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Prepared by MERRILL CORPORATION

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EXHIBIT 4.9    
  

	

	
 	

 	
 	

 
	COMMON STOCK	 	 	 	COMMON STOCK
	

NUMBER

NYD	
 	

 	
 	

SHARES
	

 	
 	

 	
 	

 
	

 	
 	

 	
 	

 
	
OCCIDENTAL PRETROLEUM CORPORATION
	
INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
 

	
THIS CERTIFIES THAT	
 	

 	
 	
COMMON STOCK
 SEE REVERSE FOR CERTAIN

DEFINITIONS AND STATEMENTS
	

 	
 	

 	
 	
CUSIP 674599 10 5
	

	
 	

 	
 	

 
	

	
 	

 	
 	

 
	

	
 	

 	
 	

 
	
IS THE RECORD HOLDER OF	
 	

 	
 	

 

FULLY PAID AND NONASSESSABLE SHARES OF THE PAR VALUE OF $.20, OF 

	
	Occidental Petroleum Corporation	

transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly endorsed. This
certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.  

        WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.  

 Dated:  12-28-00

        ABN SECOL 

	

 	

/s/ D P de Brier
 EXECUTIVE VICE PRESIDENT AND SECRETARY	
[SEAL]	

/s/ R R Irani
 CHAIRMAN AND CHIEF EXECUTIVE OFFICER
	

 	

 	
Countersigned and Registered:
 MELLON INVESTOR SERVICES LLC

            Transfer Agent and Registrar	

 
	 	 	By        /s/ ABN	 
	 	 	Authorized Signature	 
	
THIS CERTIFICATE IS TRANSFERABLE IN THE CITIES OF NEW YORK, RIDGEFIELD PARK OR TORONTO CANADA

OCCIDENTAL PETROLEUM CORPORATION  

        The Corporation will furnish to any stockholder upon request and without charge a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series
thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Secretary of the Corporation or the transfer agent. 

        The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations: 

	TEN COM	 	—	 	as tenants in common	 	UNIF GIFT MIN ACT—	........................	Custodian	........................
	 	 	 	 	 	 	 	(Cust)	 	(Minor)
	TEN ENT	 	—	 	as tenants by the entireties	 	 	under Uniform Gifts to Minors
	JT TEN	 	—	 	as joint tenants with right of	 	 	 	 	 
	 	 	 	 	survivorship and not as	 	 	Act....................................................................................
	 	 	 	 	tenants in common	 	 	(State)
	 	 	 	 	 	 	UNIF TRF MIN ACT—	........................	Custodian (until age	........................)
	 	 	 	 	 	 	 	(Cust)	 	(Minor)
	 	 	 	 	 	 	 	under Uniform Transfers to Minors
	 	 	 	 	 	 	 	Act....................................................................................
	 	 	 	 	 	 	 	(State)

Additional
abbreviations may also be used though not in the above list. 

        FOR
VALUE RECEIVED,
                                         
                hereby sell, assign and transfer unto 

	 	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE	 	 
	
	 
	

	

 

	

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	

	

	

	
 	

Shares
	of the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint	 	 
	

	
 	

Attorney
	to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

	 	 

	
Dated	

 	

 	
 	

 
	 	
	 	 	 
	

	

 	

 	
 	

 
	 	 	X	 	 
	 	 	 	 	

	 	 	X	 	 
	 	 	 	 	

	 	 	NOTICE:	 	THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
	
 Signature(s) Guaranteed	

 	
 	

 

	

	

 	
 	

 
	

By	

 	
 	

 
	 	
	 	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR, INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.	 	 

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EXHIBIT 4.9Prepared by MERRILL CORPORATION

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Exhibit 4.11    
  

        FORM OF STOCK WARRANT AGREEMENT 

OCCIDENTAL
PETROLEUM CORPORATION 

and 

As
Warrant Agent 

WARRANT
AGREEMENT (STOCK) 

Dated
as of _____________, ____ 

 
 
 

TABLE OF CONTENTS(1)    
  

	ARTICLE I    ISSUANCE, EXECUTION AND AUTHENTICATION OF WARRANT CERTIFICATES	 	 
	

Section 1.1	

Issuance of Warrant Certificates	
 	

1
	Section 1.2	Form of Warrant Certificate	 	1
	Section 1.3	Execution and Authentication of Warrant Certificates	 	1
	Section 1.4	Temporary Warrant Certificates	 	2
	Section 1.5	Payment of Taxes	 	2
	Section 1.6	Definition of Holder	 	2
	
ARTICLE II    EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS	
 	

 
	

Section 2.1	

Exercise Price	
 	

3
	Section 2.2	Duration of Warrants	 	3
	Section 2.3	Exercise of Warrants	 	3
	Section 2.4	Reservation of Shares	 	4
	Section 2.5	Listing of Shares	 	4
	Section 2.6	Validity of Shares	 	4
	
ARTICLE III    OTHER TERMS OF WARRANTS	
 	

 
	

Section 3.1	

[Call of Warrants by the Corporation]	
 	

4
	Section 3.2	Adjustment of Exercise Price and Number of Shares Purchasable or Number of Warrants	 	4
	
ARTICLE IV    REGISTRATION, EXCHANGE, TRANSFER AND SUBSTITUTION OF WARRANT CERTIFICATES	
 	

 
	

Section 4.1	

Registration, Exchange and Transfer of Warrant Certificates	
 	

7
	Section 4.2	Mutilated, Destroyed, Lost or Stolen Warrant Certificates	 	8
	Section 4.3	Persons Deemed Owners	 	8
	Section 4.4	Cancellation of Warrant Certificates	 	9
	
ARTICLE V    OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES	
 	

 
	

Section 5.1	

No Rights as Stockholders Conferred by Warrants or Warrant Certificates	
 	

9
	Section 5.2	Holder of Warrant Certificate May Enforce Rights	 	9

	(1)
	The
Table of Contents is not a part of the Warrant Agreement. 

i

 

	ARTICLE VI    CONCERNING THE WARRANT AGENT	 	 
	

Section 6.1	
 	

Warrant Agent	
 	

9
	Section 6.2	 	Conditions of Warrant Agent's Obligations	 	9
	Section 6.3	 	Resignation, Removal and Appointment of Successor	 	11
	
ARTICLE VII    MISCELLANEOUS	
 	

 
	

Section 7.1	
 	

Consolidations and Mergers of the Corporation and Sales, Leases and Conveyances Permitted Subject to Certain Conditions	
 	

12
	Section 7.2	 	Rights and Duties of Successor Corporation	 	12
	Section 7.3	 	Amendment	 	12
	Section 7.4	 	Notice and Demands to the Corporation and Warrant Agent	 	12
	Section 7.5	 	Notices to Warrant Holders	 	12
	Section 7.6	 	Addresses	 	13
	Section 7.7	 	Governing Law	 	13
	Section 7.8	 	Delivery of Prospectus	 	14
	Section 7.9	 	Obtaining of Governmental Approvals	 	14
	Section 7.10	 	Persons Having Rights Under Warrant Agreement	 	14
	Section 7.11	 	Headings	 	14
	Section 7.12	 	Counterparts	 	14
	Section 7.13	 	Inspection of Agreement	 	14

ii

 

Exhibit A—Form
of Warrant Certificate 

iii

  

        THIS WARRANT AGREEMENT (this "Agreement") is dated as
of                        ,            , between Occidental Petroleum
Corporation, a
corporation duly organized and existing under the laws of the State of Delaware (the 

"Corporation") and                        , a [corporation] [national banking
association] organized and
existing under the laws of                        , as Warrant Agent (herein called the "Warrant
Agent"). 

