Occidental Petroleum 2003 Annual Report Download - page 119

the annual benefit payment will be determined under the same equation where (i)
is the value of the Participant's Deferral Accounts as of the end of the month
preceding the benefit payment, (ii) is the amount of interest that would accrue
during the remaining payout period on the unpaid balance credited to the
Participant's Deferral Accounts immediately following such annual payment if the
Declared Rate then in effect remained unchanged and (iii) is the number of
annual payments remaining.
Base Salary. "Base Salary" means the base salary earned by a
Participant during pay periods beginning in a Plan Year, excluding Bonus, all
severance allowances, forms of incentive compensation, Savings Plan, Retirement
Plan or other Company qualified plan contributions or benefits, retainers,
insurance premiums or benefits, reimbursements, and all other payments, prior to
reduction for any deferrals under this Plan or any other plan of the Company or
reductions under the Company's Savings Plan allowed under Section 401(k) of the
Code.
Beneficiary. "Beneficiary" means the person or persons designated as
such in accordance with Article VI.
Beneficiary Benefit. "Beneficiary Benefit" means the payment to a
Participant's Beneficiary of the value of the Participant's Deferral Accounts
pursuant to Section 5.2 on account of the Participant's death.
Board. "Board" means the Board of Directors of the Company.
Bonus. "Bonus" means the bonus earned by a Participant under a regular
annual incentive compensation plan (excluding without limitation a special
individual or group bonus, a project bonus, and any other special bonus) during
a Plan Year prior to reduction for any deferral under this Plan or any other
plan of the Company.
Code. "Code" means the Internal Revenue Code of 1986, as amended.
Committee. "Committee" means the administrative committee appointed to
administer the Plan pursuant to Article III.
Company. "Company" means Occidental Petroleum Corporation, or any
successor thereto, and any Affiliates.
Company Management. "Company Management" means the Chairman of the
Board, President or any Executive Vice President of Occidental Petroleum
Corporation.
Compensation. "Compensation" means Base Salary and/or Bonus.
DCP Deferral Account. "DCP Deferral Account" means the account
maintained on the books of account of the Company for each Participant pursuant
to Article IV to account for amounts deferred under the 1988 DCP prior to
January 1, 1999 and amounts deferred under this Plan after that date.
2
DCP Deferral Amount. "DCP Deferral Amount" means an amount of a
Participant's Base Salary and/or Bonus that is deferred under the Plan,
including both amounts deferred under the 1988 DCP prior to January 1, 1999, and
amounts deferred under this Plan after that date.
Declared Rate. "Declared Rate" with respect to any Plan Year means the
rate at which interest will be credited on Deferral Accounts for such Plan Year.
The Declared Rate for each Plan Year commencing in 1999 and thereafter will be
equal to the greater of: (i) (A) plus (B) where (A) is the Moody's Long-Term
Corporate Bond Index Monthly Average Corporates as published by Moody's Investor