Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 82

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 82
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 a number of shareholder-friendly provisions from the LTIP, highlighted below:

| ►No single-trigger vesting of awards upon a Change in Control(as defined in the Amended LTIP)►No provision of any tax gross-ups►Three-year minimum vesting period on awards (other thanperformance awards, cash awards or awards with respect toup to 10% of the authorized shares), with no portion vestingprior to one year from the grant date►No recycling of shares that are withheld or tendered to paythe exercise price or purchase price of an award, or to satisfyany tax withholding obligation►No recycling of shares that are covered by a stock option orstock appreciation right that is exercised►No automatic grants are made to any individual►No repricing of stock options or stock appreciation rightswithout shareholder approval►No discounted options or stock appreciation rights may begranted (except with respect to conversion awards granted asa result of a merger, consolidation or acquisition as necessaryto preserve the value of the award)►No reload options are permitted |     | ►Limits on the maximum number or amount of awards that maybe granted to certain individuals during any calendar year•1 million share limit with respect to share-based awards toany named executive officer in any calendar year•$15 million limit with respect to cash-based awards to anynamed executive officer in any calendar year•2 million share limit with respect to options and stockappreciation rights granted to any participant in anycalendar year•50,000 share limit with respect to share-based awardsgranted to any non-employee director in anycalendar year►Dividends or dividend equivalent rights on performanceawards are subject to the same performance goals as theunderlying award and will not be paid until the performanceaward has vested and becomes earned►Awards are subject to potential reduction, cancellation,forfeiture or other clawback under certainspecified circumstances |

| 2025Proxy Statement |
| 71                  |

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

Purpose and Background of the LTIP The LTIP is intended to permit Occidental and its subsidiaries to attract and retain top-quality employees, directors and consultants by providing these individuals with opportunities to acquire and maintain stock ownership or awards tied to Occidental’s performance. The LTIP gives us the means to provide incentives to eligible individuals to create long-term growth and to reward performance achievement. The Board originally adopted the LTIP on February 11, 2015, and the