Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 38

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 38
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 be paid until the performance award has vested and becomesearned.✗No Hedging or Derivative Transactions.Occidental’s directors, executive officers and all other employees are notpermitted to engage in transactions designed to hedge or offset the market value of Occidental’s equity securities.✗No Golden Parachute Payments.Our golden parachute policy provides that, subject to certain exceptions, Occidental willnot grant golden parachute benefits (as defined in the policy) to any executive officer which exceed 2.99 times his or hersalary plus ACI award without shareholder approval.✗No Repricing of Stock Options.Other than in connection with a corporate transaction involving Occidental, Occidentaldoes not permit the repricing of stock options or stock appreciation rights without shareholder approval. |

| 2025Proxy Statement |
| 39                  |

Compensation Discussion and Analysis

Overview of the 2024 Executive Compensation Program

|                     | Element                                                                                                    |                                                        | Purpose                                                                 | Form ofPayout                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | How Target Valuesare Determined                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2024Determinations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                     | BaseSalary                                                                                                 |                                                        | Provides acompetitive levelof fixedcompensation.                        | Cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The CompensationCommittee reviews basesalaries annually and ascircumstances warrant.The CompensationCommittee reviewscompensation surveys,publicly available peercompany data, internalpay equity, individualresponsibilities andperformance assessmentswith the intent to attractand retain highlytalented executives.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | In2024, Ms. Hollub’s base salary was increased by$75,000to$1,575,000; Mr. Mathew’s base salary wasincreased by$50,000to$750,000; each of Mr.Dillon’s and Mr. Jackson’s base salaries wereincreased by$35,000to$795,000; and Mr. Peterson’sbase salary was increased by$35,000to$775,000.Salary decisions are described in more detail under“Individual Compensation Considerations” beginningon page48.                                                                                                                                               |
|                     | Annual CashIncentive                                                                                       |                                                        | Motivatesexecutives toachieve superiorperformanceover a one-yearperiod. | Cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The CompensationCommittee annuallyreviews the objectives,metrics and targetsunderlying the ACI award,and their relativeweightings, with an aim toincentivize the NEOs toexcel in areas that are