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Exhibit 4.12    
  

        FORM OF DEBT SECURITIES WARRANT AGREEMENT 

OCCIDENTAL
PETROLEUM CORPORATION 

and 

As
Warrant Agent 

WARRANT
AGREEMENT (DEBT SECURITIES) 

Dated
as of _____________, ____ 

 
 
 

TABLE OF CONTENTS(1)    
  

	ARTICLE I    ISSUANCE, EXECUTION AND COUNTERSIGNATURE OF WARRANT CERTIFICATES	 	 
	 	

Section 1.1	

Issuance of Warrant Certificates	
 	

1
	 	Section 1.2	Form of Warrant Certificates	 	1
	 	Section 1.3	Execution and Authentication of Warrant Certificates	 	2
	 	Section 1.4	Temporary Warrant Certificates	 	2
	 	Section 1.5	Payment of Taxes	 	3
	 	Section 1.6	Definition of Holder	 	3
	
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
	
ARTICLE III    OTHER TERMS OF WARRANTS	
 	

 
	 	

Section 3.1	

[Call of Warrants by the Corporation]	
 	

4
	
ARTICLE IV    [REGISTRATION,] EXCHANGE, TRANSFER AND SUBSTITUTION OF WARRANT CERTIFICATES	
 	

 
	 	

Section 4.1	

[Registration,] Exchange and Transfer of Warrant Certificates	
 	

4
	 	Section 4.2	Mutilated, Destroyed, Lost or Stolen Warrant Certificates	 	5
	 	Section 4.3	Persons Deemed Owners	 	5
	 	Section 4.4	Cancellation of Warrant Certificates	 	5
	
ARTICLE V    OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES	
 	

 
	 	

Section 5.1	

No Rights as Holders of Warrant Debt Securities Conferred by Warrants or Warrant Certificates	
 	

6
	 	Section 5.2	Holder of Warrant Certificate May Enforce Rights	 	6
	
ARTICLE VI    CONCERNING THE WARRANT AGENT	
 	

 

i

 

	 	

Section 6.1	

Warrant Agent	
 	

6

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

	 	Section 6.2	Conditions of Warrant Agent's Obligations	 	6
	 	Section 6.3	Resignation, Removal and Appointment of Successor	 	8
	
ARTICLE VII    MISCELLANEOUS	
 	

 
	 	Section 7.1	Consolidations and Mergers of the Corporation and Sales, Leases and Conveyances Permitted Subject to Certain Conditions	 	9
	 	Section 7.2	Rights and Duties of Successor Corporation	 	9
	 	Section 7.3	Amendment	 	9
	 	Section 7.4	Notice and Demands to the Corporation and Warrant Agent	 	9
	 	Section 7.5	Notices to Warrant Holders	 	9
	 	Section 7.6	Addresses	 	10
	 	Section 7.7	Governing Law	 	10
	 	Section 7.8	Delivery of Prospectus	 	10
	 	Section 7.9	Obtaining of Governmental Approvals	 	10
	 	Section 7.10	Persons Having Rights under Warrant Agreement	 	10
	 	Section 7.11	Headings	 	10
	 	Section 7.12	Counterparts	 	10
	 	Section 7.13	Inspection of Agreement	 	10

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,
[If Warrant exercisable for senior debt securities—the Corporation has entered into an Indenture (the
"Indenture"), dated as of April 1, 1998, with The Bank of New York, as trustee (such trustee, and any successors to such trustee, herein called
the "Trustee"), providing for the issuance from time to time, in one or more series, of its senior debt securities]
[If Warrant exercisable for subordinated debt securities—the Corporation has entered into an Indenture (the
"Indenture"), dated as of January 20, 1999, with The Bank of New York, as trustee (such trustee, and any successors to such trustee, herein
called the "Trustee"), providing for the issuance from time to time, in one or more series, of its subordinated debt securities]; and 

        WHEREAS,
the Corporation proposes to sell [If Offered Debt Securities and Warrants—[title of Debt
Securities being offered] (the "Offered Debt 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 [title of
Debt Securities purchasable through exercise of Warrants] (the "Warrant Debt Securities"); 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 COUNTERSIGNATURE
  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 Debt Securities and
Warrants—Warrant Certificates shall be [initially] issued in units with the Offered Debt 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 for each $                        principal amount of Offered Debt Securities.] Each Warrant evidenced thereby shall
represent the right, subject to the provisions contained herein and
therein, to purchase Warrant Debt Securities in the aggregate principal amount of $            . 

        Section 1.2
Form of Warrant Certificates. 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, 

1

 

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. 

