Occidental Petroleum 2002 Annual Report Download - page 132

receive the
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Compensation deferred pursuant to that election in a lump sum payment or in
annual installments over two (2) to five (5) years commencing prior to
Retirement on an Early Payment Date. If a Participant fails to designate the
form of distribution for an Early Payment Benefit, the distribution shall be in
the form of a lump sum. The Early Payment Date elected must be a year that
begins at least two (2) years after the end of the first Plan Year to which the
election applies. An Early Payment Benefit election filed for the Plan Year
beginning January 1, 2003, or for any subsequent Plan Year, shall be effective
for Compensation earned and deferred during that Plan Year and each subsequent
Plan Year until terminated in accordance with the terms of this Section 4.1;
provided, however, that deferrals of Compensation earned during any Plan Year
that ends less than two (2) years prior to the Early Payment Date will not be
subject to the Early Payment Benefit election and shall be paid upon the
Participant's termination of employment as set forth in Section 5.1 or 5.2, as
the case may be. A Participant may terminate an election for an Early Payment
Benefit with respect to Compensation deferred in any future Plan Year by filing
a new Deferral Election Form with the Committee prior to January 1 of such Plan
Year. A Participant may not, however, change the form of benefit or time of
commencement of Early Payment Benefit with respect to Compensation deferred
pursuant to a Deferral Election Form after that Deferral Election is filed
pursuant to Section 4.1(a).
A Participant may not at any time have more than two Early Payment
Dates scheduled. However, after an Early Payment Date has occurred and all
payments with respect to the corresponding Early Payment Date election have been
completed, a Participant may elect a new Early Payment Date for future deferrals
of Compensation.
4.2 DCP Deferral Accounts. The Committee shall establish and maintain a
separate DCP Deferral Account for each Participant. The amount credited to a
Participant's Deferral Account under the 1988 DCP as of December 31, 1998
remained credited to his DCP Deferral Account under this Plan as of January 1,
1999. A DCP Deferral Amount shall be credited by the Company to the
Participant's DCP Deferral Account as of the date that the Participant's Base
Salary or Bonus would otherwise have been paid. Such DCP Deferral Account shall
be debited by the amount of any payments made by the Company to the Participant
or the Participant's Beneficiary therefrom as of the date of payment. The
Committee shall establish an Early Payment Date Subaccount within a
Participant's DCP Deferral Account for each Early Payment Date elected by that
Participant. Any such Early Payment Date Subaccount shall be debited by the
amount of any Early Payment Benefit paid by the Company to the Participant on or
beginning on such Early Payment Date pursuant to Section 5.4 as of the date of
payment.
4.3 SEDCP Deferral Accounts. The Committee shall maintain a separate SEDCP
Deferral Account for each Participant who was a participant in the SEDCP on
December 31, 1998. The balance of such Participant's accounts under the SEDCP as
of December 31, 1998 remained credited to each such Participant's SEDCP Deferral
Account under this Plan as of January 1, 1999. SEDCP Deferral Accounts shall be
debited by the amount of any payments made by the Company to the Participant or
the Participant's Beneficiary therefrom as of the date of payment.
4.4 Interest. Each Deferral Account of a Participant shall be deemed to
bear interest on the monthly balance of such Deferral Account at the Declared
Rate for each Plan Year, compounded monthly. Except as provided in Section
5.2(a) with respect to SEDCP Deferral
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