<SUBMISSION>
<ACCESSION-NUMBER>0000797468-07-000104
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20070718
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20070720
<DATE-OF-FILING-DATE-CHANGE>20070720
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>OCCIDENTAL PETROLEUM CORP /DE/
<CIK>0000797468
<ASSIGNED-SIC>1311
<IRS-NUMBER>954035997
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-09210
<FILM-NUMBER>07991989
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10889 WILSHIRE BLVD
<CITY>LOS ANGELES
<STATE>CA
<ZIP>90024
<PHONE>3102088800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10889 WILSHIRE BOULEVARD
<CITY>LOS ANGELES
<STATE>CA
<ZIP>90024
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-20070718.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>

<head>
  <title>Occidental Petroleum Corporation</title>
</head>

<body bgColor=#ffffff>

<p style='margin-top:12pt;border-bottom:black 2.5pt double;width:720'>&nbsp;</p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:15pt'>UNITED
STATES</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:15pt'>SECURITIES
AND EXCHANGE COMMISSION</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:15pt'>Washington,
D.C. 20549</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:20pt'><b>FORM
8-K</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:15pt'><b>CURRENT
REPORT</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:15pt'><b>Pursuant
to Section 13 or 15(d) of the</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:15pt'><b>Securities
Exchange Act of 1934</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:12pt'><b>Date
of Report (Date of earliest event reported) July 18, 2007</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:22pt'><b>OCCIDENTAL
PETROLEUM CORPORATION</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:12pt'>(Exact
name of registrant as specified in its charter)</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="720">
  <tr>
    <td valign=top width="240">
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'><b>Delaware</b></font></p></td>
    <td valign=top width="240">
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'><b>1-9210</b></font></p></td>
    <td valign=top width="240">
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'><b>95-4035997</b></font></p></td></tr>
  <tr>
    <td valign=top width="240">
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>(State or
      other jurisdiction</font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>of
      incorporation)</font></p></td>
    <td valign=top width="240">
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>(Commission</font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>File
      Number)</font></p></td>
    <td valign=top width="240">
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>(I.R.S.
      Employer</font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>Identification
      No.)</font></p></td></tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="720">
  <tr>
    <td valign=bottom width="360">
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'><b>10889
      Wilshire Boulevard</b></font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'><b>Los
      Angeles, California</b></font></p></td>
    <td valign=bottom width="360">
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'><b>90024</b></font></p></td></tr>
  <tr>
    <td valign=top width="360">
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>(Address of
      principal executive offices)</font></p></td>
    <td valign=bottom width="360">
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:12pt'>(ZIP
      code)</font></p></td></tr></table>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:12pt'>Registrant&#146;s
telephone number, including area code:</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:12pt'><b>(310)
208-8800</b></font></p>

<p style='margin-top:12pt;border-bottom:black 2.5pt double;width:720'>&nbsp;</p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:12pt'>Check the
appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the
following provisions (see General Instruction A.2. below):</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:12pt'>[&nbsp;&nbsp;&nbsp;&nbsp;]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:12pt'>[&nbsp;&nbsp;&nbsp;&nbsp;]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:12pt'>[&nbsp;&nbsp;&nbsp;&nbsp;]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:12pt'>[&nbsp;&nbsp;&nbsp;&nbsp;]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style='page-break-before:always'></p>

<page>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:11pt'><b>Section
5 &#150; Corporate Governance and Management</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:11pt'><u>Item
5.02</u>.&nbsp;&nbsp;<u>Compensatory Arrangements of Certain Officers</u></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50px;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>On
July 18, 2007, the Executive Compensation and Human Resources Committee of the Board of Directors of Occidental Petroleum
Corporation authorized grants of incentive awards under the Company&#146;s 2005 Long-Term Incentive Plan to the executive officers
named in the Company&#146;s 2007 Proxy Statement and other employees. The named officers received performance-based, at-risk,
awards, that are intended to link the greatest portion of their potential compensation to the Company&#146;s performance over
specified future performance periods. Each named officer received a Return on Equity Incentive award and a Total Shareholder Return
Incentive award and one officer also received a Long-Term Incentive award. The forms of award agreements are attached as Exhibits
10.1, 10.2 and 10.3.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50px;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>The
Return on Equity Incentive is a cash award that vests and becomes payable at the end of the three-year performance period from July
1, 2007 through June 30, 2010, depending on the sum of the Company&#146;s return on equity for each of the twelve quarters in the
performance period. Payout will be at 200 percent of the target incentive amount specified in dollars on the award agreement for
cumulative return on equity of 54 percent or more over the three-year period. No payout will be made unless cumulative return on
equity is more than 33 percent.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50px;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>The
Total Shareholder Return Incentive is denominated in target performance shares, each of which is equal to one share of the
Company&#146;s common stock. The number of shares received at the end of the four-year performance period, which runs from July 18,
2007 through July 17, 2011, will depend on a peer company comparison of total stockholder return. The peer companies are: Anadarko
Petroleum Corporation, Apache Corporation, BP p.l.c., Chevron Corporation, ConocoPhillips, Devon Energy Corporation, ExxonMobil
Corporation and Royal Dutch Shell plc. Depending on the Company's total stockholder return compared to the total stockholder returns
of its peers, the grantee will receive an amount ranging from 0 percent to 150 percent of the target performance shares, which
amount will be payable one-half in shares of the Company&#146;s common stock and one-half in cash. During the performance period,
dividend equivalents are paid with respect to the target performance shares in an amount equal to the dividend declared per share of
common stock.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50px;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>The
Long-Term Incentive award is denominated in long-term incentive units, each of which is equal to one share of the Company&#146;s
common stock. One-third of each award becomes payable in cash after a continuous service period running from July 18, 2007 through
July 17, 2008, 2009 and 2010, respectively. During the service period, dividend equivalents are paid with respect to the long-term
incentive units in an amount equal to the dividend declared per share of common stock.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50px;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>Payout
for the Return on Equity Incentive, the Total Shareholder Return Incentive and the Long-Term Incentive awards depends on the grantee
remaining employed throughout the applicable performance or service period; however, if the grantee becomes disabled, retires or is
terminated for the convenience of the Company during the performance or service period, then the grantee will forfeit the right to
receive a pro rata portion of the payout based on the days remaining in the performance or service period after such event. If the
grantee dies during the performance or service period, the grantee will forfeit the right to receive a pro rata portion of the
payout based on the days remaining in the performance period with respect to Return on Equity Incentive and the Total Shareholder
Return Incentive awards but all unvested Long-Term Incentive awards will vest and become immediately payable. If the grantee is
terminated for cause or terminates voluntarily, the award agreement will automatically terminate on the termination date and the
grantee will forfeit the right to receive any payout under the award. In the event of a Change in Control Event (as defined in the
Incentive Plan), the Return on Equity Incentive award and the Total Shareholder Return Incentive awards will vest on the date of
Change of Control at the target</font></p>


<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:11pt'>1</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>incentive
amount and target performance share level, respectively. The Long-Term Incentive awards vest immediately and become nonforfeitable
unless, prior to the occurrence of the Change in Control Event, the plan administrator, determines otherwise.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50px;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>Return
on Equity and Total Shareholder Return Incentive awards were made to the six highest-paid executives, Dr. Irani and Messrs. Chazen,
Morgan, Olson, de Brier and Hallock, in the following target incentive and target performance share amounts: $29,250,000 and 254,320
shares; $13,000,000 and 113,031 shares; $2,600,000 and 22,607 shares; $2,600,000 and 22,607 shares; $2,470,000 and 21,476 shares;
and $800,000 and 9,689 shares; respectively. Mr. Hallock also received 9,689 long-term incentive units.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50px;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>On
July 19, 2007, the Board of Directors of the Company approved an extension of the February 2005 employment agreement with Dr. Ray R.
Irani, the Company&#146;s Chairman, President and Chief Executive Officer, from May 2010 to May 2015. All other terms and conditions
of the agreement remain the same as in the 2005 agreement. Those other terms and conditions are described in the company&#146;s
report on Form 8-K filed on February 15, 2005, which is incorporated herein by reference. The form of employment agreement is
attached as Exhibit 10.4.</font></p>

<p style='margin-top:36pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:11pt'><b>Section
9 &#150; Financial Statements and Exhibits</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:left;width:720'><font face="times new roman" style='font-size:11pt'><u>Item
9.01</u>.&nbsp;&nbsp;<u>Financial Statements and Exhibits</u></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:50px;text-align:left;width:670'><font face="times new roman" style='font-size:11pt'>(d)&nbsp;&nbsp;Exhibits</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="670" style='margin-left:50px'>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>10.1</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>Occidental
      Petroleum Corporation 2005 Long-Term Incentive Plan Return on Equity Incentive Award (Cash-based, Cash-settled
      Award)</font></p></td></tr>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>10.2</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>Occidental
      Petroleum Corporation 2005 Long-Term Incentive Plan Total Shareholder Return Incentive Award Agreement (Equity-based, Equity
      and Cash-Settled Award)</font></p></td></tr>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>10.3</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>Occidental
      Petroleum Corporation 2005 Long-Term Incentive Plan Long-Term Incentive Award Agreement (Equity-based, Cash-Settled
      Award)</font></p></td></tr>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>10.4</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>Amended and
      Restated Employment Agreement, dated as of July 19, 2007, between Occidental and Dr. Ray R. Irani</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:11pt'>2</font></p>

<p style='page-break-before:always'></p>

<page>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:11pt'>SIGNATURE</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:720'><font face="times new roman" style='font-size:11pt'>Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="680" style='border-collapse:collapse'>
  <tr>
    <td width="340" valign=bottom>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>&nbsp;</font></td>
    <td width="340" valign=bottom>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:11pt'>OCCIDENTAL
      PETROLEUM CORPORATION</font></p></td></tr>
  <tr>
    <td width="340" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>&nbsp;</font></td>
    <td width="340" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:center'><font face="times new roman" style='font-size:11pt'>(Registrant)</font></p></td></tr>
  <tr>
    <td width="340" valign=bottom>
      <p style='margin-top:48pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>DATE:&nbsp;&nbsp;July
      20, 2007</font></p></td>
    <td width="340" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:48pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>/s/ JIM A.
      LEONARD</font></p></td></tr>
  <tr>
    <td width="340" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>&nbsp;</font></td>
    <td width="340" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>Jim A.
      Leonard, Vice President and Controller</font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:11pt'>(Principal
      Accounting and Duly Authorized Officer)</font></p></td></tr></table>

<p style='page-break-before:always'></p>

<page>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:720'><font face="times new roman" style='font-size:11pt'><b>EXHIBIT
INDEX</b></font></p>

