achieved or exceeded, then the portion of a participant's total incentive award, based on the above-described corporate performance criteria, will be 200 percent of the officer's target award.  After taking into account the achievement based on these corporate performance criteria, the Committee has the authority to adjust the amount of the award, based on business unit criteria and individual performance criteria.
2
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.
ONEOK, Inc.
Date:
April 25, 2006
By:
/s/ Jim Kneale
Jim Kneale
Executive Vice President --
Finance and Administration
and Chief Financial Officer
(Principal Financial Officer)
3