Occidental Petroleum 2003 Annual Report Download - page 121

Fractional Method. "Fractional Method" means an installment method of
paying a Participant's Retirement Benefit under which the Company will determine
the amount of each annual installment by dividing the value of the Participant's
Deferral Accounts as of the end of the month preceding the payment date by the
number of annual installments remaining to be paid.
1988 DCP. "1988 DCP" means the Occidental Petroleum Corporation 1988
Deferred Compensation Plan.
Participant. "Participant" means (i) each individual who, as of
December 31, 1998, was a participant in the 1988 DCP or the SEDCP and has not
received a complete distribution of the benefits accrued under those plans, (ii)
an Eligible Employee who has filed a completed and fully executed Deferral
Election Form with the Committee and is participating in the Plan in accordance
with the provisions of Article IV or (iii) any person who has a Deferral Account
by reason of his prior status as an Eligible Employee. Under no circumstances
shall "Participant" mean any Alternate Payee.
Plan Year. "Plan Year" means the calendar year beginning on January 1
and ending on December 31.
Qualified Divorce Order. "Qualified Divorce Order" means a Divorce
Order that (a) creates or recognizes the existence of an Alternate Payee's right
to, or assigns to an Alternate Payee the right to, receive all or a portion of
the benefits payable to a Participant under this Plan; (b) clearly specifies (i)
the name and the last known mailing address of the Participant and the name and
mailing address of the Alternate Payee covered by the order, (ii) the amount or
percentage of the Participant's benefits to be paid by this Plan to the
Alternate Payee, or the manner in which such amount or percentage is to be
determined, (iii) the number of payments or period to which such
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order applies, and (iv) that it applies to this Plan; and (c) does not (i)
require this Plan to provide any type or form of benefit, or any option, not
otherwise provided under the Plan, (ii) require this Plan to provide increased
benefits, or (iii) require the payment of benefits to an Alternate Payee that
are required to be paid to another Alternate Payee under another Divorce Order
previously determined to be a Qualified Divorce Order.
Retirement. "Retirement" means: (i) the termination of a Participant's
employment with the Company for reasons other than Disability or death after the
Participant attains age 65, (ii) the termination of a Participant's employment
with the Company for reasons other than Disability or death after the
Participant attains age 55 and completes five (5) Years of Service or (iii)
effective January 1, 2001, the Participant's attainment of age 55 following the
Participant's termination of employment with the Company for reasons other than
Disability or death prior to attainment of age 55 if the Participant qualifies
for retiree medical coverage under the Occidental Petroleum Corporation Medical
Plan on the date of the Participant's termination of employment.
Retirement Benefit. "Retirement Benefit" means the payment to a
Participant of the value of the Participant's Deferral Accounts pursuant to
Section 5.1 following Retirement.
Retirement Plan. "Retirement Plan" means the Occidental Petroleum
Corporation Retirement Plan, as amended from time to time.
Savings Plan. "Savings Plan" means the Occidental Petroleum
Corporation Savings Plan, as amended from time to time.
Savings Plan Restoration Account. "Savings Plan Restoration Account"
means the account maintained on the books of account of the Company to reflect
Savings Plan Restoration Contributions made by the Company pursuant to Section