        WHEREAS,
the Corporation proposes to sell [If Offered Securities and Warrants—[title of Offered
Securities being offered] (the "Offered Securities") with] warrant certificates (such warrant certificates and other warrant
certificates issued pursuant to this Agreement herein called the "Warrant Certificates") evidencing one or more warrants (collectively, the "Warrants"
or individually, a "Warrant"), each representing the right to purchase            [[shares of common stock, par value $.20
per share, of the Corporation] [shares of a series of preferred stock, par value $1.00 per share, of the Corporation] (the
"Stock")] [depositary shares relating to a series of preferred stock of the Corporation ("Depositary
Shares")] [describe terms of securities including liquidation preference in the case of preferred stock]; and 

        WHEREAS,
the Corporation desires the Warrant Agent to act on behalf of the Corporation, and the Warrant Agent is willing to so act, in connection with the issuance, exchange, exercise
and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions on which
they may be issued, exchanged, exercised and replaced; 

        NOW,
THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 

 
 

ARTICLE I
  ISSUANCE, EXECUTION AND AUTHENTICATION
  OF WARRANT CERTIFICATES    
  

        Section 1.1    Issuance of Warrant Certificates.    [If Warrants
alone—Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [If Offered Securities and
Warrants—Warrant Certificates shall be [initially] issued in units with the Offered Securities and shall [not] be
separately transferable [before                        ,            
(the "Detachable Date")]. Each such unit shall consist of a
Warrant Certificate or Certificates evidencing an
aggregate of                        Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions
contained herein and therein, to purchase one [share
of Stock] [Depositary Share]. 

        Section 1.2    Form of Warrant Certificate.    The Warrant Certificates (including the Form(s) of Exercise
[and Assignment] to be set forth on the reverse thereof) shall be in substantially the form set forth in Exhibit A hereto, shall be printed, lithographed or engraved on
steel engraved borders (or in any other manner determined by the officers executing such Warrant Certificates, with the execution thereof by such officers conclusively evidencing such determination)
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange on which the Warrant Certificates may be listed or as may, consistently herewith, be determined by the officers executing
such Warrant Certificates, with the execution thereof by such officers conclusively evidencing such determination. 

        Section 1.3    Execution and Authentication of Warrant Certificates.    (a) The Warrant Certificates
shall be executed on behalf of the Corporation by its Chairman of the Board, its President, any Executive Vice President, any Vice President, its Treasurer, any Assistant Treasurer, its Secretary or
any Assistant Secretary under its corporate seal reproduced thereon attested by its Secretary or any Assistant Secretary. The signature of any of these officers on the Warrant Certificates may be
manual or facsimile. 

1

 

        (b)  Warrant
Certificates may be executed by the Corporation and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter.
The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Corporation, authenticate Warrant Certificates evidencing Warrants representing the right to purchase
[shares of Stock] [Depositary Shares] and shall deliver such Warrant Certificates to or upon the order of the Corporation. Subsequent to such original
issuance of the Warrant Certificates, the Warrant Agent shall authenticate a Warrant Certificate only if the Warrant Certificate is issued in exchange or in substitution for one or more previously
authenticated Warrant Certificates or in connection with their transfer, as hereinafter provided. 

        (c)  Each
Warrant Certificate shall be dated the date of its authentication by the Warrant Agent. 

        (d)  No
Warrant Certificate shall be entitled to any benefit under this Agreement or be valid or obligatory for any purpose, and no Warrant evidenced thereby shall be
exercisable, until such Warrant Certificate has been authenticated by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the
Corporation shall be conclusive evidence, and the only evidence, that the Warrant Certificate so authenticated has been duly issued hereunder. 

        (e)  Warrant
Certificates bearing the manual or facsimile signatures of individuals who were at the time the proper officers of the Corporation shall bind the Corporation,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Warrant Certificates or did not hold such offices at the date of
such Warrant Certificates. 

        Section 1.4    Temporary Warrant Certificates.    (a) Pending the preparation of definitive Warrant
Certificates, the Corporation may execute, and upon the order of the Corporation the Warrant Agent shall authenticate and deliver, temporary Warrant Certificates which are printed, lithographed,
typewritten, mimeographed or otherwise produced substantially of the tenor of the definitive Warrant Certificates in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Warrant Certificates may determine, with the execution thereof by such officers conclusively evidencing such determination. 

        (b)  If
temporary Warrant Certificates are issued, then the Corporation will cause definitive Warrant Certificates to be prepared without unreasonable delay. After the
preparation of definitive Warrant Certificates, the temporary Warrant Certificates shall be exchangeable for definitive Warrant Certificates upon surrender of the temporary Warrant Certificates at the
corporate trust office of the Warrant Agent [or            ], without charge to the Holder (as defined in Section 1.6 below). Upon surrender for cancellation of any
one or more temporary Warrant Certificates, the Corporation shall execute and the Warrant Agent shall authenticate and deliver in exchange therefor definitive Warrant Certificates representing the
same aggregate number of Warrants. Until so exchanged, the temporary Warrant Certificates shall in all respects be entitled to the same benefits under this Agreement as definitive Warrant
Certificates. 

        Section 1.5    Payment of Taxes.    The Corporation will pay all stamp taxes and other duties, if any, to
which, under the laws of the United States of America or any State or political subdivision thereof, this Agreement or the original issuance of the Warrant Certificates may be subject. 

        Section 1.6    Definition of Holder.    The term "Holder" as used herein shall mean
[If Offered Securities and Warrants which are not immediately detachable—prior to the Detachable Date, the registered owner of
the Offered Security to which such Warrant Certificate was initially attached, and, after such Detachable Date,] the person in whose name at the time such Warrant Certificate shall be
registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4.1. [If Offered Securities and Warrants which are not
immediately detachable—Prior to the Detachable Date, the Corporation will, or will cause the registrar of the Offered Securities to, make available to the Warrant
Agent current information as to Holders of the Offered Securities.] 

2

 

 
 

ARTICLE II
  EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS    
  

        Section 2.1    Exercise Price.    During the period set forth in Section 2.2, each Warrant shall entitle
the Holder thereof, subject to the provisions of this Agreement, to purchase from the Corporation one [share of Stock] [Depositary Share] at the
exercise price of
$                                         
 . Such exercise price of each Warrant is referred to in this Agreement as the "Exercise Price." 

        Section 2.2    Duration of Warrants.    Any Warrant evidenced by a Warrant Certificate may be exercised at any
time, as specified herein, on or after [the date thereof] [            ,            ] and at or before 5:00 p.m. New York
City time on
            ,            (the "Expiration Date"). Each Warrant not exercised at or
before the close of business on the Expiration Date shall
become void, and all rights of the Holder of the Warrant Certificate evidencing such Warrant under this Agreement or otherwise shall cease. 

        Section 2.3    Exercise of Warrants.    (a) During the period specified in Section 2.2, any
whole number of Warrants may be exercised by surrendering the Warrant Certificate evidencing such Warrants at the place or at the places set forth in the Warrant Certificate, with the purchase form
set forth in the Warrant Certificate duly executed, accompanied by payment in full, in lawful money of the United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately available funds,] of the Exercise Price for each Warrant exercised. The date on which
payment in full of the Exercise Price for a Warrant and the duly executed and completed Warrant Certificate are received by the Warrant Agent shall be deemed to be the date on which such Warrant is
exercised. The Warrant Agent shall deposit all funds received by it as payment for the exercise of Warrants to the account of the Corporation maintained with it for such purpose and shall advise the
Corporation by telephone at the end of each day on which such a payment is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the
Corporation in writing. 

