Occidental Petroleum 2002 Annual Report Download - page 136

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Date Subaccount of a Participant shall be paid or commence to be paid within the
first 90 days of the year elected as the Early Payment Date in accordance with
the Participant's election under Section 4.1(b), with any subsequent annual
payments paid in the first 90 days of each applicable year. The amount of each
annual installment will be determined under either the Amortization Method or
the Fractional Method. The amount of any such annual payments shall be
calculated under the Amortization Method for Early Payment Dates elected prior
to 2003 and unless the Participant otherwise irrevocably elects at the time of
making the Early Payment Benefit Election, under the Fractional Method for Early
Payment Dates elected in 2003 and later.
Notwithstanding the foregoing, if the Participant terminates
employment with the Company for any reason prior to commencement or completion
of all Early Payment Benefits, all such elections made by the Participant to
receive Early Payment Benefits shall terminate and any amounts remaining
credited to the Participant's Early Payment Date Subaccount(s) shall be paid,
together with the other amounts credited to the Participant's Deferral Account,
as set forth in Section 5.1 or 5.2, as the case may be.
5.5 Emergency Benefit. In the event that the Committee, upon written
petition of the Participant, determines in its sole discretion that the
Participant has suffered an unforeseeable financial emergency, the Company shall
pay to the Participant, as soon as practicable following such determination, an
amount up to the balance of the Participant's Deferral Accounts that is
necessary to meet the emergency ("Emergency Benefit"). Such payment shall come
first from the amounts not credited to any Early Payment Date Subaccount and, if
the Participant has elected two (2) Early Payment Dates, next from the Early
Payment Date Subaccount for the later Early Payment Date. No amount may be paid
to the Participant under this Section 5.5 from any unvested portion of the
Participant's Savings Plan Restoration Account. For purposes of this Plan, an
unforeseeable financial emergency is a severe financial hardship to the
Participant arising from a sudden and unexpected illness or accident of the
Participant or a dependent of the
12
Participant, loss of the Participant's property due to a casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant. Cash needs arising from
foreseeable events such as the purchase of a home or education expenses for
children shall normally not be considered to be the result of an unforeseeable
financial emergency.
Whenever a Participant receives a distribution under this Section 5.5,
the Participant will be deemed to have revoked all current deferral elections
under the Plan effective as of the date of the distribution. The Participant
will not be permitted to participate in the next enrollment period under the
Plan and will be precluded from electing to make new deferrals under the Plan
for a minimum period of one (1) year (or such lesser period as the Committee may
permit) following receipt of the distribution.
5.6 Immediate Payment on Termination Event. Upon petition of a Participant
within 60 days after any Termination Event or such other period as the Committee
may permit, the Committee, in its sole discretion, may direct the Company to pay
the balance of the Participant's Deferral Accounts, reduced by any unvested
portion of the Participant's Savings Plan Restoration Account, to him
immediately in a lump sum as a Termination Benefit pursuant to Section 5.1,
irrespective of whether the Participant terminates or continues employment with
the Company. Spousal survivor benefits (if any) under Section 5.3 of the Plan
shall not be payable to the spouse of a Participant who receives benefits under
this Section 5.6.
5.7 Small Benefit. Notwithstanding anything contained herein to the
contrary, in the event that the value of a Participant's Deferral Accounts as of
the end of the Plan Year in which the Participant's Retirement or other