Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 37

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 37
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| WHAT WE DO✓Pay for Performance.A substantial majority of NEO compensation is performance-based. The Compensation Committeereviews the metrics underlying the LTI program and ACI awards annually to evaluate their continued alignment withOccidental’s business priorities.✓Listen to Shareholder Feedback.The Compensation Committee reviews and considers shareholder feedback. Forexample, it contributed to the Compensation Committee’s decisions to maintain the weighting of sustainability metrics at 30%for the 2024 ACI award. Shareholder feedback also informed the Compensation Committee’s decision to continue theperformance-based allocation of the 2024 LTI program at 60%.✓Clawback in the Event of Misconduct.Occidental maintains a clawback policy which is intended to comply with therequirements of NYSE Listing Standard 303A.14 implementing Rule 10D-1 under the Securities Exchange Act. In addition,the Compensation Committee has the authority to clawback ACI payouts and both time- and performance-based LTI awardsfor violations of Occidental’s Code of Business Conduct and related policies.✓Emphasize Stock Ownership With Ownership Guidelines and Holding Requirements.CROCE and TSR awards arepayable in shares of common stock and the net shares received for each vested RSU award are subject to a two-yearholding period. In addition, the NEOs (as well as other officers) are subject to meaningful stock ownership guidelines, rangingfrom two to six times the officer’s annual base salary, and a holding requirement until such guidelines are met.✓Monitor Compensation Program for Risk.The executive compensation program includes multiple features that areintended to appropriately mitigate excessive risk-taking. The Compensation Committee conducts an annual assessment ofour executive compensation program to identify and minimize, as appropriate, any compensation arrangements that mayencourage excessive risk-taking.✓Use Double-Trigger Equity Vesting for Equity Awards.Pursuant to the Amended and Restated 2015 Long-Term IncentivePlan (LTIP), equity awards vest in the event of a change in control only if there is also a qualifying termination of employment.✓Use Relative and Absolute Performance Measures for Equity Awards.Performance equity is earned based onboth relative shareholder returns and absolute financial returns, with TSR awards capped if Occidental’s absolute TSRis negative and CROCE awards measured against an absolute performance target. |

| WHAT WE DON’T DO✗No Dividend Equivalents on Unvested Performance Awards.Dividends and dividend equivalent rights are subject to thesame performance goals as the underlying award and will not