<table border="0" cellspacing=0 cellpadding=0 width="720">
  <tr>
    <td width="100" valign=top>
      <p style='margin-top:24pt;margin-bottom:0pt;margin-right:25px;text-align:right'><font face="times new roman" style='font-size:11pt'>10.1</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:justify'><font face="times new roman" style='font-size:11pt'>Occidental
      Petroleum Corporation 2005 Long-Term Incentive Plan Return on Equity Incentive Award (Cash-based, Cash-settled
      Award)</font></p></td></tr>
  <tr>
    <td width="100" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;margin-right:25px;text-align:right'><font face="times new roman" style='font-size:11pt'>10.2</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:justify'><font face="times new roman" style='font-size:11pt'>Occidental
      Petroleum Corporation 2005 Long-Term Incentive Plan Total Shareholder Return Incentive Award Agreement (Equity-based, Equity
      and Cash-Settled Award)</font></p></td></tr>
  <tr>
    <td width="100" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;margin-right:25px;text-align:right'><font face="times new roman" style='font-size:11pt'>10.3</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:justify'><font face="times new roman" style='font-size:11pt'>Occidental
      Petroleum Corporation 2005 Long-Term Incentive Plan Long-Term Incentive Award Agreement (Equity-based, Cash-Settled
      Award)</font></p></td></tr>
  <tr>
    <td width="100" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;margin-right:25px;text-align:right'><font face="times new roman" style='font-size:11pt'>10.4</font></p></td>
    <td width="620" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:justify'><font face="times new roman" style='font-size:11pt'>Amended
      and Restated Employment Agreement, dated as of July 19, 2007, between Occidental and Dr. Ray R.
      Irani</font></p></td></tr></table>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex101-20070718.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>

<head>
  <title>Exhibit 10.1</title>
</head>

<body bgColor=#ffffff>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:right;width:720'><font face="times new roman" style='font-size:11pt'><b>EXHIBIT
10.1</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>OCCIDENTAL
PETROLEUM CORPORATION</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>2005 LONG-TERM
INCENTIVE PLAN</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>RETURN ON
EQUITY INCENTIVE AWARD</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>(Cash-based,
Cash-settled Award)</b></font></p>

<table cellpadding="0" cellspacing="0" border="0" width="670">
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>G<small>RANTEE</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>[Name]</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>D<small>ATE
      OF</small> G<small>RANT</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>July 18,
      2007</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>T<small>ARGET</small>
      I<small>NCENTIVE</small> A<small>MOUNT</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>$_____________</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>P<small>ERFORMANCE</small>
      P<small>ERIOD</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>July 1, 2007 through
      June 30, 2010</b></font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'><b>THIS
AGREEMENT</b> is made as of the Date of Grant between OCCIDENTAL PETROLEUM CORPORATION, a Delaware corporation
(&#147;Occidental&#148;) and, with its subsidiaries, (the &#147;Company&#148;), and Grantee.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>RANT
OF</small> R<small>ETURN ON</small> E<small>QUITY</small> I<small>NCENTIVE</small> A<small>WARD</small>.</b> In accordance with this
Agreement and the Occidental Petroleum Corporation 2005 Long-Term Incentive Plan, as the same may be amended from time to time (the
&#147;Plan&#148;), Occidental grants to the Grantee as of the Date of Grant, the right to receive in Cash up to 200% of the Target
Incentive Amount.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ESTRICTIONS
ON</small> T<small>RANSFER</small>.</b> Neither this Agreement nor any right to receive cash pursuant to this Agreement may be
transferred or assigned by the Grantee other than (i) to a beneficiary designated on a form approved by the Company (if permitted by
local law), by will or, if the Grantee dies without designating a beneficiary of a valid will, by the laws of descent and
distribution, or (ii) pursuant to a domestic relations order, if applicable, (if approved or ratified by the
Administrator).</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>ERFORMANCE</small>
G<small>OALS</small>.</b> The Performance Goal for the Performance Period is based on the attainment of at least a minimum Return on
Equity, as set forth on Exhibit 1. Return on Equity for the purposes of Exhibit 1 shall be calculated (i) by determining the Return
on Equity for each quarter in the three-year period ending June 30, 2010 by dividing the Company&#146;s Net Income (as defined in
the Plan) for each such quarterly period by the stockholder equity as of the end of such quarter, in each case as reported in the
financial statements of the Company and (ii) adding together the calculated result for each of the 12 quarters.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>V<small>ESTING
AND</small> F<small>ORFEITURE OF</small> R<small>ETURN ON</small> E<small>QUITY</small> I<small>NCENTIVE</small>
A<small>WARD</small>.</b> (a) The Grantee must remain in the continuous employ of the Company through the last day of the
Performance Period to receive payment of this award. The continuous employment of the Grantee will not be deemed to have been
interrupted by reason of the transfer of the Grantee&#146;s employment among the Company and its affiliates or an approved leave of
absence. However, if, prior to the end of the Performance Period, the Grantee dies or becomes permanently disabled while in the
employ of the Company, retires with the consent of the Company, or terminates employment for the convenience of the Company (each of
the foregoing, a &#147;Forfeiture Event&#148;), then the Target Incentive Amount upon which the Grantee's award is based will be
reduced on a pro rata basis based upon the number of days remaining in the Performance Period following the date of the Forfeiture
Event. If the Grantee terminates employment voluntarily or is terminated for cause before the end of the Performance Period, then
the Target Incentive Amount is reduced to zero.</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grantee&#146;s right to receive payment in cash of this award in an amount not to exceed 200% of the Target Incentive Amount will be
based and become nonforfeitable upon the Administrator&#146;s certification of the attainment of the Performance Goals.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section 4(b), if a Change in Control Event occurs prior to the end of the Performance Period, the Grantee&#146;s right to receive
cash equal to the Target Incentive Amount (as adjusted for any Forfeiture Event pursuant to Section 4(a)) will become
nonforfeitable.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>AYMENT
OF</small> A<small>WARDS</small>.</b> Up to and including 200% of the Target Incentive Amount, as adjusted pursuant to Sections 4
and 6 of this Agreement, will be settled in cash only. Payment will be made to the Grantee as promptly as practicable after the
Administrator&#146;s certification of the attainment of the Performance Goal or the Change in Control Event, as the case may be,
which, in the case of payment upon attainment of the Performance Goal, shall be made no later than the 15th day of the third month
following the end of the first taxable year in which the award is no longer subject to a substantial risk of forfeiture.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>A<small>DJUSTMENTS</small>.</b>
The Administrator may adjust the Performance Goal or other features of this Grant as permitted by Section 5.2.3 of the
Plan.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>N<small>O</small>
E<small>MPLOYMENT</small> C<small>ONTRACT</small>.</b> Nothing in this Agreement confers upon the Grantee any right with respect to
continued employment by the Company, nor limits in any manner the right of the Company to terminate the employment or adjust the
compensation of the Grantee.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>T<small>AXES
AND</small> W<small>ITHHOLDING</small>.</b>  The Grantee is responsible for any federal, state, local or foreign tax, including
income tax, social insurance, payroll tax, payment on account or other tax-related withholding with respect to this Return on Equity
Incentive Award. If the Company must withhold any tax in connection with granting or vesting of this Return on Equity Incentive
Award, the Grantee by acknowledging this Agreement agrees that, so long as the Grantee is an employee of the Company for tax
purposes, all or any part of any such withholding obligation shall be deducted first from cash payable pursuant to this Return on
Equity Award and, if not sufficient, then from the Grantee&#146;s wages or other cash compensation. The Grantee shall pay to the
Company any amount that cannot be satisfied by the means previously described.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>OMPLIANCE
WITH</small> L<small>AW</small>.</b> The Company will make reasonable efforts to comply with all applicable federal, state and
foreign laws.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> O<small>THER</small> B<small>ENEFITS</small>.</b> The benefits received by the Grantee under this Agreement will not be
taken into account in determining any benefits to which the Grantee may be entitled under any profit sharing, retirement or other
benefit or compensation plan maintained by the Company, including the amount of any life insurance coverage available to any
beneficiary of the Grantee under any life insurance plan covering employees of the Company. Additionally, this Return on Equity
Incentive Award is not part of normal or expected compensation or salary for any purposes, including, but not limited to calculation
of any severance, resignation, termination, redundancy, end of service payments, bonuses or long-service awards. The grant of this
Return on Equity Incentive Award does not create any contractual or other right to receive future grants of Return on Equity
Incentive Awards or benefits in lieu of Return on Equity Incentive Awards, even if Grantee has a history of receiving Return on
Equity Incentive Awards or other cash or stock awards.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>2</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>A<small>MENDMENTS</small>.</b>
The Plan may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan. Any amendment to the
Plan will be deemed to be an amendment to this Agreement to the extent it is applicable to this Agreement; however, no amendment
will adversely affect the rights of the Grantee under this Agreement without the Grantee&#146;s consent.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>S<small>EVERABILITY</small>.</b>
If one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, the
invalidated provisions shall be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of
this Agreement will continue to be valid and fully enforceable.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> P<small>LAN</small>; I<small>NTERPRETATION</small>.</b> This Agreement is subject to the terms and conditions of the
Plan. In the event of any inconsistent provisions between this Agreement and the Plan, the provisions of the Plan control.
Capitalized terms used in this Agreement without definition have the meanings assigned to them in the Plan. References to Sections
are to Sections of this Agreement unless otherwise noted.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>S<small>UCCESSORS
AND</small> A<small>SSIGNS</small>.</b> Subject to Sections 2 and 4, the provisions of this Agreement shall be for the benefit of,
and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and
assigns of the Company.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>OVERNING</small>
L<small>AW</small>.</b> The laws of the State of Delaware govern the interpretation, performance, and enforcement of this
Agreement.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>RIVACY</small>
R<small>IGHTS</small>.</b> By accepting this award, the Grantee explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of the Grantee&#146;s personal data as described in this Agreement by and among, as
applicable, the Company and its affiliates for the exclusive purpose of implementing, administering and managing the Grantee&#146;s
participation in the Plan. The Company holds, or may receive from any agent designated by the Company, certain personal information
about the Grantee, including, but not limited to, the Grantee&#146;s name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in
Occidental, details of this Return on Equity Incentive Award or any other entitlement to cash or shares of stock awarded, canceled,
exercised, vested, unvested or outstanding in the Grantee&#146;s favor, for the purpose of implementing, administering and managing
the Plan, including complying with applicable tax and securities laws (&#147;Data&#148;). Data may be transferred to any third
parties assisting in the implementation, administration and management of the Plan. These recipients may be located in the
Grantee&#146;s country or elsewhere, and may have different data privacy laws and protections than the Grantee&#146;s country. By
accepting this Agreement, the Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in
electronic or other form, for the purposes described above. The Grantee may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any
case without cost, by contacting the Administrator in writing. Refusing or withdrawing consent may affect the Grantee&#146;s ability
to participate in the Plan.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>3</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>E<small>LECTRONIC</small>
D<small>ELIVERY</small>.</b> The Company may, in its sole discretion, decide to deliver any documents related to this Return on
Equity Incentive Award granted under the Plan or future awards that may be granted under the Plan (if any) by electronic means or to
request the Grantee&#146;s consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such
documents by electronic delivery and, if requested, to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>RANTEE</small>&#146;<small>S</small>
R<small>EPRESENTATIONS AND</small> R<small>ELEASES</small>.</b> By accepting this award, the Grantee acknowledges that the Grantee
has read this Agreement and understands that (i) the grant of this Return on Equity Incentive Award is made voluntarily by
Occidental in its discretion with no liability on the part of any of its direct or indirect subsidiaries and that, if the Grantee is
not an employee of Occidental, the Grantee is not, and will not be considered, an employee of Occidental but the Grantee is a third
party (employee of a subsidiary) to whom this Return on Equity Incentive Award is granted; (ii) the Grantee&#146;s participation in
the Plan is voluntary; (iii) the future amount of any cash payment pursuant to this Return on Equity Incentive Award cannot be
predicted and Occidental does not assume liability in the event this Return on Equity Incentive Award has no value in the future;
and (iv) subject to the terms of any tax equalization agreement between the Grantee and the entity employing the Grantee, the
Grantee will be solely responsible for the payment or nonpayment of taxes imposed or threatened to be imposed by any authority of
any jurisdiction.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>In consideration
of the grant of this Return on Equity Incentive Award, no claim or entitlement to compensation or damages shall arise from
termination of this Return on Equity Incentive Award or diminution in value of this Return on Equity Incentive Award resulting from
termination of the Grantee&#146;s employment by the Company (for any reason whatsoever and whether or not in breach of local labor
laws) and the Grantee irrevocably releases the Company from any such claim that may arise; if, notwithstanding the foregoing, any
such claim is found by a court of competent jurisdiction to have arisen, then, by accepting this Agreement, the Grantee shall be
deemed irrevocably to have waived his or her entitlement to pursue such claim.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> E<small>MPLOYMENT</small> A<small>GREEMENT</small>.</b> In the event of any inconsistent provisions between this
Agreement and any employment agreement between the Grantee and the Company, the provisions of the this Agreement control.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>OMPLIANCE
WITH</small> S<small>ECTION</small> 409A <small>OF THE</small> C<small>ODE</small>.</b> Notwithstanding anything to the contrary
contained in this Agreement, to the extent that the Board determines that the Plan or this award is subject to Section 409A of the
Code and fails to comply with the requirements of Section 409A of the Code, the Board reserves the right (without any obligation to
do so) to amend or terminate the Plan and/or amend, restructure, terminate or replace this award in order to cause this award to
either not be subject to Section 409A of the Code or to comply with the applicable provisions of such section.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>4</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'><b>IN WITNESS
WHEREOF</b>, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and Grantee has also
executed this Agreement in duplicate.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320'><font face="arial" style='font-size:11pt'>OCCIDENTAL
PETROLEUM CORPORATION</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="320" style='margin-left:250'>
  <tr>
    <td width="40" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>By:</font></p></td>
    <td width="280" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>&nbsp;</font></p></td></tr></table>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>The
undersigned Grantee hereby accepts this Return on Equity Incentive Award, subject to the terms and conditions of the Plan and the
terms and conditions set forth in this Agreement.</font></p>