        (b)  The
Warrant Agent shall from time to time, as promptly as practicable after the exercise of any Warrants in accordance with the terms and conditions of this Agreement
and the Warrant Certificates, advise the Corporation of (i) the number of Warrants so exercised, (ii) the instructions of each Holder of the Warrant Certificates evidencing such Warrants
with respect to delivery of the certificate or certificates representing [shares of Stock] [Depositary Shares] to which such Holder is entitled upon
such exercise, and instructions of such Holder as to delivery of Warrant Certificates evidencing the balance, if any, of the Warrants remaining after such exercise, and (iii) such other
information as the Corporation shall reasonably require. 

        (c)  As
soon as practicable after the exercise of any Warrants, the Corporation shall issue to or upon the order of the Holder of the Warrant Certificate evidencing such
Warrants, a certificate or certificates representing the number of [shares of Stock] [Depositary Shares] to which such Holder is entitled in such
name or names as may be directed by such Holder; and, if fewer than all of the Warrants evidenced by such Warrant Certificate were exercised, the Corporation shall execute and an authorized officer of
the Warrant Agent shall manually authenticate and deliver a new Warrant Certificate evidencing the number of Warrants remaining unexercised. 

        (d)  The
Corporation shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the
issuance of the [Stock] [Depositary Shares]; and in the event that any such transfer is involved, the Corporation shall not be required to issue or
deliver any [shares of Stock] [Depositary Shares] until such tax or other charge shall have been paid or it has been established to the Corporation's
satisfaction that no such tax or other charge is due. 

3

 

        Section 2.4    Reservation of Shares.    [If Warrant exercisable for common
stock or preferred stock—For the purpose of enabling it to satisfy any obligation to issue shares of Stock upon exercise of Warrants, the Corporation will, at all
times through the close of business on the Expiration Date, reserve and keep available, free from preemptive rights and out of its aggregate authorized but unissued shares of Stock, the number of
shares of Stock deliverable upon the exercise of all outstanding Warrants.] 

        Section 2.5    Listing of Shares.    So long as the [Stock is] [Depositary
Shares are] listed on a stock exchange or [is] [are] quoted on an interdealer quotation system, the Corporation will use its best efforts to
list, or to be quoted, as the case may be, subject to notice of issuance, the [Stock] [Depositary Shares] issuable upon the exercise of the Warrants on
any such stock exchange or interdealer quotation system, as the case may be. 

        Section 2.6    Validity of Shares.    The Corporation covenants that all [shares of
Stock] [Depositary Shares] issued upon exercise of the Warrants will, upon issuance in accordance with the terms of this Agreement, be fully paid and nonassessable
and free from all taxes, liens, charges and security interests created by or imposed upon the Corporation with respect to the issuance and holding thereof. 

 
 

ARTICLE III
  OTHER TERMS OF WARRANTS    
  

        Section 3.1    [Call of Warrants by the Corporation.    If Warrants issued
hereunder are callable by the Corporation—The Corporation shall have the right to call and repurchase any or all Warrants on or after            ,
            (the "Call Date") and upon the occurrence of [describe events or circumstances under which Corporation may call the
Warrants] (the "Call Terms") at a price of $                              per Warrant (the
"Call Price").
Notice of such Call Price, Call Date and Call Terms shall be given to registered holders of Warrants in the manner provided in Section 7.5.] 

        Section 3.2    Adjustment of Exercise Price and Number of Shares Purchasable or Number of Warrants.    The
Exercise Price, the number of [shares of Stock] [Depositary Shares] purchasable upon the exercise of each Warrant and the number of Warrants outstanding
are subject to adjustment from time to time upon the occurrence of the events enumerated in this Section 3.2. 

        (a)  [If Warrant exercisable for depositary shares—If the Corporation shall change the par value or
liquidation preference, split-up, combine or otherwise reclassify the preferred stock relating to the Depositary Shares, or upon any recapitalization, reorganization, merger or
consolidation of the Company affecting the underlying preferred stock, then the number of Depositary Shares issuable upon exercise of each Warrant immediately prior thereto shall be adjusted in
accordance with the terms set forth in the applicable deposit agreement.] [If Warrant exercisable for common stock or preferred
stock—If the Corporation shall (i) pay a dividend in or make a distribution of shares of its capital stock, whether shares of Stock or shares of its capital
stock of any other class, (ii) subdivide its outstanding shares of Stock, (iii) combine its outstanding shares of Stock into a smaller number of shares of Stock or (iv) issue any
shares of its capital stock in a reclassification of the Stock (including any such reclassification in connection with a consolidation or merger in which the Corporation is the continuing
corporation), then the number of shares of Stock purchasable upon exercise of each Warrant immediately prior thereto shall be adjusted so that the holder of each Warrant shall be entitled to receive
the kind and number of shares of Stock or other securities of the Corporation which such holder would have owned or have been entitled to receive after the happening of any of the events described
above, had such Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this paragraph (a) shall become
effective immediately after the effective date of such event, retroactive to immediately after the record date, if any, for such event. 

        (b)  If
the Corporation shall issue rights, options or warrants to all holders of its outstanding Stock, without any charge to such holders, entitling them to subscribe for
or purchase shares of Stock 

4

 

at a price per share that is lower than the market price per share of Stock (as defined in paragraph (e) below) at the record date mentioned below, then the number of shares of Stock
thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of shares of Stock theretofore purchasable upon exercise of each Warrant by a fraction, of which
the numerator shall be (i) the number of shares of Stock outstanding on the date of issuance of such rights, options or warrants plus the number of additional shares of Stock offered for
subscription or purchase, and of which the denominator shall be (ii) the number of shares of Stock outstanding on the date of issuance of such rights, options or warrants plus the number of
shares which the aggregate offering price of the total number of shares of Stock so offered would purchase at the market price per share of Stock at such record date. Such adjustment shall be made
whenever such rights, options or warrants are issued, and shall become effective retroactive to immediately after the record date for the determination of stockholders entitled to receive such rights,
options or warrants. If at the end of the period during which such rights, options or warrants are exercisable, not all rights, options or warrants shall have been exercised, then the adjusted number
of shares of Stock purchasable upon exercise of the Warrants
shall be immediately readjusted to what it would have been if the adjustments made in the foregoing formula had been based on the number of shares actually issued. 

        (c)  If
the Corporation shall distribute to all holders of its shares of Stock evidences of its indebtedness or assets (excluding cash dividends or distributions payable out
of capital surplus and dividends or distributions referred to in paragraph (a) above) or rights, options or warrants or convertible or exchangeable securities containing the right to subscribe
for or purchase shares of Stock (excluding those referred to in paragraph (b) above), then in each case the number of shares of Stock thereafter purchasable upon the exercise of each Warrant
shall be determined by multiplying the number of shares of Stock theretofore purchasable upon the exercise of each Warrant, by a fraction, of which the numerator shall be (i) the
then-current market price per share of Stock (as defined in paragraph (e) below) on the date of such distribution, and of which the denominator shall be (ii) the
then-current market price per share of Stock less the then fair value (as determined by the Board of Directors of the Corporation, whose determination shall be conclusive) of the portion
of the assets or evidences of indebtedness so distributed or of such subscription rights, options or warrants or convertible or exchangeable securities applicable to one share of Stock. Such
adjustment shall be made whenever any such distribution is made, and shall become effective on the date of distribution retroactive to immediately after the record date for the determination of
stockholders entitled to receive such distribution. If at the end of the period during which such rights, options or warrants or convertible or exchangeable securities are exercisable, not all rights,
options or warrants or convertible or exchangeable securities shall have been exercised, then the adjusted number of shares of Stock purchasable upon exercise of the Warrants shall be immediately
readjusted to what it would have been if the adjustments made in the foregoing formula had been based on the number of shares actually issued. 