        (b)
Warrant Certificates evidencing the right to purchase an aggregate principal amount not exceeding $                        of
Warrant Debt Securities (except as provided in Sections 1.4,
2.3(c), 4.1 and 4.2) 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 up to
$                        aggregate
principal amount of Warrant Debt Securities 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 substitution for one or more previously authenticated Warrant Certificates
[If registered Warrants—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. 

2

 

        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 Debt Securities and Warrants which are not immediately
detachable—, prior to the Detachable Date, the registered
owner of the Offered Debt Security to which such Warrant Certificate was initially attached, and, after such Detachable Date,] [if bearer Warrants, the bearer of such Warrant
Certificates] [if registered Warrants, 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 Debt Securities and Warrants which are not immediately
detachable—Prior to the Detachable Date, the Corporation will, or will cause the registrar of the Offered Debt Securities to, make available to the Warrant Agent
current information as to Holders of the Offered Debt Securities.] 

 
 

ARTICLE II
  EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS    
  

        Section 2.1 Exercise Price. During the period
from                        ,            through and including
                        ,            , each Warrant shall entitle the
Holder thereof, subject to the provisions of this Agreement, to purchase from the Corporation the principal amount of Warrant Debt
Securities stated in the Warrant Certificate at the exercise price of % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant
Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have
been paid on the Warrant Debt Securities, from                        ,
            ]. [In each case, the original issue discount ($            for each $1,000 principal amount
of Warrant Debt Securities) will be amortized at a % annual rate, computed on a[n] [semi-]annual basis [using a
360-day year consisting of twelve 30-day months].] 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 surrender of the [specified aggregate amount of [identified securities]] [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, 

3

 

advise the Corporation and the Trustee 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 Warrant Debt Securities 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 or the Trustee shall reasonably require. 

        (c)
As soon as practicable after the exercise of any Warrants, the Corporation shall issue, pursuant to the Indenture, in authorized denominations, to or upon the order of the Holder of
the Warrant Certificate evidencing such Warrants, the Warrant Debt Security or Warrant Debt Securities to which such Holder is entitled in fully registered form, registered 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
Warrant Debt Securities; and in the event that any such transfer is involved, the Corporation shall not be required to issue or deliver any Warrant Debt Securities 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. 

 
 

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.] 

 
 

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

        Section 4.1 [Registration,] Exchange and Transfer of Warrant Certificates.
[If registered Warrants—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]. [If Offered Debt Securities and Warrants which are not immediately detachable—Prior to the
Detachable Date, a Warrant Certificate may be exchanged or transferred only together with the Offered Debt 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 Debt Security. Additionally, on or prior to the Detachable Date, each transfer or exchange of an Offered Debt Security
[on the register of the Offered Debt Securities] shall operate also to transfer or exchange the Warrant Certificate or Certificates to which such Offered Debt Security was
initially attached. After the Detachable Date, upon] [If Offered Debt Securities and 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 a form
satisfactory to the Corporation and the Warrant Agent, such Warrant Certificates may be exchanged for other Warrant Certificates [If registered
Warrants—or may be transferred in whole or in part]; provided, however, that Warrant Certificates issued
in exchange for [or upon transfer of] surrendered Warrant 

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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 Debt 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 registered owner of any Offered Debt
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,] [If registered Warrants—and
prior to due presentment of a Warrant Certificate for registration of transfer, the] [If Offered Debt Securities and Warrants which are immediately
detachable or Warrants alone—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. 

        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 [If Warrant
Certificates are issued in bearer form—, except as provided below,] 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 

5

 

Agreement, no Warrant Certificate shall be issued hereunder in lieu or in exchange thereof. [If Warrant Certificates are issued in bearer
form—Warrant Certificates delivered to the Warrant Agent in exchange for Warrant Certificates of other denominations may be retained by the Warrant Agent for
reissue as authorized hereunder.] 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 Holders of Warrant Debt Securities 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 Holder of the Warrant Debt Securities, including, without limitation, the right to
receive the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture. 

        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, the Trustee, the holder of any Warrant Debt Securities 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 to 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 claim or liability in connection with the exercise or 

6

 

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 Warrant Debt Securities or other obligations of the Corporation as freely as if it were not such Warrant Agent, officer,
director, employee or other agent. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as Trustee under the Indenture. 

        (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 Warrant Debt
Securities or in 

7

 

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
responsibility to initiate or attempt to initiate any proceeding 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 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 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 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. 

