Occidental Petroleum 2002 Annual Report Download - page 138

5.11 Re-Employment. If a Participant's employment with the Company is
terminated and such Participant is re-employed by the Company prior to the
payment of his benefits in a cash lump sum payment or while he is receiving
benefits in the form of annual installment payments, the payment of the lump sum
amount or the future installments, as the case may be, shall be suspended until
he again terminates employment with the Company. Such Participant may elect to
again participate in this Plan and to defer additional Base Salary and/or Bonus
as provided in Section 4.1. Such rehired Participant may file a Distribution
Election Form as provided in Section 5.1(b) and/or Section 5.2(d) to be
applicable to all amounts deferred under this Plan (both before and after his
original termination of employment); provided, however, that such Distribution
Election Form shall not be effective as to the form of payment of Retirement
Benefits until 12 months after it is received by the Committee. Upon the
Participant's subsequent termination of employment with the Company, the total
amounts then credited to his Deferral Accounts shall be distributed in
accordance with Article V of this Plan and the most
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recently filed Distribution Election Form (if any) that has become effective. If
the Participant's original termination of employment was on account of
Retirement and he had elected a form of installment payout, then the amounts
credited to his Deferral Accounts at the time of his subsequent Retirement shall
be distributed over the number of years that were remaining in the payout period
at the time of his re-employment unless he filed a new Distribution Election
Form at least 12 months prior to his subsequent Retirement.
ARTICLE VI
BENEFICIARY DESIGNATION
Each Participant shall have the right, at any time, to designate any
person or persons as the Beneficiary to whom payments under this Plan shall be
made in the event of the Participant's death prior to complete distribution to
the Participant of the benefits due under the Plan. Each Beneficiary designation
shall become effective only when filed in writing with the Committee during the
Participant's lifetime on a paper form prescribed by the Committee. The filing
of a new Beneficiary designation form will cancel any inconsistent Beneficiary
designation previously filed.
If a Participant fails to designate a Beneficiary as provided above,
or if all designated Beneficiaries predecease the Participant, any benefits
remaining unpaid shall be paid in accordance with the Participant's Beneficiary
designation under the Company's Retirement Plan, and if there is no such valid
Beneficiary designation, to the Participant's then surviving spouse, or if none,
to the Participant's estate, unless directed otherwise by the court that has
jurisdiction over the assets belonging to the Participant's probate estate.
ARTICLE VII
CLAIMS PROCEDURE
All applications for benefits under the Plan shall be submitted to:
Occidental Petroleum Corporation, Attention: Deferred Compensation Plan
Committee, 10889 Wilshire Blvd., Los Angeles, CA 90024. Applications for
benefits must be in writing on the forms prescribed by the Committee and must be
signed by the Participant, or in the case of a Beneficiary Benefit, by the
Beneficiary or legal representative of the deceased Participant. Each
application shall be acted upon and approved or disapproved within 60 days
following its receipt by the Committee. If any application for a benefit is
denied, in whole or in part, the Committee shall notify the applicant in writing
of such denial and of his right to a review by the Committee and shall set forth
in a manner calculated to be understood by the applicant, specified reasons for
such denial, specific references to pertinent Plan provisions on which the
denial is based, a description of any additional material or information
necessary for the applicant to perfect his application, an explanation of why