        (d)  In
the event of any capital reorganization or any reclassification of the Stock (except as provided in paragraphs (a) through (c) above), any holder of
Warrants upon exercise thereof shall be entitled to receive, in lieu of the Stock to which he or she would have become entitled upon exercise immediately prior to such reorganization or
reclassification, the shares (of any class or classes) or other securities or property of the Corporation that he or she would have been entitled to receive at the same aggregate Exercise Price upon
such reorganization or reclassification if his or her Warrants had been exercised immediately prior thereto. 

        (e)  For
the purpose of any computation under paragraphs (b) and (c) of this Section 3.2, the current or closing market price per share of Stock at any
date shall be deemed to be the average of the daily closing prices for    consecutive trading days
commencing                        trading days before the date of such computation. The closing
price for each day shall be [the last sale price] for such day, in either case as reported in the principal consolidated transaction reporting system with respect to 

5

 

securities listed or admitted to trading on the New York Stock Exchange (the "NYSE") or if the Stock is not listed on the NYSE, then on the principal
United States national securities exchange on which the Stock is listed or quoted. If the Stock is not listed or quoted on any United States national securities exchange, then the current or closing
market price per share of Stock shall be determined by the Board of Directors of the Corporation in good faith.] 

        [(b)
or (f)] Whenever the number of [shares of Stock] [Depositary Shares] purchasable upon the exercise of each
Warrant is adjusted as herein provided, the Exercise Price payable upon the exercise of each Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a
fraction, of which the numerator shall be the number of shares purchasable upon the exercise of each Warrant immediately prior to such adjustment, and of which the denominator shall be the number of
shares so purchasable immediately thereafter. 

        [(c)
or (g)] The Corporation may elect, on or after the date of any adjustment required by [If Warrant exercisable for
depositary shares—paragraph (a)] [If Warrant exercisable for common stock or preferred
stock—paragraphs (a) through (d)] of this Section 3.2, to adjust the number of Warrants in substitution for an adjustment in the number of
[shares of Stock] [Depositary Shares] purchasable upon the exercise of a Warrant. Each of the Warrants outstanding after such adjustment of the number
of Warrants shall be exercisable for the same number of [shares of Stock] [Depositary Shares] as immediately prior to such adjustment. Each Warrant held
of record prior to such adjustment of the number of Warrants shall become that number of Warrants (calculated to the nearest hundredth) obtained by dividing the Exercise Price in effect prior to
adjustment of the Exercise Price by the Exercise Price in effect after adjustment of the Exercise Price. The Corporation shall notify the holders of Warrants, in the same manner as provided in the
first paragraph of Section 7.5, of its election to adjust the number of Warrants, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be
made. This record date may be the date on which the Exercise Price is adjusted or any day thereafter. Upon each adjustment of the number of Warrants pursuant to this paragraph [(c) or
(g)] the Corporation shall, as promptly as practicable, cause to be distributed to holders of record of Warrants on such record date Warrant Certificates evidencing, subject to
paragraph (h), the additional Warrants to which such holders shall be entitled as a result of such adjustment, or, at the option of the Corporation, shall cause to be distributed to such
holders of record in substitution and replacement for the Warrant Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Corporation, new
Warrant Certificates evidencing all the Warrants to be issued, executed and registered in the manner specified in Article I (and which may bear, at the option of the Corporation, the adjusted
Exercise Price) and shall be registered in the names of the holders of record of Warrant Certificates on the record date specified in the notice. 

        [(d)
or (h)] The Corporation shall not be required to issue fractions of Warrants on any distribution of Warrants to holders of Warrant Certificates pursuant to
paragraph [(c) or (g)] or to distribute Warrant Certificates that evidence fractional Warrants. In lieu of such fractional Warrants, there shall be paid to the registered
holders of the Warrant Certificates with regard to which such fractional Warrants would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a full
Warrant on the trading day immediately prior to the date on which such fractional Warrant would have been otherwise issuable (the "Valuation Date").
[If Warrant exercisable for depositary shares—For purposes of this paragraph (d), the current market value of a Warrant
shall be the average of the daily closing prices for the            consecutive trading days commencing            trading days
before the date of such computation, of all Depositary Shares
issuable upon exercise of one Warrant plus the fair value (as determined by the Board of Directors of the Corporation, whose determination shall be
conclusive) of any other assets or securities purchasable upon exercise of one Warrant less the Exercise Price of one Warrant.] [If Warrant exercisable
for common stock or preferred stock—For purposes of this paragraph (h), the current market value of a Warrant shall be the aggregate 

6

 

closing market price on the Valuation Date (determined as set forth in paragraph (e)) of all shares of Stock issuable upon exercise of one Warrant plus  the fair value (as determined by the Board of
Directors of the Corporation, whose determination shall be conclusive) of any other assets or securities purchasable upon exercise
of one Warrant less the Exercise Price of one Warrant.] 

        [(e)
or (i)] Notwithstanding any adjustment pursuant to Section 3.2 in the number of shares of Stock purchasable upon the exercise of a Warrant, the
Corporation shall not be required to issue fractions of [shares of Stock] [Depositary Shares] upon exercise of the Warrants or to distribute
certificates which evidence fractional shares. In lieu of fractional shares, there shall be paid to the registered holders of Warrant Certificates at the time such Warrant Certificates are exercised
as herein provided an amount in cash equal to the same fraction of the current market value of a [share of Stock] [Depositary Share]. 

[If Warrant exercisable for depositary shares—For purposes of this paragraph (e), the current market value of a
Depositary Share shall be the closing market price (as determined below) of a Depositary Share for the trading day immediately prior to the date of such exercise. The closing market price for each day
shall be [the last sale price] for such day, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted
to trading on the New York Stock Exchange (the "NYSE") or if the Depositary Shares are not listed on the NYSE, then on the principal United States
national securities exchange on which the Depositary Shares are listed or quoted. If the Depositary Shares are not listed or quoted on any United States national securities exchange, then the current
or closing market price per Depositary Share shall be determined by the Board of Directors of the Corporation in good faith.] [If Warrant exercisable
for common stock or preferred stock—For purposes of this paragraph (i), the current market value of a share of Stock shall be the closing market price
(determined as set forth in paragraph (e)) of a share of Stock for the trading day immediately prior to the date of such exercise.] 

        [(f)
or (j)] No adjustment in the number of [shares of Stock] [Depositary Shares] purchasable upon exercise of the
Warrant need be made unless the adjustment would require an increase or decrease of at least one-half of one percent (0.5%). Any adjustment that is not made shall be carried forward and
taken into account in any subsequent adjustment, provided that no such adjustment shall be deferred beyond the date on which a Warrant is exercised. All calculations under this Article III
shall be made to the nearest 1/1000th of a share. 

        [(g)
or (k)] To the extent the Warrants become convertible into cash, no adjustment need be made thereafter as to the amount of cash into which such Warrants are
exercisable. Interest will not accrue on the cash. 

 
 

ARTICLE IV
  REGISTRATION, EXCHANGE, TRANSFER AND
  SUBSTITUTION OF WARRANT CERTIFICATES    
  

        Section 4.1    Registration, Exchange and Transfer of Warrant Certificates.    (a) The Warrant Agent
shall keep, at its corporate trust office [and at                        ], books in which, subject to such reasonable regulations
as it may prescribe, it shall register Warrant
Certificates and transfers of outstanding Warrant Certificates. 

