Occidental Petroleum 2003 Annual Report Download - page 118

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EXHIBIT 10.14
OCCIDENTAL PETROLEUM CORPORATION
DEFERRED COMPENSATION PLAN
(Second Amendment and Restatement Effective as of January 1, 2003)
OCCIDENTAL PETROLEUM CORPORATION
DEFERRED COMPENSATION PLAN
(Second Amendment and Restatement Effective as of January 1, 2003)
ARTICLE I
PURPOSE
This document sets forth the terms of the Occidental Petroleum
Corporation Deferred Compensation Plan (the "Plan") as amended and restated
effective as of January 1, 2003. The prior Plan document, which was effective
January 1, 1999, constituted the amendment, restatement and merger of the
Occidental Petroleum Corporation 1988 Deferred Compensation Plan (the "1988
DCP") and the Occidental Petroleum Corporation Senior Executive Deferred
Compensation Plan (the "SEDCP").
The purpose of the Plan is to provide a tax-deferred opportunity for
key management and highly compensated employees of the Occidental Petroleum
Corporation and its Affiliates (as defined below) to accumulate additional
retirement income through deferrals of compensation.
ARTICLE II
DEFINITIONS
Whenever the following words and phrases are used in this Plan with
the first letter capitalized, they shall have the meanings specified below:
Affiliate. "Affiliate" means: (i) any corporation that is a member of
a controlled group of corporations (within the meaning of Code Section 1563(a),
determined without regard to Code Sections 1563(a)(4) and (e)(3)(C), and with
the phrase "more than 50%" substituted for the phrase "at least 80%" each place
it appears in Code Section 1563(a)) of which Occidental Petroleum Corporation is
a component member, or (ii) any entity (whether or not incorporated) that is
under common control with Occidental Petroleum Corporation (as defined in Code
Section 414(c) and the Treasury Regulations thereunder, and with the phrase
"more than 50%" substituted for the phrase "at least 80%" each place it appears
in the Treasury Regulations under Code Section 414(c)).
Alternate Payee. "Alternate Payee" means a former spouse of a
Participant who is recognized by a Divorce Order as having a right to receive
all, or a portion of, the benefits payable under this Plan with respect to such
Participant.
Amortization Method. "Amortization Method" means an annual installment
method of paying a Participant's benefits under which the Company will pay the
Participant an initial payment in an amount equal to (i) plus (ii) divided by
(iii), where (i) is the value of the Participant's Deferral Accounts as of the
end of the month preceding such payment, (ii) is the amount of interest that
would accrue during the entire payout period on the unpaid balance credited to
the Participant's Deferral Accounts immediately following such initial payment
if the Declared Rate then in effect remained unchanged and (iii) is the number
of years over which annual installments are to be paid. For each Plan Year after
the initial benefit payment is made,