<p style='margin-top:36pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320;border-bottom:black 1.0pt solid'><font face="arial" style='font-size:11pt'>&nbsp;</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320'><font face="arial" style='font-size:11pt'>Grantee</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="320" style='margin-left:250'>
  <tr>
    <td width="50" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>Date:</font></p></td>
    <td width="270" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>&nbsp;</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>5</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:12pt'><b>EXHIBIT
1</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:12pt'><b>2005 Long-Term
Incentive Plan</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:14pt'><b>2007 Return
on Equity Incentive Award</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:12pt'>(Payment
Percentage of Total Incentive Amount of Return on Equity Incentive Award</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:12pt'>that becomes
Nonforfeitable</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:12pt'>Based on Sum of
Return on Equity for Each of the Twelve Quarters in the Three Year</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:12pt'>Period Ending June
30, 2010)</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="570" style='margin-left:50'>
  <tr>
    <td width="285" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="arial" style='font-size:12pt'><b><u>Sum of Return
      on Equity</u></b></font></p></td>
    <td width="285" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="arial" style='font-size:12pt'><b><u>Payment
      Percentage*</u></b></font></p></td></tr>
  <tr>
    <td width="285" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="arial" style='font-size:12pt'>54%</font></p></td>
    <td width="285" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="arial" style='font-size:12pt'>200%</font></p></td></tr>
  <tr>
    <td width="285" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="arial" style='font-size:12pt'>33%</font></p></td>
    <td width="285" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:center'><font face="arial" style='font-size:12pt'>0%</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:12pt'>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
Percentages for Return on Equity for other values between 33% and 54% will be interpolated in the Committee&#146;s
discretion.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>6</font></p>


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>ex102-20070718.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>

<head>
  <title>Exhibit 10.2</title>
</head>

<body bgColor=#ffffff>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:right;width:720'><font face="times new roman" style='font-size:11pt'><b>EXHIBIT
10.2</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>OCCIDENTAL
PETROLEUM CORPORATION</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>2005 LONG-TERM
INCENTIVE PLAN</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>TOTAL
SHAREHOLDER RETURN INCENTIVE AWARD AGREEMENT</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>(Equity-based,
Equity and Cash-Settled Award)</b></font></p>