        (b)  [If Offered Securities and Warrants which are immediately detachable—Prior to the Detachable
Date, a Warrant Certificate may be exchanged or transferred only together with the Offered Security to which such Warrant Certificate was initially attached, and only for the purpose of effecting, or
in conjunction with, an exchange or transfer of such Offered Security. Additionally, on or prior to the Detachable Date, each transfer or exchange of an Offered Security [on the register
of the Offered Securities] shall operate also to transfer or exchange the Warrant Certificate or Certificates to which such Offered Security was initially attached. After the Detachable
Date, upon] [If Offered Securities and  

7

 

 Warrants which are immediately detachable or if Warrants alone—Upon] surrender at the corporate trust office of the Warrant Agent [or
                        ] of Warrant Certificates properly endorsed [or accompanied by appropriate instruments of transfer] and
accompanied by written instructions for
[transfer or] exchange, all in form satisfactory to the Corporation and the Warrant Agent, such Warrant Certificates may be exchanged for other Warrant Certificates or may be
transferred in whole or in part; provided, however, that Warrant Certificates issued in exchange for [or upon transfer of]
surrendered Warrant Certificates shall evidence the same aggregate number of Warrants as the Warrant Certificates so surrendered. No service charge shall be made for any exchange [or
transfer] of Warrant Certificates, but the Corporation may require payment of a sum sufficient to cover any stamp or other tax or governmental charge that may be imposed in connection with
any such exchange [or transfer]. Whenever any Warrant Certificates are so surrendered for exchange [or transfer], the Corporation shall execute and an
authorized officer of the Warrant Agent shall manually authenticate and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates as so requested. The Warrant
Agent shall not be required to effect any exchange [or transfer] which would result in the issuance of a Warrant Certificate evidencing a fraction of a Warrant or a number of
full Warrants and a fraction of a Warrant. All Warrant Certificates issued upon any exchange [or transfer] of Warrant Certificates shall evidence the same obligations, and be
entitled to the same benefits under this Agreement, as the Warrant Certificates surrendered for such exchange [or transfer]. 

        Section 4.2    Mutilated, Destroyed, Lost or Stolen Warrant Certificates.    If any mutilated Warrant
Certificate is surrendered to the Warrant Agent, then the Corporation shall execute and an officer of the Warrant Agent shall manually authenticate and deliver in exchange therefor a new Warrant
Certificate of like tenor and bearing a number not contemporaneously outstanding. If there shall be delivered to the Corporation and the Warrant Agent (i) evidence to their satisfaction of the
destruction, loss or theft of any Warrant Certificate and of the ownership thereof and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of
them harmless, then, in the absence of notice to the Corporation or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Corporation shall execute and upon
its request an officer of the Warrant Agent shall manually authenticate and deliver, in lieu of any such destroyed, lost or stolen Warrant Certificate, a new Warrant Certificate of like tenor and
bearing a number not contemporaneously outstanding. Upon the issuance of any new Warrant Certificate under this Section 4.2, the Corporation may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) connected therewith. Every new Warrant
Certificate issued pursuant to this Section 4.2 in lieu of any destroyed, lost or stolen Warrant Certificate shall evidence an original additional contractual obligation of the Corporation,
whether or not the destroyed, lost or stolen Warrant Certificate shall be
at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly issued hereunder. The
provisions of this Section 4.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Warrant Certificates. 

        Section 4.3    Persons Deemed Owners.    [If Offered Securities and
Warrants which are not immediately detachable—Prior to the Detachable Date, the Corporation, the Warrant Agent and all other persons may treat the owner of any
Offered Security as the owner of the Warrant Certificates initially attached thereto for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced by such
Warrant Certificates, any notice to the contrary notwithstanding. After the Detachable Date, and] Prior to due presentment of a Warrant Certificate for registration of transfer, the
Corporation, the Warrant Agent and all other persons may treat the Holder as the owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced
thereby, any notice to the contrary notwithstanding. 

8

 

        Section 4.4    Cancellation of Warrant Certificates.    Any Warrant Certificate surrendered for
exchange[, transfer] or exercise of the Warrants evidenced thereby shall, if surrendered to the Corporation, be delivered to the Warrant Agent, and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly cancelled by it and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be
issued hereunder in lieu or in exchange thereof. The Corporation may at any time deliver to the Warrant Agent for cancellation any Warrant Certificates previously issued hereunder which the
Corporation may have acquired in any manner whatsoever, and all Warrant Certificates so delivered shall be promptly cancelled by the Warrant Agent. All cancelled Warrant Certificates held by the
Warrant Agent shall be disposed of, as instructed by the Corporation, subject to applicable law. 

 
 

ARTICLE V
  OTHER PROVISIONS RELATING TO RIGHTS
  OF HOLDERS OF WARRANT CERTIFICATES    
  

        Section 5.1    No Rights as Stockholders Conferred by Warrants or Warrant Certificates.    No Warrant
Certificate or Warrant evidenced thereby shall entitle the Holder thereof to any of the rights of a stockholder, including, without limitation, the right to receive dividends (except in certain cases
for adjustments as expressly provided in Article III hereof). 

        Section 5.2    Holder of Warrant Certificate May Enforce Rights.    Notwithstanding any of the provisions of
this Agreement, any Holder of any Warrant Certificate, without the consent of the Warrant Agent, any
stockholder or the Holder of any other Warrant Certificate, may, on its own behalf and for its own benefit, enforce, and may institute and maintain any suit, action or proceeding against the
Corporation suitable to enforce or otherwise in respect of its right to exercise the Warrant or Warrants evidenced by his or her Warrant Certificate in the manner provided in the Warrant Certificates
and in this Agreement. 

 
 

ARTICLE VI
  CONCERNING THE WARRANT AGENT    
  

        Section 6.1    Warrant Agent.    The Corporation hereby
appoints                        as Warrant Agent of the
Corporation in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions herein set forth,
and                        hereby accepts such appointment. The Warrant
Agent shall have the power and authority granted to and conferred upon it in the Warrant Certificates and hereby and such further power and authority to act on behalf of the Corporation as the
Corporation may hereafter grant to or confer upon it. All of the terms and provisions with respect to such power and authority contained in the Warrant Certificates are subject to and governed by the
terms and provisions hereof. 

        Section 6.2    Conditions of Warrant Agent's Obligations.    The Warrant Agent accepts its obligations herein
set forth, upon the terms and conditions hereof, including the following, to all of which the Corporation agrees and to all of which the rights hereunder of the Holders from time to time of the
Warrant Certificates shall be subject: 

        (a)    Compensation and Indemnification.    The Corporation agrees promptly to pay the Warrant Agent the compensation
to be agreed upon with the Corporation for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
reasonable counsel fees) incurred by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Corporation also agrees to indemnify the Warrant Agent for, and hold
it harmless against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on the part of the Warrant Agent, arising out of or in connection with its acting as
such Warrant Agent hereunder, including the reasonable costs and expenses of defending itself against any 

9

 

claim or liability in connection with the exercise or performance at any time of its powers or duties hereunder. The obligations of the Corporation under this subsection (a) shall survive the
exercise of the Warrant Certificates and the resignation or removal of the Warrant Agent. 

        (b)    Agent for the Corporation.    In acting under this Warrant Agreement and in connection with the Warrant
Certificates, the Warrant Agent is acting solely as agent of the Corporation and does not assume any obligation or relationship of agency or trust for or with any of the owners or holders of the
Warrant Certificates. 

