Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 67

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 67
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centive Awards. Vesting of all outstanding long-term incentive awards with performance-based awards vesting at the greater of target performance and actual performance, except that any individual performance goals that are not based on objective financial performance criteria would be deemed earned at target performance. ► Outplacement. Outplacement services for up to nine months following the termination date. Like the Severance Plan, the CIC Severance Plan also includes a “net best after tax provision.” Retirement Policy Each of Occidental’s NEOs and certain other key employees are eligible participants under the Occidental Petroleum Corporation Retirement Policy (the Retirement Policy). The Retirement Policy establishes general guidelines and principles with respect to the retirement of eligible executives and is designed to support Occidental’s succession planning and talent development strategy. Under the Retirement Policy, executives are expected to help in the transition of their roles and in exchange for such assistance will be eligible to receive the following benefits in the event of an Eligible Retirement (as defined below), subject to the executive’s execution of a separation agreement (which will include a release of claims and may include confidentiality, non-competition and non-solicitation covenants): ► Accelerated Vesting of Long-Term Incentive Awards. Accelerated vesting of outstanding long-term incentive awards, with any performance-based awards subject to actual performance; and ► Pro-Rata Bonus. A pro-rated annual bonus for the year in which such E ligible Retirement occurs (pro-rated based on the number of days employed during the performance period), subject to actual performance. An “Eligible Retirement” under the Retirement Policy means the executive’s retirement in accordance with Occidental’s general succession planning efforts after (i) reaching at least 60 years of age and (ii) completing at least 10 years of eligible service (or five years of service directly with Occidental if the executive became an Occidental employee due to Occidental’s purchase of another business), so long as such executive (A) provides six months written notice of his or her intent to retire, (B) cooperates with the transition of such executive’s role, and (C) complies with any applicable restrictive covenants. As of December 31, 2024 , Ms. Hollub and Mr. Dillon were the only NEOs who could qualify for an Eligible Retirement based on their age and years of eligible service with Occidental.

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Executive Compensation Tables

Potential Payments upon Termination or Change in Control Payments and other benefits provided to NEOs in various termination circumstances or in connection