8

 

 
 

ARTICLE VII
  MISCELLANEOUS    
  

        Section 7.1 Consolidations and Mergers of the Corporation and Sales, Leases and Conveyances Permitted Subject to Certain
Conditions. To the extent permitted in the Indenture, 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. 

        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 Warrant Debt Securities issuable pursuant to the terms hereof. All the Warrant Debt
Securities so issued shall in all respects have the same legal rank and benefit under the Indenture as the Warrant Debt Securities theretofore or thereafter issued in accordance with the terms of this
Agreement and the Indenture. 

        (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 the Warrant Debt Securities
thereafter to be issued as may be appropriate. 

        Section 7.3
Amendment. This Agreement [and the Indenture] 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 of curing, correcting or supplementing any defective provision contained herein, or making such provisions
in regard to matters or questions arising under this Agreement [or the Indenture] 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[, the Indenture] 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 Holders of a majority of the then outstanding Warrants of such series
[(provided that if Warrant Debt Securities have been issued, then the consent of Holders of a majority of the then outstanding Warrants of such series and the Warrant Debt Securities
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 Debt Securities 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
Notice 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, the Warrant Agent shall promptly forward such notice or demand to the
Corporation. 

        Section 7.5
Notices to Warrant Holders. 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. 

9

 

        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.

        Section 7.8  Delivery of Prospectus. The Corporation will furnish to the Warrant Agent sufficient copies of a prospectus,
appropriately supplemented, relating to the Warrant Debt Securities (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 Warrant Debt Securities, 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 Warrant Debt Securities under the Securities Act of 1933, as amended),
which may be or become required in connection with the exercise of the Warrant Certificates and the original issuance and delivery of the Warrant Debt Securities. 

        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 hereof 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. 

10

 

        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	 	 

11

   
EXHIBIT A 

[FORM
OF WARRANT CERTIFICATE]

[Face] 

	Form of Legend if Offered Debt 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 Offered Debt 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

[Title of Warrant Debt Securities]

as described herein 

	

No.	
 	

Warrants

        This
certifies that [the bearer is the] [                        or registered assigns is the registered] owner of the above indicated
number of
Warrants, each Warrant entitling such [bearer [If Offered Debt Securities and Warrants which are not immediately
detachable—, subject to the bearer qualifying as a "Holder" of this Warrant Certificate, as hereinafter
defined] [registered owner] to purchase, at any time [after the close of business on                        ,
            , and] on or before the
close of business on                        ,            ,
$            principal amount of [Title of Warrant Debt Securities] (the "Warrant Debt
Securities") of Occidental Petroleum Corporation (the "Corporation"), issued or to be issued under the Indenture (as hereinafter
defined), on the following basis.* [During the period from            ,            through and
including            ,            , each Warrant shall entitle
the Holder thereof, subject to the provisions of the Warrant Agreement (as defined below), to purchase from the Corporation the principal amount of Warrant Debt Securities stated above in this Warrant
Certificate at the exercise price of    % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt
Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been
paid on the Warrant Debt Securities, from                        ,
            ]; [in each case, the original issue discount ($            for each $1,000 principal amount of
Warrant Debt Securities) will be amortized at a    % annual rate, computed on a[n] [semi-]annual basis[, using a
360-day year consisting of twelve 30-day months] [(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]
[by bank wire transfer in immediately available funds]] [by surrender of the [specified aggregate principal amount of
[identified securities]], 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
            ,] at the addresses 

A-1

 

specified on the reverse hereof and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement. This Warrant Certificate may be exercised only for the purchase
of Warrant Debt Securities in the principal amount of [$1,000] or any integral multiple thereof. 

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

        The
term "Holder" as used herein shall mean [If Offered Debt Securities and Warrants which are not
immediately detachable—, prior to                        ,
            (the "Detachable Date"), the registered owner of
the Corporation's [title of Offered Debt Securities] to which such Warrant Certificate was initially attached, and after such Detachable Date,] [the
bearer of such Warrant Certificate] [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]. 

        Any
whole number of Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Debt Securities in registered form. Upon any exercise of fewer than all of the
Warrants evidenced by this Warrant Certificate, there shall be issued to the [bearer] [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 at the Warrant Agent [and at
                        ]. 

        The
Warrant Debt Securities to be issued and delivered upon the exercise of warrants evidenced by this Warrant Certificate will be issued under and in accordance with
[If Warrant exercisable for senior debt securities—an Indenture (the
"Indenture"), dated as of April 1, 1998, with The Bank of New York, as trustee (such trustee, and any successors to such trustee, herein called
the "Trustee")] [If Warrant exercisable for subordinated debt
securities—an Indenture (the "Indenture"), dated as of January 20, 1999, with The Bank of New York, as
trustee (such trustee, and any successors to such trustee, herein called the "Trustee") and will be subject to the terms and provisions contained in the
Warrant Debt Securities and in the Indenture. Copies of the Indenture, including the form of the Warrant Debt Securities, are on file at the corporate trust office of the Trustee [and at
                        ]. 

        [If Offered Debt Securities and 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
Debt Security] (the "Offered Debt 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 Debt Security. Additionally, on or prior to the Detachable Date each transfer of such Offered Debt Security on the register
of the Offered Debt Securities shall operate also to transfer this Warrant Certificate. After the Detachable Date, this] [If Offered Debt Securities and
Warrants which are immediately detachable or Warrants alone—This] Warrant Certificate, and all rights hereunder, may be transferred
[If bearer Warrants—by delivery and the Corporation and the Warrant Agent may treat the bearer hereof as the owner for all
purposes] [If registered Warrants—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 Debt Securities and Warrants which are not immediately detachable—Except as provided in the
immediately preceding paragraph, after] [If Offered Debt Securities and 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 

A-2

 

office at the Warrant Agent [or at                        ] for Warrant Certificates representing the same aggregate number of
Warrants. 

        This
Warrant Certificate shall not entitle the [bearer] [registered owner] hereof to any of the rights of a
[registered] [holder] of the Warrant Debt Securities, including, without limitation, the right to receive payments of principal (and premium, if any) or
interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 

        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. 

A-3

 

        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	
 	

 

A-4

 
[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 official bank check in New York Clearing House
funds 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
$            principal amount of the [Title of
Warrant Debt Securities] (the "Warrant Debt Securities") of Occidental Petroleum Corporation and represents that he has tendered payment for
such Warrant Debt Securities [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] 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 principal amount of Warrant Debt
Securities be in fully registered form, in the authorized denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below. 

        If
said principal amount of Warrant Debt Securities is less than all of the Warrant Debt Securities purchasable hereunder, 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:	 	 	 
	

 	
 	

Name	

    

	
 (Insert Social Security or Other Identifying Number of Holder)	 	Address	    

	 	 	

	 	 	Signature	    

	 	 	[If registered warrant—(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.)]

A-5

 

        This
Warrant may be exercised at the following addresses: 

	By hand at	 	    

	 	 	    

	 	 	    

	 	 	    

	

By mail at	
 	

    

	 	 	    

	 	 	    

	 	 	    

(Instructions
as to form and delivery of Warrant Debt Securities and/or Warrant Certificates): 

A-6

 
[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:	
 	

 

A-7

QuickLinks

Exhibit 4.12

TABLE OF CONTENTS(1)

ARTICLE I ISSUANCE, EXECUTION AND COUNTERSIGNATURE 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 MISCELLANEOUSPrepared by MERRILL CORPORATION

QuickLinks
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Exhibit 10.20  

 
  VOTING AGREEMENT    
  

        This Voting Agreement is made and entered into as of the             day
of                        , 2002, by and among Bruce W. Bauer ("Bauer"),
William H. Green ("Green"), William L. Groeneveld ("Groeneveld"), Robert H. Hesse ("Hesse"), and Lawrence Taymor ("Taymor") (each of Bauer, Green, Groeneveld, Hesse and Taymor,
and any of their respective successors selected as provided in this Agreement, being referred to in this Agreement as a "Prior IN Director" and together as the "Prior IN Directors"). 

 
 

RECITALS    
  

        WHEREAS, on the date hereof, Two Way TV (US), Inc. ("Two Way TV (US)"), Two Way TV Limited, the "Independent Committee" and the "Prior IN Holders" are
entering into that certain Stockholders Agreement ("Stockholders Agreement") (as the terms "Independent Committee" and "Prior IN Holders" are defined in the Stockholders Agreement) under which the
Prior IN Directors initially may designate four members of the Board of Directors of Two Way TV (US) (the "Board of Directors"); and 

        WHEREAS,
the purpose of this Agreement is to form the "IN Committee" (as that term is defined in the Stockholders Agreement) and to set forth the terms of the governance of the IN
Committee. 

1.    IN Committee  

        (a)    Selection of Members of the Board of Directors.    Before each annual meeting of the stockholders of Two Way TV
(US), or before any meeting of the stockholders of Two Way TV (US) at which members of the Board of Directors are to be elected, or before members of the Board of Directors are to elected by written
consent, the Prior IN Directors, by vote of a majority of all Prior IN Directors, shall
select the number of designates to the Board of Directors the IN Committee is entitled to select under the Stockholders Agreement. 

        (b)    Composition of the IN Committee; Successors.    The IN Committee shall initially consist of Bauer, Green,
Groeneveld, Hesse and Taymor. If any Prior IN Director shall no longer serve on the IN Committee for any reason, including resignation, removal, incapacity or death, the remaining Prior IN Directors
shall, by majority vote, select a new member or members in their discretion to serve on the IN Committee. If the remaining Prior IN Directors are unable to agree upon a new Prior IN Director by
majority vote, then they shall apply to the chief Judge of the Superior Court of Alameda County, State of California, to appoint such a member. Any Prior IN Director may be removed from the IN
Committee at any time by a majority vote of the remaining Prior IN Directors. 

        (c)    Actions of the IN Committee.    Actions of the IN Committee may take place by resolutions adopted at meetings
of the IN Committee or by written action signed by the number of Prior IN Directors that must vote in favor of the action being taken. A meeting of the IN Committee by any means of communication
through which the Prior IN Directors may simultaneously hear each other during the meeting constitutes a meeting of the IN Committee. 

2.    Duration of Agreement  

        This Agreement will terminate when the Stockholders Agreement terminates according to its terms. 

3.    General  

        (a)    Successors and Assigns.    This Agreement shall be binding upon Bauer, Green, Groeneveld, Hesse and Taymor and
their respective successors and assigns chosen as prescribed in this Agreement. 

        (b)    Amendments and Waivers.    Any term hereof may be amended or waived only with the written consent of a majority
of the Prior IN Directors then serving on the IN Committee. Any amendment or 

 

waiver effected in accordance with this Section 3(b) shall be binding upon each of the Prior IN Directors and each of their respective successors and assigns. 

        (c)    Notices.    All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient; if not, then on the
next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business day after
deposit with a nationally recognized overnight courier, specifying next business-day delivery, with written verification of receipt. All communications shall be sent to the party to be
notified at the address as set forth on the signature page or at such other address as such party may designate by ten (10) days advance written notice to the other parties hereto given in
accordance with this Section. 

        (d)    Entire Agreement.    This Agreement and the Stockholders Agreement constitute the full and entire understanding
and agreement between the parties with regard to the subjects hereof, superseding all understandings, whether written or oral, and no party shall be liable or bound to any other in any manner by any
representations, warranties, covenants and agreements except as specifically set forth herein and therein. 

        (e)    Severability.    If one or more of the provisions of this Agreement should, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if
such invalid, illegal or unenforceable provision had never been contained herein. 

        (f)    Remedies.    Each of the parties to this Agreement shall be entitled to enforce his rights under this Agreement
specifically, to recover damages and costs (subject to the provisions of Section 3(k) below) caused by any breach of any provision of this Agreement and to exercise all other rights existing in
his favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in his sole discretion
apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement. 

        (g)    Governing Law.    This Agreement shall be governed by and construed under the laws of the State of Delaware. 

        (h)    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. 

        (i)    Titles and Subtitles.    The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 

        (j)    Delays or Omissions.    It is agreed that no delay or omission to exercise any right, power, or remedy accruing
to any party hereto, upon any breach, default or noncompliance of any Prior IN Director under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of
any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent,
or approval of any kind or character on any party's part of any breach, default or noncompliance under the Agreement or any waiver on such party's part of any provisions or conditions of this
Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to the parties
hereto, shall be cumulative and not alternative. 

        (k)    Attorneys' Fees.    If any suit or action is instituted to enforce any provision in this Agreement, each party
in such dispute shall pay his own fees, costs and expenses of such suit or action, including, without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include,
without limitation, all fees, costs and expenses of appeals. 

[Signature
Page Follows] 

2

 

        IN
WITNESS WHEREOF, the IN Directors have duly executed this Agreement on the date first set forth above. 

	

 	
 	

 
	 	 	
 Bruce W. Bauer
	

 	
 	

 Address
	

 	
 	

	

 	
 	

 
	 	 	
 William H. Green
	

 	
 	

 Address
	

 	
 	

	

 	
 	

 
	 	 	
 William L. Groeneveld
	

 	
 	

 Address
	

 	
 	

	

 	
 	

 
	 	 	
 Robert H. Hesse
	

 	
 	

 Address
	

 	
 	

	

 	
 	

 
	 	 	
 Lawrence Taymor
	

 	
 	

 Address
	

 	
 	

3

QuickLinks

VOTING AGREEMENT

RECITALS

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