        (c)    Counsel.    The Warrant Agent may consult with counsel, which may include counsel for the Corporation, and the
written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

        (d)    Documents.    The Warrant Agent shall be protected and shall incur no liability for or in respect of any action
taken or omitted by it in reliance upon any notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented
or signed by the proper parties. 

        (e)    Certain Transactions.    The Warrant Agent, any of its officers, directors and employees, or any other agent of
the Corporation, in its individual or any other capacity, may become the owner of, or acquire any interest in, any Warrant Certificates, with the same rights that it would have if it were not such
Warrant Agent, officer, director, employee or other agent, and, to the extent permitted by applicable law, it may engage or be interested in any financial or other transaction with the Corporation and
may act on, or as depositary, trustee or agent for, any committee or body of holders of securities or other obligations of the Corporation as freely as if it were not such Warrant Agent, officer,
director, employee or other agent. 

        (f)    No Liability for Interest.    The Warrant Agent shall not be under any liability for interest on any monies at
any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates unless otherwise agreed to in writing by the Corporation and the Warrant Agent and except for
the negligence of the Warrant Agent. 

        (g)    No Liability for Invalidity.    The Warrant Agent shall not incur any liability with respect to the validity of
this Agreement or any of the Warrant Certificates. 

        (h)    No Responsibility for Representations.    The Warrant Agent shall not be responsible for any of the Recitals or
representations contained herein or in the Warrant Certificates (except as to the Warrant Agent's Certificate of Authentication thereon), all of which are made solely by the Corporation. 

        (i)    No Implied Obligations.    The Warrant Agent shall be obligated to perform such duties as are herein and in the
Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be
under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to
it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Corporation of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by
it to the Corporation pursuant to this Agreement or for the application by the Corporation of the proceeds of the Warrant Certificates or any exercise of the Warrants evidenced thereby. The Warrant
Agent shall have no duty or responsibility in case of any default by the Corporation in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of
the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or 

10

 

responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 7.4 hereof, to make any demand upon the Corporation. 

        Section 6.3    Resignation, Removal and Appointment of Successor.    (a) The Corporation agrees, for
the benefit of the Holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder until all of the Warrant Certificates are no longer exercisable. 

        (b)  The
Warrant Agent may at any time resign as such agent by giving written notice to the Corporation of such intention on its part, specifying the date on which it desires
its resignation to become effective; provided, however, that, without the consent of the Corporation, such date shall not be less than three
(3) months after the date on which such notice is given. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the
Corporation and specifying such removal and the date on which the Corporation expects such removal to become effective. Such resignation or removal shall take effect upon the appointment by the
Corporation of a successor Warrant Agent (which shall be a bank or trust company organized and doing business under the laws of the United States of America, any State thereof or the District of
Columbia and authorized under such laws to exercise corporate trust powers) by an instrument in writing filed with such successor Warrant Agent and the acceptance of such appointment by such successor
Warrant Agent pursuant to Section 6.3(d). 

        (c)  In
case at any time the Warrant Agent shall resign, or be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall
file a voluntary petition in bankruptcy or make an assignment for the benefit of its creditors or consent to the appointment of a receiver or custodian of all or any substantial part of its
property, or shall admit in writing its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed, or
if an order of any court shall be entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or similar law, or if any public officer shall have taken
charge or control of the Warrant Agent or of its property or affairs, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Corporation by an instrument in writing, filed with
the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the latter of such appointment, the Warrant Agent so superseded shall cease to be the
Warrant Agent hereunder. 

        (d)  Any
successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Corporation an instrument accepting such appointment
hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and
obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon
become obligated to
transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent
hereunder. 

        (e)  Any
corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the
Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part
of any of the parties hereto. 

11

 

 
 

ARTICLE VII
  MISCELLANEOUS    
  

        Section 7.1    Consolidations and Mergers of the Corporation and Sales, Leases and Conveyances Permitted Subject to Certain
Conditions.    The Corporation may consolidate with, or sell or convey all or substantially all of its assets to, or merge with or into any other corporation;  provided,
however, that in any such case, either the Corporation shall be the continuing corporation, or the corporation (if other than the Corporation)
formed by such consolidation or into which the Corporation is merged or the corporation which acquired by purchase or conveyance all or substantially all of the assets of the Corporation shall
expressly assume the obligations of the Corporation hereunder. 

        Section 7.2    Rights and Duties of Successor Corporation.    (a) In case of any such consolidation,
merger, sale, lease or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Corporation, with the same effect as
if it had been named herein, and the predecessor corporation, except in the event of a lease, shall be relieved of any further obligation under this Agreement and the Warrants. Such successor
corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Corporation, any or all of the shares of Stock issuable pursuant to the terms hereof. 

        (b)  In
case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in Stock thereafter to be
issued as may be appropriate. 

        Section 7.3    Amendment.    This Agreement [If Warrant exercisable for
preferred stock—and the certificate of designations of such series of Stock (the "Certificate of
Designations")] may be amended by the parties
hereto, without the consent of the Holder of any Warrant Certificate, for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or
making such provisions in regard to matters or questions arising under this Agreement [If Warrant exercisable for preferred
stock—or the Certificate of Designations] as the Corporation may deem necessary or desirable; provided,
however, that such action shall not adversely affect the interests of the Holders of the Warrant Certificates in any material respect. Any amendment or supplement to this
Agreement [If Warrant exercisable for preferred stock—or the Certificate of Designations] or the Warrants that has a
material adverse effect on the interests of Holders of any series of Warrants shall require the written consent of the Holders of a majority of the then-outstanding Warrants of such series
[If Warrant exercisable for preferred stock—(provided, however, that if Stock
has been issued, then the consent of holders of a majority of the then-outstanding Warrants of such series and the Stock voting as a class shall instead be required)]. The
consent of each Holder of a Warrant affected shall be required for any amendment pursuant to which the Exercise Price would be increased or the number of [shares of Stock]
[Depositary Shares] purchasable upon exercise of Warrants would be decreased. The Warrant Agent may, but shall not be obligated to, enter into any amendment to this Agreement
which affects the Warrant Agent's own rights, duties or immunities under this Agreement or otherwise. 

        Section 7.4    Notices and Demands to the Corporation and Warrant Agent.    If the Warrant Agent shall receive
any notice or demand addressed to the Corporation by the Holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, then the Warrant Agent shall promptly forward such
notice or demand to the Corporation. 

        Section 7.5    Notices to Warrant Holders.    (a) Upon any adjustment of the number of shares
purchasable upon exercise of each Warrant, the Exercise Price or the number of Warrants outstanding pursuant to Section 3.2, the Corporation within            calendar days thereafter
shall (i) cause to be filed with the Warrant Agent a certificate of a firm of independent public accountants of recognized standing selected by the Corporation (who may be the regular auditors
of the Corporation) setting forth the Exercise Price and either the number of [shares of Stock] [Depositary Shares] and other securities or assets
purchasable upon exercise of each Warrant or the additional number of Warrants to 

12

 

be issued for each previously outstanding Warrant, as the case may be, after such adjustment and setting forth in reasonable detail the method of calculation and the facts upon which such adjustment
are made, which certificate shall be conclusive evidence of the correctness of the matters set forth therein, and (ii) cause to be given to each of the registered holders of the Warrant
Certificates at such holder's address appearing on the Warrant Register written notice of such adjustments by first-class mail, postage prepaid. Where appropriate, such notice may be given in advance
and included as part of the notice required to be mailed under the provisions of this Section 7.5. 

