Occidental Petroleum 2002 Annual Report Download - page 131

shall be by vote of at least two of the Committee members and shall be final.
The Committee may appoint any agent and delegate to such agent such powers and
duties in connection with the administration of the Plan as the Committee may
from time to time prescribe.
Members of the Committee shall be eligible to participate in the Plan
while serving as members of the Committee, but a member of the Committee shall
not vote or act upon any matter which relates solely to such member's interest
in the Plan as a Participant.
6
ARTICLE IV
PARTICIPATION
4.1 Election to Participate.
(a) Deferral Elections. An Eligible Employee may elect to participate
in the Plan and elect to defer annual Base Salary and/or Bonus under the Plan by
filing a completed and fully executed Deferral Election Form prior to the
beginning of the Plan Year during which such Base Salary and Bonus are to be
earned or at such other time as the Committee may permit. Deferral Election
Forms must be filed in accordance with the instructions set forth in the
Deferral Election Forms.
Various deferral options will be made available to Eligible Employees
under the Plan, subject to such limitations and conditions as the Committee may
impose from time to time, in its complete and sole discretion. A Deferral
Election Form filed for the Plan Year beginning January 1, 2003, or for any
subsequent Plan Year shall be effective for Base Salary and/or Bonus to be
earned during that Plan Year and shall remain in effect for that Plan Year and
subsequent Plan Years, notwithstanding any change in the Participant's Base
Salary or Bonus, until changed or terminated in accordance with the terms of
this Section 4.1; provided, however, that such election shall terminate if the
Participant ceases to be an Eligible Employee. Subject to the minimum deferral
requirements and maximum deferral limitations set forth below, a Participant may
increase, decrease or terminate his deferral election effective for Compensation
to be earned during any Plan Year by filing a new Deferral Election Form with
the Committee prior to January 1 of such Plan Year.
Each Deferral Election Form will designate the DCP Deferral Amounts as
a fixed dollar amount or fixed percentage (in increments of 1%) of Base Salary
and/or (i) a fixed dollar amount or a fixed percentage of Bonus, or (ii) 100% of
any Bonus exceeding a specified dollar amount, as elected by the Participant.
Deferrals of Base Salary will normally be deducted ratably during the Plan Year.
In its sole discretion, the Committee may also permit amounts that an Eligible
Employee has previously elected to defer under other plans or agreements with
the Company to be transferred to this Plan and credited to his Deferral Accounts
that are maintained hereunder.
(A) Minimum Deferral. For each Plan Year, the minimum amount of
Base Salary that a Participant may elect to defer is $5,000, if expressed
as a dollar amount, or 5% of Base Salary, if expressed as a percentage, and
the minimum amount of Bonus that a Participant may elect to defer is any of
the following: (I) $5,000, (II) 5% of Bonus, or (III) 100% of that portion
of any Bonus that exceeds a dollar amount specified by the Participant on
his Deferral Election Form.
(B) Maximum Deferral. For each Plan Year, the maximum amount of
Base Salary that a Participant may elect to defer is 75% of Base Salary,
and the maximum amount of Bonus that a Participant may elect to defer is
100% of Bonus.
(b) Early Payment Benefit Election. On the Deferral Election Form
filed pursuant to Section 4.1(a), an Eligible Employee may irrevocably elect to