Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 91

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 91
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 or other reorganization of Occidental or a sale of all or substantially all of Occidental’s business and/or assets to an unaffiliated entity, following which Occidental’s shareholders hold 50% or less of the combined voting power of the surviving entity or its parent company; ► acquisition by any individual, entity or group of beneficial ownership of 30% or more of the voting power of Occidental; or ► a majority of the members of the Board are replaced by directors not approved by two-thirds of the existing Board (excluding any director whose initial assumption of office occurs as a result of an actual or threatened election contest or any settlement thereof). Upon a Change in Control, vesting of an award will not accelerate earlier than (i) the original vesting date or (ii) the date on which the participant’s employment or other service relationship is terminated by Occidental or its subsidiary without “cause” or by the participant for “good reason” (in each case, as defined in the Amended LTIP), provided such termination date occurs within 12 months following the Change in Control. In addition, upon a Change in Control, the Compensation Committee would have the discretion, without the consent or approval of any holder, to take any of the following actions with respect to an outstanding award: ► cancel the outstanding award in exchange for a cash payment per share equal to: ► in the case of an option or SAR, the excess, if any, of (x) the price per share offered in the Change in Control (as determined by the Compensation Committee in accordance with the Amended LTIP) over (y) the applicable exercise price (or no cash payment if the exercise price equals or exceeds the price per share offered in the Change in Control); or ► in the case of any other award, the price per share offered in the Change in Control; provided, that the Compensation Committee may determine that such cash payment shall be made only for the vested or exercisable portion of the award (even if the entire award is canceled); ► provide for the assumption, substitution or continuation of the award by the successor company (or a parent or subsidiary of the successor company); or ► make any such other adjustments to the award as the Compensation Committee determines appropriate to reflect the Change in Control (or make no adjustment).

| 2025Proxy Statement |
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Table of Contents Proposal 4: Approval of Occidental’s Amended and Restated 2015 Long-Term Incentive Plan Tax Withholding. Occidental and its subsidiaries