        (b)  Pursuant
to Sections 3.1 [add other sections as applicable], the Corporation shall cause written notice of such Call Price, Call Date and Call
Terms [reference other items as applicable], as the case may be, to be given as soon as practicable to the Warrant Agent and to each of the registered holders of the Warrant
Certificates by first class mail, postage prepaid, at such holder's address appearing on the Warrant Register. In addition to the written notice referred to in the preceding sentence, the Corporation
shall make a public announcement in a daily morning newspaper of general circulation in                        of such Call Price,
Call Date, and Call Terms [reference other items as
applicable], as the case may be, at least once a week for two (2) successive weeks prior to the implementation of such terms. 

        (c)  If:

        (i)    the
Corporation shall declare any dividend payable in any securities upon its shares of Stock or make any distribution (other than a cash dividend) to the holders of its
shares of Stock; or 

        (ii)  the
Corporation shall offer to the holders of its shares of Stock any additional shares of Stock or securities convertible into shares of Stock or any right to
subscribe thereto; or 

        (iii)  there
shall be a dissolution, liquidation or winding up of the Corporation (other than in connection with a consolidation, merger or sale of all or substantially all
of its property, assets, and business as an entirety); 

then
the Corporation shall (xx) cause written notice of such event to be filed with the Warrant Agent and shall cause written notice of such event to be given to each of the registered holders
of the Warrant Certificates at such holder's address appearing on the Warrant Register, by first-class mail, postage prepaid, and (yy) make a public announcement in a daily newspaper of general
circulation in                        of such event, such giving of notice and publication to be completed at
least            calendar days prior to the date fixed as a record date or the date of
closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, or subscription rights, or for the determination of stockholders entitled to vote on such
proposed dissolution, liquidation or winding up. Such notice shall specify such record date or the date of closing the transfer books, as the case may be. The failure to give the notice required by
this Section 7.5 or any defect therein shall not affect the legality or validity of any distribution, right, warrant, dissolution, liquidation or winding up or the vote upon or any other action
taken in connection therewith. 

        Section 7.6    Addresses.    Any communications from the Corporation to the Warrant Agent with respect to this
Agreement shall be addressed to                        ,
Attention:                        , and any communications from the Warrant Agent to the Corporation with respect to this
Agreement shall be addressed to
Occidental Petroleum Corporation, 10889 Wilshire Blvd., Los Angeles, California 90024, Attention: Treasurer (or such other address as shall be specified in writing by the Warrant Agent or by the
Corporation). 

        Section 7.7    Governing Law.    This Agreement and each
Warrant Certificate issued hereunder shall be governed by and construed in accordance with the laws of the State of New York including, without limitation, Section 5-1401 of the New
York General Obligations Law.

13

 

        Section 7.8    Delivery of Prospectus.    The Corporation will furnish to the Warrant Agent sufficient copies
of a prospectus, appropriately supplemented, relating to the Stock (the "Prospectus"), and the Warrant Agent agrees that upon the exercise of any
Warrant Certificate, the Warrant Agent will deliver to the person designated to receive a certificate representing shares of Stock, prior to or concurrently with the delivery of such Securities, a
Prospectus. 

        Section 7.9    Obtaining of Governmental Approvals.    The Corporation will from time to time take all action
which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities acts filings under United States Federal and
State laws (including, without limitation, to the extent required, the maintenance of the effectiveness of a registration statement in respect of the Stock under the Securities Act of 1933, as
amended), which may be or become required in connection with exercise of the Warrant Certificates and the original issuance and delivery of the Stock. 

        Section 7.10    Persons Having Rights Under Warrant Agreement.    Nothing in this Agreement expressed or
implied and nothing that may be inferred from any of the provisions herein is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Corporation, the
Warrant Agent and the Holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof; and
all covenants, conditions, stipulations, promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the Corporation and the Warrant Agent and their successors
and of the Holders of the Warrant Certificates. 

        Section 7.11    Headings.    The Article and Section headings herein and the Table of Contents are for
convenience of reference only and shall not affect the construction hereof. 

        Section 7.12    Counterparts.    This Agreement may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument. 

        Section 7.13    Inspection of Agreement.    A copy of this Agreement shall be available at all reasonable times
at the principal corporate trust office of the Warrant Agent [and at                        ] for inspection by the Holder of any
Warrant Certificate. The Warrant Agent may require
such Holder to submit its Warrant Certificate for inspection by it. 

14

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, and their respective corporate seal to be hereunto affixed and attested, all as of the day and year
first above written. 

	OCCIDENTAL PETROLEUM CORPORATION	 	 
	

 	

 	
 	

 
	By:	 	 	 
	 	
	 	 
	Name:	 	 	 
	 	
	 	 
	Title:	 	 	 
	 	
	 	 
	

 	

 	
 	

 
	[SEAL]	 	 
	

 	

 	
 	

 
	Attest:	 	 	 
	 	
	 	 
	Name:	 	 	 
	 	
 [Assistant] Secretary	 	 
	

 	

 	
 	

 
	[NAME OF WARRANT AGENT]	 	 
	

 	

 	
 	

 
	By:	 	 	 
	 	
	 	 
	Name:	 	 	 
	 	
	 	 
	Title:	 	 	 
	 	
	 	 
	

 	

 	
 	

 
	[SEAL]	 	 
	

 	

 	
 	

 
	Attest:	 	 	 
	 	
	 	 
	Name:	 	 	 
	 	
 [Assistant] Secretary	 	 

15

  

 
 

EXHIBIT A    
  

[FORM OF WARRANT CERTIFICATE]

[Face] 

	Form of Legend if Offered Securities with Warrants which are not immediately detachable	 	[Prior to                            , this Warrant Certificate may be
transferred or exchanged if and only if the [Title of Security] to which it was initially attached is so transferred or exchanged.]
	
Form of Legend if Warrants are not immediately exercisable	
 	

[Prior to                            , Warrants evidenced by this Warrant Certificate cannot be
exercised.]

EXERCISABLE
ONLY IF AUTHENTICATED BY THE WARRANT

AGENT AS PROVIDED HEREIN 

VOID
AFTER THE CLOSE OF BUSINESS ON                        ,
            

OCCIDENTAL
PETROLEUM CORPORATION 

Warrant
Certificate representing

Warrants to purchase

[name of security]

as described herein. 

	No.	 	Warrants

        This
certifies that                        or registered assigns is the registered owner of the above indicated number of Warrants,
each Warrant entitling such registered owner to purchase, at
any time [after the close of business on                        ,
            , and] on or before the close of business on            ,
            , one [share
of common stock, par value $0.20 per share] [share of a series of preferred stock, par value $1.00 per share]
("Stock"),] [depositary share relating to a series of preferred stock ("Depositary
Share")] of Occidental Petroleum Corporation (the "Corporation"), on the following basis.* During such period, each Warrant shall entitle the Holder
thereof, subject to the provisions of the Warrant Agreement (as defined below), to purchase from the Corporation one [share of Stock] [Depositary Share]
at the exercise price of $            (the "Exercise Price "). The Holder of this Warrant Certificate may exercise the Warrants evidenced
hereby, in whole or in part, by surrendering this Warrant Certificate, with the purchase form set forth hereon duly completed, accompanied by payment in full, in lawful money of the United States of
America, [in cash or by certified check or official bank check in New York Clearing House funds or by bank wire transfer in immediately available funds], the Exercise Price for
each Warrant exercised, to the Warrant Agent (as hereinafter defined), at the corporate trust office of [name of Warrant Agent], or its successor, as warrant agent (the
"Warrant Agent") [or at            ], the addresses specified on the reverse hereof and upon compliance with and subject to the conditions set forth herein and in the
Warrant Agreement. 

	*
	Complete
and modify the following provisions as appropriate to reflect the terms of the Warrants. 