<table cellpadding="0" cellspacing="0" border="0" width="670">
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>GRANTEE:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>[Name]</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>DATE OF
      GRANT:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>July 18,
      2007</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>TARGET PERFORMANCE
      SHARES:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>&nbsp;</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>PERFORMANCE
      PERIOD:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>July 18, 2007
      through July 17, 2011</b></font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'><b>THIS
AGREEMENT</b> (this &#147;Agreement&#148;) is made as of the Date of Grant between OCCIDENTAL PETROLEUM CORPORATION, a Delaware
corporation (&#147;Occidental&#148;) and, with its subsidiaries, (the &#147;Company&#148;), and Grantee.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>RANT
OF</small> T<small>ARGET</small> P<small>ERFORMANCE</small> S<small>HARES</small>.</b> In accordance with this Agreement and the
Occidental Petroleum Corporation 2005 Long-Term Incentive Plan, as the same may be amended from time to time (the &#147;Plan&#148;),
Occidental grants to the Grantee as of the Date of Grant, the right to receive one-half in Common Shares and one-half in cash up to
150% of the number/value of Target Performance Shares. For the purposes of this Agreement, &#147;Target Performance Shares&#148;
means a bookkeeping entry that records the equivalent of Common Shares awarded pursuant to Section 4.2 of the Plan that is payable
upon the achievement of the Performance Goals. Target Performance Shares are not Common Shares and have no voting rights or, except
as stated in Section 6, dividend rights.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ESTRICTIONS
ON</small> T<small>RANSFER</small>.</b> Neither this Agreement nor any right to receive Common Shares or cash pursuant to this
Agreement may be transferred or assigned by the Grantee other than (i) to a beneficiary designated on a form approved by the Company
(if permitted by local law), by will or, if the Grantee dies without designating a beneficiary of a valid will, by the laws of
descent and distribution, or (ii) pursuant to a domestic relations order, if applicable, (if approved or ratified by the
Administrator).</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>ERFORMANCE</small>
G<small>OALS</small>.</b> The Performance Goal for the Performance Period is a peer company comparison based on Total Shareholder
Return, as set forth on Exhibit 1. Total Shareholder Return shall be calculated for each peer company using the average of its last
reported sale price per share of common stock on the New York Stock Exchange - Composite Transactions for the last ten trading days
preceding July 18, 2007 and the average of its last reported sale price per share of common stock on the New York Stock Exchange -
Composite Transactions for the last ten trading days preceding July 17, 2011.  The peer companies are: Anadarko Petroleum
Corporation, Apache Corporation, BP p.l.c., Chevron Corporation, ConocoPhillips, Devon Energy Corporation, ExxonMobil Corporation
and Royal Dutch Shell plc. If a peer company ceases to be a publicly-traded company at any time during the Performance Period or the
Administrator determines pursuant to Section 7 of this Agreement to reflect a change in circumstances with respect to any peer
company, then such company will be removed as a peer company and the achievement of the Performance Goal will be determined with
respect to the remaining peer companies as set forth on Exhibit 1.</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>V<small>ESTING
AND</small> F<small>ORFEITURE OF</small> T<small>ARGET</small> P<small>ERFORMANCE</small> S<small>HARES</small>.</b> (a) The Grantee
must remain in the continuous employ of the Company through the last day of the Performance Period to receive payment of this award.
The continuous employment of the Grantee will not be deemed to have been interrupted by reason of the transfer of the Grantee&#146;s
employment among the Company and its affiliates or an approved leave of absence. However, if, prior to the end of the Performance
Period, the Grantee dies or becomes permanently disabled while in the employ of the Company, retires with the consent of the
Company, or terminates employment for the convenience of the Company (each of the foregoing, a &#147;Forfeiture Event&#148;), then
the number of Target Performance Shares upon which the Grantee's award is based will be reduced on a pro rata basis based upon the
number of days remaining in the Performance Period following the date of the Forfeiture Event. If the Grantee terminates employment
voluntarily or is terminated for cause before the end of the Performance Period, then this Agreement will terminate automatically on
the date of Grantee&#146;s termination and Grantee shall forfeit the right to receive any Common Shares or cash
hereunder.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>(b)
The Grantee&#146;s right to receive payment of this award in an amount not to exceed 150% of the Target Performance Shares, rounded
up to the nearest whole share, will be based and become nonforfeitable upon the Administrator&#146;s certification of the attainment
of the Performance Goals.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>(c)
Notwithstanding Section 4(b), if a Change in Control Event occurs prior to the end of the Performance Period, the Grantee&#146;s
right to receive payment at the Target Performance Share level (as adjusted for any Forfeiture Event pursuant to Section 4(a)) will
become nonforfeitable. The right to receive shares and cash in excess of the Target Performance Share level (as adjusted for any
Forfeiture Event pursuant to Section 4(a)) will be forfeited.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>AYMENT
OF</small> A<small>WARDS</small>.</b> The Target Performance Shares as adjusted pursuant to Sections 4 and 7 of this Agreement will
be settled 50% in Common Shares and 50% in cash.  The cash payment will equal the closing price of the Common Shares on the New York
Stock Exchange on the date of the Administrator&#146;s certification (the &#147;Certification Date Value&#148;) of the attainment of
the Performance Goals multiplied by 50% of the Target Performance Shares earned at the Performance Goal level attained and will be
paid as promptly as possible after such date. The Common Shares covered by this Agreement or any prorated portion thereof shall be
issued to the Grantee as promptly as practicable after the Administrator&#146;s certification of the attainment of the Performance
Goals or the Change in Control Event, as the case may be. Each of the cash payment and the Common Shares shall in any event be made
no later than the 15th day of the third month following the end of the first taxable year in which the award is no longer subject to
a substantial risk of forfeiture.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>REDITING
AND</small> P<small>AYMENT OF</small> D<small>IVIDEND</small> E<small>QUIVALENTS</small>.</b> With respect to the number of Target
Performance Shares listed above, the Grantee will be credited on the books and records of Occidental with an amount (the
&#147;Dividend Equivalent&#148;) equal to the amount per share of any cash dividends declared by the Board on the outstanding Common
Shares as and when declared during the period beginning on the Date of Grant and ending with respect to any portion of the Target
Performance Shares covered by this Agreement on the date on which the Grantee&#146;s right to receive such portion becomes
nonforfeitable, or, if earlier, the date on which the Grantee forfeits the right to receive such portion. Occidental will pay in
cash to the Grantee an amount equal to the Dividend Equivalents credited to such Grantee as promptly as may be practicable after the
Grantee has been credited with a Dividend Equivalent.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'>2</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>A<small>DJUSTMENTS</small>.</b>
(a) The number or kind of shares of stock covered by this Agreement shall be adjusted as the Administrator determines pursuant to
Section 7.2 of the Plan in order to prevent dilution or expansion of the Grantee&#146;s rights under this Agreement as a result of
events such as stock dividends, stock splits or other changes in the capital structure of Occidental, or any merger, consolidation,
spin-off, liquidation or other corporate transaction having a similar effect. If any such adjustment occurs, the Company will give
the Grantee written notice of the adjustment.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>(b)
In addition, the Administrator may adjust the Performance Goal or other features of this Grant as permitted by Section 5.2.3 of the
Plan.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>N<small>O</small>
E<small>MPLOYMENT</small> C<small>ONTRACT</small>.</b> Nothing in this Agreement confers upon the Grantee any right with respect to
continued employment by the Company, nor limits in any manner the right of the Company to terminate the employment or adjust the
compensation of the Grantee.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>T<small>AXES
AND</small> W<small>ITHHOLDING</small>.</b> The Grantee is responsible for any federal, state, local or foreign tax, including
income tax, social insurance, payroll tax, payment on account or other tax-related withholding with respect to the grant of Target
Performance Shares (including the grant, the vesting, the receipt of Common Shares or cash, the sale of Common Shares and the
receipt of dividends or dividend equivalents, if any). If the Company must withhold any tax in connection with the issuance of any
Common Shares or the payment of cash or any other consideration pursuant to the grant of Target Performance Shares (other than the
payment of Dividend Equivalents), the Grantee shall satisfy all or any part of any such withholding obligation first from any cash
amount payable under this Agreement and, second by surrendering to the Company a portion of the Common Shares that are issued or
transferred to the Grantee pursuant to this Agreement. Any Common Shares so surrendered by the Grantee shall be credited against
the Grantee&#146;s withholding obligation at their Certification Date Value. If the Company must withhold any tax in connection with
granting or vesting of Target Performance Shares or the payment of Dividend Equivalents pursuant to this grant of Target Performance
Shares, the Grantee by acknowledging this Agreement agrees that, so long as the Grantee is an employee of the Company for tax
purposes, all or any part of any such withholding obligation shall be deducted from the Grantee&#146;s wages or other cash
compensation (including regular pay). The Grantee shall pay to the Company any amount that cannot be satisfied by the means
previously described.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>OMPLIANCE
WITH</small> L<small>AW</small>.</b> The Company will make reasonable efforts to comply with all applicable federal, state and
foreign securities laws; however, the Company will not issue any Common Shares or other securities pursuant to this Agreement if
their issuance would result in a violation of any such law.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> O<small>THER</small> B<small>ENEFITS</small>.</b> The benefits received by the Grantee under this Agreement will not be
taken into account in determining any benefits to which the Grantee may be entitled under any profit sharing, retirement or other
benefit or compensation plan maintained by the Company, including the amount of any life insurance coverage available to any
beneficiary of the Grantee under any life insurance plan covering employees of the Company. Additionally, the Target Performance
Shares are not part of normal or expected compensation or salary for any purposes, including, but not limited to calculation of any
severance, resignation, termination, redundancy, end of service payments, bonuses or long-service awards. This grant of Target
Performance Shares does not create any contractual or other right to receive future grants of Target Performance Shares, or benefits
in lieu of Target Performance Shares, even if Grantee has a history of receiving Target Performance Shares or other stock or cash
awards.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'>3</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>A<small>MENDMENTS</small>.</b>
The Plan may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan. Any amendment to the
Plan will be deemed to be an amendment to this Agreement to the extent it is applicable to this Agreement; however, no amendment
will adversely affect the rights of the Grantee under this Agreement without the Grantee's consent.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>S<small>EVERABILITY</small>.</b>
If one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, the
invalidated provisions shall be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of
this Agreement will continue to be valid and fully enforceable.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> P<small>LAN</small>; I<small>NTERPRETATION</small>.</b> This Agreement is subject to the terms and conditions of the
Plan. In the event of any inconsistent provisions between this Agreement and the Plan, the provisions of the Plan control.
Capitalized terms used in this Agreement without definition have the meanings assigned to them in the Plan. References to Sections
are to Sections of this Agreement unless otherwise noted.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>S<small>UCCESSORS
AND</small> A<small>SSIGNS</small>.</b> Subject to Sections 2 and 4, the provisions of this Agreement shall be for the benefit of,
and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and
assigns of the Company.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>OVERNING</small>
L<small>AW</small>.</b> The laws of the State of Delaware govern the interpretation, performance, and enforcement of this
Agreement.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>RIVACY</small>
R<small>IGHTS</small>.</b> By accepting this award, the Grantee explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of the Grantee&#146;s personal data as described in this Agreement by and among, as
applicable, the Company and its affiliates for the exclusive purpose of implementing, administering and managing the Grantee&#146;s
participation in the Plan. The Company holds or may receive from any agent designated by the Company certain personal information
about the Grantee, including, but not limited to, the Grantee&#146;s name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in
Occidental, details of this Target Performance Share award or any other entitlement to shares of stock awarded, canceled, exercised,
vested, unvested or outstanding in the Grantee&#146;s favor, for the purpose of implementing, administering and managing the Plan,
including complying with applicable tax and securities laws (&#147;Data&#148;). Data may be transferred to any third parties
assisting in the implementation, administration and management of the Plan. These recipients may be located in the Grantee&#146;s
country or elsewhere, and may have different data privacy laws and protections than the Grantee&#146;s country. By accepting this
Agreement, the Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other
form, for the purposes described above. The Grantee may, at any time, view Data, request additional information about the storage
and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without
cost, by contacting the Administrator in writing. Refusing or withdrawing consent may affect the Grantee&#146;s ability to
participate in the Plan.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'>4</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>E<small>LECTRONIC</small>
D<small>ELIVERY</small>.</b> The Company may, in its sole discretion, decide to deliver any documents related to this Target
Performance Share award granted under the Plan or future awards that may be granted under the Plan (if any) by electronic means or
to request the Grantee&#146;s consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such
documents by electronic delivery and, if requested, to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>RANTEE</small>&#146;<small>S</small>
R<small>EPRESENTATIONS AND</small> R<small>ELEASES</small>.</b> By accepting this award, the Grantee acknowledges that the Grantee
has read this Agreement and understands that (i) the grant of this Target Performance Share award is made voluntarily by Occidental
in its discretion with no liability on the part of any of its direct or indirect subsidiaries and that, if the Grantee is not an
employee of Occidental, the Grantee is not, and will not be considered, an employee of Occidental but the Grantee is a third party
(employee of a subsidiary) to whom this Target Performance Share award is granted; (ii) the Grantee&#146;s participation in the Plan
is voluntary; (iii) the future value of any Common shares issued pursuant to this Target Performance Share award cannot be predicted
and Occidental does not assume liability in the event such Common Shares have no value in the future; and (iv) subject to the terms
of any tax equalization agreement between the Grantee and the entity employing the Grantee, the Grantee will be solely responsible
for the payment or nonpayment of taxes imposed or threatened to be imposed by any authority of any jurisdiction.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>In consideration
of the grant of this Target Performance Share award, no claim or entitlement to compensation or damages shall arise from termination
of this Target Performance Share award or diminution in value of this Target Performance Share award or Common Shares issued
pursuant to this Target Performance Share award resulting from termination of the Grantee&#146;s employment by the Company (for any
reason whatsoever and whether or not in breach of local labor laws) and the Grantee irrevocably releases the Company from any such
claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have
arisen, then, by accepting this Agreement, the Grantee shall be deemed irrevocably to have waived his or her entitlement to pursue
such claim.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> E<small>MPLOYMENT</small> A<small>GREEMENT</small>.</b> In the event of any inconsistent provisions between this
Agreement and any employment agreement between the Grantee and the Company, the provisions of the this Agreement control.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>OMPLIANCE
WITH</small> S<small>ECTION</small> 409A <small>OF THE</small> C<small>ODE</small>.</b> Notwithstanding anything to the contrary
contained in this Agreement, to the extent that the Board determines that the Plan or this award is subject to Section 409A of the
Code and fails to comply with the requirements of Section 409A of the Code, the Board reserves the right (without any obligation to
do so) to amend or terminate the Plan and/or amend, restructure, terminate or replace this award in order to cause this award to
either not be subject to Section 409A of the Code or to comply with the applicable provisions of such section.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'>5</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:10pt'><b>IN WITNESS
WHEREOF</b>, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and Grantee has also
executed this Agreement in duplicate.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320'><font face="arial" style='font-size:10pt'>OCCIDENTAL
PETROLEUM CORPORATION</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="320" style='margin-left:250'>
  <tr>
    <td width="40" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>By:</font></p></td>
    <td width="280" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>&nbsp;</font></p></td></tr></table>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:10pt'>The
undersigned Grantee hereby accepts this Total Shareholder Return Incentive Award, subject to the terms and conditions of the Plan
and the terms and conditions set forth in this Agreement.</font></p>

<p style='margin-top:36pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320;border-bottom:black 1.0pt solid'><font face="arial" style='font-size:10pt'>&nbsp;</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320'><font face="arial" style='font-size:10pt'>Grantee</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="320" style='margin-left:250'>
  <tr>
    <td width="50" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>Date:</font></p></td>
    <td width="270" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>&nbsp;</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'>6</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>EXHIBIT
1</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>2005 Long-Term
Incentive Plan</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>2007 Total
Shareholder Return Incentive Award</b></font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>Example of Hewitt
Total Shareholder Return Payout Calculations</b></font></p>

<table cellpadding="0" cellspacing="0" border="0" width="670" style='margin-left:50'>
  <tr>
    <td width="55" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>Step
      1:</b></font></p></td>
    <td width="565" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:justify'><font face="arial" style='font-size:10pt'>Order Peer Companies
      by TSR values (excluding Oxy) highest to lowest, assign ordinal values starting at lowest value</font></p></td></tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="275" style='margin-left:105'>
  <tr>
    <td width="125" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>Peer</b></font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>Company</b></font></p></td>
    <td width="75" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'><b>TSR</b></font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'><b>Value</b></font></p></td>
    <td width="75" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'><b>Ordinal</b></font></p>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'><b>Value</b></font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>A</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>313.4</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>8</font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>B</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>300.4</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>7</font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>C</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>264.2</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>6</font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>D</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>257.0</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>5</font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>E</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>253.8</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>4</font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>F</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>242.0</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>3</font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>G</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>196.3</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>2</font></p></td></tr>
  <tr>
    <td width="125" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'>H</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>136.1</font></p></td>
    <td width="75" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:right'><font face="arial" style='font-size:10pt'>1</font></p></td></tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="670" style='margin-left:50'>
  <tr>
    <td width="55" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>Step
      2:</b></font></p></td>
    <td width="615" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:justify'><font face="arial" style='font-size:10pt'>Calculate bottom
      1/3 threshold</font></p></td></tr></table>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:105;text-align:left;width:615'><font face="arial" style='font-size:10pt'>n
= number of companies (excluding Oxy) = 8</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>q =
(n - 1) x (0.33) = (8 - 1) x (0.33) = 2.31</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>j =
integer portion of q = 2</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>g =
noninteger portion of q = 0.31</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>Bottom
1/3 = [(1 - g) x ordinal value(j+1)] + [(g) x ordinal value(j+2)]</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:155;text-align:left;width:565'><font face="arial" style='font-size:10pt'>=
[(1 - g) x (3<sup style='vertical-align:text-top;font-size:90%'>rd</sup> ordinal value)] + [(g) x
(4<sup style='vertical-align:text-top;font-size:90%'>th</sup> ordinal value)]</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:155;text-align:left;width:565'><font face="arial" style='font-size:10pt'>=
[(1 - 0.31) x (242.0)] + [(0.31) x (253.8)]</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:155;text-align:left;width:565'><font face="arial" style='font-size:10pt'>=
245.7</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="670" style='margin-left:50'>
  <tr>
    <td width="55" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>Step
      3:</b></font></p></td>
    <td width="615" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:justify'><font face="arial" style='font-size:10pt'>Calculate top 1/3
      threshold</font></p></td></tr></table>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>n
= number of companies (excluding Oxy) = 8</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>q =
(n - 1)(0.67) = (8 - 1)(0.67) = 4.69</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>j =
integer portion of q = 4</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>g =
noninteger portion of q = 0.69</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:105;text-align:left;width:565'><font face="arial" style='font-size:10pt'>Top
1/3 = [(1 - g) x ordinal value(j+1)] + [(g) x ordinal value(j+2)]</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:155;text-align:left;width:515'><font face="arial" style='font-size:10pt'>=
[(1 - g) x (5<sup style='vertical-align:text-top;font-size:90%'>th</sup> ordinal value)] + [(g) x
(6<sup style='vertical-align:text-top;font-size:90%'>th</sup> ordinal value)]</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:155;text-align:left;width:515'><font face="arial" style='font-size:10pt'>=
[(1 - 0.69) x (257.0)] + [(0.69) x (264.2)]</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:155;text-align:left;width:515'><font face="arial" style='font-size:10pt'>=
262.0</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'>7</font></p>

<p style='page-break-before:always'></p>

<table cellpadding="0" cellspacing="0" border="0" width="670" style='margin-left:50'>
  <tr>
    <td width="55" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:10pt'><b>Step
      4:</b></font></p></td>
    <td width="615" valign=top>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:justify'><font face="arial" style='font-size:10pt'>Calculate payout for
      a specific Oxy TSR result (with payout limited to 150%)</font></p></td></tr></table>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:105;text-align:left;width:615'><font face="arial" style='font-size:10pt'>If
Oxy TSR result is less than or equal to bottom 1/3 then payout = 0%</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:130;text-align:left;width:590'><font face="arial" style='font-size:10pt'><b>Example:</b>
if Oxy TSR = 240.0, then payout = 0%</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:105;text-align:left;width:615'><font face="arial" style='font-size:10pt'>If
Oxy TSR result is greater than or equal to top 1/3, then payout = 150%</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:130;text-align:left;width:590'><font face="arial" style='font-size:10pt'><b>Example:</b>
if Oxy TSR = 290.3, then payout = 150%</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:105;text-align:left;width:615'><font face="arial" style='font-size:10pt'>If
Oxy TSR is between bottom 1/3 and top 1/3 then linearly interpolate as follows:</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:130;text-align:left;width:590'><font face="arial" style='font-size:10pt'>Payout
= [(Oxy TSR - bottom 1/3 threshold) &#247; spread between top 1/3 and bottom 1/3] x 150%</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;margin-left:130;text-align:left;width:590'><font face="arial" style='font-size:10pt'><b>Example:</b>
if Oxy TSR = 255.5, then payout</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:180;text-align:left;width:545'><font face="arial" style='font-size:10pt'>=
[(255.5 - 245.7) &#247; (262.0 - 245.7)] x 150%</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:180;text-align:left;width:545'><font face="arial" style='font-size:10pt'>=
90%</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'>8</font></p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>ex103-20070718.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<html>

<head>
  <title>Exhibit 10.3</title>
</head>

<body bgColor=#ffffff>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:right;width:720'><font face="times new roman" style='font-size:11pt'><b>EXHIBIT
10.3</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>OCCIDENTAL
PETROLEUM CORPORATION</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>2005 LONG-TERM
INCENTIVE PLAN</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>LONG-TERM
INCENTIVE AWARD AGREEMENT</b></font></p>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:center;width:670'><font face="arial" style='font-size:10pt'><b>(Equity-based,
Cash-Settled Award)</b></font></p>

<table cellpadding="0" cellspacing="0" border="0" width="670">
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>G<small>RANTEE</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>[Name]</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>D<small>ATE
      OF</small> G<small>RANT</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>July 18,
      2007</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>L<small>ONG</small>-T<small>ERM</small>
      I<small>NCENTIVE</small> U<small>NITS</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>_____________</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>V<small>ESTING</small>
      D<small>ATE</small></b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>__________ Long-Term
      Incentive Units on July 17, 2008</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>S<small>CHEDULE</small>:</b></font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>__________ Long-Term
      Incentive Units on July 17, 2009</b></font></p></td></tr>
  <tr>
    <td width="250" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>&nbsp;</font></p></td>
    <td width="420" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'><b>__________ Long-Term
      Incentive Units on July 17, 2010</b></font></p></td></tr></table>


