Marcia E. Backus to Step Down as Senior Vice President, General Counsel and Chief Compliance Officer of Occidental Petroleum Corporation Effective December 31, 2022
Following her retirement, Ms. Backus has agreed to provide Occidental with transition services on a consulting basis through June 30, 2024. In connection with her separation, Ms. Backus and the Company have entered into a Transition Services and Separation Agreement pursuant to which Ms. Backus will receive a monthly payment of $131,250 from January 1, 2023 through June 30, 2024, and, effective as of her termination of employment, accelerated vesting of outstanding time-based equity awards and continued vesting of outstanding performance-based equity awards. Ms. Backus is not expected to receive any annual bonus or equity compensation for Occidental's 2023 and 2024 fiscal years.