        The
term "Holder" as used herein shall mean [If Offered Debt Securities with Warrants which are not immediately
detachable—prior to            ,            (the "Detachable
Date"), the registered owner of the
Corporation's [title of Offered Securities] to which such Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at
the time such Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4.1 of the Warrant Agreement. 

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        Any
whole number of Warrants evidenced by this Warrant Certificate may be exercised to purchase [shares of Stock] [Depositary Shares].
Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the registered owner hereof a new Warrant Certificate evidencing the number of
Warrants remaining unexercised. 

        This
Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of            ,            (the
"Warrant
Agreement"), between the Corporation and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions
the holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent [and at
            ]. 

        [If Offered Securities with Warrants which are not immediately detachable—prior to            ,
            (the "Detachable Date"), this Warrant Certificate may be exchanged or transferred only together with the [title of Offered Security] (the
"Offered Security") to which this Warrant Certificate was initially attached, and only for the purpose of effecting, or in conjunction with, an exchange
or transfer of such Offered Security. Additionally, on or prior to the Detachable Date, each transfer of such Offered Security on the register of the Offered Securities shall operate also to transfer
this Warrant Certificate. After the Detachable Date, this] [If Offered Securities with Warrants which are immediately detachable or Warrants
alone—This] Warrant Certificate and all rights hereunder, may be transferred when surrendered at the corporate trust office of the Warrant Agent
[or            ] by the registered owner or his assigns, in person or by an attorney duly authorized in writing, in the manner and subject to the limitations provided in
the Warrant Agreement. 

        [If Offered Securities with Warrants which are not immediately detachable—Except as provided in the immediately
preceding paragraph, after] [If Offered Securities with Warrants which are immediately detachable or Warrants
alone-After] authentication by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate
trust office of the Warrant Agent [or at                        ] for Warrant Certificates representing the same aggregate number
of Warrants. 

        This
Warrant Certificate shall not entitle the registered owner hereof to any of the rights of a stockholder, including, without limitation, the right to receive dividends. 

        Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if
set forth at this place. 

        This
Warrant Certificate shall not be valid or obligatory for any purpose until authenticated by the Warrant Agent. 

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        IN
WITNESS WHEREOF, the Corporation has caused this Warrant Certificate to be duly executed under its corporate seal. 

	Dated:	 	 
	

 	

 	
 	

 
	OCCIDENTAL PETROLEUM CORPORATION	 	 
	

 	

 	
 	

 
	By:	 	 	 
	 	
	 	 
	Name:	 	 	 
	 	
	 	 
	Title:	 	 	 
	 	
	 	 
	

 	

 	
 	

 
	[SEAL]	 	 
	

 	

 	
 	

 
	Attest:	 	 
	 	
	 	 
	Name:	 	 	 
	 	
 [Assistant] Secretary	 	 
	

 	

 	
 	

 
	Certificate of Authentication	 	 

        This
is one of the Warrant Certificates referred to in the within-mentioned Warrant Agreement. 

	

 	

 	
 	

 
	
 As Warrant Agent	 	 
	

 	

 	
 	

 
	By:	 	 	 
	 	
 Authorized Signature	 	 
	

 	

 	
 	

 

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[FORM OF WARRANT CERTIFICATE]

[REVERSE]

(Instructions for Exercise of Warrants) 

        To
exercise any Warrants evidenced hereby, the Holder of this Warrant Certificate must pay [in cash or by certified check or by bank wire transfer in immediately available
funds], the Exercise Price in full for each of the Warrants exercised, to                        , Corporate Trust Department,
                        , Attn:
[or                        ],
which payment should specify the name of the Holder of this Warrant Certificate and the number of Warrants exercised by such Holder. In addition, the Holder of this Warrant Certificate should complete
the information required below and present in person or mail by registered mail this Warrant Certificate to the Warrant Agent at the addresses set forth below. 

[FORM OF EXERCISE] 

(To be executed upon exercise of Warrants.) 

        The
undersigned hereby irrevocably elects to exercise Warrants, represented by this Warrant Certificate, to purchase            [[shares of common stock, par
value $0.20 per share] [shares of a series of preferred stock, par value $1.00 per share]
[("Stock"),] [depositary share relating to a series of preferred stock ("Depositary
Share")] of Occidental Petroleum Corporation and represents that he or she has tendered payment for such [shares of Stock]
[Depositary Shares] [in cash or by certified check official bank check in New York Clearing House funds or by bank wire transfer in immediately available
funds] to the order of Occidental Petroleum Corporation, c/o Treasurer, in the amount of $            in accordance with the terms hereof. The undersigned requests that said
[shares of Stock] [Depositary Shares] be registered in such names and delivered, all as specified in accordance with the instructions set forth below. 

        If
said number of [shares of Stock] [Depositary Shares] is less than all of the [shares of Stock]
[Depositary Shares] purchasable hereunder, then the undersigned requests that a new Warrant Certificate representing the remaining balance of the Warrants evidenced hereby be
issued and delivered to the undersigned unless otherwise specified in the instructions below. 

	Dated:	 	 	 
	

 	

 	
 	

 
	By:	 	 	 
	 	
	 	 
	Name:	 	 	 
	 	
	 	 
	Title:	 	 	 
	 	
	 	 
	

 	

 	
 	

 
	

 (Insert Social Security

or Other Identifying

Number of Holder)	
 	

 
	

 	

 	
 	

 
	Address	 	 	 
	 	
	 	 
	

 	

	
 	

 
	

 	

	
 	

 

Signature
(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate and must be guaranteed by an "eligible guarantor institution," that is, a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the Warrant Agent, which requirements include membership or participation in the Securities Transfer Agents
Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined by 

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the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.) 

This
Warrant may be exercised at the following addresses: 

	By hand at	 	 	 
	 	 	 	

	

 	

 	
 	

	

 	

 	
 	

	By mail at	 	 	 
	 	 	 	

	

 	

 	
 	

	

 	

 	
 	

(Instructions
as to form and delivery of certificates representing shares of Stock

and/or Warrant Certificates): 

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[FORM OF ASSIGNMENT] 

(TO BE EXECUTED TO TRANSFER

THE WARRANT CERTIFICATE) 

        FOR
VALUE
RECEIVED                                        
        hereby sells, assigns and transfers unto
 

	

 	
 	

 
	 	 	
 Please print name and address

(including zip code)
	Please insert social security or

other identifying number	 	 
	

 	
 	

 
	
	 	 
	

 	
 	

 
	
 the right represented by the within Warrant Certificate and does hereby irrevocably constitute and
appoint                        , Attorney, to transfer said Warrant Certificate on the books of the Warrant Agent with full power
of substitution.
	

 	
 	

 

	Dated:	 	 
	

 	
 	

 Signature
	

 	
 	

 
	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate and must be guaranteed by an "eligible guarantor institution," that is, a bank, stockbroker, savings and loan
association or credit union meeting the requirements of the Warrant Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.)]
	Signature Guaranteed:	 	 
	

 	
 	

 
	
	 	 

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QuickLinks

Exhibit 4.11

TABLE OF CONTENTS(1)

ARTICLE I ISSUANCE, EXECUTION AND AUTHENTICATION OF WARRANT CERTIFICATES

ARTICLE II EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS

ARTICLE III OTHER TERMS OF WARRANTS

ARTICLE IV REGISTRATION, EXCHANGE, TRANSFER AND SUBSTITUTION OF WARRANT CERTIFICATES

ARTICLE V OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

ARTICLE VI CONCERNING THE WARRANT AGENT

ARTICLE VII MISCELLANEOUS

EXHIBIT A

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