<p style='margin-top:24pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'><b>THIS
AGREEMENT</b> is made as of the Date of Grant between OCCIDENTAL PETROLEUM CORPORATION, a Delaware corporation
(&#147;Occidental&#148;) and, with its subsidiaries, (the &#147;Company&#148;), and Grantee.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>RANT
OF</small> L<small>ONG</small>-T<small>ERM</small> I<small>NCENTIVE</small> A<small>WARD</small>.</b> In accordance with this
Agreement and the Occidental Petroleum Corporation 2005 Long-Term Incentive Plan, as the same may be amended from time to time (the
&#147;Plan&#148;), Occidental grants to the Grantee as of the Date of Grant, the number of Long-Term Incentive Units (&#147;LTI
Units&#148;) set forth above, subject to adjustment under the Plan and Section 6 of this Agreement. A LTI Unit represents the right
to receive in cash, upon vesting, as set forth in Section 3, the Long-Term Incentive Value of one share of Occidental Common Stock,
$0.20 par value (the &#147;Common Stock&#148;). LTI Units are not Common Shares and have no voting rights or, except as stated in
Section 5, dividend rights. &#147;Long-Term Incentive Value&#148; means the last reported sale price of a share of Common Stock on
the New York Stock Exchange Composite Transactions on the applicable Vesting Date or Change of Control Event.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ESTRICTIONS
ON</small> T<small>RANSFER</small>.</b> Neither this Agreement nor any right to receive cash pursuant to this Agreement may be
transferred or assigned by the Grantee other than (i) to a beneficiary designated on a form approved by the Company (if permitted by
local law), by will or, if the Grantee dies without designating a beneficiary of a valid will, by the laws of descent and
distribution, or (ii) pursuant to a domestic relations order, if applicable, (if approved or ratified by the
Administrator).</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>V<small>ESTING
AND</small> F<small>ORFEITURE OF</small> L<small>ONG</small>-T<small>ERM</small> I<small>NCENTIVE</small> A<small>WARD</small>.</b>
(a) The Grantee must remain in the continuous employ of the Company through the applicable Vesting Date to receive payment of this
award in the number of LTI Units shown for such Vesting Date. The continuous employment of the Grantee will not be deemed to have
been interrupted by reason of the transfer of the Grantee&#146;s employment among the Company and its affiliates or an approved leave
of absence. However, if, prior to any Vesting Date, the Grantee becomes permanently disabled while in the employ of the Company,
retires with the consent of the Company, or terminates employment for the convenience of the Company (each of the foregoing, a
&#147;Forfeiture Event&#148;), then the number of unvested LTI Units will be reduced on a pro rata basis based upon the number of
days remaining until the final Vesting Date following the date of the Forfeiture Event. If the Grantee terminates employment
voluntarily or is terminated for cause before any Vesting Date, then this Agreement will terminate automatically on the
date</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>of
Grantee&#146;s termination and Grantee shall forfeit the right to receive any unvested LTI Units. If the Grantee dies while in the
employ of the Company before any Vesting Date, all of the unvested LTI Units will vest as of the date of death and become
immediately payable.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Change in Control Event occurs prior to the last Vesting Schedule Date, all unvested LTI Units shall immediately vest and become
nonforfeitable unless, prior to the occurrence of the Change in Control Event, the Administrator, as provided in Section 7.1 of the
Plan, determines that such Event will not accelerate vesting of any of these LTI Units. Any such determination by the Administrator
is binding on the Grantee.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>AYMENT
OF</small> A<small>WARDS</small>.</b> Payment of the Long-Term Incentive Value for each LTI Unit, as adjusted pursuant to Sections
3 and 6 of this Agreement, will be settled in cash only. Payment will be made to the Grantee as promptly as practicable after the
applicable Vesting Schedule Date, date of death or the Change in Control Event, as the case may be.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>REDITING
AND</small> P<small>AYMENT OF</small> D<small>IVIDEND</small> E<small>QUIVALENTS</small>.</b> With respect to the number of LTI
Units listed above, the Grantee will be credited on the books and records of Occidental with an amount (the &#147;Dividend
Equivalent&#148;) equal to the amount per share of any cash dividends declared by the Board on the outstanding Common Shares as and
when declared during the period beginning on the Date of Grant and ending, with respect to any portion of the LTI Units covered by
this Agreement, on the date on which the Grantee's right to receive such portion becomes nonforfeitable, or, if earlier, the date on
which the Grantee forfeits the right to receive such portion. Occidental will pay in cash to the Grantee an amount equal to the
Dividend Equivalents credited to such Grantee as promptly as may be practicable after the Grantee has been credited with a Dividend
Equivalent.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>A<small>DJUSTMENTS</small>.</b>
The number of LTI Units covered by this Grant may be adjusted as the Administrator determines, pursuant to Section 7.2 of the Plan,
in order to prevent dilution or expansion of the Grantee&#146;s rights under these Terms and Conditions as a result of events such
as stock dividends, stock splits, or other change in the capital structure of Occidental, or any merger, consolidation, spin-off,
liquidation or other corporate transaction or event having a similar effect. If any such adjustment occurs, the Company will give
the Grantee written notice of the adjustment containing an explanation of the nature of the adjustment.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>N<small>O</small>
E<small>MPLOYMENT</small> C<small>ONTRACT</small>.</b> Nothing in this Agreement confers upon the Grantee any right with respect to
continued employment by the Company, nor limits in any manner the right of the Company to terminate the employment or adjust the
compensation of the Grantee.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>T<small>AXES
AND</small> W<small>ITHHOLDING</small>.</b> The Grantee is responsible for any federal, state, local or foreign tax, including
income tax, social insurance, payroll tax, payment on account or other tax-related withholding with respect to this Long-Term
Incentive Award. If the Company must withhold any tax in connection with granting or vesting of this Long-Term Incentive Award, the
Grantee by acknowledging this Agreement agrees that, so long as the Grantee is an employee of the Company for tax purposes, all or
any part of any such withholding obligation shall be deducted first from the cash payable pursuant to this Long-Term Incentive award
and, if not sufficient, from the Grantee&#146;s wages or other cash compensation. The Grantee shall pay to the Company any amount
that cannot be satisfied by the means previously described.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>OMPLIANCE
WITH</small> L<small>AW</small>.</b> The Company will make reasonable efforts to comply with all federal, state and foreign laws
applicable to awards of this type.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>2</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> O<small>THER</small> B<small>ENEFITS</small>.</b> The benefits received by the Grantee under this Agreement will not be
taken into account in determining any benefits to which the Grantee may be entitled under any profit sharing, retirement or other
benefit or compensation plan maintained by the Company, including the amount of any life insurance coverage available to any
beneficiary of the Grantee under any life insurance plan covering employees of the Company. Additionally, this Long-Term Incentive
Award is not part of normal or expected compensation or salary for any purposes, including, but not limited to calculation of any
severance, resignation, termination, redundancy, end of service payments, bonuses or long-service awards. The grant of this
Long-Term Incentive Award does not create any contractual or other right to receive future grants of Long-Term Incentive Awards or
benefits in lieu of Long-Term Incentive Awards, even if Grantee has a history of receiving Long-Term Incentive Awards or other cash
or stock awards.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>A<small>MENDMENTS</small>.</b>
The Plan may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan. Any amendment to the
Plan will be deemed to be an amendment to this Agreement to the extent it is applicable to this Agreement; however, no amendment
will adversely affect the rights of the Grantee under this Agreement without the Grantee's consent.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>S<small>EVERABILITY</small>.</b>
If one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, the
invalidated provisions shall be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of
this Agreement will continue to be valid and fully enforceable.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>R<small>ELATION
TO</small> P<small>LAN</small>; I<small>NTERPRETATION</small>.</b> This Agreement is subject to the terms and conditions of the
Plan. In the event of any inconsistent provisions between this Agreement and the Plan, the provisions of the Plan control.
Capitalized terms used in this Agreement without definition have the meanings assigned to them in the Plan. References to Sections
are to Sections of this Agreement unless otherwise noted.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>S<small>UCCESSORS
AND</small> A<small>SSIGNS</small>.</b> Subject to Sections 2 and 4, the provisions of this Agreement shall be for the benefit of,
and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and
assigns of the Company.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>OVERNING</small>
L<small>AW</small>.</b> The laws of the State of Delaware govern the interpretation, performance, and enforcement of this
Agreement.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>P<small>RIVACY</small>
R<small>IGHTS</small>.</b> By accepting this award, the Grantee explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of the Grantee&#146;s personal data as described in this Agreement by and among, as
applicable, the Company and its affiliates for the exclusive purpose of implementing, administering and managing the Grantee&#146;s
participation in the Plan. The Company holds, or may receive from any agent designated by the Company, certain personal information
about the Grantee, including, but not limited to, the Grantee&#146;s name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in
Occidental, details of this Long-Term Incentive Award or any other entitlement to cash or shares of stock awarded, canceled,
exercised, vested, unvested or outstanding in the Grantee&#146;s favor, for the purpose of implementing, administering
and</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>3</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>managing the
Plan, including complying with applicable tax and securities laws (&#147;Data&#148;). Data may be transferred to any third parties
assisting in the implementation, administration and management of the Plan. These recipients may be located in the Grantee&#146;s
country or elsewhere, and may have different data privacy laws and protections than the Grantee&#146;s country. By accepting this
Agreement, the Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other
form, for the purposes described above. The Grantee may, at any time, view Data, request additional information about the storage
and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without
cost, by contacting the Administrator in writing. Refusing or withdrawing consent may affect the Grantee&#146;s ability to
participate in the Plan.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>E<small>LECTRONIC</small>
D<small>ELIVERY</small>.</b> The Company may, in its sole discretion, decide to deliver any documents related to this Long-Term
Incentive Award granted under the Plan or future awards that may be granted under the Plan (if any) by electronic means or to
request the Grantee&#146;s consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such
documents by electronic delivery and, if requested, to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>G<small>RANTEE</small>&#146;<small>S</small>
R<small>EPRESENTATIONS AND</small> R<small>ELEASES</small>.</b> By accepting this award, the Grantee acknowledges that the Grantee
has read this Agreement and understands that (i) the grant of this Long-Term Incentive Award is made voluntarily by Occidental in
its discretion with no liability on the part of any of its direct or indirect subsidiaries and that, if the Grantee is not an
employee of Occidental, the Grantee is not, and will not be considered, an employee of Occidental but the Grantee is a third party
(employee of a subsidiary) to whom this Long-Term Incentive Award is granted; (ii) the Grantee&#146;s participation in the Plan is
voluntary; (iii) the future amount of any cash payment pursuant to this Long-Term Incentive Award cannot be predicted and Occidental
does not assume liability in the event this Long-Term Incentive Award has no value in the future; and (iv) subject to the terms of
any tax equalization agreement between the Grantee and the entity employing the Grantee, the Grantee will be solely responsible for
the payment or nonpayment of taxes imposed or threatened to be imposed by any authority of any jurisdiction.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>In consideration
of the grant of this Long-Term Incentive Award, no claim or entitlement to compensation or damages shall arise from termination of
this Long-Term Incentive Award or diminution in value of this Long-Term Incentive Award resulting from termination of the
Grantee&#146;s employment by the Company (for any reason whatsoever and whether or not in breach of local labor laws) and the
Grantee irrevocably releases the Company from any such claim that may arise; if, notwithstanding the foregoing, any such claim is
found by a court of competent jurisdiction to have arisen, then, by accepting this Agreement, the Grantee shall be deemed
irrevocably to have waived his or her entitlement to pursue such claim.</font></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>C<small>OMPLIANCE
WITH</small> S<small>ECTION</small> 409A <small>OF THE</small> C<small>ODE</small>.</b> Notwithstanding anything to the contrary
contained in this Agreement, to the extent that the Board determines that the Plan or this award is subject to Section 409A of the
Code and fails to comply with the requirements of Section 409A of the Code, the Board reserves the right (without any obligation to
do so) to amend or terminate the Plan and/or amend, restructure, terminate or replace this award in order to cause this award to
either not be subject to Section 409A of the Code or to comply with the applicable provisions of such section.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>4</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:12pt;margin-bottom:0pt;text-align:justify;width:670'><font face="arial" style='font-size:11pt'><b>IN WITNESS
WHEREOF</b>, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and Grantee has also
executed this Agreement in duplicate.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320'><font face="arial" style='font-size:11pt'>OCCIDENTAL
PETROLEUM CORPORATION</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="320" style='margin-left:250'>
  <tr>
    <td width="40" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>By:</font></p></td>
    <td width="280" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>&nbsp;</font></p></td></tr></table>

<p style='margin-top:12pt;margin-bottom:0pt;text-indent:50;text-align:justify;width:670'><font face="arial" style='font-size:11pt'>The
undersigned Grantee hereby accepts this Long-Term Incentive Award, subject to the terms and conditions of the Plan and the terms and
conditions set forth in this Agreement.</font></p>

<p style='margin-top:36pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320;border-bottom:black 1.0pt solid'><font face="arial" style='font-size:11pt'>&nbsp;</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:250;text-align:left;width:320'><font face="arial" style='font-size:11pt'>Grantee</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="320" style='margin-left:250'>
  <tr>
    <td width="50" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:24pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>Date:</font></p></td>
    <td width="270" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="arial" style='font-size:11pt'>&nbsp;</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;text-align:center;width:670'><font face="times new roman" style='font-size:10pt'>5</font></p>


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>ex104-20070718.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<html>

<head>
  <title>Exhibit 10.4</title>
</head>

<body bgColor=#ffffff>

<p style='margin-top:0pt;margin-bottom:0pt;text-align:right;width:720'><font face="times new roman" style='font-size:11pt'><b>EXHIBIT
10.4</b></font></p>

<p style='margin-top:72pt;margin-bottom:0pt;margin-left:50;text-align:center;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'><b><u>EMPLOYMENT
AGREEMENT</u></b></font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>THIS
EMPLOYMENT AGREEMENT is entered into as of the 19th day of July, 2007, by and between OCCIDENTAL PETROLEUM CORPORATION, a Delaware
Corporation (&#147;COMPANY&#148;), and DR. RAY R. IRANI (&#147;EMPLOYEE&#148;).</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-align:center;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'><u>W</u>
<u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>WHEREAS,
EMPLOYEE, since June 16, 1983, has served as an officer of COMPANY, most recently as COMPANY&#146;s Chairman and Chief Executive
Officer pursuant to an agreement between EMPLOYEE and COMPANY dated February 10, 2005 (the &#147;Prior Agreement&#148;) ;
and</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>WHEREAS,
COMPANY desires to obtain the benefit of continued services by EMPLOYEE as Chairman and Chief Executive Officer, and EMPLOYEE
desires to continue to render services to COMPANY; and</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>WHEREAS,
the Board of Directors of COMPANY (the &#147;Board&#148;) has determined that it is in COMPANY&#146;s best interest and that of its
stockholders to recognize the substantial contribution that EMPLOYEE has made and is expected to continue to make to COMPANY&#146;s
business and to retain his services in the future; and</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>WHEREAS,
COMPANY and EMPLOYEE desire to set forth in this Agreement the terms and conditions of EMPLOYEE&#146;s continued employment with
COMPANY which Agreement represents and constitutes an amendment and restatement of the Prior Agreement;</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>1</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained, the parties hereto agree as follows:</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>.
This Agreement shall extend for a period of time (the &#147;Term&#148;) which commenced on the date of the Prior Agreement (the
&#147;Effective Date&#148;) and shall expire on the earlier of the date of COMPANY&#146;s 2015 stockholder meeting or May 30, 2015,
unless earlier terminated in accordance with the provisions hereof.  COMPANY shall employ EMPLOYEE, and EMPLOYEE shall serve
COMPANY, in accordance with the provisions hereof, throughout the Term, unless such employment is earlier terminated in accordance
with the provisions hereof.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific
Position; Duties and Responsibilities</u>. Subject to the provisions of this Agreement, COMPANY shall employ EMPLOYEE as Chairman
and Chief Executive Officer, and EMPLOYEE shall serve COMPANY as Chairman and Chief Executive Officer and as a member of the Board.
EMPLOYEE&#146;s principal business address shall during such period be at COMPANY&#146;s executive offices in Southern California or
with EMPLOYEE&#146;s consent in such other place as such offices are relocated. EMPLOYEE&#146;s duties hereunder shall be the usual
and customary duties of the offices in which he shall serve. EMPLOYEE shall have such executive power and authority as shall
reasonably be required to enable him to discharge his duties in the offices which he may hold.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Services
and Exclusivity of Services</u>. During the Term, EMPLOYEE, except as otherwise expressly provided in this Section 3, shall devote
his full business time and energy to the business affairs and interests of COMPANY and its subsidiaries, and shall use his best
efforts and abilities to promote COMPANY&#146;s and its subsidiaries&#146; interests.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>EMPLOYEE
may serve as a director or in any other capacity of any business enterprise, including an enterprise whose activities may involve or
relate to the business of COMPANY, provided that such service is expressly approved by the Board.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>2</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>EMPLOYEE
may make and manage personal business investments of his choice and serve in any capacity with any civic, educational or charitable
organization, or any governmental entity or trade association, without seeking or obtaining approval by the Board, provided such
activities and services do not materially interfere or conflict with the performance of his duties hereunder.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Salary</u>.
COMPANY shall pay EMPLOYEE an annual salary at the minimum rate of $1,300,000, which shall be payable in semimonthly installments in
conformity with COMPANY&#146;s policy relating to salaried employees. EMPLOYEE&#146;s salary shall be subject to annual increase
(and, as part of across the board reductions for other officers of COMPANY, decrease) at the reasonable discretion of the Board and
its Executive Compensation and Human Resources Committee (&#147;Compensation Committee&#148;). Salary increases may be paid, at the
discretion of the Compensation Committee, in cash or common stock of the Company, or a combination thereof.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Bonus</u>.
EMPLOYEE shall be entitled to an annual cash bonus in an amount to be determined at the reasonable discretion of the Board and its
Compensation Committee. Bonus awards may be paid, at the discretion of the Compensation Committee, in cash or common stock of the
Company, or a combination thereof.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Deferred
Compensation</u>. In the event, and to the extent, that EMPLOYEE has in the past, or may in the future, elect to participate in any
Company-sponsored deferred compensation plan, it is intended that any election to defer compensation shall not be taken into account
in the calculation of those of EMPLOYEE&#146;s rights and benefits under this Agreement that are based upon EMPLOYEE&#146;s salary
or bonus or the sum thereof, and, to the extent such deferred amounts are taken into account, Employee shall be appropriately
compensated.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee
Benefits</u>. EMPLOYEE shall be entitled during his employment hereunder, to all rights and benefits for which he is otherwise
eligible under any group life insurance, medical and dental care (including coverage for EMPLOYEE&#146;s spouse and</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>3</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>children),
disability, retirement, personal savings account, deferred compensation and other plans or benefits which COMPANY or its
subsidiaries may provide for employees and other senior executives (collectively, &#147;Employee Benefits&#148;).</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>If
EMPLOYEE&#146;s employment is terminated hereunder, pursuant to Section 11(b), 11(c), or 11(d) hereof, and EMPLOYEE is entitled to
but is no longer eligible for Employee Benefits because of such termination, EMPLOYEE shall be entitled to and COMPANY shall
provide, to the extent provided in this Agreement, benefits substantially equivalent to the Employee Benefits to which EMPLOYEE was
entitled immediately prior to such termination and shall do so for the period during which he remains entitled to receive such
Employee Benefits as provided in this Agreement. With respect to the continuation of such benefits, EMPLOYEE shall also be paid by
COMPANY an amount which, after taxes on such amount, shall reimburse EMPLOYEE for any additional tax liabilities incurred by
EMPLOYEE by reason of the receipt of such benefits after the termination of, rather than during the Term of, this Agreement, upon
the assumption that the amount to which EMPLOYEE shall be so entitled shall be subject to the maximum combined Federal and state tax
rate applicable to individuals in respect of such payments.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Supplemental
Benefits</u>.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Retirement</u>.
COMPANY shall allow EMPLOYEE to be an eligible participant in COMPANY&#146;s qualified and nonqualified retirement and deferred
compensation plans applicable to employees of COMPANY as of the Effective Date.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Life
Insurance</u>. During the Term and thereafter until the death of EMPLOYEE, COMPANY shall provide EMPLOYEE with life insurance which,
when added to the coverage provided as part of his Employee Benefits, shall provide coverage at a minimum level equal to three (3)
times his highest career annual salary at any time during his employment by COMPANY. To the extent that assignability for estate
planning purposes is not already provided for in the underlying plans which relate to the foregoing coverages, all life insurance is
to be assignable at the option of EMPLOYEE.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>4</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Post-Retirement
Benefits</u>.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any period following EMPLOYEE&#146;s retirement or termination from employment with COMPANY, EMPLOYEE shall be entitled to medical
and dental benefits of a kind and to an extent no less favorable than the medical and dental benefits provided by COMPANY to
EMPLOYEE prior to his retirement or termination.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any period following EMPLOYEE&#146;s retirement or termination from employment with COMPANY, EMPLOYEE shall be entitled to continue
to receive existing perquisites, including without limitation personal tax, accounting and financial planning services currently
provided to EMPLOYEE at COMPANY&#146;s expense.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
retirement, notwithstanding any contrary provision of the applicable grants, all of EMPLOYEE&#146;s unvested stock options will
become fully vested immediately and exercisable. In addition, all of EMPLOYEE&#146;s unvested restricted stock will become fully
vested immediately and all of EMPLOYEE&#146;s unvested performance stock will become fully vested immediately and payable in
accordance with the applicable awards as if EMPLOYEE continued to be employed by COMPANY.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Spousal
Benefits</u>. EMPLOYEE&#146;s surviving spouse shall also be entitled to continuation of medical benefits included within the
Employee Benefits for the remainder of her life.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal
Fees</u>. COMPANY shall provide to or for EMPLOYEE all legal fees for services and costs excepting only for matters of a purely
personal nature. COMPANY&#146;s obligation pursuant to this Section 8(e) shall survive the Term.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Perquisites
and Vacation</u>. During his employment hereunder, EMPLOYEE shall continue to be entitled to the minimum perquisites to which he was
entitled in accordance with the practice immediately prior to the Effective Date.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>EMPLOYEE
shall continue to be entitled to six (6) weeks paid vacation during each calendar year of employment, prorated for any period which
is less than one (1) calendar year. Vacation time shall accrue during each calendar year, and, upon termination of this Agreement
for any reason and in addition to any other rights granted</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>5</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>to
EMPLOYEE by this Agreement, EMPLOYEE shall be entitled to be paid an amount based upon his salary at the rate applicable immediately
prior to such termination for any accrued but unused vacation time.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Long-Term
Incentives</u>.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted
Stock</u>. During his employment hereunder, EMPLOYEE shall be entitled to participate in COMPANY&#146;s long term incentive
compensation programs, with any award to be related to the performance of COMPANY and determined at the discretion of the Board or
its Compensation Committee.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock
Options</u>. During his employment hereunder, EMPLOYEE shall be considered annually for the grant of stock options and/or SAR&#146;s
under then existing COMPANY stock option plans.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance
Plans</u>. If, during EMPLOYEE&#146;s employment hereunder, COMPANY adopts any other long-term incentive plans, EMPLOYEE shall be
treated under each of those plans in a manner no less favorable than the treatment afforded other key executives of
COMPANY.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Death</u>.
This Agreement shall terminate upon EMPLOYEE&#146;s death; provided however that (a) the following provisions of this Agreement
shall remain applicable: Clause 8(b) Life Insurance; Clause 8(d) Spousal Benefits; and, Section 13 Miscellaneous (except Clause
(a)); (b) EMPLOYEE&#146;s estate or other designated beneficiary, if any, shall be entitled to the rights and benefits as prescribed
by applicable COMPANY plans and as prescribed by Section 8(b) hereof; and (c) the rights and benefits to which EMPLOYEE&#146;s
estate or other designated beneficiary shall be entitled upon his death, including a pro-rata portion of the bonus described in
Section 5 above for the year of death, shall be payable to such person or persons as EMPLOYEE shall have directed in writing or, in
the absence of a designation, to his estate.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability</u>.
In the event that EMPLOYEE shall be unable, because of illness, injury or similar incapacity (&#147;disability&#148;), to perform
his duties hereunder for an aggregate of six (6) months within any one eighteen (18) month period,</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>6</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>EMPLOYEE&#146;s
employment hereunder may be terminated by written notice of termination from COMPANY to EMPLOYEE. In the event of a termination of
employment pursuant to this Section 11(b), EMPLOYEE shall be entitled to receive payments described in Section 11(c) hereof offset
by the amount of any disability benefits to which EMPLOYEE shall become entitled under any COMPANY sponsored disability plan. In the
event of a termination of employment pursuant to this Section 11(b), EMPLOYEE shall also be entitled, until his death, to the
medical and welfare benefits included within the Employee Benefits, to the life insurance benefits enumerated in the first paragraph
of Section 8(b) hereof, and to the rights enumerated under Clause 8(c).</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination
by COMPANY</u>. The Board shall have the right, at its election to be made in writing and delivered to EMPLOYEE not less than sixty
(60) days prior to the effective date thereof, to terminate EMPLOYEE&#146;s employment under this Agreement for any reason. In the
event of a termination of employment pursuant to this Section 11(c), EMPLOYEE shall be entitled to three (3) times EMPLOYEE&#146;s
highest annual salary and bonus paid to EMPLOYEE at any time in respect of a single calendar year commencing with the calendar year
January 1, 2000, and such amount shall be payable in an undiscounted lump sum not later than two and one-half months from the end of
the calendar year in which the termination of employment occurs.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>EMPLOYEE
shall also be entitled to the following:</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical,
dental and welfare benefits included within the Employee Benefits where permissible under applicable plans, and the provision of
comparable supplemental benefits where continuation of such benefits is impermissible under applicable plans;</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
life insurance benefits provided in Section 8(b) hereof;</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing
perquisites and other rights specified under Clause 8(c); and</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full
and immediate vesting of restricted stock, stock options and any other then provided long-term incentive benefits; provided,
EMPLOYEE shall be able to exercise any outstanding options or stock appreciation rights as if he had retired on the date of
termination.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>7</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>In
the event of a termination of employment pursuant to this Section 11(c), EMPLOYEE shall have no duty to mitigate COMPANY&#146;s
obligations by seeking other employment or by becoming self-employed, and COMPANY shall have no right to offset against its
obligations any consideration received by EMPLOYEE from any subsequent employment or subsequent self-employment.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Constructive
Termination</u>. EMPLOYEE shall have the right, at his election to be made in writing and delivered to COMPANY within sixty (60)
days after such event, to terminate his employment under this Agreement if a material breach of this Agreement by COMPANY occurs
which COMPANY fails to cure within fifteen (15) days after receipt of notice of such breach. In the event of a termination under
this Section 11(d), EMPLOYEE shall be entitled to treat such termination as though it were a termination pursuant to Section 11 (c)
hereof. Notwithstanding the foregoing, COMPANY shall not be in material breach if EMPLOYEE&#146;s duties and responsibilities are
reduced solely by virtue of the fact that COMPANY is (or substantially all of its assets are) sold to, or combined with, another
entity provided that EMPLOYEE shall continue to have substantially the same executive duties with respect to COMPANY&#146;s business
as of the Effective Date and EMPLOYEE shall report directly to the board of directors of any entity (or individual) that acquires
COMPANY or its assets.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Change
in Control</u>.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>COMPANY
shall hold EMPLOYEE harmless against and shall insulate EMPLOYEE from all of the effects of any excise or other tax payable by
EMPLOYEE under or as a result of Sections 280G and 4999 of the Internal Revenue Code of 1986 or comparable state law, or any
successor thereto, by reason of a change in control. COMPANY&#146;s obligation in this regard shall include a gross-up obligation,
to hold EMPLOYEE harmless from and to insulate EMPLOYEE from all of the effects of any income and excise tax liability.</font></p>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Working
Facilities</u>. During his employment hereunder, EMPLOYEE shall continue to be furnished with office facilities and services at
least</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>8</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>substantially
equivalent to those which have been provided him immediately prior to the Effective Date.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver
of Breach</u>. If COMPANY breaches any provision of this Agreement, EMPLOYEE shall not be deemed under any circumstances to have
waived any of his rights attributable to such breach unless he has specifically consented to such waiver in writing. Any such waiver
by EMPLOYEE of a breach of any provision of this Agreement by COMPANY shall not operate or be construed as a waiver of any
subsequent breach by COMPANY.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>If
EMPLOYEE breaches any provision of this Agreement, COMPANY shall not be deemed under any circumstances to have waived any of its
rights attributable to such breach unless it has specifically consented to such waiver in writing. Any such waiver by COMPANY of a
breach of any provision of this Agreement by EMPLOYEE shall not operate or be construed as a waiver of any subsequent breach by
EMPLOYEE.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>.
Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and if sent by registered or
certified mail (return receipt requested) to the following addresses: If to COMPANY, at 10889 Wilshire Boulevard, Los Angeles,
California 90024, Attention: General Counsel, with a copy to the Chairman of the Compensation Committee of the Board at the same
address, or to such other address as COMPANY may from time to time in writing designate, and if to EMPLOYEE, at such address as he
may from time to time in writing designate (or his business address of record in the absence of such designation). All notices shall
be deemed to have been given two (2) business days after they have been deposited in the United States mail.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>.
Any provision contained in this Agreement or in any renewal or extension hereof upon the same or different terms and conditions may
be amended at any time or from time to time by mutual agreement of EMPLOYEE and COMPANY without the consent of any other person
named or described in this Agreement as a beneficiary of any of its provisions.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>.
During the Term, COMPANY shall not merge, consolidate or otherwise combine with any other entity unless COMPANY shall be the</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>9</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>surviving
corporation or the surviving corporation shall have assumed all COMPANY&#146;s obligations under this Agreement. The obligations of
COMPANY under this Agreement shall be binding upon the surviving corporation upon the merger, consolidation or combination of
COMPANY with such corporation. This Agreement shall inure to the benefit of COMPANY and its successors and assigns and of EMPLOYEE
and his heirs and personal representatives.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire
Agreement</u>. This Agreement constitutes the entire agreement between COMPANY and EMPLOYEE with respect to the subject matter
hereof, amends and supersedes the Prior Agreement and, except as provided in subsections 11(c) and 13(j), specifically does not
affect those certain agreements identified on Exhibit A hereto, and may not be changed orally but only by an instrument in writing
signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability
and Survival of Certain Provisions</u>. The invalidity of any term of this Agreement shall not invalidate or otherwise affect any
other term of this Agreement. The following provisions of this Agreement shall survive any expiration of the Term of the Agreement:
Section 7 Employee Benefits; Section 8 Supplemental Benefits; Section 11 (the benefits described in Section 11(c), Clauses (i)
through (iv) and Section 13 Miscellaneous (except Clause (a)).</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable
Law</u>.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 13 (j), this Agreement shall be governed by and construed under and in accordance with the laws of the State of
California applicable to contracts made and to be wholly performed within the State of California, without regard to principles of
conflicts of laws; and the laws of that state shall govern all of the rights, remedies, liabilities, powers and duties of the
parties under this Agreement and of any arbitrator or arbitrators to whom any matter hereunder may be submitted for resolution by
the parties hereto.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:150;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 13 (j), any legal action or proceeding with respect to this Agreement shall be brought exclusively in the federal or
state courts of the State of California, and by execution and delivery of this Agreement, EMPLOYEE and COMPANY irrevocably consent
to the jurisdiction of those courts. EMPLOYEE and</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>10</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>COMPANY
irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens,
which either may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of this Agreement
or any transaction related hereto. EMPLOYEE and COMPANY acknowledge and agree that any service of legal process by mail in the
manner provided for notices under this Agreement constitutes proper legal service of process under applicable law in any action or
proceeding under or in respect of this Agreement.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>.
The Board, or such committee of the Board as it may by resolution specifically designate, shall administer this Agreement on behalf
of COMPANY and take any action and exercise any discretion required or permitted to be taken or exercised by COMPANY, pursuant to
the provisions hereof.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>.
Any controversy or claim arising out of or relating to this Agreement and EMPLOYEE&#146;s employment by COMPANY, including claims of
wrongful discharge, discrimination, harassment and any injury to EMPLOYEE&#146;s physical, mental or economic interests shall be
settled by binding arbitration in California, in accordance with the Employment Dispute Resolution rules of the JAMS/Endispute. The
only disputes between EMPLOYEE and COMPANY not covered by this Agreement are claims for unemployment insurance or workers
compensation and claims for benefits under any employee benefit plan, which benefit claims shall be resolved pursuant to the claims
procedures under the applicable plan. The demand for arbitration must be made within two years after the controversy or claim
arises; failure to do so shall constitute an absolute bar to the institution of any such proceeding and shall forever constitute a
waiver respecting any such controversy or claim. Any award pursuant to such arbitration shall be included in a written decision
which shall state the legal and factual reasons upon which the award was based, including all the elements involved in the
calculation of any award of damages. Any such award shall be deemed final and binding and may be entered and enforced in any state
or federal court of competent jurisdiction. The arbitrator(s) shall interpret the Agreement in accordance with the laws of
California. The arbitrator(s) shall be authorized to award reasonable attorneys&#146; fees and other arbitration-related costs to
the prevailing party.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>11</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:100;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity
and Insurance</u>. In any situation where under applicable law the COMPANY has the power to indemnify EMPLOYEE in respect of any
judgments, fines, settlements, loss, cost or expense (including attorneys&#146; fees) of any nature related to or arising out of
EMPLOYEE&#146;s activities as an agent, employee, officer or director of COMPANY or in any other capacity on behalf of or at the
request of COMPANY, COMPANY agrees that it will indemnify EMPLOYEE to the fullest extent permitted by applicable law, including but
not limited to making such findings and determinations and taking any and all such actions as COMPANY may, under applicable law, be
permitted to have the discretion to take so as to effectuate such indemnification. COMPANY further agrees to furnish EMPLOYEE for
the remainder of his life with Directors&#146; and Officers&#146; liability insurance insuring EMPLOYEE, against occurrences which
occur during the term of this Agreement, such insurance to have policy limits aggregating not less than $100 million, and otherwise
to be in substantially the same form and to contain substantially the same terms, conditions and exceptions as the liability
insurance policies provided for officers and directors of COMPANY in force from time to time.</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-indent:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.</font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:300;text-align:left;width:320'><font face="times new roman" style='font-size:12pt'>OCCIDENTAL
PETROLEUM CORPORATION</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="300" style='margin-left:300'>
  <tr>
    <td width="50" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>By:</font></p></td>
    <td width="250" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>/s/ RICHARD W.
      HALLOCK</font></p></td></tr>
  <tr>
    <td width="50" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>&nbsp;</font></p></td>
    <td width="250" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>Executive Vice
      President</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:300;text-align:left;width:320'><font face="times new roman" style='font-size:12pt'>EMPLOYEE</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="300" style='margin-left:300'>
  <tr>
    <td width="50" valign=bottom style='border-bottom:white 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>By:</font></p></td>
    <td width="250" valign=bottom style='border-bottom:black 1.0pt solid'>
      <p style='margin-top:12pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>/s/ RAY R.
      IRANI</font></p></td></tr>
  <tr>
    <td width="50" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>&nbsp;</font></p></td>
    <td width="250" valign=bottom>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left'><font face="times new roman" style='font-size:12pt'>Dr. Ray R.
      Irani</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>12</font></p>

