Occidental Petroleum 2002 Annual Report Download - page 134

the value of the Participant's Deferral Accounts as of the last day of the month
preceding payment.
(b) Retirement. A Participant may elect in his Distribution Election
Form to have the Retirement Benefit, which may consist solely of the
participant's Savings Plan Restoration Account, paid to him in a lump sum,
annual payments for any other number of years between two (2) and 20 years or,
if available as an option on the Distribution Election Form provided to the
Participant, in a combination of an initial lump sum payment followed by annual
installments over the next one (1) to 20 years. The amount of each annual
installment will be determined under either the Amortization Method or the
Fractional Method. Unless the Participant otherwise elects, the amount of any
such annual payments shall be calculated under the Amortization Method in the
case of a Participant retiring before 2004 and under the Fractional Method in
the case of a Participant retiring in 2004 and subsequent years. Any election of
an alternative form of distribution or the alternate method of calculating
installment amounts under this Section 5.1(b) must be made on a Distribution
Election Form and must be received by the Committee no later than the December
31 preceding the date of the Participant's Retirement and shall become effective
on the date that is 12 months after the Distribution Election Form is received
by the Committee..
A Participant may change his election as to the form of payment and/or
method of calculating annual installment amounts, provided that his change
election is made on a Distribution Election Form and such election is received
by the Committee no later than the December 31 preceding the date of the
Participant's Retirement, unless otherwise permitted by the Committee. Such
change in election shall become effective on the date that is 12 months after
the Distribution Election Form is received by the Committee. Subject to the
foregoing limitations, a Participant may make such election (or revoke a prior
election and make a new election) at any time. Any election (or modification or
revocation of a prior election) that is made later than the December 31
preceding the Participant's Retirement will be considered void and shall have no
force or effect, except as otherwise determined by the Committee.
(c) Termination Prior to Retirement. If a Participant's employment
with the Company terminates for any reason other than Retirement, Disability or
death, then Participant shall receive a Termination Benefit in a lump sum as
provided in Section 5.1(a); provided, however, at the sole discretion of the
Committee, no lump sum shall be payable and instead, the Company shall pay to
the Participant an annual amount for a period not to exceed three (3) years,
determined using the Fractional Method.
(d) Disability. If a Participant's employment with the Company
terminates prior to Retirement due to a Disability, then the Participant shall
receive a Disability Benefit in a lump sum within the first 90 days of the
calendar year following the calendar year in which the Participant attains age
55 in an amount equal to the value of the Participant's Deferral Accounts as of
the end of the month preceding payment.
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(e) Effect of Pre-Retirement Termination of Employment on Spousal
Survivor Benefits. Spousal survivor benefits (if any) under Section 5.3 of the
Plan shall not be payable to the spouse of a Participant who terminates
employment prior to Retirement and receives a Termination Benefit or a
Disability Benefit under this Section 5.1.
5.2 Beneficiary Benefits.
(a) If a Participant dies while employed by the Company prior to
becoming eligible for Retirement, the Company shall pay to the Participant's
Beneficiary in a single lump sum an amount equal to the value of the
Participant's DCP Deferral Account and Savings Plan Restoration Account, if any.
If such Participant also has an SEDCP Deferral Account, the Company will also