Occidental Petroleum 2002 Annual Report Download - page 128

unsecured debt or preferred stock of the Company that was outstanding on the
last day of July in the year prior to the Plan Year in question. The Declared
Rate will be announced on or before January 1 of the applicable Plan Year.
Notwithstanding the foregoing, the Declared Rate for DCP Deferral Amounts that
were earned and deferred prior to 1994 under the 1988 DCP (including bonuses
which were earned for 1993), together with accumulated interest thereon, will in
no event be less than 8% for any Plan Year. Accordingly, the Declared Rate for
any Plan Year may be different for DCP Deferral Amounts that were earned and
deferred under the 1988 DCP prior to January 1, 1994 than for DCP Deferral
Amounts earned and deferred after such date.
Deferral Account(s). "Deferral Account(s)" means a Participant's DCP
Deferral Account and/or SEDCP Deferral Account (if any) and/or Savings Plan
Restoration Account (if any) maintained on the books of account of the Company
for each Participant pursuant to Article IV.
Deferral Election Form. "Deferral Election Form" means a paper or
electronic election form provided by the Committee on which an Eligible Employee
may elect to defer Base Salary and/or Bonus and may elect to receive an Early
Payment Benefit in accordance with Article IV.
Disability. "Disability" means a condition that qualifies as a
disability under the Company's Retirement Plan and is approved by the Committee.
Disability Benefit. "Disability Benefit" means the payment to a
Participant of the value of the Participant's Deferral Accounts pursuant to
Section 5.1 on account of the Participant's termination of employment due to a
Disability.
Distribution Election Form. "Distribution Election Form" means a paper
or electronic election form provided by the Committee on which a Participant may
elect the form of payment of his Retirement Benefits and/or the form of payment
of Beneficiary Benefits to his Beneficiary in accordance with Article V.
Early Payment Benefit. "Early Payment Benefit" means the payment to a
Participant of part or all of the Participant's DCP Deferral Account on an Early
Payment Date prior to Retirement pursuant to Section 5.4.
Early Payment Date. "Early Payment Date" means any year prior to
Retirement that a Participant elects pursuant to Section 4.1(b) to have an Early
Payment Benefit paid or commenced to be paid.
Early Payment Date Subaccount. "Early Payment Date Subaccount" means
any subaccount of a Participant's DCP Deferral Account established to separately
account for deferred Compensation (and interest credited thereto) that is
subject to an Early Payment Benefit election.
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Eligible Employee. "Eligible Employee" means each key management or
other highly compensated employee of the Company who is selected by Company
Management to participate in the Plan.
Emergency Benefit. "Emergency Benefit" means the payment to a
Participant of part or all of his Deferral Accounts in the event that the
Participant has an unforeseeable financial emergency pursuant to Section 5.5.
Fractional Method. "Fractional Method" means an installment method of
paying a Participant's Retirement Benefit under which the Company will determine
the amount of each annual installment by dividing the value of the Participant's
Deferral Accounts as of the end of the month preceding the payment date by the
number of annual installments remaining to be paid.
1988 DCP. "1988 DCP" means the Occidental Petroleum Corporation 1988
Deferred Compensation Plan.