<p style='page-break-before:always'></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:center;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>Dr.
Ray Irani</font></p>

<p style='margin-top:0pt;margin-bottom:0pt;margin-left:50;text-align:center;line-height:18pt;width:620;border-bottom:black 1.0pt solid'><font face="times new roman" style='font-size:12pt'>List
of Special Agreements (Exhibit A)</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="620" style='margin-left:50'>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:18pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>&#149;</font></p></td>
    <td width="570" valign=top>
      <p style='margin-top:18pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>Indemnification
      Agreements, dated May 21, 1987 and August 22, 2002, between EMPLOYEE and COMPANY or any affiliates.</font></p></td></tr>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>&#149;</font></p></td>
    <td width="570" valign=top>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>Split-Dollar
      Life Insurance Agreement, dated October 31, 1994.</font></p></td></tr></table>

<p style='margin-top:18pt;margin-bottom:0pt;margin-left:50;text-align:left;line-height:18pt;width:620'><font face="times new roman" style='font-size:12pt'>Other
Agreements:</font></p>

<table cellpadding="0" cellspacing="0" border="0" width="620" style='margin-left:50'>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:18pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>&#149;</font></p></td>
    <td width="570" valign=top>
      <p style='margin-top:18pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>Any
      and all applicable and current Stock Options, Restricted Stock, and Performance Stock Option Agreements, Plans and
      letters.</font></p></td></tr>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:18pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>&#149;</font></p></td>
    <td width="570" valign=top>
      <p style='margin-top:18pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>Any
      and all applicable and current Enrollment Agreements under Senior Executive Deferred Compensation Plans.</font></p></td></tr>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>&#149;</font></p></td>
    <td width="570" valign=top>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>Insurance
      Agreement under Senior Executive Survivor Benefit Plan, dated January 1, 1986.</font></p></td></tr>
  <tr>
    <td width="50" valign=top>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>&#149;</font></p></td>
    <td width="570" valign=top>
      <p style='margin-top:0pt;margin-bottom:0pt;text-align:left;line-height:18pt'><font face="times new roman" style='font-size:12pt'>Elections
      pursuant to Occidental Petroleum Corporation Deferred Compensation Plan</font></p></td></tr></table>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'><b>Exhibit
A</b></font></p>

<p style='margin-top:24pt;margin-bottom:0pt;margin-left:50;text-align:center;width:620'><font face="times new roman" style='font-size:12pt'>1</font></p>

</body>

</html>
</TEXT>
</DOCUMENT>
</SUBMISSION>
