Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 57

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 57
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 the Code of Business Conduct and has implemented procedures, including a compliance hotline, to encourage prompt reporting of violations or suspected violations of the Code of Business Conduct, without fear of retaliation. In general, misconduct may have several consequences, including: ► Disciplinary action, which may include termination, referral for criminal prosecution and reimbursement to Occidental or others for any losses or damages resulting from the violation; ► Forfeiture of stock awards, in whole or in part, in the case of an employee’s termination for cause; and ► Forfeiture or reduction of the ACI award for violations of the Code of Business Conduct or related policies. In addition, the LTIP includes a provision that gives Occidental the contractual right to recoup awards where a participant has breached Occidental’s Business Code of Conduct by violating applicable law or company policy or engaging in unethical conduct.

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Compensation Discussion and Analysis Risk Assessment of Compensation Policies and Practices Although the majority of the executive compensation program is performance-based, the Compensation Committee believes Occidental’s compensation programs do not encourage unnecessary or excessive risk-taking. In reaching its conclusion, the Compensation Committee reviewed the findings of a risk-taking analysis performed by its independent compensation consultant, Meridian. The Compensation Committee concurred with Meridian’s finding that Occidental’s compensation programs include multiple features that appropriately mitigate excessive risk-taking and that the compensation programs do not encourage excessive risk-taking. With respect to the executive compensation program, the compensation features that are indicative of appropriate risk-taking include: ► Diversified Performance Metrics. The ACI award and LTI awards consider multiple performance criteria, rather than a single metric. ► Balanced Pay Mix. The total compensation opportunity features an effective balance between short- and long-term compensation components. ► Capped Awards. Performance-based stock awards and the ACI award are capped as a percentage of the targeted award and payout of the TSR award is capped at target if Occidental’s absolute TSR is negative over the performance period. ► Stock Ownership Guidelines and Holding Periods. Meaningful stock ownership guidelines and holding requirements for executives encourage a long-term perspective and require holding stock for extended periods. ► Clawback Provisions. The ACI award and LTI awards are subject to clawback provisions beyond legal requirements, including forfeiture and recoupment provisions of awards in the event of violations of Occidental’s Code of Business Conduct. ► Anti-Hedging Provisions. Occidental’s executive officers, directors and other employees are prohibited from purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange