UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE
14A
(Rule 14a-101)
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Definitive Proxy Statement
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Soliciting Material Pursuant to §240.14a-12
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Occidental
Petroleum Corporation
(Name of Registrant as Specified In Its
Charter)
Carl C. Icahn
Icahn Partners LP
Icahn Partners Master Fund LP
High River Limited Partnership
Hopper Investments LLC
Barberry Corp.
Icahn Enterprises G.P. Inc.
Icahn Enterprises Holdings L.P.
IPH GP LLC
Icahn Capital L.P.
Icahn Onshore LP
Icahn Offshore LP
Beckton Corp.
(Name of Person(s) Filing Proxy Statement,
if Other Than The Registrant)
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SOLICITATION OF WRITTEN REQUEST FOR FIXING
A RECORD DATE IN CONNECTION WITH
THE PROPOSED ACTIONS BY WRITTEN CONSENT OF THE STOCKHOLDERS OF
OCCIDENTAL PETROLEUM CORPORATION
SOLICITATION STATEMENT
OF
THE ICAHN
PARTICIPANTS
The date of this Solicitation Statement is July
18, 2019. This Solicitation Statement and the enclosed materials are first being sent or given to stockholders on or about
July 18, 2019.
To the Stockholders of Occidental Petroleum Corporation (the
“Company” or “Occidental”):
THE PURPOSE OF THIS SOLICITATION
The Icahn Participants (as hereinafter defined) believe
that the Company’s current directors have made a number of mistakes in how and at what cost they pursued the acquisition
of Anadarko Petroleum Corporation (the “Anadarko transaction”). In addition to agreeing to expensive financing, the
Company also structured the Anadarko transaction in a manner that deprived the stockholders of the Company of the right to vote
on the transformational Anadarko transaction. The Icahn Participants also believe that the Company currently has a lack of effective
corporate governance, including cumbersome provisions in the Company’s Restated Certificate of Incorporation (as amended,
the “Charter”) and By-laws (as amended, the “By-laws”) that unduly restrict stockholders’ ability
to nominate directors at an annual meeting, act by written consent or call special meetings when appropriate. Please refer to
the section of this Solicitation Statement titled “Background to the Solicitation” and “Reasons for the Solicitation”
for more detailed information.
In the opinion of the Icahn Participants, the path
to greater value for the Company’s stockholders is through good governance. More specifically, the Icahn
Participants believe it is important to add new directors to Occidental’s Board of Directors
(the “Board”) to oversee future extraordinary transactions like the Anadarko transaction and to ensure that they
are not consummated without stockholder approval when appropriate. The Icahn Participants believe that the election of
new directors will also help to ensure the achievement of the Board’s and management’s projected stated cost
savings and deal synergies for the Anadarko transaction. Finally, the Icahn Participants believe that the election of new directors,
together with the formation of a new Strategic Review Committee of the Board (as described herein), will help ensure that
alternatives to maximize value for stockholders will be considered and, if appropriate, pursued by the Board and management
of the Company.
The Icahn Participants further believe that changes to the
Charter and By-laws are needed in order to remove the restrictive provisions that significantly impede the rights of stockholders
to nominate directors at an annual meeting, to call a special meeting or to act by written consent.
THE PROCESS REQUIRED TO ACHIEVE CHANGE
The Icahn Participants are seeking to remove and replace four
Occidental directors and to amend the Charter and By-laws through a stockholder consent solicitation. Under the Charter and
By-laws, in order to accomplish this, there is a two-stage process.
First, the holders of record of at least 20% in the
aggregate (the “Requisite Percentage”) of the Company’s common stock, par value $0.20 per share (the
“Company Common Stock”), must ask the Board to fix a record date (the “Record Date”) for determining
stockholders entitled to participate in the contemplated consent solicitation. Unfortunately, the Charter requires that
stockholders wishing to support a request to fix a Record Date comply with a highly technical process. However, in order to effectuate the change required at Occidental, it is critical that stockholders comply with the
procedures set forth in this Solicitation Statement.
Second, once the Icahn Participants have solicited the Requisite
Percentage and the Board fixes the Record Date, the Icahn Participants can proceed with a consent solicitation for stockholders
to approve the proposed actions set forth in the section of this Solicitation Statement titled “Proposals for Action by Written
Consent” (collectively, the “Proposals”). This second stage of the process (i.e. the solicitation of consents
to the Proposals) can be pursued only if this first stage of the process is completed successfully.
This Solicitation Statement concerns only the first stage
of the process—requesting that the Board fix a Record Date.
At this stage, the Icahn Participants are merely seeking
“written requests” from stockholders asking the Board to fix a Record Date. Once requests have been obtained from
the Requisite Percentage of stockholders, the Icahn Participants intend to deliver a written notice (the “Written Notice”)
to the Company’s Secretary requesting that a Record Date be fixed in connection with the Proposals. This process is highly
technical and stockholders who wish to join in the written request process should carefully read the material in this Solicitation
Statement, and if they have any questions, contact Harkins Kovler, LLC (“Harkins Kovler”), who is assisting the Icahn
Participants in this solicitation of requests to fix a Record Date, at 3 Columbus Circle, 15th floor, New York, NY 10019, Telephone:
+1 (212) 468-5380, Toll-free: +1 (800) 339-9883, Email: Icahn-OXY@HarkinsKovler.com.
This Solicitation Statement, the enclosed written request for
fixing a Record Date (together with Attachment A and Appendix 1 thereto) attached as Exhibit A (the “Record Date Request
Form”), the enclosed form of instruction letter to The Depository Trust Company (“DTC”) attached as Exhibit B-1
(the “DTC Instruction Letter”), the enclosed form of written request for fixing a Record Date from DTC’s nominee
attached as Exhibit B-2 (the “Cede & Co. Record Date Request Form”) and the enclosed form of letter from the brokerage
firm, bank nominee or other institution (the “DTC participant”) that is the holder of record of your shares of Company
Common Stock verifying your beneficial ownership of Company Common Stock attached as Exhibit C (the “Verification Letter”)
are being provided to you solely for the purpose of requesting that the Record Date be fixed by the Company.
If you wish to support the request for fixing a Record Date,
you must complete and return the Record Date Request Form (together with Attachment A and Appendix 1 thereto). Furthermore, the
DTC Instruction Letter, Verification Letter and the Cede & Co. Record Date Request Form must be completed by your DTC participant(s),
pursuant to, and upon, your direction, and the Cede & Co. Record Date Request Form must be executed by Cede & Co.,
as DTC’s nominee, upon DTC’s receipt of a duly executed DTC Instruction Letter and Verification Letter from your DTC
participant(s) on your behalf.
At this time, the Icahn Participants are asking you to complete
and return the Record Date Request Form (together with Attachment A and Appendix 1 thereto), the Verification Letter and Cede &
Co. Record Date Request Form with respect to your shares of Company Common Stock so that the Icahn Participants may deliver the
Written Notice to the Company’s Secretary.
However, the Icahn Participants are NOT, at this time, seeking
your proxy, consent, authorization or agent designation for approval of the Proposals or any other actions.
In the event the Icahn Participants solicit the Requisite
Percentage and the Record Date is fixed by the Company, we intend to solicit consents from you in support of the Proposals by sending
you a consent solicitation statement and a form of consent for use therewith. At that time, you will be able to decide whether
or not you want to support the Proposals. By returning the Record Date Request Form (together with Attachment A and Appendix I
thereto) right now, you are not committing to support the Proposals.
The Icahn Participants are asking the Company’s stockholders
to complete, sign and date the enclosed Record Date Request Form (together with Attachment A and Appendix 1 thereto), to arrange
for the execution of the Cede & Co. Record Date Request Form and Verification Letter by following the steps outlined below,
and to return each of the foregoing to Harkins Kovler at the address below. To effect the execution of the required Verification
Letter and Cede & Co. Record Date Request Form, the Company’s stockholders must arrange for their DTC participant(s)
to sign the Verification Letter with respect to such stockholder’s shares of Company Common Stock and to instruct DTC to
cause Cede & Co., as nominee of DTC, to sign and return the Cede & Co. Record Date Request Form to the stockholder’s
DTC participant(s).
Upon receiving the executed Cede & Co. Record Date Request
Form from Cede & Co., the DTC participant(s) should return the executed Cede & Co. Record Date Request Form and their
executed Verification Letter to the stockholder, who should send the Cede & Co. Record Date Request Form and Verification Letter,
along with the executed Record Date Request Form (together with Attachment A and Appendix 1 thereto), to Harkins Kovler at the
address set forth below, who will gather such documents and provide them to the Icahn Participants for submission to the Company.
The Record Date Request Form and the Cede & Co. Record Date
Request Form ask that the Record Date be fixed as soon as possible following the date on which Record Date Request Forms, Verification
Letters and Cede & Co. Record Date Request Forms are obtained from the Requisite Percentage of stockholders (the “Requisite
Holders”) and Written Notice is delivered to the Company’s Secretary.
Please complete, sign and date the enclosed Record Date Request
Form (together with Attachment A and Appendix 1 thereto) as soon as possible. If any of your shares of Company Common Stock are
held in the name of a brokerage firm, bank nominee or other institution, please arrange to have such DTC participant(s) complete
and sign a Verification Letter and forward that, along with the DTC Instruction Letter, to DTC and, upon their receipt of the executed
Cede & Co. Record Date Request Form from DTC, to return the executed Verification Letter and Cede & Co. Record Date Request
Form to you by following the procedures set forth in the section of this Solicitation Statement titled “Procedures for Stockholders
Submitting Record Date Request Forms (together with Attachment A and Appendix 1 thereto), Verification Letters and Cede & Co.
Record Date Request Forms.”
We request that you not change in any way the Record Date
Request Forms or the Cede & Co. Record Date Request Forms.
If any portion of your shares of Company Common Stock is
sold prior to the date that the Written Notice is delivered to the Company, your Record Date Request Form will be deemed revoked
to the extent of such sale. Therefore, we request that you not sell any portion of your shares (or otherwise reduce your ownership
of the shares as to which you have submitted a Record Date Request Form) until after the date that the Written Notice is delivered
to the Company by the Icahn Participants. Stockholders are entitled to request that a Record Date be fixed by the Board only with
respect to the Shares of Company Common Stock owned by the stockholder as of the date the Written Notice is delivered to the Company.
If you have any questions about completing, executing and
dating your Record Date Request Form (together with Attachment A and Appendix 1 thereto), causing your Verification Letter and
Cede & Co. Record Date Request Form to be executed and returned to you or delivering each of the foregoing documents to Harkins
Kovler, or otherwise require assistance, please contact Harkins Kovler at the address and telephone numbers set forth below.
We encourage you to submit your Record Date Request Form
(together with Attachment A and Appendix 1 thereto), Verification Letter and Cede & Co. Record Date Request Form, even if you
cannot complete your Record Date Request Form (together with Attachment A and Appendix 1 thereto) in full or you believe your Record
Date Request Form (together with Attachment A and Appendix 1 thereto), Verification Letter and/or Cede & Co. Record Date Request
Form may be defective; provided, however, that we reserve the right not to submit any Record Date Request Forms (together with
Attachment A and Appendix 1 thereto), Verification Letters and Cede & Co. Record Date Request Forms if we believe that they
do not comply with the Charter and By-laws. If we believe that your Record Date Request Form (together with Attachment A and Appendix
1 thereto), Verification Letter and/or Cede & Co. Record Date Request Form does not so comply, or the Company notifies us of
such non-compliance, we expect to contact you to describe the potential defect(s) and to provide instructions as to how uncertainty
regarding the validity of your documentation can be eliminated.
We ask that the executed Record Date Request Forms (together
with Attachment A and Appendix 1 thereto), Verification Letters and Cede & Co. Record Date Request Forms be delivered as promptly
as possible, to Harkins Kovler at the address below:
Harkins Kovler, LLC
3 Columbus Circle, 15
th
Floor
New York, NY 10019
Telephone: +1 (212) 468-5380
Toll-Free: +1 (800) 339-9883
Email: Icahn-OXY@HarkinsKovler.com
FAX: +1 (212) 468-5381
IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF CONSENT SOLICITATION MATERIALS
In addition to delivering printed versions of this Solicitation
Statement, the Record Date Request Form (together with Attachment A and Appendix 1 thereto), the DTC Instruction Letter, the Verification
Letter and the Cede & Co. Record Date Request Form by mail, this Solicitation Statement, the Record Date Request Form (together
with Attachment A and Appendix 1 thereto), the DTC Instruction Letter, the Verification Letter and the Cede & Co. Record Date
Request Form are also available on the Internet. You have the ability to access and print this Solicitation Statement, the Record
Date Request Form (together with Attachment A and Appendix 1 thereto), the DTC Instruction Letter, the Verification Letter and
the Cede & Co. Record Date Request Form at http://www.Icahn-OXY.com.
THIS SOLICITATION IS BEING MADE BY THE ICAHN PARTICIPANTS, AND
NOT ON BEHALF OF THE COMPANY OR THE BOARD. AT THIS TIME, WE ARE NOT CURRENTLY SEEKING YOUR PROXY, CONSENT, AUTHORIZATION OR AGENT
DESIGNATION FOR APPROVAL OF THE PROPOSALS OR ANY OTHER ACTIONS. WE ARE ONLY ASKING YOU TO COMPLETE, SIGN AND RETURN YOUR RECORD
DATE REQUEST FORM (TOGETHER WITH ATTACHMENT A AND APPENDIX 1 THERETO), VERIFICATION LETTER AND CEDE & CO. RECORD DATE REQUEST
FORM TO FIX A RECORD DATE SO THAT WE MAY DELIVER WRITTEN NOTICE TO THE COMPANY’S SECRETARY.
IN THE EVENT THE ICAHN PARTICIPANTS SOLICIT THE REQUISITE PERCENTAGE
AND THE RECORD DATE IS FIXED BY THE COMPANY, WE INTEND TO SEND YOU SEPARATE CONSENT SOLICITATION MATERIALS RELATING TO THE PROPOSALS.
AT THAT TIME, YOU WILL BE ABLE TO DECIDE WHETHER OR NOT YOU WANT TO SUPPORT THE PROPOSALS.
YOUR RECORD DATE REQUEST FORM (TOGETHER WITH ATTACHMENT A AND
APPENDIX 1 THERETO), VERIFICATION LETTER AND CEDE & CO. RECORD DATE REQUEST FORM ARE IMPORTANT, NO MATTER HOW MANY OR HOW FEW
SHARES OF COMPANY COMMON STOCK YOU OWN. WE URGE YOU TO COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED RECORD DATE REQUEST FORM (TOGETHER
WITH ATTACHMENT A AND APPENDIX 1 THERETO) AND WITH RESPECT TO ANY OF YOUR SHARES OF COMPANY COMMON STOCK HELD THROUGH A DTC PARTICIPANT,
TO FOLLOW THE PROCEDURES SET FORTH IN THE SECTION OF THIS SOLICITATION STATEMENT TITLED “PROCEDURES FOR STOCKHOLDERS SUBMITTING
RECORD DATE REQUEST FORMS (TOGETHER WITH ATTACHMENT A AND APPENDIX 1 THERETO), VERIFICATION LETTERS AND CEDE & CO. RECORD DATE
REQUEST FORMS.”
BACKGROUND TO THE SOLICITATION
On April 12, 2019, Chevron Corporation (“Chevron”)
and Anadarko Petroleum Corporation (“Anadarko”) announced that they had entered into a merger agreement for Chevron
to acquire Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share.
On April 24, 2019, Occidental delivered a letter to the Board
of Directors of Anadarko proposing to acquire Anadarko for $76 per share, in which Anadarko stockholders would receive $38 in cash
and 0.6094 shares of Company Common Stock for each share of Anadarko common stock. This proposal represented a premium of approximately
20% to the value of Anadarko’s pending transaction with Chevron as of April 23, 2019. The Occidental proposal was subject to approval by the Company’s stockholders.
On April 29, 2019, Anadarko announced that it intended to resume
negotiations with Occidental because Anadarko’s board of directors determined that the Occidental proposal could reasonably be expected
to result in a “Superior Proposal” as defined in the merger agreement with Chevron (the “Chevron merger agreement”).
On April 30, 2019, Occidental announced that, in connection
with the financing of its proposal to acquire Anadarko, Berkshire Hathaway, Inc. had committed to invest a total of $10 billion
in Occidental, and would receive cumulative perpetual preferred stock and a warrant to purchase up to 80 million shares of Company
Common Stock.
On May 5, 2019, Occidental and Total SA announced that they
reached an agreement for Total SA to acquire Anadarko’s assets in Africa for a consideration of $8.8 billion in the event
that Occidental entered into and completed its proposal to acquire Anadarko.
On May 5, 2019, Occidental increased the cash portion of its
April 24 offer to 78% cash and 22% stock. The revised offer removed the Occidental stockholder approval condition.
On May 6, 2019, Anadarko announced that the revised Occidental
offer represented a “Superior Proposal” as defined in the Chevron merger agreement and notified Chevron that Chevron
had a right during the four-business day period ending on May 10, 2019 to propose revisions to the Chevron merger agreement or
make another proposal.
On May 9, 2019, Chevron announced that it would
not increase its offer to acquire Anadarko citing cost and capital discipline and stating that it “would not dilute its
returns or erode value to its shareholders for the sake of doing a deal”.
On May 9, 2019, Anadarko terminated the Chevron merger agreement
and paid Chevron a $1 billion termination fee due to Chevron under the terms of the Chevron merger agreement.
On May 9, 2019, after Anadarko terminated the Chevron merger
agreement, Anadarko and Occidental entered into a merger agreement pursuant to which Occidental would acquire Anadarko on the terms
of Occidental’s May 5 proposal.
Between May 2, 2019 and May 30, 2019 the Icahn
Participants purchased shares of Company Common Stock (including shares underlying forward contracts), as set forth in Annex
B hereto.
On May 21, 2019, the Icahn Participants delivered a demand,
pursuant to section 220 of the Delaware General Corporation Law (“DGCL”), to the Company (the “220 Demand”)
requesting access to certain books and records of the Company relating to the Anadarko transaction.
On May 28, 2019, the Company responded to the 220 Demand stating
that it was “considering the demand, and … will contact you shortly to discuss the Company’s position and response.”
On May 30, 2019, the Icahn Participants filed a complaint in
the Court of Chancery of the State of Delaware to demand a review of documents relating to the Anadarko transaction.
On June 7, 2019, a trial was scheduled with respect to the 220
Demand for September 20, 2019.
On June 14, 2019, the Company answered the plaintiffs’
complaint in the 220 Demand stating that the plaintiffs had not stated a proper purpose for the inspection of the Company’s
books and records and denying that the plaintiffs were entitled to any relief.
On June 21, 2019, the Icahn Participants exercised the forward
contracts as set forth in Annex B hereto.
On June 24, 2019, Mr. Icahn had a telephone discussion with
the CEO of Occidental to discuss his views on the Company.
On June 26, 2019, the Icahn Participants filed
a preliminary copy of this Solicitation Statement with the SEC, as amended on July 11, 2019.
On June 27, 2019, Mr. Icahn and his associates met with
the CEO and other representatives of Occidental to discuss Mr. Icahn’s views on the Company.
On July 2, 2019, the Company filed a Preliminary
Revocation Solicitation Statement, as amended on July 5, 2019 and July 16, 2019.
On July 3, 2019 and July 6, 2019, Mr. Icahn and a representative
of Occidental had telephone calls to discuss Mr. Icahn’s views on the Company.
On July 10, 2019, Mr Icahn and his associates had a telephone
call with the CEO of Occidental to discuss matters related to the Company.
On July 18,
2019, the
Icahn Participants filed this
Solicitation Statement with the SEC.
REASONS FOR THE SOLICITATION
The Icahn Participants believe that the Company’s current
directors have made a number of mistakes in how and at what cost they pursued the Anadarko transaction. In addition to agreeing
to expensive financing, the Company also structured the Anadarko transaction in a manner that deprived the stockholders of
the Company of the right to vote on the transformational Anadarko transaction. The Icahn Participants believe that this reveals
a disregard for stockholder rights and the principles of good governance.
The Icahn Participants believe that the Anadarko transaction
is a high-risk strategy that, if given the opportunity, may not have been approved by the Company’s stockholders. In
the opinion of the Icahn Participants, the Board and management of the Company structured the transaction to avoid requiring stockholder
approval, even though the terms and conditions of the Anadarko transaction will fundamentally transform the Company’s business
and prospects.
In the opinion of the Icahn Participants, the path
to greater value for the Company’s stockholders is through good governance. More specifically, the Icahn
Participants believe it is important to add the Director Nominees named in this Solicitation Statement to
the Board to oversee future extraordinary transactions. In addition to safeguarding against the pursuit of transformational
transactions without stockholder approval, the Icahn Participants believe that the election of new directors will also help
to ensure the achievement of the Board’s and management’s projected stated cost savings and deal synergies for
the Anadarko transaction. Finally, the Icahn Participants believe that the election of new directors, together with the formation of a
new Strategic Review Committee of the Board, will help ensure that alternatives to maximize value for stockholders will be
considered and, if appropriate, pursued by the Board and management of the Company.
The Icahn Participants believe that the Board has acted
and continues to act with a complete disregard with respect to stockholder demands and good governance. For example, at the Company’s
2019 annual meeting of stockholders, the Company’s stockholders proposed to reduce the requisite percentage of stockholders
to call a special meeting from 25% to 15%. The proposing stockholders argued, in summary, that the lowered percentage (i) would
not impact the Board’s ability to call its own special meeting, (ii) would help counteract the time constraints and detailed
technical requirements otherwise built into the special meeting provision included in the By-laws and (iii) would provide stockholders
with greater standing to have impact on director refreshment. Despite these legitimate grounds, the Board opposed the proposal,
comparing its threshold to that of other public companies, without acknowledging the particularly burdensome procedural and timing
requirements of the Company’s special meeting provision. Despite the Company’s opposition, the proposal was approved
by 59.48% of the Company’s stockholders, as reported in the Current Report on Form 8-K filed on May 10, 2019. To our knowledge,
the Board has failed to heed the message from the stockholders and has not taken proper actions to propose a resolution to reduce
the ownership threshold from 25% to 15% as was approved by stockholders. Even worse, the Company stated in its preliminary revocation
solicitation statement filed with the SEC on July 2, 2019, that we could not deliver Written Requests for a Record Date with respect
to a proposal in this Solicitation Statement that the Board propose a resolution to amend the Charter and By-laws to reduce the
ownership percentage as approved by stockholders, because such a proposal was already presented at a meeting of stockholders.
The Director Nominees, if elected, will support a resolution
to amend the Charter and By-laws to reduce the ownership percentage from 25% to 15% and heed the message that stockholders have
already delivered to the Company.
Finally, the Icahn Participants have observed that the Charter
and By-laws include a number of cumbersome restrictions, which we believe impede the rights of stockholders to nominate directors
at an annual meeting, call a special meeting of stockholders or to act by written consent.
Proposed By-law Amendments
Special Meeting Process
Occidental has stated that permitting the appropriate number
of stockholders to call a special meeting promotes stockholder democracy; however, we believe that the conditions that the Company
has imposed on this right are overly restrictive and effectively deprive stockholders of the ability to exercise this right. The
Company’s By-laws currently require that a request for a special meeting (a “Special Meeting Request”) be signed
by holders of record (as opposed to beneficial holders) of 25% of the outstanding shares of Company Common Stock. Each holder of
record who wishes to join in a Special Meeting Request is required to provide extensive disclosures and representations, which
we believe are largely irrelevant to any legitimate concern Occidental may have. Following the receipt of a Special Meeting Request,
the Board may wait up to 90 days before holding such meeting, significantly longer than the maximum of 60 days following notice
of a meeting before a meeting must be held under the DGCL. We believe these burdensome information and procedural requirements
– made more onerous by the fact that they are required of record holders (as opposed to beneficial holders) – serve
to deter all but the largest stockholders (who may have the organizational resources to comply) from joining in requesting a special
meeting. We further believe the ability for the Board to delay holding a properly requested special meeting for up to three months
greatly diminishes the accountability of management to respond to stockholder initiatives and concerns.
Annual Meeting Advance Nomination Deadline
The current By-laws provide that nominations of persons
for election to the Board may be made at an annual meeting by any stockholder who complies with the notice procedures and other
requirements in the Bylaws. Among other requirements, the Bylaws require that the stockholder give notice to the Company of director
nominees between September 1 and November 30 of the year preceding the annual meeting. Advance nomination deadlines are intended
to require a stockholder to provide prior notice to a corporation of a stockholder’s director nominees to facilitate an
orderly meeting and ensure that stockholders receive prior information about matters to be voted upon at the meeting. However,
we believe that the current deadline is unduly restrictive and greatly diminishes a stockholder’s right to propose director
nominees. The Company typically holds its annual meeting in May, thus requiring at least five months advance notice, which we
believe is much longer than customary advance notice deadlines. In fact, the By-laws provide a different deadline for stockholder
proposals of business to be transacted upon, other than the election of directors. That deadline is between 70 and 90 days prior
to the anniversary date of the immediately preceding annual meeting. We believe that this deadline provides the Company with ample
advance notice to hold an orderly meeting and ensure that stockholders receive prior information without unduly restricting a
stockholder’s right to propose director nominees. Accordingly, we are seeking to amend the By-laws so that the advance nomination
deadline for nominating directors at the annual meeting is the same as the deadline for proposals of business to be transacted
upon at the annual meeting.
The amendments we are proposing would have the effect of
(i) allowing beneficial holders in addition to record holders to join in signing a Special Meeting Request, (ii) requiring certain
of the stockholder disclosure requirements and representations to be made by only the stockholder proposing the Special Meeting
Request rather than by all stockholders who may opt to join in such request, (iii) shortening the advance notice deadline for
director nominations at an annual meeting and (iv) shortening the time period in which the Board must hold a properly requested
special meeting from 90 days to 60 days from the date that a Special Meeting Request is delivered. The Icahn Participants believe
the proposed modifications are consistent with how special meeting provisions are generally drafted.
Proposed Charter Amendments
Written Consent Process
The Company’s Charter currently provides that an action
by written consent may be initiated only after a request for a record date is made by holders of record (as opposed to beneficial
holders) of 20% of the outstanding shares of the Company Common Stock. Each holder of record who wishes to join in a request for
a record date is required to provide extensive disclosures. Even in the event that stockholders succeed in requesting a record
date, the Charter significantly limits the types of actions that may be taken by written consent. For example, among other things,
a request for a record date in connection with a written consent relating to the election or removal of directors may not be properly
made if a proposal for any election or removal of directors was presented at a stockholders meeting within the previous 90 days,
even if the same nominees were not involved.
In opposing other stockholder-friendly proposals, Occidental
has touted that its stockholders have the ability to act by written consent and has stated that such right provides stockholders
with meaningful opportunities to express their views and concerns. However, we believe that the cumulative effect of the conditions
built into the Charter and By-laws make the right substantially more difficult for stockholders to exercise, and therefore less
meaningful.
The amendments we are proposing would have the effect of eliminating
the requirement that stockholders first complete the onerous process of requesting a record date before proposing an action by
written consent. If this proposal passes and is fully implemented by the Board, we believe these resolutions would empower stockholders
by giving them a meaningful ability to act by written consent in accordance with the DGCL, and therefore a greater ability to effect
needed change at the Company.
PROPOSALS FOR ACTION BY WRITTEN CONSENT
If the Written Notice is delivered to the Company in accordance
with the Charter and the Record Date is fixed by the Company, we intend to present the following Proposals for action by written
consent of stockholders:
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Proposal 1A:
“RESOLVED, that Spencer Abraham, a
current director on the Board, and any replacement director(s) appointed or elected to fill a vacancy of such Board
seat (other than any Director Nominee set forth herein), be and hereby is removed from the Board.”
Proposal 1B:
“RESOLVED, that Eugene L.
Batchelder, a current director on the Board, and any replacement director(s) appointed or elected to fill a vacancy of
such Board seat (other than any Director Nominee set forth herein), be and hereby is removed from the Board.”
Proposal 1C:
“RESOLVED, that Margaret
M. Foran, a current director on the Board, and any replacement director(s) appointed or elected to fill a
vacancy of such Board seat (other than any Director Nominee set forth herein), be and hereby is removed
from the Board.”
Proposal 1D:
“RESOLVED, that Avedick
B. Poladian, a current director on the Board, and any replacement director(s) appointed or elected to fill a vacancy
of such Board seat (other than any Director Nominee set forth herein), be and hereby is removed from
the Board.”
Proposal 1E:
“RESOLVED, that the
number of directors on the Board be expanded by such number of directors as necessary to accommodate the appointment of
the Director Nominees approved by the stockholders pursuant to Proposal 2A-2D if an insufficient number of vacancies are
created after the removal of directors pursuant to Proposal 1A-1D.”
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Section 141(k) of the DGCL, provides that any director
or the entire Board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at
an election of the Company’s directors. The approval and passage of Proposal 1E is conditioned upon the passage of Proposal
3 that provides that the size of the Board may be fixed by a resolution adopted by a majority of stockholders from
time to time.
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Proposal 2A
:
“RESOLVED,
that the following individual, John D. Hofmeister, be and hereby is elected or appointed to serve as a director of the
Company to fill the vacancies created by the removal of directors pursuant to Proposal 1A-1D or expansion of the
Board pursuant to Proposal 1E.”
Proposal 2B
:
“RESOLVED,
that the following individual, Alan W. LeFevre, be and hereby is elected or appointed to serve as a director of the Company
to fill the vacancies created by the removal of directors pursuant to Proposal 1A-1D or expansion of the Board pursuant
to Proposal 1E.”
Proposal 2C
:
“RESOLVED,
that the following individual, Nicholas Graziano, be and hereby is elected or appointed to serve as a director of the
Company to fill the vacancies created by the removal of directors pursuant to Proposal 1A-1D or expansion of the Board
pursuant to Proposal 1E.”
Proposal 2D
:
“RESOLVED,
that the following individual, Andrew N. Langham, be and hereby is elected or appointed to serve as a director of the
Company to fill the vacancies created by the removal of directors pursuant to Proposal 1A-1D or expansion of the Board
pursuant to Proposal 1E.”
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The director nominees named in Proposal 2A-2D are herein referred
to individually as a “Director Nominee” and collectively, as the “Director Nominees.”
The Charter provides that all actions required
or permitted to be taken by the holders of shares of Company Common Stock may be effected by the written consent of such
holders pursuant to Section 228 of the DGCL. Section 228 of the DGCL provides, in relevant part, that any action required to
or which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, if consents in
writing are signed by the holders of outstanding stock having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. The
By-laws provide that unless otherwise required by law, the Charter or the By-laws, any question brought before any meeting
of stockholders shall be decided by the affirmative vote of a majority of the shares present in person or by proxy at
the meeting and entitled to vote on the subject matter.
If Proposal 1E and Proposal 3 are
not approved by stockholders, and the number of Director Nominees approved pursuant to Proposal 2A-2D are greater than the number
of vacancies created after the removal of directors pursuant to Proposal 1A-1D, the approved Director Nominees will be appointed
to fill such vacancies in an order of priority based upon those Director Nominees receiving the highest number of consents.
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Proposal 3
:
“RESOLVED, that the By-laws are hereby amended by replacing the first sentence of ARTICLE III, SECTION 1 with the following: ‘
Subject to the rights, if any, of holders of preferred stock issued by the Corporation to elect directors of the Corporation, the Board of Directors shall consist of one or more directors, the number of which shall be established by resolution duly adopted by the Board of Directors or by a majority of stockholders from time to time
.’”
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In the event that Proposal 3 passes, Article III, Section
1 of the By-laws would be amended as set forth on Exhibit D-1.
Section 109 of the DGCL provides that the power to adopt, amend
or repeal bylaws shall be in the stockholders entitled to vote. Section 216(2) of the DGCL, provides that in all matters
other than the election of directors, the affirmative vote of the majority of shares present in person or represented by proxy
at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. The Charter provides that all
actions required or permitted to be taken by the holders of shares of Company Common Stock may be effected by the written consent
of such holders pursuant to Section 228 of the DGCL. Section 228 of the DGCL provides, in relevant part, that any action required
to or which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, if consents in writing
are signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize
or take such action at a meeting at which all shares entitled to vote thereon were present and voted.
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Proposal
4
:
“RESOLVED, that the By-laws are hereby amended by replacing the first sentence of the third paragraph
of ARTICLE III, SECTION 2 with the following: ‘
To be timely pursuant to this Section
2, a stockholder’s notice to the Secretary must be delivered to or mailed and received at the principal executive offices
of the Corporation, not less than seventy (70) days nor more than ninety (90) days prior to the anniversary date of the immediately
preceding Annual Meeting; provided, however, that in the event that the Annual Meeting is called for a date that is not within
thirty (30) days before or after such anniversary date, notice by the stockholder to be timely must be so received not later
than the close of business on the tenth (10th) day following the day on which such notice of the date of the Annual Meeting
was mailed or such public disclosure was made, whichever first occurs. In no event shall the public announcement of an adjournment
of an Annual Meeting commence a new time period for the giving of a stockholder’s notice as described above
.’”
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In the event that Proposal 4 passes, Article III, Section
2 of the By-laws would be amended as set forth on Exhibit D-2.
Section 109 of the DGCL provides that the power to adopt,
amend or repeal bylaws shall be in the stockholders entitled to vote. Section 216(2) of the DGCL, provides that in all matters
other than the election of directors, the affirmative vote of the majority of shares present in person or represented by proxy
at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. The Charter provides that all
actions required or permitted to be taken by the holders of shares of Company Common Stock may be effected by the written consent
of such holders pursuant to Section 228 of the DGCL. Section 228 of the DGCL provides, in relevant part, that any action required
to or which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, if consents in writing
are signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize
or take such action at a meeting at which all shares entitled to vote thereon were present and voted.
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Proposal 5
:
“RESOLVED, that ARTICLE
II, SECTION 3 of the By-laws is hereby amended as set forth in Exhibit D-3 hereto in order to provide simplified mechanics
and a shortened timeline for calling a special meeting of stockholders.”
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In the event that Proposal 5 passes, Article II, Section
3 of the By-laws would be amended as set forth on Exhibit D-3.
Section 109 of the DGCL provides that the power to adopt, amend
or repeal bylaws shall be in the stockholders entitled to vote. Section 216(2) of the DGCL, provides that in all matters
other than the election of directors, the affirmative vote of the majority of shares present in person or represented by proxy
at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. The Charter provides that all
actions required or permitted to be taken by the holders of shares of Company Common Stock may be effected by the written consent
of such holders pursuant to Section 228 of the DGCL. Section 228 of the DGCL provides, in relevant part, that any action required
to or which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, if consents in writing
are signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize
or take such action at a meeting at which all shares entitled to vote thereon were present and voted.
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Proposal 6
:
“RESOLVED, that the
stockholders hereby request that the Board promptly act by designating a Strategic Review Committee of the Board, to
consist of four directors of the Company, to be initially comprised of at least two of the
Director Nominees, that shall, to the fullest extent permitted by Section 141 of the
Delaware General Corporation Law, have and that may exercise all the powers and authority of the
Board in conducting a strategic review process, including the power to engage a financial
advisor, the possible sale of assets of the company or a merger, sale, business combination
or other extraordinary transaction involving the company.”
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The vote sought by this Proposal 6 is advisory and is
not binding on the Board. The Director Nominees, if elected, will support the formation of a Strategic Review Committee.
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Proposal 7
:
“RESOLVED, that the stockholders
hereby request that the Board promptly act by proposing a stockholder resolution to amend Article V.A of the Charter as set
forth on Exhibit E hereto in order to provide simplified mechanics and a shortened timeline for stockholder action by written
consent.”
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The vote sought by this Proposal 7 is advisory and is not
binding on the Board. The Director Nominees, if elected, will support stockholders’ ability to act by written consent without
the restrictive and burdensome requirements currently in place.
We believe that, if adopted by stockholders, the Proposals set
forth above will lead to better governance and better oversight at the Company, which will lead to greater value for stockholders.
We are NOT soliciting proxies or consents at this time with
respect to the Proposals. We will solicit consents in favor of the Proposals only by means of a consent solicitation statement
and form of consent once the Written Notice has been delivered to the Company in accordance with the Charter and the Record Date
has been fixed by the Company.
At that time, you will be able to decide whether or not you want to support the Proposals.
The sole purpose of this solicitation, and the only effect of
your return of the enclosed Record Date Request Form (together with Attachment A and Appendix 1 thereto), and following the instructions
below with respect to any of your shares of Company Common Stock held through a DTC participant, is to request the fixing of a
Record Date.
By returning the Record Date Request Form (together with Attachment A and Appendix I thereto) you are not committing
to support the Proposals at this time.
ACCORDINGLY, WE URGE YOU TO COMPLETE, EXECUTE, DATE AND
RETURN THE ENCLOSED RECORD DATE REQUEST FORM (TOGETHER WITH ATTACHMENT A AND APPENDIX 1 THERETO) TO HARKINS KOVLER AT THE
ADDRESS SET FORTH HEREIN, AND FOLLOW THE INSTRUCTIONS BELOW WITH RESPECT TO ANY OF YOUR SHARES OF COMPANY COMMON STOCK HELD
THROUGH A DTC PARTICIPANT.
THE RECORD DATE REQUEST
Record Date Request Form (together with Attachment A and
Appendix 1 thereto)
. The Icahn Participants are asking the stockholders to complete, execute, date and return the enclosed
Record Date Request Form (together with Attachment A and Appendix 1 thereto) to Harkins Kovler at the address set forth herein.
We are furnishing this Solicitation Statement, the Record Date Request Forms (together with Attachment A and Appendix 1 thereto)
to enable you and the Company’s other stockholders to support us in requesting that the Company fix the Record Date.
Cede & Co. Record Date Request Form
. The Icahn Participants
are also asking stockholders to arrange for their DTC participant(s) to sign the Verification Letter with respect to their shares
of Company Common Stock and to instruct DTC to cause Cede & Co., as DTC’s nominee, to sign and return the Cede &
Co. Record Date Request Form to their DTC participant(s). Stockholders may do this by having their DTC participant(s) complete
and sign the DTC Instruction Letter (included as Exhibit B-1 hereto) and the Verification Letter (included as Exhibit C hereto),
and sending those documents to DTC. Upon DTC’s receipt of a completed DTC Instruction Letter and Verification Letter executed
by a DTC participant, Cede & Co. will sign and return the Cede & Co. Record Date Request Form to the DTC participant.
The DTC participant should return the executed Cede & Co. Record Date Request Form from Cede & Co. along with their
executed Verification Letter to the stockholder. The stockholder should then deliver the executed Record Date Request Form (together
with Attachment A and Appendix 1 thereto), the Verification Letter and the Cede & Co. Record Date Request Form to Harkins Kovler,
at the address set forth herein, which will gather such documents and provide them to the Icahn Participants for submission to
the Company as part of the Written Notice.
Requisite Holders
. For the Record Date to be properly
requested in accordance with the Charter, the Written Notice must be signed by the Requisite Holders.
On the date of filing of this Solicitation Statement, the
Icahn Participants are the beneficial holders of 33,244,429 shares of Company Common Stock. According to the Company’s Preliminary
Revocation Solicitation Statement, as filed with the SEC on July 16, 2019, there were 748,348,543 shares of Company Common Stock
outstanding as of July 11, 2019.
Based on the number of shares of Company Common Stock
outstanding, Record Date Requests and other required documents representing an aggregate of at least 149,669,709 shares
of Company Common Stock, including the shares held by the Icahn Participants, will be required to request the fixing of
the Record Date. The Icahn Participants anticipate submitting Written Notice to the Company’s Secretary on the
first business day after the Icahn Participants believe that they have obtained Record Date Request Forms from the
Requisite Percentage of stockholders. The Icahn Participants do not intend to set a date by which the Written Notice will be
or must be submitted to the Company’s Secretary.
The Record Date Request Form and Cede & Co. Record Date
Request Form ask that the Record Date be fixed as soon as possible following the date on which the Written Notice is delivered
to the Company’s Secretary.
In the event the the Icahn Participants solicit the Requisite Percentage and the Record Date
is fixed by the Company, we intend to solicit consents from you in support of the Proposals by sending you a consent solicitation
statement and a form of consent for use therewith. At that time, you will be able to decide whether or not you want to support
the Proposals
PROCEDURES FOR STOCKHOLDERS SUBMITTING
RECORD DATE REQUEST FORMS (TOGETHER WITH ATTACHMENT A AND APPENDIX 1 THERETO), VERIFICATION LETTERS AND CEDE & CO. RECORD DATE
REQUEST FORMS
Pursuant to this Solicitation Statement, the Icahn Participants
are requesting that the stockholders of the Company request that the Company fix a Record Date in connection with the proposed
actions by written consent by taking the following actions:
(1) complete, execute and date the
Record Date Request Form attached hereto as Exhibit A, including the stockholder information required to be delivered as part of
a Record Date Request Form (Attachment A thereto) and information regarding purchases and sales of Company securities by the requesting
stockholder (Appendix 1 thereto), by which you will empower us to deliver your executed Record Date Request Forms, Cede & Co.
Record Date Request Forms and Verification Letters, as applicable, to the Company’s Secretary on your behalf,
(2) direct your DTC participant to
complete and deliver the DTC Instruction Letter attached hereto as Exhibit B-1 and the Verification Letter attached hereto as Exhibit
C to DTC to cause Cede & Co. to execute and return the Cede & Co. Record Date Request Form attached as Exhibit B-2
hereto to your DTC participant, and direct your DTC participant to return the executed Cede & Co. Record Date Request Form
and their executed Verification Letter to you, and
(3) deliver to Harkins Kovler at the
address set forth in this Solicitation Statement your executed Record Date Request Form (together with Attachment A and Appendix
1 thereto), Verification Letters and Cede & Co. Record Date Request Forms. We request that you not change in any way the Record
Date Request Forms or the Cede & Co. Record Date Request Forms.
The enclosed Record Date Request Form (together with Attachment
A and Appendix 1 thereto) reflects our good faith effort to identify all the information required by the Charter and the related
requirements in the By-laws in connection with the Written Notice. However, we believe that the Charter and By-laws requirements
are difficult to interpret. We expect that the Company will take actions seeking to frustrate the fixing of the Record Date, including
by claiming that Record Date Request Forms do not comply with the Charter in an attempt to avoid or delay the fixing of the Record
Date. We encourage you to submit your Record Date Request Form (together with Attachment A and Appendix 1 thereto), Verification
Letter and Cede & Co. Record Date Request Form, even if you cannot complete your Record Date Request Form (together with Attachment
A and Appendix 1 thereto) in full or you believe your Record Date Request Form (together with Attachment A and Appendix 1 thereto),
Verification Letter and/or Cede & Co. Record Date Request Form may be defective; provided, however, that we reserve the right
not to submit any Record Date Request Forms (together with Attachment A and Appendix 1 thereto), Verification Letters and Cede
& Co. Record Date Request Forms if we believe that they do not comply with the Charter, By-laws or the DGCL. If we believe
that your Record Date Request Form (together with Attachment A and Appendix 1 thereto), Verification Letter and/or Cede & Co.
Record Date Request Form does not so comply, or the Company notifies us of such non-compliance, we expect to contact you to describe
the potential defect(s) and to provide instructions as to how uncertainty regarding the validity of your documentation can be eliminated.
Procedures for Custodians, Nominees and Fiduciaries Arranging
for Execution of Verification Letters and Cede & Co. Record Date Request Forms
. Stockholders should direct their DTC participant(s)
through which they hold their shares of Company Common Stock to:
(1) complete and sign the Verification Letter
included as Exhibit C hereto for the same aggregate number of shares of Company Common Stock as the DTC participant holds of record
for such stockholder;
(2) complete and sign the DTC Instruction
Letter included as Exhibit B-1 hereto for the same aggregate number of shares of Company Common Stock as the DTC participant holds
of record for such stockholder;
(3) complete the Cede & Co. Record Date
Request Form included as Exhibit B-2 hereto for the same aggregate number of shares of Company Common Stock as the DTC participant
holds of record for such stockholder; and
(3) send the duly completed and signed DTC
Instruction Letter, Verification Letter and the duly completed Cede & Co. Record Date Request Form to DTC by email and overnight
mail, thereby instructing DTC to cause Cede & Co., DTC’s nominee, to sign and return the Cede & Co. Record Date
Request Form to the DTC participant;
(4) immediately upon receiving the signed
Cede & Co. Record Date Request Form from Cede & Co., return the Cede & Co. Record Date Request Form executed by Cede &
Co., along with the Verification Letter executed by such DTC participant, to the stockholder.
Please note that DTC may take at least 48 hours to execute and
return a Cede & Co. Record Date Request Form. We urge you to send the form of DTC Instruction Letter, the Verification Letter
and Cede & Co. Record Date Request Form to your DTC participant as soon as possible so that they may be processed on a timely
basis.
Regardless of whether you hold your shares through a DTC
participant, you must still complete, sign, date and return the enclosed Record Date Request Form (together with Attachment A and
Appendix 1 thereto) to Harkins Kovler at the address set forth in this Solicitation Statement.
Sales of Your Company Common Stock
. If any portion
of your shares of Company Common Stock is sold prior to the date that the Written Notice is delivered to the Company, your Record
Date Request Form will be deemed revoked to the extent of such sale. Therefore, we request that you not sell any portion of your
shares (or otherwise reduce your ownership of the shares as to which you have submitted a Record Date Request Form) until after
the date that the Written Notice is delivered to the Company by the Icahn Participants. Stockholders are entitled to request that
a Record Date be fixed by the Board only with respect to the shares of Company Common Stock owned by the stockholders as of the
date the Written Notice is delivered to the Company.
Updates to Your Record Date Request Form
. If there is
any update that needs to be made with respect to the information you provided in your Record Date Request Form after your submission,
please further update and supplement the information as necessary and send it to Harkins Kovler at the address and telephone number
set forth in this Solicitation Statement.
Written Notice for fixing Record Date
. If we receive
executed Record Date Request Forms (together with Attachment A and Appendix 1 thereto), Verification Letters and Cede & Co.
Record Date Request Forms from the Requisite Percentage of stockholders, we intend to request the Secretary of the Company to promptly
fix the Record Date.
Please note that the delivery of the enclosed Record Date Request Form (together with Attachment A and
Appendix 1 thereto), Verification letter and Cede & Co. Record Date Request Form will not commit you to cast any vote in respect
of any Proposal
. In the event the the Icahn Participants solicit the Requisite Percentage and the Record Date is fixed by the
Company, we intend to solicit consents from you in support of the Proposals by sending you a consent solicitation statement and
a form of consent for use therewith.
Revocation Procedure
. Stockholders who have executed
and delivered a Record Date Request Form may revoke it at any time before it is delivered by the Icahn Participants to the Company,
by delivering an instrument revoking the Record Date Request Form, to Harkins Kovler at the address set forth in this Solicitation
Statement.
Questions and Assistance
.
Your Record Date Request Form (together with Attachment A and
Appendix 1 thereto), Verification Letter and Cede & Co. Record Date Request Form, as applicable, are important, no matter how
many or how few shares of Company Common Stock you own.
The failure to sign and return the Record Date Request Form (together
with Attachment A and Appendix 1 thereto), Verification Letter and Cede & Co. Record Date Request Form, as applicable, will
have the same effect as opposing the fixing of the Record Date.
If you have any questions about completing, executing and dating
your Record Date Request Form (together with Attachment A and Appendix 1 thereto), causing your Verification Letter and Cede &
Co. Record Date Request Form to be executed and returned to you or delivering each of the foregoing documents to Harkins Kovler,
or otherwise require assistance, please contact:
Harkins Kovler, LLC
3 Columbus Circle, 15
th
Floor
New York, NY 10019
Telephone: +1 (212) 468-5380
Toll-Free: +1 (800) 339-9883
Email: Icahn-OXY@HarkinsKovler.com
FAX: +1 (212) 468-5381
By delivering the enclosed Record Date Request Form (including
Attachment A and Appendix 1 thereto), Verification Letter and Cede & Co. Record Date Request Form to Harkins Kovler at the
address set forth herein, you are not committing to cast any vote in respect of, nor are you granting us any proxy to vote on,
any Proposal for action by written consent.
After the Record Date is fixed by the Company, we intend to solicit consents from
you in support of the Proposals by sending you a consent solicitation statement and a form of consent for use therewith.
SOLICITATION OF REQUESTS; EXPENSES
The Icahn Participants will bear the entire expense of preparing
and mailing this Solicitation Statement and any other soliciting material and the total expenditures relating to delivering the
Written Notice to the Company’s Secretary, including costs, if any, related to advertising, printing, fees of attorneys,
financial advisors, solicitors and accountants, public relations, and litigation. We may solicit your proxy by telephone, email,
facsimile, and personal solicitation, in addition to by mail. We will reimburse the reasonable out-of-pocket expenses of banks,
brokerage houses, and other custodians, nominees, and fiduciaries in connection with the forwarding of solicitation material to
the beneficial owners of Company Common Stock that such institutions hold and for reasonable expenses incurred in communicating
with DTC.
Only one copy of this Solicitation Statement is being delivered
to multiple stockholders who share an address unless we received contrary instructions from one or more of the stockholders.
We will deliver promptly upon written or oral request a separate copy of this Solicitation Statement to a stockholder at a shared
address to which a single copy of this Solicitation Statement was delivered. Requests for additional copies of this Solicitation
Statement, requests that in the future separate communications be sent to stockholders who share an address, and requests that
in the future a single communication be sent to stockholders who share an address should be made by contacting Harkins Kovler
at:
Harkins Kovler, LLC
3 Columbus Circle, 15
th
Floor
New York, NY 10019
Telephone: +1 (212) 468-5380
Toll-Free: +1 (800) 339-9883
Email:
Icahn-OXY@HarkinsKovler.com
FAX: +1 (212) 468-5381
Harkins Kovler has been retained to assist in this solicitation
and will receive customary fees for its services, plus reimbursement of reasonable out-of-pocket expenses. Harkins Kovler will
be indemnified against certain liabilities and expenses, including certain liabilities under the federal securities laws. The firm
will utilize approximately 30 persons in its solicitation efforts.
The Icahn Participants currently estimate that their solicitation
expenses will amount to not less than $800,000. The Icahn Participants do not intend to seek reimbursement from Occidental
for the costs and expenses incurred in connection with this Solicitation Statement or any subsequent consent solicitation.
CERTAIN INFORMATION REGARDING THE COMPANY
The Company is a Delaware corporation with its principal executive
offices at 5 Greenway Plaza, Suite 110, Houston, Texas 77046.
The Company is subject to the informational filing requirements
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in accordance therewith it files periodic
reports, proxy statements and other information with the SEC. These reports, proxy statements and other information filed by the
Company with the SEC can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E.,
Room 1580, Washington, D.C. 20549. Information regarding the public reference facilities may be obtained from the SEC by calling
(202) 551-8090. The Company’s filings with the SEC, and copies of the Charter and By-laws, are also available to the
public without charge on the SEC’s website at http://www.sec.gov.
Except as otherwise noted herein, the information concerning
the Company contained in this Solicitation Statement has been taken from or based upon publicly available documents and records
on file with the SEC and other public sources. Although we do not have any knowledge that would indicate that any statement contained
herein based upon such documents and records is untrue, we have not independently verified the accuracy or completeness of such
information and do not take any responsibility for the accuracy or completeness of the information contained in such documents
and records, or for any failure by the Company to disclose events that may affect the significance or accuracy of such information.
For information regarding the security ownership of the directors and the management of the Company, please refer to Annex A attached
to this Solicitation Statement.
FUTURE STOCKHOLDER PROPOSALS
The following description
of the requirements for submitting stockholder proposals and nominating directors to be included in the Company’s proxy statement
for its 2020 annual meeting are reprinted from the Company’s definitive proxy statement filed with the SEC on March 28, 2019:
Stockholder Proposals for
the 2020 Annual Meeting
Stockholders interested in submitting
a proposal for inclusion in the proxy statement and proxy card relating to the 2020 Annual Meeting of Stockholders may do so by
following the procedures in Rule 14a-8 under the Exchange Act. To be eligible for inclusion, stockholder proposals must be addressed
to Occidental’s Corporate Secretary at Occidental Petroleum Corporation, 5 Greenway Plaza, Suite 110, Houston, Texas 77046,
and be received no later than the close of business on November 29, 2019.
Under Occidental’s by-laws, stockholders must
follow certain procedures to introduce an item of business at an annual meeting that is not included in the proxy materials. These
procedures require that any such item of business must be submitted in writing to the Corporate Secretary at Occidental Petroleum
Corporation, 5 Greenway Plaza, Suite 110, Houston, Texas 77046. Notice of the proposed item of business must be received no earlier
than February 10, 2020 and no later than March 1, 2020, and must include the information required by Occidental’s by-laws.
A copy of the by-laws may be obtained by writing to the Corporate Secretary at the address listed above.
In either case, the stockholder submitting the proposal
or a representative of the stockholder must present the proposal in person at the meeting.
The chairman of the meeting may refuse to allow the
transaction of any item of business not presented in compliance with Occidental’s by-laws. In addition, the individuals named
as proxies will have discretionary voting authority to vote against any such item of business.
Proxy Access Procedure to Nominate Candidates
In 2015, with input from stockholders, the Board amended
Occidental’s by-laws to permit a group of up to 20 stockholders, owning 3% or more of Occidental’s outstanding common
stock continuously for at least three years to nominate and include in Occidental’s proxy materials directors constituting
up to 20% of the Board, but not less than two directors, provided that the stockholder(s) and the nominee(s) meet the requirements
in Article III, Section 15 of the by-laws. To be included in the 2020 proxy materials, director nominations pursuant to Article
III, Section 15 must be received no earlier than October 30, 2019 and no later than November 29, 2019.
INFORMATION REGARDING THE DIRECTOR NOMINEES
Background information about each of the Director Nominees
is set forth below.
The Icahn Participants believe that the Director Nominees’
business experiences, as well as their knowledge of operations, investments, corporate finance, mergers and acquisitions, corporate
governance and the energy industry, will enhance the business expertise and leadership of the Board. We also believe that each
Director Nominee is a strong stockholder-oriented individual who is well qualified to serve as a member of the Board and will help
represent the best interests of the Company’s stockholders.
We believe that each Director Nominee would be considered independent
under the Board’s independence guidelines, the independence requirements of the New York Stock Exchange, and the independence
standards applicable to the Company under paragraph (a)(1) of Item 407 of Regulation S-K under the Exchange Act.
Each Director Nominee has consented to be named in this Solicitation
Statement and to serve as a director of the Company if elected. The Director Nominees, if elected, have indicated that they intend
to discharge their duties as directors of the Company consistent with all applicable legal requirements, including the general
fiduciary obligations imposed upon corporate directors. If elected, each Director Nominee will serve as a director until the Company’s
annual meeting in 2020 and until a successor has been duly elected.
The information herein regarding a particular Director Nominee
has been furnished to the Icahn Participants by such Director Nominee.
Director Nominee Biographies.
John D. Hofmeister
, age 71
Upon retirement as President of Shell Oil Company in 2008, Mr.
Hofmeister founded and heads the not-for-profit membership association, Citizens for Affordable Energy. This public policy
firm promotes sound U.S. energy security solutions for the nation, including a range of affordable energy supplies, efficiency
improvements, essential infrastructure, sustainable environmental policies and public education on energy issues. A business leader
who has participated in the inner workings of multiple industries for over 45 years, Mr. Hofmeister also has held executive leadership
positions in General Electric, Nortel and AlliedSignal (now Honeywell International). Mr. Hofmeister served as the Chairman of
the National Urban League and Chairman of the U.S. Department of Energy’s Hydrogen and Fuel Cell Technical Advisory Committee.
He serves as a non-executive director for Applus+, a Madrid listed company, and Ioneer Ltd., a Sydney listed company; and he was
formerly Chairman of Erin Energy in Houston. He also previously served on the boards of Lufkin Industries and Hunting plc.
Mr. Hofmeister also serves on the boards of the Foreign Policy
Association, Strategic Partners, LLC; and the Gas Technology Institute. Mr. Hofmeister is a Fellow of the National Academy
of Human Resources. He also is a past Chairman and serves as a Director Emeritus of the Greater Houston Partnership. He
is the author of Why We Hate the Oil Companies: Straight Talk from an Energy Insider (Palgrave Macmillan, 2010). Mr. Hofmeister
serves as a Wrigley Scholar in the Global Institute of Sustainability at Arizona State University. He is also a Lecturer
at the University of Houston and Kansas State University. Mr. Hofmeister earned Bachelor’s and Master’s Degrees in
Political Science from Kansas State University. In May 2010 he was awarded an honorary doctorate of letters from the University
of Houston and from Kansas State University in 2014.
Alan W. LeFevre
, age 59
Mr. LeFevre is the former Executive Vice President – Finance
and Chief Financial Officer for Jarden Corporation (“Jarden”), a leading provider of consumer products with a portfolio
of over 120 trusted, quality brands sold globally, from 2014 to 2016. Prior to Jarden, from 1997 to 2014, Mr. LeFevre worked
for Jarden Consumer Solutions (“JCS”), a subsidiary of Jarden and formerly the Sunbeam Corporation, a manufacturer
of home appliances. From 2002 until 2014, Mr. LeFevre was the Executive Vice President of Operations and Chief Financial
Officer for JCS. In this role, in addition to his responsibilities over accounting and finance, Mr. LeFevre also led
the Supply Chain, Manufacturing, Sourcing, Engineering, and Information Technology groups for JCS. From 1997 to 2002, Mr.
LeFevre held positions of increasing responsibilities within the same business unit. Mr. LeFevre started his career with
Arthur Andersen & Co. in 1982. Mr. LeFevre graduated with Distinction from Valparaiso University in 1982 with
a Bachelor of Science in Business Administration degree and was a certified public accountant. Mr. LeFevre is currently on the
Board of Directors for Herbalife Nutrition Ltd. where he is the Chairman of the Audit Committee. Mr. LeFevre also serves
on the Athletics Advisory Board for Valparaiso University.
Nicholas Graziano
, age 47
Mr. Graziano has served as Portfolio Manager of Icahn Capital,
the entity through which Carl C. Icahn manages investment funds, since February 2018. Mr. Graziano was previously the Founding
Partner and Chief Investment Officer of the hedge fund Venetus Partners LP, where he was responsible for portfolio and risk management,
along with day-to-day firm management, from June 2015 to August 2017. Prior to founding Venetus, Mr. Graziano was a Partner and
Senior Managing Director at the hedge fund Corvex Management LP from December 2010 to March 2015. At Corvex, Mr. Graziano played
a key role in investment management and analysis, hiring and training of analysts and risk management. Prior to Corvex, Mr. Graziano
was a Portfolio Manager at the hedge fund Omega Advisors, Inc., where he managed a proprietary equity portfolio and made investment
recommendations, from September 2009 until December 2010. Before Omega, Mr. Graziano served as a Managing Director and Head of
Special Situations Equity at the hedge fund Sandell Asset Management, where he helped build and lead the special situations team
responsible for managing a portfolio of concentrated equity and activist investments, from July 2006 to July 2009. Mr. Graziano
has been a director of: Conduent Incorporated, a provider of business process outsourcing services, since May 2018; Herc Holdings
Inc., an international provider of equipment rental and services, since May 2018; Xerox Corporation, a provider of document management
solutions, since May 2018; and Herbalife Nutrition Ltd., a nutrition company, since April 2018. Carl C. Icahn has non−controlling
interests in each of Conduent, Herc, Xerox and Herbalife through the ownership of securities. Mr. Graziano previously served on
the Board of Directors of each of: Fair Isaac Corporation (FICO) from February 2008 to May 2013; WCI Communities Inc. from August
2007 to August 2009; and InfoSpace Inc. from May 2007 to October 2008. Sandell Asset Management had non−controlling interests
in FICO and InfoSpace through the ownership of securities. Mr. Graziano completed a five-year undergraduate/MBA program at Duke
University earning a BA in Economics and an MBA from The Fuqua School of Business.
Andrew N. Langham
, age 46
Mr. Langham has been General Counsel of Icahn Enterprises L.P. (a diversified holding company engaged
in a variety of businesses, including investment, automotive, energy, food packaging, metals, mining, real estate and home fashion)
since 2014. From 2005 to 2014, Mr. Langham was Assistant General Counsel of Icahn Enterprises. Prior to joining Icahn Enterprises,
Mr. Langham was an associate at Latham & Watkins LLP focusing on corporate finance, mergers and acquisitions, and general
corporate matters. Mr. Langham has been a director of: Cheniere Energy, Inc., a developer of natural gas liquefaction and export
facilities and related pipelines, since 2017; Welbilt, Inc. (formerly known as Manitowoc Foodservice, Inc.), a commercial foodservice
equipment manufacturer, since 2016; and CVR Partners LP, a nitrogen fertilizer company, since 2015. Mr. Langham was previously
a director of: CVR Energy, Inc., a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer
manufacturing industries, from 2014 to 2017; CVR Refining, LP, an independent downstream energy limited partnership, from
2014 to 2019; Freeport-McMoRan Inc., one of the world’s largest publicly traded copper producers, from 2015 to 2018; and
Newell Brands Inc., a global marketer of consumer and commercial products, in 2018. CVR Partners, CVR Refining and CVR Energy
are each indirectly controlled by Carl C. Icahn. Mr. Icahn also has non-controlling interests in Cheniere, Welbilt, Freeport-McMoRan
and Newell Brands through the ownership of securities. Mr. Langham received a B.A. from Whitman College, and a J.D. from the University
of Washington.
CERTAIN INFORMATION REGARDING THE
ICAHN PARTICIPANTS AND DIRECTOR NOMINEES
Icahn Participants
The participants in the solicitation of consents (the “Icahn
Participants”) from stockholders of the Company include the following: Carl C. Icahn, a citizen of the United States of
America, High River Limited Partnership, a Delaware limited partnership (“High River”), Hopper Investments LLC, a
Delaware limited liability company (“Hopper”), Barberry Corp., a Delaware corporation (“Barberry”), Icahn
Partners LP, a Delaware limited partnership (“Icahn Partners”), Icahn Partners Master Fund LP, a Delaware limited
partnership (“Icahn Master”), Beckton Corp., a Delaware corporation (“Beckton”), Icahn Enterprises G.P.
Inc., a Delaware corporation (“Icahn Enterprises GP”), Icahn Enterprises Holdings L.P., a Delaware limited partnership
(“Icahn Enterprises Holdings”), IPH GP LLC, a Delaware limited liability company (“IPH”), Icahn Capital
LP, a Delaware limited partnership (“Icahn Capital”), Icahn Onshore LP, a Delaware limited partnership (“Icahn
Onshore”), and Icahn Offshore LP, a Delaware limited partnership (“Icahn Offshore”).
Icahn Partners, Icahn Master and High River (collectively, the
“Icahn Parties”) are entities controlled by Carl C. Icahn. Barberry is the sole member of Hopper, which is the general
partner of High River. Icahn Offshore is the general partner of Icahn Master. Icahn Onshore is the general partner of Icahn Partners.
Icahn Capital is the general partner of each of Icahn Offshore and Icahn Onshore. Icahn Enterprises Holdings is the sole member
of IPH, which is the general partner of Icahn Capital. Beckton is the sole stockholder of Icahn Enterprises GP, which is the general
partner of Icahn Enterprises Holdings. Carl C. Icahn is the sole stockholder of each of Barberry and Beckton. As such, Mr. Icahn
is in a position indirectly to determine the investment and voting decisions made by each of the Icahn Parties. In addition, Mr.
Icahn is the indirect holder of approximately 91.7% of the outstanding depositary units representing limited partnership interests
in Icahn Enterprises L.P. (“Icahn Enterprises”). Icahn Enterprises GP is the general partner of Icahn Enterprises,
which is the sole limited partner of Icahn Enterprises Holdings.
The Icahn Parties beneficially own, in the aggregate,
33,244,429 shares of Company Common Stock, representing approximately 4.4% of the outstanding shares of Company Common Stock
(based upon the 748,348,543 shares of Company Common Stock outstanding as of July 11, 2019 as disclosed in the
Company’s Preliminary Revocation Solicitation Statement, as filed with the SEC on July 16, 2019.
High River has sole voting power and sole dispositive power
with regard to 6,648,887 shares of Company Common Stock. Each of Hopper, Barberry and Mr. Icahn has shared voting power and shared
dispositive power with regard to such shares of Company Common Stock. Icahn Partners has sole voting power and sole dispositive
power with regard to 15,563,438 shares of Company Common Stock. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Holdings, Icahn
Enterprises GP, Beckton and Mr. Icahn has shared voting power and shared dispositive power with regard to such shares of Company
Common Stock. Icahn Master has sole voting power and sole dispositive power with regard to 11,032,104 shares of Company Common
Stock. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn has shared voting
power and shared dispositive power with regard to such shares of Company Common Stock.
Each of Hopper, Barberry and Mr. Icahn, by virtue of their relationships
to High River, may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Exchange Act), the
shares of Company Common Stock that High River directly beneficially owns. Each of Hopper, Barberry and Mr. Icahn disclaims beneficial
ownership of such shares of Company Common Stock for all other purposes. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises
Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn, by virtue of their relationships to Icahn Master, may be deemed to indirectly
beneficially own (as that term is defined in Rule 13d-3 under the Exchange Act) the shares of Company Common Stock that Icahn Master
directly beneficially owns. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton
and Mr. Icahn disclaims beneficial ownership of such shares of Company Common Stock for all other purposes. Each of Icahn Onshore,
Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn, by virtue of their relationships to
Icahn Partners, may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Exchange Act) the
shares of Company Common Stock that Icahn Partners directly beneficially owns. Each of Icahn Onshore, Icahn Capital, IPH, Icahn
Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn disclaims beneficial ownership of such shares of Company Common
Stock for all other purposes.
The Icahn Parties also own an aggregate of 284,179 shares
of common stock of Anadarko.
The principal business address of each of (i) Icahn Offshore,
Icahn Onshore, Icahn Capital, IPH, Icahn Holdings, Icahn Enterprises GP and Beckton is White Plains Plaza, 445 Hamilton Avenue
- Suite 1210, White Plains, NY 10601 and (ii) Mr. Icahn, Barberry and Hopper is c/o Icahn Capital LP, 767 Fifth Avenue, 47th Floor,
New York, NY 10153. The representation set forth in clause (b)(v) of the third paragraph of Section 2 of Article III of the By-laws
is not applicable in the context of the consent solicitation contemplated by the Written Notice.
Director Nominees
Messrs. Graziano and Langham are employees of Icahn Enterprises.
From time to time, Messrs. Graziano and Langham have served on the boards of directors of entities in which Mr. Icahn and/or his
affiliates have an interest. In such situations where Mr. Icahn does not control such entities, Messrs. Graziano and Langham receive
customary director compensation from such entities (which may include cash fees, equity awards, reimbursement of travel expenses,
indemnification and the like).
Mr. Graziano entered into an employment agreement with an affiliate
of Mr. Icahn on February 14, 2018 (the “Graziano Employment Agreement”), pursuant to which Mr. Graziano is employed
by Icahn Capital LP. The term of the Graziano Employment Agreement commenced on February 14, 2018 and ends on February 12, 2021,
unless earlier terminated under the terms thereof. Pursuant to the Graziano Employment Agreement, Mr. Graziano is not entitled
to any base salary or bonus, but under certain circumstances Mr. Graziano will be eligible to receive a one-time profit sharing
payment equal to the sum of a specified percentage of net investment gains over a specified hurdle for certain investments held
by affiliates of Icahn Capital LP, which such investments include the Company and the Company Common Stock. Under the Graziano
Employment Agreement, Mr. Graziano is also entitled to participate in certain benefit programs and plans of Icahn Enterprises.
He is also subject to certain confidentiality, non-solicit and non-compete obligations thereunder.
Pursuant to the limited partnership agreement of Icahn Enterprises (filed as Exhibit 3.1 to Icahn Enterprises'
Form 10-Q for the quarterly period ended June 30, 2016, filed with the SEC on August 4, 2016), Mr. Graziano and Mr. Langham are
entitled to indemnification for certain losses and expenses incurred in connection with proxy contests and service as a director
on boards of directors of companies in which Icahn Enterprises or its affiliates have an interest (including the contemplated
consent solicitation and any service as a director on the Board).
Messrs. Hofmeister and Le Fevre are a party to a
Nomination Agreement a form of which is attached hereto as Annex C pursuant to which an affiliate of Mr. Icahn has agreed to
pay $10,000 to such Director Nominee if they are not elected to the Board, and has agreed to indemnify such Director Nominee
with respect to certain costs incurred in connection with this solicitation and the contemplated solicitation with respect to
the Proposals.
Except as disclosed herein, the Director Nominees
will not otherwise receive any special compensation in connection with this solicitation or the contemplated solicitation with
respect to the Proposals. Other than as disclosed herein, there are no agreements, arrangements or understandings between any
Director Nominee and the Icahn Participants or any other person or persons with respect to the nomination of such Director Nominee.
Other than as disclosed herein, (i) no Director Nominee
or any associate of a Director Nominee is a party adverse to the Company or any of its subsidiaries or has a material interest
adverse to the Company or any of its subsidiaries in any material proceeding and (ii) there is no event that occurred during
the past 10 years with respect to any of the Director Nominees that is required to be described under Item 401(d) or 401(f)
of Regulation S-K.
Except as disclosed herein, none of the Director Nominees
beneficially own any shares of Company Common Stock or any shares of capital stock or other securities of the Company.
Transactions in the Securities of the Company
Annex B attached hereto sets forth, as to the Icahn Participants
and the Director Nominees, all transactions in securities of the Company effected during the past two years and their beneficial
ownership of securities of the Company.
Additional Information Regarding the Icahn Participants
and Director Nominees
With respect to each Icahn Participant and
Director Nominee, except as set forth herein or in any of the Annexes or Exhibits attached hereto, (i) such Icahn Participant
and Director Nominee is not, nor was within the past year, a party to any contract, arrangement or understanding with any
person with respect to any securities of the Company, including, but not limited to, joint ventures, loan or option
arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or
withholding of proxies; and (ii) neither such Icahn Participant nor Director Nominee nor any of such Person’s associates
have any arrangement or understanding with any person with respect to (A) any future employment by the Company or its
affiliates or (B) any future transactions to which the Company or any of its affiliates will or may be a party.
With respect to each Icahn Participant and
Director Nominee, except as set forth herein or in any of the Annexes or Exhibits attached hereto, (i) during the past
10 years, no Icahn Participant nor Director Nominee has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors); (ii) no associate of any Icahn Participant or Director Nominee owns beneficially, directly or
indirectly, any securities of the Company; (iii) no Icahn Participant or Director Nominee owns beneficially, directly or
indirectly, any securities of any subsidiary of the Company; (iv) no Icahn Participant or Director Nominee or any
associate of such person was a party to a transaction that would be required by Item 404(a) of Regulation S-K; (v) no
Icahn Participant or Director Nominee has a substantial interest, direct or indirect, in any matter to be acted on in this
consent solicitation except through their direct or indirect ownership of the Company’s securities; and (vi) no
Icahn Participant or Director Nominee has a family relationship with any director, executive officer, or person nominated or
chosen by the Company to become a director or executive officer.
YOUR SUPPORT IS IMPORTANT
NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN, WE ARE SEEKING
YOUR SUPPORT.
PLEASE COMPLETE, EXECUTE AND DATE THE ENCLOSED
RECORD DATE
REQUEST FORM (INCLUDING ATTACHMENT A AND APPENDIX 1 THERETO)
AS SOON AS POSSIBLE.
IF YOU HOLD ANY OF YOUR SHARES THROUGH A BROKERAGE FIRM, BANK
NOMINEE OR OTHER INSTITUTION, PLEASE ARRANGE TO HAVE SUCH DTC PARTICIPANT(S) RETURN THE EXECUTED
VERIFICATION LETTER
AND
CEDE & CO. RECORD DATE REQUEST FORM
TO YOU BY FOLLOWING THE PROCEDURES SET FORTH IN THE SECTION OF THIS SOLICITATION
STATEMENT TITLED “
PROCEDURES FOR STOCKHOLDERS SUBMITTING RECORD DATE REQUEST FORMS (TOGETHER WITH ATTACHMENT A AND APPENDIX
1 THERETO), VERIFICATION LETTERS AND CEDE & CO. RECORD DATE REQUEST FORMS.”
YOU SHOULD SEND YOUR EXECUTED
RECORD DATE REQUEST FORM (INCLUDING
ATTACHMENT A AND APPENDIX 1 THERETO)
,
VERIFICATION LETTER
AND
CEDE & CO. RECORD DATE REQUEST FORM
TO HARKINS
KOVLER AT THE ADDRESS SET FORTH BELOW.
WHOM YOU CAN CALL IF YOU HAVE QUESTIONS
If you have any questions or require any assistance, please
contact Harkins Kovler, which is assisting the Icahn Participants, at the following address and telephone number:
Harkins Kovler, LLC
3 Columbus Circle, 15
th
Floor
New York, NY 10019
Telephone: +1 (212) 468-5380
Toll-Free: +1 (800) 339-9883
Email:
Icahn-OXY@HarkinsKovler.com
FAX: +1 (212) 468-5381
TO AVOID UNNECESSARY EXPENSE AND DELAY, IT IS IMPORTANT THAT
YOU COMPLETE, EXECUTE AND DATE YOUR RECORD DATE REQUEST FORM (TOGETHER WITH ATTACHMENT A AND APPENDIX 1 THERETO) PROMPTLY, ARRANGE
FOR THE RETURN TO YOU BY YOUR DTC PARTICIPANT OF THE EXECUTED VERIFICATION LETTER AND CEDE & CO. RECORD DATE REQUEST FORM,
AND SEND ALL OF THE FOREGOING DOCUMENTS TO HARKINS KOVLER AT THE ADDRESS SET FORTH ABOVE.
THE ICAHN PARTICIPANTS
July 18, 2019
ANNEX A
SECURITY OWNERSHIP OF DIRECTORS AND MANAGEMENT
OF THE COMPANY
AND PRINCIPAL SHAREHOLDERS
The following tables are reprinted from the Company’s
definitive proxy statement filed with the Securities and Exchange Commission on March 28, 2019.
Based on a review of ownership reports filed with the SEC, the
entities listed below were the only beneficial owners of greater than 5% of Occidental’s outstanding voting securities as
of March 1, 2019.
BENEFICIAL OWNERSHIP OF 5% STOCKHOLDERS
Name and Address
|
|
Total
Number of
Shares
Owned
|
|
|
Percent of
Outstanding
Common
Stock
|
|
|
Sole Voting
Shares
|
|
|
Shared
Voting
Shares
|
|
|
Sole
Investment
Shares
|
|
|
Shared
Investment
Shares
|
|
BlackRock, Inc.
55 East 52nd Street
New York, NY 10055
|
|
|
55,266,184
|
(1)
|
|
|
7.3
|
(1)
|
|
|
49,000,390
|
(1)
|
|
|
0
|
(1)
|
|
|
55,266,184
|
(1)
|
|
|
0
|
(1)
|
The Vanguard Group, Inc.
100 Vanguard Blvd.
Malvern, PA 19355
|
|
|
63,320,999
|
(2)
|
|
|
8.38
|
(2)
|
|
|
872,894
|
(2)
|
|
|
196,756
|
(2)
|
|
|
62,287,861
|
(2)
|
|
|
1,033,138
|
(2)
|
(1)
|
Pursuant
to a Schedule 13G/A filed with the SEC on February 11, 2019.
|
(2)
|
Pursuant to a Schedule 13G/A filed
with the SEC on February 11, 2019.
|
The following table includes certain
information regarding the beneficial ownership of Occidental common stock as of March 1, 2019, by each of Occidental’s named
executive officers, directors, and all current executive officers and directors as a group.
BENEFICIAL OWNERSHIP OF DIRECTORS
AND EXECUTIVE OFFICERS
Name
|
|
Common
Stock
(1)
|
|
|
Restricted
Stock
(2)
|
|
|
Options
Exercisable
within 60 days
|
|
|
Total Shares
Beneficially
Owned
|
|
|
Percent
of
Outstanding
Common
Stock
(3)
|
|
Spencer Abraham
|
|
|
46,341
|
|
|
|
|
|
|
|
|
|
|
|
46,341
|
|
|
|
|
|
Howard I. Atkins
|
|
|
30,207
|
|
|
|
|
|
|
|
|
|
|
|
30,207
|
|
|
|
|
|
Marcia E. Backus
|
|
|
47,291
|
|
|
|
26,299
|
|
|
|
20,000
|
|
|
|
93,590
|
|
|
|
|
|
Eugene L. Batchelder
|
|
|
34,963
|
|
|
|
|
|
|
|
|
|
|
|
34,963
|
|
|
|
|
|
Cedric W. Burgher
|
|
|
15,087
|
|
|
|
|
|
|
|
|
|
|
|
15,087
|
|
|
|
|
|
John E. Feick
|
|
|
46,503
|
|
|
|
|
|
|
|
|
|
|
|
46,503
|
|
|
|
|
|
Margaret M. Foran
|
|
|
43,930
|
|
|
|
|
|
|
|
|
|
|
|
43,930
|
|
|
|
|
|
Carlos M. Gutierrez
|
|
|
45,357
|
|
|
|
|
|
|
|
|
|
|
|
45,357
|
|
|
|
|
|
Vicki Hollub
|
|
|
132,248
|
|
|
|
18,425
|
|
|
|
85,000
|
|
|
|
235,673
|
|
|
|
|
|
William R. Klesse
|
|
|
77,963
|
|
|
|
|
|
|
|
|
|
|
|
77,963
|
|
|
|
|
|
Edward A. Lowe
|
|
|
129,520
|
|
|
|
49,362
|
|
|
|
20,000
|
|
|
|
198,882
|
|
|
|
|
|
Jack B. Moore
|
|
|
8,747
|
|
|
|
|
|
|
|
|
|
|
|
8,747
|
|
|
|
|
|
Avedick B. Poladian
|
|
|
50,703
|
|
|
|
|
|
|
|
|
|
|
|
50,703
|
|
|
|
|
|
Glenn E. Vangolen
|
|
|
48,278
|
|
|
|
4,963
|
|
|
|
35,000
|
|
|
|
88,241
|
|
|
|
|
|
Elisse B. Walter
|
|
|
16,468
|
|
|
|
|
|
|
|
|
|
|
|
16,468
|
|
|
|
|
|
All executive officers and directors as a group (16 persons)
|
|
|
808,992
|
|
|
|
126,994
|
|
|
|
229,736
|
|
|
|
1,148,387
|
|
|
|
|
|
(1)
|
For
executive officers, includes shares held through the Occidental Petroleum Corporation Savings Plan as of March 1, 2019. For
non-employee directors, includes deferred stock units and common stock awards that are subject to restrictions on sale and
transfer in the following amounts: Secretary Abraham – 12,983; Mr. Atkins – 15,701; Mr. Batchelder – 18,861;
Mr. Feick – 18,546; Ms. Foran – 18,146; Secretary Gutierrez – 18,409; Mr. Klesse – 10,116; Mr.
Moore – 8,522; Mr. Poladian – 18,146; and Ms. Walter – 12,749.
|
(2)
|
Represents
shares granted in 2012, 2013 and 2014 under the 2005 Long-Term Incentive Plan as Restricted Stock Incentive awards, which
remain forfeitable until the certification of the achievement of the performance goal.
|
(3)
|
Less than 1%.
|
ANNEX B
TWO YEAR
SUMMARY TABLE
The following table indicates the
date of each purchase and sale of shares of Company Common Stock by the Icahn Participants within the past two years, and the
number of shares of Company Common Stock in each such purchase and sale or exercise of forward contracts:
Name
|
|
Date
|
|
|
Shares Purchased/
Shares Underlying
Forward Contracts
|
|
High River
|
|
|
05/02/2019
|
|
|
|
120,000
|
|
High River
|
|
|
05/02/2019
|
|
|
|
120,000
|
|
High River
|
|
|
05/02/2019
|
|
|
|
72,000
|
|
High River
|
|
|
05/02/2019
|
|
|
|
137,401
|
(1)
|
High River
|
|
|
05/03/2019
|
|
|
|
300,000
|
(1)
|
High River
|
|
|
05/06/2019
|
|
|
|
1,066,551
|
(1)
|
High River
|
|
|
05/07/2019
|
|
|
|
795,838
|
(1)
|
High River
|
|
|
05/08/2019
|
|
|
|
794,430
|
(1)
|
High River
|
|
|
05/09/2019
|
|
|
|
400,000
|
(1)
|
High River
|
|
|
05/17/2019
|
|
|
|
442,709
|
(1)
|
High River
|
|
|
05/20/2019
|
|
|
|
27,000
|
|
High River
|
|
|
05/20/2019
|
|
|
|
241,531
|
(1)
|
High River
|
|
|
05/21/2019
|
|
|
|
305,962
|
(1)
|
High River
|
|
|
05/22/2019
|
|
|
|
565,317
|
(1)
|
High River
|
|
|
05/23/2019
|
|
|
|
508,460
|
(1)
|
High River
|
|
|
05/24/2019
|
|
|
|
383,178
|
(1)
|
High River
|
|
|
05/29/2019
|
|
|
|
279,400
|
(1)
|
High River
|
|
|
05/30/2019
|
|
|
|
89,110
|
(1)
|
Icahn Partners
|
|
|
05/02/2019
|
|
|
|
280,887
|
|
Icahn Partners
|
|
|
05/02/2019
|
|
|
|
280,887
|
|
Icahn Partners
|
|
|
05/02/2019
|
|
|
|
168,532
|
|
Icahn Partners
|
|
|
05/02/2019
|
|
|
|
321,617
|
(1)
|
Icahn Partners
|
|
|
05/03/2019
|
|
|
|
702,220
|
(1)
|
Icahn Partners
|
|
|
05/06/2019
|
|
|
|
2,496,561
|
(1)
|
Icahn Partners
|
|
|
05/07/2019
|
|
|
|
1,862,866
|
(1)
|
Icahn Partners
|
|
|
05/08/2019
|
|
|
|
1,859,570
|
(1)
|
Icahn Partners
|
|
|
05/09/2019
|
|
|
|
936,303
|
(1)
|
Icahn Partners
|
|
|
05/17/2019
|
|
|
|
1,036,276
|
(1)
|
Icahn Partners
|
|
|
05/20/2019
|
|
|
|
63,200
|
|
Icahn Partners
|
|
|
05/20/2019
|
|
|
|
565,365
|
(1)
|
Icahn Partners
|
|
|
05/21/2019
|
|
|
|
716,182
|
(1)
|
Icahn Partners
|
|
|
05/22/2019
|
|
|
|
1,323,271
|
(1)
|
Icahn Partners
|
|
|
05/23/2019
|
|
|
|
1,190,182
|
(1)
|
Icahn Partners
|
|
|
05/24/2019
|
|
|
|
896,926
|
(1)
|
Icahn Partners
|
|
|
05/29/2019
|
|
|
|
654,008
|
(1)
|
Icahn Partners
|
|
|
05/30/2019
|
|
|
|
208,585
|
(1)
|
Icahn Master
|
|
|
05/02/2019
|
|
|
|
199,113
|
|
Icahn Master
|
|
|
05/02/2019
|
|
|
|
199,113
|
|
Icahn Master
|
|
|
05/02/2019
|
|
|
|
119,468
|
|
Icahn Master
|
|
|
05/02/2019
|
|
|
|
227,985
|
(1)
|
Icahn Master
|
|
|
05/03/2019
|
|
|
|
497,780
|
(1)
|
Icahn Master
|
|
|
05/06/2019
|
|
|
|
1,769,642
|
(1)
|
Icahn Master
|
|
|
05/07/2019
|
|
|
|
1,320,486
|
(1)
|
Icahn Master
|
|
|
05/08/2019
|
|
|
|
1,318,152
|
(1)
|
Icahn Master
|
|
|
05/09/2019
|
|
|
|
663,697
|
(1)
|
Icahn Master
|
|
|
05/17/2019
|
|
|
|
734,560
|
(1)
|
Icahn Master
|
|
|
05/20/2019
|
|
|
|
44,800
|
|
Icahn Master
|
|
|
05/20/2019
|
|
|
|
400,757
|
(1)
|
Icahn Master
|
|
|
05/21/2019
|
|
|
|
507,665
|
(1)
|
Icahn Master
|
|
|
05/22/2019
|
|
|
|
937,997
|
(1)
|
Icahn Master
|
|
|
05/23/2019
|
|
|
|
843,658
|
(1)
|
Icahn Master
|
|
|
05/24/2019
|
|
|
|
635,784
|
(1)
|
Icahn Master
|
|
|
05/29/2019
|
|
|
|
463,591
|
(1)
|
Icahn Master
|
|
|
05/30/2019
|
|
|
|
147,856
|
(1)
|
|
(1)
|
Represents shares of Company
Common Stock underlying forward contracts entered into by the Icahn Parties at a forward price of $52.00 per share and an expiration
date of April 30, 2021. On June 21, 2019, the Icahn Parties exercised all of these forward contracts and acquired an aggregate
of 31,549,429 shares of Company Common Stock.
|
Shares purchased by each of the Icahn Parties are
maintained in margin accounts that include positions in securities in addition to the securities of the Company. As of July
15, 2019, the indebtedness of (i) High River's margin account was approximately $(666.6) million, (ii) Icahn Partners'
margin account was approximately $(461.1) million, and (iii) Icahn Master margin account was approximately
$(254.3) million.
ANNEX C
ICAHN CAPITAL LP
July __, 2019
To the undersigned potential nominee:
This will confirm our
understanding as follows:
You agree that you
are willing, should we so elect, to become a member of a slate of nominees (the “
Slate
”) to be nominated for
election as a director of Occidental Petroleum Corporation (“
Occidental
”) in connection with a proxy contest
with management of Occidental in respect of a solicitation of written consents for the removal and election of directors of Occidental
(the “
Proxy Contest
”).
Icahn Capital LP (“
Icahn
”)
agrees to pay the costs of the Proxy Contest.
In addition, upon public
disclosure of your agreement to be nominated for election in the Proxy Contest, you will be entitled to be paid $10,000 by us,
unless you are elected to serve as a director of Occidental in the Proxy Contest or in connection with a settlement of the Proxy
Contest by Icahn and Occidental, in which case you will become entitled to receive from Occidental the same compensation paid
to all other non-employee directors and will not receive any payment from us in connection with the Proxy Contest. Payment to
you pursuant to this paragraph, if any, will be made by us, subject to the terms hereof, upon the earliest of (i) the certification
of the results of the election in respect of the Proxy Contest, (ii) the settlement of the Proxy Contest by us and Occidental,
or (iii) the withdrawal of the Proxy Contest by us, in each case following public disclosure of your agreement to be nominated
for election in the Proxy Contest.
You understand that
it may be difficult, if not impossible, to replace nominees who, such as yourself, have agreed to serve on the Slate and later
change their minds and determine not to seek election. Accordingly, the Slate is relying upon your agreement to seek election.
In that connection, you are being supplied with a questionnaire (the “
Questionnaire
”) in which you will provide
Icahn with information necessary for Icahn to make appropriate disclosure both to Occidental and for use in creating the proxy
material to be sent to stockholders of Occidental and to be filed with the Securities and Exchange Commission. You have agreed
that (A) you will immediately complete and sign the Questionnaire and return it to Mr. Andrew Langham, General Counsel, Icahn
Enterprises L.P., 767 Fifth Avenue, Suite 4700, New York, NY 10153, Tel: (212) 702-4382, Email:
alangham@sfire.com
, and
(ii) your responses to the questions contained in the Questionnaire will be true and correct in all respects. In addition, you
have agreed that, concurrently with your execution of this letter, you will execute the instruments we have supplied you (1) consenting
to being nominated by Icahn, or an affiliate thereof, for election as a director of Occidental and, if elected, consenting to
serving as a director of Occidental, (2) representing that you have read and agree, if elected as a director of Occidental, to
adhere to the Occidental’s Corporate Governance Guidelines and any other policies and guidelines of Occidental applicable
to directors and (3) representing and agreeing that you are not and will not become party to any agreement, arrangement or understanding
with any person or entity as to how you would vote or act on any issue or question as a director, in each case that has not been
disclosed to Occidental. Upon being notified that we have chosen you, we may forward those instruments and your completed Questionnaire
to Occidental.
Icahn hereby agrees
that, so long as you actually serve on the Slate, Icahn will defend, indemnify and hold you harmless from and against any and
all losses, damages, penalties, judgments, awards, liabilities, costs, expenses and disbursements (including, without limitation,
reasonable attorneys’ fees, costs, expenses and disbursements) incurred by you in the event that (i) you become a party,
or are threatened to be made a party, to any civil, criminal, administrative or arbitrative action, suit or proceeding, and any
appeal thereof relating solely to your role as a nominee for director of Occidental on the Slate (a “
Proceeding
”)
or (ii) you are called to testify or give a deposition in any Proceeding (whether or not you are a party or are threatened to
be made a party to such Proceeding), including, in each case, the advancement to you of all reasonable attorneys’ costs
and expenses incurred by you in connection with any Proceeding. Your right of indemnification hereunder shall continue (i) in
the event that Icahn determines to withdraw the Slate or remove you from the Slate and (ii) after the election has taken place
but only for events which occur prior to such election and subsequent to the date hereof. Anything to the contrary herein notwithstanding,
Icahn is not defending, indemnifying or holding you harmless for any action taken by you or on your behalf which occurs prior
to the date hereof or subsequent to the Proxy Contest or such earlier time as you are no longer a nominee of the Slate for election
to Occidental’s Board of Directors or for any actions taken by you as a director of Occidental, if you are elected or appointed.
Nothing herein shall be construed to provide you a defense, indemnity or the right to be held harmless: (i) in the event you are
found to have engaged in a violation of any provision of state or federal law in connection with the Proxy Contest unless you
demonstrate that your action was taken in good faith and in a manner you reasonably believed to be in or not opposed to the best
interests of electing the Slate; or (ii) if you acted in a manner which constitutes gross negligence or willful misconduct. In
the event that you shall make any claim for defense, indemnification or being held harmless hereunder, you shall promptly notify
Icahn in the event of any third-party claims actually made against you or known by you to be threatened. In addition, with respect
to any such claim, Icahn shall be entitled to control your defense with counsel chosen by Icahn. Icahn shall not be responsible
for any settlement of any claim against you covered by this indemnity without its prior written consent. However, Icahn may not
enter into any settlement of any such claim without your consent unless such settlement includes a release of you from any and
all liability in respect of such claim.
Each of us recognizes
that should you be elected or appointed to the Board of Directors of Occidental all of your activities and decisions as a director
will be governed by applicable law and subject to your fiduciary duty to the stockholders of Occidental and, as a result, that
there is, and can be, no agreement between you and Icahn which governs the decisions which you will make as a director of Occidental.
Should the foregoing
agree with your understanding, please so indicate in the space provided below, whereupon this letter will become a binding agreement
between us.
|
Very truly yours,
|
|
|
|
ICAHN CAPITAL LP
|
|
By:
|
|
|
|
Name: Keith Cozza
|
|
|
Title: Chief Operating Officer
|
Agreed to and Accepted as
of the date first above written:
[
Icahn Nominee Letter – Occidental
Petroleum Corporation
]
EXHIBIT A
RECORD DATE
REQUEST FORM
Occidental Petroleum Corporation
5 Greenway Plaza, Suite 110
Houston, Texas 77046
Attention: Nicole E. Clark
Vice President, Associate General
Counsel and Corporate Secretary
|
Re:
|
Request for fixing a Record Date in connection with
the Proposed Actions by Written Consent of the Stockholders of Occidental Petroleum Corporation (the “Company”)
|
Ladies and Gentlemen:
Pursuant to Article V of the Company’s Restated Certificate
of Incorporation (as amended, the “Charter”) this letter constitutes a written request of the undersigned requesting
stockholder requesting that the Board of Directors of the Company fix a record date (the “Record Date”) for determining
the stockholders entitled to act by written consent with respect to the proposals (collectively, the “Proposals”)
set forth in full under “Proposals for Action by Written Consent” in the solicitation statement filed by the Icahn
Participants (as defined therein) on July 18, 2019 (the “Solicitation Statement”), which Proposals are incorporated
herein by reference as if set forth in full herein. The reasons for the Proposals are set forth in the Solicitation Statement
and are incorporated by reference herein.
The requesting stockholder requests that the Record Date be
fixed by the Company as soon as possible after the Written Notice (as defined in the Solicitation Statement), signed by the Requisite
Percentage (as defined in the Solicitation Statement) of stockholders of the Company, is delivered to the Company’s Secretary.
The information in
Attachment A
and
Appendix 1
,
as they may be updated, amended or supplemented from time to time, is incorporated herein by reference as if set forth in full
herein. In addition, the information in the Solicitation Statement (including its Annexes and Exhibits) and in the Record Date
Request Forms submitted by other stockholders, as they may be updated, amended or supplemented from time to time, is incorporated
herein by reference as if set forth in full herein, although the undersigned stockholder notes that it did not prepare that information
and thus takes no responsibility for its accuracy or completeness.
The requesting stockholder represents that it does not intend
to deliver a consent solicitation statement and/or form of consent to or otherwise to solicit consents from stockholders in support
of the Proposals (although it understands that the Icahn Participants intend to do so). The requesting stockholder has an interest
in the Proposals directly and/or indirectly through the beneficial ownership of shares of Company Common Stock as described in
this Record Date Request Form or as otherwise set forth herein and the Solicitation Statement. The representation set forth in
clause (b)(v) of the third paragraph of Section 2 of Article III of the By-laws is not applicable in the context of the consent
solicitation contemplated by the Written Notice.
Any claim by the Company or its
advisors that this Record Date Request Form is in any way deficient, and all further correspondence from the Company or its advisors
on this matter, should be addressed in a timely fashion to:
Harkins Kovler,
LLC
3 Columbus Circle,
15
th
Floor
New York, NY
10019
Telephone: +1
(212) 468-5380
Toll-Free: +1
(800) 339-9883
Email: Icahn-OXY@HarkinsKovler.com
FAX: +1 (212)
468-5381
The undersigned
requesting stockholder hereby appoints Andrew Langham and Nicholas Graziano (acting alone or together) as proxies with full power
of substitution, to submit the attached Record Date Request Form (together with Attachment A and Appendix 1 hereto), along with
the related Cede & Co. Record Date Request Form, Verification Letter and any additionally required documentation, to the Company’s
Secretary on behalf of the undersigned requesting stockholder.
[Signature page
follows]
|
Sincerely yours,
|
|
|
|
[insert signature blocks for the persons or entities that collectively
own (beneficially or of record) the shares covered by this Record Date Request Form]
|
|
|
|
Date:
|
[Signature
Page to Record Date Request Form]
INSTRUCTION
SHEET
If you want
to complete and submit a Record Date Request Form, you should fill out Attachment A and Appendix 1 (which directly follow this
Instruction Sheet), sign and date the Record Date Request Form on the page preceding this Instruction Sheet, and complete the
following steps:
Step 1. Arrange for the DTC participant
holding your shares of Company Common Stock to:
a DTC Instruction Letter
with respect to your shares (in the form attached as Exhibits B-1 to the Solicitation Statement),
a Verification Letter
with respect to your shares (in the form attached as Exhibit C to the Solicitation Statement) and sign the Verification Letter
a Cede & Co. Record
Date Request Form with respect to your shares (in the form attached as Exhibit B-2 to the Solicitation Statement),
|
·
|
sign and date the DTC Instruction
Letter (Exhibit B-1) and deliver it, along with the filled out Cede & Co. Record Date Request Form (Exhibit B-2), as well
as the Verification Letter (Exhibit C), to DTC, and
|
|
·
|
once Cede & Co.
executes the Cede & Co. Record Date Request Form, have it delivered back to the DTC participant, along with all supporting
documentation, including the Verification Letter.
|
Step 2
: Submit the
following
FIVE
items to Harkins Kovler, LLC (“Harkins Kovler”), which is assisting the Icahn Participants,
at 3 Columbus Circle, 15
th
Floor, New York, NY 10019, Telephone: +1 (212) 468-5380, Toll-free: +1 (800) 339-9883,
Email: Icahn-OXY@HarkinsKovler.com:
|
1.
|
this signed and dated Record
Date Request Form, with:
|
|
|
2.
|
Attachment A completed,
and
|
|
4.
|
the completed, signed and
dated Verification Letter received as discussed above, and
|
|
5.
|
the completed, signed and
dated Cede & Co. Record Date Request Form received as discussed above.
|
Harkins Kovler will gather
all such documents and coordinate the submission of such materials on behalf of the requesting stockholders to the Company.
If you have
questions on how to fill out this Record Date Request Form or how to answer any of the questions in Attachment A or Appendix 1
below, please contact:
Harkins Kovler,
LLC
3 Columbus Circle,
15
th
Floor
New York, NY
10019
Telephone: +1
(212) 468-5380
Toll-Free: +1
(800) 339-9883
Email:
Icahn-OXY@HarkinsKovler.com
FAX: +1 (212)
468-5381
ATTACHMENT
A
STOCKHOLDER
INFORMATION REQUIRED
TO BE DELIVERED
AS PART OF A RECORD DATE REQUEST FORM
In this Attachment A, references
to the requesting stockholder are, where the context requires, references to each person or entity included within the requesting
stockholder. Beneficial ownership shall be determined in accordance with Rule 13d-3 under the Exchange Act.
|
(i)
|
The name and address of the requesting
stockholder is set forth below:
|
|
|
|
|
|
|
|
|
|
|
(ii)
|
The requesting stockholder’s present principal
occupation or employment and the name, principal business and address of any corporation or other organization in which such
employment is carried on is set forth below:
|
|
|
|
|
|
|
|
|
|
|
(iii)
|
State whether or not, during the past ten years,
the requesting stockholder has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors)
and, if so, give dates, nature of conviction, name and location of court, and penalty imposed or other disposition of the
case. A negative answer need not be included:
|
|
|
|
|
|
|
|
|
|
|
(iv)
|
State the amount of each class of securities of
the Company that the requesting stockholder owns beneficially, directly or indirectly:
|
|
|
|
|
|
|
|
|
|
|
(v)
|
State the amount of each class of securities of
the Company that the requesting stockholder owns of record but not beneficially:
|
|
|
|
|
|
|
|
|
|
|
(vi)
|
Appendix 1 (which is incorporated by reference
as if set forth in full herein) sets forth with respect to all securities of the Company purchased or sold by the requesting
stockholder within the past two years, the dates on which they were purchased or sold and the amount purchased or sold on
each such date.
|
|
|
|
|
|
|
|
|
|
|
(vii)
|
If any part of the purchase price or market value
of any of the shares referred to in Appendix 1 is represented by funds borrowed or otherwise obtained for the purpose of acquiring
or holding such securities, so state and indicate the amount of the indebtedness as of the latest practicable date. If such
funds were borrowed or obtained otherwise than pursuant to a margin account or bank loan in the regular course of business
of a bank, broker or dealer, briefly describe the transaction, and state the names of the parties:
|
|
|
|
|
|
|
|
|
|
|
(viii)
|
State whether or not the requesting
stockholder is, or was within the past year, a party to any contract, arrangements or understandings with any person with
respect to any securities of the Company, including, but not limited to joint ventures, loan or option arrangements, puts
or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of
proxies. If so, name the parties to such contracts, arrangements or understandings and give the details thereof:
|
|
|
|
|
|
|
|
|
|
|
(ix)
|
State the amount of securities
of the Company owned beneficially, directly or indirectly, by each of the requesting stockholder’s associates and
the name and address of each such associate.
For purposes of this Record
Date Request Form, “associate” means (a) any corporation or organization of which any the requesting
stockholder is an officer or partner or is, directly or indirectly, the beneficial owner of 10 percent or more of any
class of equity securities, (b) any trust or other estate in which the requesting stockholder has a substantial beneficial
interest or as to which the requesting stockholder (or any person or entity within the requesting stockholder) serves
as trustee or in a similar fiduciary capacity, and (c) any relative or spouse of the requesting stockholder, or any
relative of such spouse, who has the same home as the requesting stockholder or who is a director or officer of the Company
or any of its parents or subsidiaries.
|
|
|
|
|
|
|
|
|
|
|
(x)
|
State the amount of each class of securities of
any parent or subsidiary of the Company which the requesting stockholder owns beneficially, directly or indirectly:
|
|
|
|
|
|
|
|
|
|
|
(xi)
|
Describe any transaction, since January 1,
2018, or any currently proposed transaction, in which the Company was or is to be a participant and the amount involved exceeds
$120,000, and in which the requesting stockholder or any of its associates had or will have a direct or indirect material
interest. If there are any such transactions, disclose the information that would be required by Item 404(a) of Regulation
S-K under the Exchange Act with respect to those transactions:
|
|
|
|
|
|
|
|
|
|
|
(xii)
|
State whether or not the requesting stockholder
or any associates of the requesting stockholder have any arrangement or understanding with any person –
|
|
(A)
|
With respect to any future
employment by the Company or its affiliates; or
|
|
(B)
|
With respect to any future transactions
to which the Company or any of its affiliates will or may be a party.
|
|
|
If so, describe such arrangement or
understanding and state the names of the parties thereto:
|
|
|
|
|
|
|
|
|
|
|
(xiii)
|
The requesting stockholder does not
have any arrangements or understandings with any other person in connection with the Proposals or the Director Nominees except
as set forth herein or the Solicitation Statement or as otherwise described below:
|
|
|
|
|
|
|
|
|
|
If you need to update or supplement
the information contained herein, please make sure to deliver any update or supplement to Harkins Kovler as soon as possible:
Harkins Kovler,
LLC
3 Columbus Circle,
15
th
Floor
New York, NY
10019
Telephone: +1
(212) 468-5380
Toll-Free: +1
(800) 339-9883
Email:
Icahn-OXY@HarkinsKovler.com
FAX: +1 (212)
468-5381
APPENDIX
1
PURCHASES AND SALES OF COMPANY SECURITIES
BY THE REQUESTING STOCKHOLDER
The following is a summary of all
purchases and sales of Company securities by the requesting stockholder within the past two years.
Trade Date
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EXHIBIT B-1
DTC INSTRUCTION
LETTER
REQUEST TO
FIX A RECORD DATE
[DTC Participant
Letterhead]
Date:
The Depository Trust Company
55 Water Street
New York, NY 10041
Attn: Proxy Department
RE:
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Occidental Petroleum Corporation Common Stock, $0.20
Par Value (CUSIP number 67459910
5
)
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(DTC Participant account number: )
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Gentlemen:
Please cause your nominee, Cede &
Co., to sign the attached written request to fix a record date in connection with the proposed actions by written consent of stockholders
(the “Cede & Co. Record Date Request Form”), with respect to
shares of the above-referenced securities credited to our DTC Participant account at ,
2019.
In addition to acknowledging that
this request is subject to the indemnification provided for in DTC Rule 6, the undersigned certifies to DTC and Cede &
Co. that the information and facts set forth in the attached Cede & Co. Record Date Request Form are true and correct, including
the following:
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1.
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The number of shares credited to our DTC Participant
account that are beneficially owned by our customer.
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2.
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There
have been no prior requests to DTC and Cede & Co. for the execution of a request similar to the attached Cede & Co.
Record Date Request Form with respect to the shares referred to herein credited to our DTC participant for such customer; and
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3.
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The purposes for the request for the fixing of
a record date are as stated in the attached Cede & Co. Record Date Request Form.
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Please make the Cede
& Co. Record Date Request Form available for pick-up by our contact
or Federal Express to (contact: ).
Our Federal Express account number is .
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Very truly yours,
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PARTICIPANT NAME:
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By:
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(manual signature of authorized person)
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Name:
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Title:
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Medallion Stamp
EXHIBIT B-2
CEDE &
CO. RECORD DATE REQUEST FORM
Cede &
Co.
c/o The Depository
Trust Company
55 Water Street
New York, NY
10041
Date
Occidental Petroleum Corporation
5 Greenway Plaza, Suite 110
Houston, Texas 77046
Attn: Corporate Secretary
Cede & Co., the nominee
of The Depository Trust Company (“DTC”), is a holder of record of shares of common stock of Occidental Petroleum Corporation
(the “Company”). DTC is informed by its Participant,
(the “Participant”), that on the date hereof
of such shares of common stock of the Company (the “Shares”) credited to Participant’s DTC account are beneficially
owned by , a customer of Participant.
At the request of Participant, on behalf of ,
a customer of Participant, Cede & Co., as a holder of record of the Shares, hereby requests that you fix a record date
(the “Record Date”) in connection with the proposed actions by written consent to adopt the proposals set forth in
full under “Proposals for Action by Written Consent” in the solicitation statement filed by the Icahn Participants
(as defined therein) on July 18, 2019, which resolutions are incorporated herein by reference as if set forth in
full herein.
The undersigned further requests
that the Record Date be fixed as soon as possible after the Written Notice (as defined in the Solicitation Statement), signed
by the Requisite Percentage (as defined in the Solicitation Statement) of stockholders of the Company, is delivered to the Company’s
Secretary.
While Cede & Co. is furnishing
this request as the stockholder of record of the Shares, it does so only at the request of Participant and only as a nominee for
the true party in interest, , a customer of Participant.
Cede & Co., has no interest in this matter other than to take those steps which are necessary to ensure that ,
a customer of the Participant, is not denied its rights as the beneficial owner of the Shares, and Cede & Co. assumes
no further responsibility in this matter.
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Very truly yours,
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Cede & Co
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Dated:
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BY:
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EXHIBIT C
VERIFICATION
LETTER
[BROKERAGE FIRM, BANK NOMINEE
OR
OTHER INSTITUTION LETTERHEAD]
[Month] [Day], 2019
To whom it may concern:
This is to confirm that [Brokerage
Firm, Bank Nominee or Other Institution] (the “DTC Participant”) currently serves as a Custodian for [Investor Name].
As is typical of a custodian relationship, [Investor Name] can terminate its relationship with [Name of Brokerage Firm, Bank Nominee
or other Institution] at any time or appoint other custodians.
As of [Month] [Day], 2019, [Investor
Name] held [Number of Shares] shares of Occidental Petroleum Corporation (CUSIP 674599105) in record name as Cede & Co.
through one or more of [DTC Participant’s Name]’s Depository Trust Company account(s).
Please feel free to contact me should
you have any questions.
Sincerely,
[Representative Name]
[Name of Brokerage Firm, Bank Nominee
or Other Institution]
This letter is specifically limited
to the information provided herein relating to each of [Investor Name]’s accounts with [Name of Brokerage Firm, Bank Nominee
or Other Institution] as of the date specified. The Investor may also be involved in other transactions with [Name of Brokerage
Firm, Bank Nominee or Other Institution] outside of this relationship. The information contained above is provided in good faith
by [Name of Brokerage Firm, Bank Nominee or Other Institution] for informational purposes only.
The data presented is static and
does not take into account unsettled trades or other client activity that could affect balance information on a particular date.
This information does not reflect any securities our client may have at other broker/dealers. Vendor pricing feeds used to aggregate
the account value could contain errors that would affect the overall computation of a client’s balance. [Name of Brokerage
Firm, Bank Nominee or Other Institution] shall not be held liable for any decisions, transactions, or other business undertaken
in reliance of this information.
EXHIBIT D-1
Proposed Changes
specified by Proposal 3
ARTICLE III
DIRECTORS
SECTION 1.
Number and Election of Directors
.
Subject to the rights, if any, of holders of preferred stock issued by the Corporation to elect directors of the Corporation, the
Board of Directors shall consist of one or more directors, the number of which shall be
fourteen
(14) until changed
established
by resolution duly adopted by the Board
of Directors
or by a majority of stockholders
from time to time. Except as provided in
Section 3
of this
Article III
and subject to
Section 12
of this
Article III
, directors shall
be elected by a majority of the votes cast at Annual Meetings of Stockholders and each director so elected shall hold office until
his successor is duly elected and qualified, or until his earlier death, disqualification, resignation or removal; provided, however,
that directors shall be elected by a plurality of the votes cast at any meeting of the stockholders for which the number of nominees
exceeds the number of directors to be elected. No person shall be eligible for election as a director of the Corporation who shall
have reached the age of seventy-five (75) at the date of such election, unless such requirement shall have been unanimously
waived by the members of the Corporate Governance, Nominating and Social Responsibility Committee and such Committee’s action
shall have been ratified and approved by a majority of the disinterested directors on the Board of Directors. Directors need not
be stockholders.
EXHIBIT D-2
Proposed Changes
specified by Proposal 4
ARTICLE III
DIRECTORS
SECTION 2.
Nominations of Directors.
Only persons who are nominated in accordance with the following procedures shall be eligible for election as directors, except
as may be otherwise provided in the Certificate of Incorporation of the Corporation with respect to the right of holders of preferred
stock of the Corporation to nominate and elect a specified number of directors in certain circumstances. Nominations of persons
for election to the Board of Directors of the Corporation may be made at any Annual Meeting (a) by or at the direction of
the Board of Directors (or any duly authorized committee thereof), (b) by any stockholder of the Corporation (i) who
is a stockholder of record on the date of the giving of the notice provided for in this
Section 2
and on the record
date for the determination of stockholders entitled to vote at the Annual Meeting and (ii) who complies with the notice procedures
set forth in this
Section 2
or (c) pursuant to
Section 15
.
In addition to any other applicable requirements,
for a nomination to be properly made by a stockholder pursuant to this
Section 2
or
Section 15
, the stockholder
must have given timely notice thereof in proper written form to the Secretary of the Corporation.
To be timely pursuant to this
Section 2
,
a stockholder’s notice to the Secretary must be delivered to or mailed and received at the principal executive offices of
the Corporation
, not less than seventy (70) days nor more than ninety (90) days prior to the anniversary
date of the immediately preceding Annual Meeting;
provided, however,
that in the event that the Annual Meeting is called
for a date that is not within thirty (30) days before or after such anniversary date, notice by the stockholder to be timely must
be so received not later than the close of business on the tenth (10th) day following the day on which such notice of the date
of the Annual Meeting was mailed or such public disclosure was made, whichever first occurs. In no event shall the public announcement
of an adjournment of an Annual Meeting commence a new time period for the giving of a stockholder’s notice as described
above
between September 1 and November 30 of the year preceding the
Annual Meeting
. To be in proper written form, a stockholder’s notice to the Secretary pursuant
to this
Section 2
must set forth (a) as to each person whom the stockholder proposes to nominate for election
or re-election as a director, (i) the name, age, business address and residence address of the person, (ii) principal
occupation or employment of the person, (iii) the class or series and number of shares of capital stock of the Corporation
which are owned beneficially or of record by the person, and (iv) any other information relating to the person that is required
to be disclosed in solicitations for proxies for election of directors pursuant to the Rules and Regulations of the Securities
and Exchange Commission under Section 14 of the Exchange Act, and (b) as to the stockholder giving the notice, (i) the
name and record address of such stockholder, (ii) the class or series and number of shares of capital stock of the Corporation
which are beneficially owned by the stockholder, (iii) a description of all arrangements or understandings between the stockholder
or the beneficial owner, if any, on whose behalf the nomination is made and each proposed nominee and any other person or persons
(including their names) pursuant to which the nominations are to be made by such stockholder, (iv) whether the stockholder
or the beneficial owner, if any, intends or is part of a group which intends to distribute proxy materials, (v) a representation
that the stockholder intends to appear, in person or by another person authorized in accordance with the General Corporation Law
of the State of Delaware to act as proxy for the stockholder, at the Annual Meeting to nominate the persons named in the stockholder’s
notice, and (vi) any other information relating to the person that is required to be disclosed in solicitations for proxies
for election of directors pursuant to the Rules and Regulations of the Securities and Exchange Commission under Section 14
of the Exchange Act. Such notice must be accompanied by a written consent of each proposed nominee to being named as a nominee
and to serve as a director if elected.
No person shall be eligible for election
as a director of the Corporation unless nominated in accordance with the procedures set forth in this
Section 2
or
Section 15
. If the Chairman of the Annual Meeting determines that a nomination was not made in accordance with this
Section 2
or
Section 15
, the Chairman shall declare to the meeting that the nomination was defective and
the defective nomination shall be disregarded.
EXHIBIT D-3
Proposed Changes
specified by Proposal 5
ARTICLE II
MEETING OF STOCKHOLDERS
SECTION 3.
Special Meetings
.
Unless otherwise prescribed by law or by the Certificate of Incorporation, Special Meetings of Stockholders, for any purpose or
purposes, may be called by the Board of Directors or the Chairman of the Board. Subject to
subsections (a) - (d)
of
this
Article II, Section 3
, a Special Meeting of Stockholders shall be called by the Secretary upon the written request
of the record
or beneficial
holders of at least 25% of
the outstanding common stock of the Corporation (the “Requisite Percent”).
If a beneficial holder makes such a request,
that beneficial stockholder shall prove its ownership of stock by providing documentary evidence of such beneficial ownership
and provide a written attestation that such documentary evidence is a true and correct copy of what it purports to be.
Written
notice of a Special Meeting stating the place, date and hour of the meeting and the purpose or purposes for which the meeting
is called shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each
stockholder entitled to vote at such meeting.
(a)
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In
order for a Stockholder Requested Special Meeting (as defined in this By-law) to be called, one or more requests for a Special
Meeting must be signed by the Requisite Percent of record
or beneficial
holders
(each
a “Signing Stockholder” and together the “Signing Stockholders”)
(or their duly authorized
agents) and delivered
by a stockholder (the “Proposing Stockholders”)
to the
Secretary (each, a “Special Meeting Request,” collectively, the “Special Meeting Requests”). The Special
Meeting Request(s) shall be sent to the Secretary at the principal executive offices of the Corporation by registered mail, return
receipt requested. The Special Meeting Request(s) shall (i) set forth a statement of the specific purpose(s) of the meeting,
the matters proposed to be acted on at the meeting and the reasons for conducting such business at the Special Meeting, (ii) bear
the date of signature of each
Signing
such
S
s
tockholder
(or duly authorized agent) signing the Special Meeting Request(s), (iii) set forth (A) the name and address
,
as they appear in the Corporation’s stock ledger,
of each
stockholder signing
such request
Signing Stockholder
(or on whose behalf the Special Meeting
Request is signed), and (B) the class, if applicable, and number of shares of stock of the Corporation that are owned of
record and beneficially by each
such stockholder
Signing
Stockholder
, (iv) set forth any material interest of each
Proposing S
s
tockholder
in the business desired to be brought before the Special Meeting, (v) set forth all information relating to each
such
Proposing S
s
tockholder
that must be disclosed in solicitations of proxies for election of directors in an election contest (even if an election contest
is not involved), or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)
,
and (vi) contain the information
with respect to the Proposing Stockholder
, if applicable, which shall be set forth in
a stockholder’s notice as required by
Article II, Section 2
of these By-laws. A stockholder may revoke his,
her or its request for a Special Meeting at any time by written revocation delivered to the Secretary.
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(b)
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The Secretary shall not be required to call a Special Meeting upon stockholder request (a “Stockholder Requested Special Meeting”) if (i) the Special Meeting Request(s) relates to an item of business that is not a proper subject for stockholder action under applicable law, or (ii) the Board of Directors has called or calls for an annual or special meeting of stockholders to be held not later than
ninety
sixty
(
90
60
) days after the Secretary’s receipt of the Special Meeting Request(s) and the purpose(s) of such meeting include the purpose(s) specified in the Special Meeting Request(s), with such determination being made in good faith by the Board of Directors.
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(c)
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A Stockholder Requested Special Meeting shall be held at such date, time and place within or without the State of Delaware as may be fixed by the Board of Directors; provided, however, that the date of any Stockholder Requested Special Meeting shall be not more than
ninety
sixty
(
90
60
) days after the Secretary’s receipt of the properly submitted Special Meeting Request(s).
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(d)
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Business transacted at any Stockholder Requested Special Meeting shall be limited to the purpose(s) stated in the Special Meeting Request(s); provided, however, that nothing herein shall prohibit the Board from submitting matters to the stockholders at any Stockholder Requested Special Meeting.
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EXHIBIT E
Proposed Changes
specified by Proposal 7
“ARTICLE V
A. All actions required or permitted to be taken
by the holders of Common Stock of the Corporation may be effected by the written consent of such holders pursuant to Section 228
of the DGCL; provided that no such action may be effected except in accordance with the provisions of this Article V.A and applicable
law.
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(a)
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Request for Record Date
. The record date for determining such stockholders entitled to consent to corporate action in writing without a meeting shall be as fixed by the Board of Directors or as otherwise established under this Article V.A. Any holder of Common Stock of the Corporation seeking to have such stockholders authorize or take corporate action by written consent without a meeting shall, by written notice addressed to the Secretary of this Corporation, delivered to this Corporation and signed by holders of record at the time such notice is delivered holding shares representing in the aggregate at least 20% of the outstanding shares of Common Stock of the Corporation, request that a record date be fixed for such purpose. The written notice must contain the information set forth in paragraph (b) of this Article V.A. Following delivery of the notice, the Board of Directors shall, by the later of (i) 20 days after delivery of a valid request to set a record date and (ii) 5 days after delivery of any information required by the Corporation to determine the validity of the request for a record date or to determine whether the action to which the request relates may be effected by written consent under paragraph (c) of the Article V.A, determine the validity of the request and whether the request relates to an action that may be taken by written consent and, if appropriate, adopt a resolution fixing the record date for such purpose (unless the Board of Directors shall have previously fixed a record date therefor). The record date for such purpose shall be no more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board of Directors and shall not precede the date such resolution is adopted. If a notice complying with the second and third sentences of this paragraph (a) has been duly delivered to the Secretary of the Corporation but no record date has been fixed by the Board of Directors by the date required by the preceding sentence, the record date shall be the first date after the expiration of the ten day time period on which a signed written consent relating to the action taken or proposed to be taken by written consent is delivered to the Corporation in the manner described in paragraph (f) of this Article V.A; provided that, if prior action by the Board of Directors is required under the provisions of Delaware law, the record date shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action
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(b)
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Notice Requirements
. Any notice required by paragraph (a) of this Article V.A must be delivered by the holders of record of at least twenty percent (20%) of the outstanding shares of Common Stock of the Corporation entitled to vote on the matter (with evidence of such ownership attached to the notice), must describe the action proposed to be taken by written consent of stockholders and must contain (i) such information and representations, to the extent applicable, then required by the By-laws of the Corporation, as amended from time to time, as though such stockholder was intending to make a nomination of persons for election to the Board of Directors or to bring any other matter before a meeting of stockholders, as applicable, and (ii) the text of the proposed action to be taken (including the text of any resolutions to be adopted by written consent of stockholders and the language of any proposed amendment to the By-laws of the Corporation). The Corporation may require the stockholder(s) submitting such notice to furnish such other information as may be requested by the Corporation to determine whether the request relates to an action that may be effected by written consent under paragraph (c) of this Article V.A.
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(
c
a
)
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Actions Which May Be Taken by Written Consent.
Stockholders are not entitled to act by written consent if (i) the action relates to an item of business that is not a proper subject for stockholder action under applicable law, (ii) the request for a record date for such action is delivered to the Corporation during the period commencing 90 days prior to the first anniversary of the date of the notice of annual meeting for the immediately preceding annual meeting and ending on the earlier of (x) the date of the next annual meeting and (y) 30 calendar days after the first anniversary of the date of the immediately preceding annual meeting, (iii) an identical or substantially similar item (as determined in good faith by the Board, a “Similar Item”), other than the election or removal of directors, was presented at a meeting of stockholders held not more than 12 months before the request for a record date for such action is delivered to the Corporation, (iv) a Similar Item consisting of the election or removal of directors was presented at a meeting of stockholders held not more than 90 days before the request for a record date was delivered to the Corporation (and, for purposes of this clause, the election or removal of directors shall be deemed a “Similar Item” with respect to all items of business involving the election or removal of directors), (v) a Similar Item is included in the Corporation’s notice as an item of business to be brought before a stockholders meeting that has been called by the time the request for a record date is delivered to the Corporation but not yet held, (vi) such record date request was made in a manner that involved a violation of Regulation 14A under the Securities Exchange Act of 1934 or other applicable law, or (vii) sufficient written consents are not dated and delivered to the Corporation prior to the first anniversary of the date of the notice of annual meeting for the immediately preceding annual meeting.
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(
d
a
)
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Manner of Consent Solicitation
. Holders of Common Stock of the Corporation may take action by written consent only if consents are solicited by the stockholder or group of stockholders seeking to take action by written consent of stockholders from all holders of capital stock of this Corporation entitled to vote on the matter and in accordance with applicable law.
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(
e
b
)
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Date of Consent.
Every written consent purporting to take or authorize the taking of corporate action (each such written consent is referred to in this paragraph and in paragraph (
f
c
)
and (d)
as a “Consent”) must bear the date of signature of each stockholder who signs the Consent, and no Consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated Consent delivered in the manner required by paragraph (
f
d
) of this Article V.A, consents signed by a sufficient number of stockholders to take such action are so delivered to this Corporation.
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(
f
c
)
(d)
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Record Date.
The record date for
determining such stockholders entitled to consent to corporate action in writing without a meeting shall be the date on which the
first validly executed Consent is delivered to the Corporation in the manner required by paragraph (d) of this Article V.A.
Delivery of Consents
.
No
Consents may be dated or delivered to the Corporation or its registered office in the State of Delaware until 60 days after the
delivery of a valid request to set a record date.
Consents must be delivered to the Corporation by delivery to
its registered office in the State of Delaware or its principal place of business. Delivery must be made by hand or by certified
or registered mail, return receipt requested. In the event of the delivery to the Corporation of Consents, the Secretary of this
Corporation, or such other officer of this Corporation as the Board of Directors may designate, shall provide for the safe-keeping
of such Consents and any related revocations and shall promptly conduct such ministerial review of the sufficiency of all Consents
and any related revocations and of the validity of the action to be taken by written consent as the Secretary of this Corporation,
or such other officer of this Corporation as the Board of Directors may designate, as the case may be, deems necessary or appropriate,
including, without limitation, whether the stockholders of a number of shares having the requisite voting power to authorize or
take the action specified in Consents have given consent; provided, however, that if the action to which the Consents relate is
the election or removal of one or more members of the Board of Directors, the Secretary of this Corporation, or such other officer
of the Corporation as the Board of Directors may designate, as the case may be, shall promptly designate one or more persons, who
shall not be members of the Board of Directors, to serve as inspector(s) with respect to such Consent, and such inspector(s) shall
discharge the functions of the Secretary of this Corporation, or such other officer of this Corporation as the Board of Directors
may designate, as the case may be, under this Article V.A. If after such investigation the Secretary of this Corporation, such
other officer of this Corporation as the Board of Directors may designate or the inspector(s), as the case may be, shall determine
that the action purported to have been taken is duly authorized by the Consents, that fact shall be certified on the records of
this Corporation kept for the purpose of recording the proceedings of meetings of stockholders and the Consents shall be filed
in such records. In conducting the investigation required by this section, the Secretary of this Corporation, such other officer
of this Corporation as the Board of Directors may designate or the inspector(s), as the case may be, may, at the expense of this
Corporation, retain special legal counsel and any other necessary or appropriate professional advisors as such person or persons
may deem necessary or appropriate and, to the fullest extent permitted by law, shall be fully protected in relying in good faith
upon the opinion of such counsel or advisors.
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(
g
de
)
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Effectiveness of Consent
. Notwithstanding anything in the Certificate of Incorporation to the contrary, no action may be taken by written consent of the holders of Common Stock of the Corporation except in accordance with this Article V.A. If the Board of Directors shall determine that any
request to fix a record date or to take
stockholder action by written consent was not properly made in accordance with, or relates to an action that may not be effected by written consent pursuant to, this Article V.A, or the stockholder or stockholders seeking to take such action do not otherwise comply with this Article V.A, then
the Board of Directors shall not be required to fix a record date and
any such purported action by written consent shall be null and void to the fullest extent permitted by applicable law. No action by written consent without a meeting shall be effective until such date as the Secretary of this Corporation, such other officer of this Corporation as the Board of Directors may designate, or the inspector(s), as applicable, certify to this Corporation that the Consents delivered to this Corporation in accordance with paragraph (f) of this Article V.A, represent at least the minimum number of votes that would be necessary to take the corporate action at a meeting at which all shares entitled to vote thereon were present and voted, in accordance with Delaware law and the Certificate of Incorporation.
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(
h
ef
)
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Challenge to Validity of Consent
. Nothing contained in this Article V.A shall in any way be construed to suggest or imply that the Board of Directors of the Corporation or any stockholder shall not be entitled to contest the validity of any Consent or related revocations, whether before or after such certification by the Secretary of the Corporation, such other officer of the Corporation as the Board of Directors may designate or the inspector(s), as the case may be, or to prosecute or defend any litigation with respect thereto.
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(
fg
i
)
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Board-solicited Stockholder Action by Written Consent
. Notwithstanding anything to the contrary set forth above, (x) none of the foregoing provisions of this Article V.A shall apply to any solicitation of stockholder action by written consent by or at the direction of the Board of Directors and (y) the Board of Directors shall be entitled to solicit stockholder action by written consent in accordance with applicable law.
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