Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 97

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 97
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 then generally be entitled to a tax deduction that corresponds as to timing and amount with the compensation income recognized by a participant under the rules described in the preceding paragraph. Code Section 162(m). In general, Section 162(m) of the U.S. tax code denies a publicly held corporation a deduction for U.S. Federal income tax purposes for compensation paid to any covered employee in excess of $1,000,000 per year. Under Section 162(m) of the U.S. tax code, as amended by the Tax Cuts and Jobs Act of 2017, the term “covered employee” generally means the chief executive officer, chief financial officer and each named executive officer whose compensation is required to be reported by reason of being among the three highest compensated officers for the relevant fiscal year. The Compensation Committee retains authority to make payments or grant awards under the Amended LTIP that are not fully deductible if, in its sole discretion, such payments are necessary to achieve our compensation objectives and to protect shareholder interests. Code Section 280G. The ability of Occidental (or the ability of one of its subsidiaries) to obtain a deduction for future payments under the Amended LTIP could also be limited by Section 280G of the U.S. tax code, which prevents the deductibility of certain excess parachute payments made in connection with a change in control of an employer-corporation.

| 2025Proxy Statement |
| 77                  |

Table of Contents Proposal 4: Approval of Occidental’s Amended and Restated 2015 Long-Term Incentive Plan

Existing Plan Benefits No awards made under the LTIP prior to the date of the 2025 Annual Meeting were granted subject to stockholder approval of the Amended LTIP. The following table sets forth information with respect to stock options that have been granted to our named executive officers and the specified groups set forth below under the LTIP from the most recent amendment and restatement date of the LTIP through December 31, 2024. No associate of any director or executive officer has received awards under the LTIP, and no other individual has received 5% of the awards under the LTIP since the most recent amendment and restatement date.

| Name and Principal Position                                                                    | Stock Options |
| Vicki HollubPresident and Chief Executive Officer                                              |     1,104,822 |
| Sunil MatthewSenior Vice President and Chief Financial Officer                                 |             — |
| Kenneth DillonSenior Vice President and President, International Oil and Gas Operations        |