Occidental Petroleum 2002 Annual Report Download - page 133

Accounts for Participants who die prior to becoming eligible for Retirement,
interest will be credited to each Deferral Account on a monthly basis on the
last day of each month as long as any amount remains credited to such Deferral
Account. Effective January 1, 2003, amounts of deferred Compensation that are
credited to a Deferral Account and amounts of Savings Plan Restoration
Contributions that are credited to a Savings Plan Restoration Account prior to
the end of a calendar month shall accrue interest from the date of crediting,
computed on the basis of a 30-day month based on days elapsed from date of
crediting to the end of the month.
4.5 Valuation of Deferral Accounts. The value of a Deferral Account as of
any date shall equal the amounts previously credited to such Deferral Account
less any payments debited to such Deferral Account plus the interest deemed to
be earned on such Deferral Account in accordance with Section 4.4 through the
end of the preceding month. When payments are made from a DCP Deferral Account
for any reason other than an Early Payment Benefit elected after January 1,
1994, such payments shall be deemed to be made on a proportionate or pro-rata
basis from DCP Deferral Amounts (including accumulated interest thereon) that
were earned and deferred under the 1988 DCP prior to January 1, 1994 and DCP
Deferral Amounts (including accumulated interest thereon) that were earned and
deferred after that date.
4.6 Savings Plan Restoration Contribution. For each Plan Year, the Company
shall credit to the Savings Plan Restoration Account of any Participant, an
amount equal to the amount by which the contribution that would otherwise have
been made by the Company on behalf of the Participant to the Savings Plan for
such Plan Year is reduced by reason of the reduction in the Participant's Base
Salary for such Plan Year because of deferrals under this Plan. The Savings Plan
Restoration Contribution shall be credited to the Savings Plan Restoration
Account of each Participant for each Plan Year at the same time as the Company
contribution for such Plan Year is made to the Savings Plan. A Participant's
interest in any credit to his Savings Plan Restoration Account and earnings
thereon shall vest at the same rate and at the same time as would have been the
case had such contribution been made to the Savings Plan. Notwithstanding
anything contained herein to the contrary, if, upon a Participant's termination
of employment, the Participant has not or does not become 100% vested in his
Savings Plan Restoration Account, the unvested portion of his Savings Plan
Restoration Account shall be forfeited prior to the determination of the amount
of any benefits under Sections 5.1, 5.6 or 5.7.
4.7 Statement of Deferral Accounts. The Committee shall submit to each
Participant, within 120 days after the close of each Plan Year, a statement in
such form as the Committee deems desirable, setting forth the Participant's
Deferral Account(s).
ARTICLE V
BENEFITS
5.1 Termination of Employment for a Reason Other Than Death.
(a) Form and Time of Benefit. Except as otherwise provided in this
Section 5.1, upon a Participant's termination of employment for a reason other
than death (including Retirement and Disability), the Company shall pay to the
Participant in a single lump sum within the first 90 days of the calendar year
following the Participant's termination of employment an amount equal to the
value of the Participant's Deferral Accounts as of the end of
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the month preceding payment (after reduction for any forfeitures as set forth in
Section 4.6). Any Retirement or Termination Benefits paid in annual installments
pursuant to Section 5.1(b) or 5.1(c) shall be paid within the first 90 days of
each calendar year, beginning with the year following the Participant's
Retirement or other termination of employment and shall be determined based on