Occidental Petroleum 2002 Annual Report Download - page 143

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EXHIBIT 10.47
OCCIDENTAL PETROLEUM CORPORATION
2001 INCENTIVE COMPENSATION PLAN
RESTRICTED SHARE UNIT AGREEMENT
(MANDATORY DEFERRED ISSUANCE OF SHARES)
NAME OF GRANTEE:
------------------------------------------------------------
DATE OF GRANT:
------------------------------------------------------------
RESTRICTED SHARE UNITS:
--------------------------------------------------
VESTING SCHEDULE: 1ST ANNIVERSARY RESTRICTED SHARE UNITS
------------------------------------------------------------
2ND ANNIVERSARY RESTRICTED SHARE UNITS
------------------------------------------------------------
3RD ANNIVERSARY RESTRICTED SHARE UNITS
------------------------------------------------------------
4TH ANNIVERSARY RESTRICTED SHARE UNITS
------------------------------------------------------------
5TH ANNIVERSARY RESTRICTED SHARE UNITS
------------------------------------------------------------
AGREEMENT (this "Agreement") made as of the Date of Grant between OCCIDENTAL
PETROLEUM CORPORATION, a Delaware corporation ("Occidental") and, with its
subsidiaries, (the "Company"), and Grantee.
1. GRANT OF RESTRICTED SHARE UNITS. In accordance with this Agreement and the
Occidental Petroleum Corporation 2001 Incentive Compensation Plan, as amended
from time to time (the "Plan"), Occidental grants to the Grantee as of the Date
of Grant, the right to receive, at the end of the Deferral Period in accordance
with Grantee's distribution election, Common Shares equal to the number of
Restricted Share Units that vest according to the schedule set forth above. For
the purposes of this Agreement, (a) Deferral Period means the period commencing
on the date the Restricted Share Units vest and ending on the earlier of the
date the Grantee retires under a Company-sponsored retirement plan or the date
the Grantee's employment with the Company terminates for any other reason, and
(b) Restricted Share Unit means a bookkeeping entry equivalent to a whole or
fractional Common Share. Restricted Share Units are not shares and have no
voting rights or, except as stated in Section 5, dividend rights.
2. RESTRICTIONS ON TRANSFER. Neither this Agreement, the Restricted Share
Units nor the right to receive Common Shares may be transferred or assigned by
the Grantee other than (i) to a beneficiary designated on a form approved by the
Company, by will or, if the Grantee dies without designating a beneficiary or a
valid will, by the laws of descent and distribution, or (ii) pursuant to a
domestic relations order (if approved or ratified by the Administrator).
3. VESTING AND FORFEITURE OF RESTRICTED SHARE UNITS. (a) Subject to Sections
3(b) and (c), on each anniversary of the Date of Grant the number of Restricted
Share Units indicated above in the Vesting Schedule for such anniversary will
vest and become non-forfeitable if the Grantee remains in the continuous employ
of the Company through such Date. The continuous employment of the Grantee will
not be deemed to have been interrupted by reason of the transfer of the
Grantee's employment among the Company and its affiliates or an approved leave
of absence.
(b) Notwithstanding Section 3(a), if the Grantee dies or becomes
permanently disabled while in the employ of the Company, retires under a
Company-sponsored retirement plan or with the consent of the Company, or
terminates employment for the convenience of the Company (each of the foregoing,
a