Occidental Petroleum 2003 Annual Report Download - page 125

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separate DCP Deferral Account for each Participant. The amount credited to a
Participant's Deferral Account under the 1988 DCP as of December 31, 1998
remained credited to his DCP Deferral Account under this Plan as of January 1,
1999. A DCP Deferral Amount shall be credited by the Company to the
Participant's DCP Deferral Account as of the date that the Participant's Base
Salary or Bonus would otherwise have been paid. Such DCP Deferral Account shall
be debited by the amount of any payments made by the Company to the Participant
or the Participant's Beneficiary therefrom as of the date of payment. The
Committee shall establish an Early Payment Date Subaccount within a
Participant's DCP Deferral Account for each Early Payment Date elected by that
Participant. Any such Early Payment Date Subaccount shall be debited by the
amount of any Early Payment Benefit paid by the Company to the Participant on or
beginning on such Early Payment Date pursuant to Section 5.4 as of the date of
payment.
4.3 SEDCP Deferral Accounts. The Committee shall maintain a separate SEDCP
Deferral Account for each Participant who was a participant in the SEDCP on
December 31, 1998. The balance of such Participant's accounts under the SEDCP as
of December 31, 1998 remained credited to each such Participant's SEDCP Deferral
Account under this Plan as of January 1, 1999. SEDCP Deferral Accounts shall be
debited by the amount of any payments made by the Company to the Participant or
the Participant's Beneficiary therefrom as of the date of payment.
4.4 Interest. Each Deferral Account of a Participant shall be deemed to
bear interest on the monthly balance of such Deferral Account at the Declared
Rate for each Plan Year, compounded monthly. Except as provided in Section
5.2(a) with respect to SEDCP Deferral
9
Accounts for Participants who die prior to becoming eligible for Retirement,
interest will be credited to each Deferral Account on a monthly basis on the
last day of each month as long as any amount remains credited to such Deferral
Account. Effective January 1, 2003, amounts of deferred Compensation that are
credited to a Deferral Account and amounts of Savings Plan Restoration
Contributions that are credited to a Savings Plan Restoration Account prior to
the end of a calendar month shall accrue interest from the date of crediting,
computed on the basis of a 30-day month based on days elapsed from date of
crediting to the end of the month.
4.5 Valuation of Deferral Accounts. The value of a Deferral Account as of
any date shall equal the amounts previously credited to such Deferral Account
less any payments debited to such Deferral Account plus the interest deemed to
be earned on such Deferral Account in accordance with Section 4.4 through the
end of the preceding month. When payments are made from a DCP Deferral Account
for any reason other than an Early Payment Benefit elected after January 1,
1994, such payments shall be deemed to be made on a proportionate or pro-rata
basis from DCP Deferral Amounts (including accumulated interest thereon) that
were earned and deferred under the 1988 DCP prior to January 1, 1994 and DCP
Deferral Amounts (including accumulated interest thereon) that were earned and
deferred after that date.
4.6 Savings Plan Restoration Contribution. For each Plan Year, the Company
shall credit to the Savings Plan Restoration Account of any Participant, an
amount equal to the amount by which the contribution that would otherwise have
been made by the Company on behalf of the Participant to the Savings Plan for
such Plan Year is reduced by reason of the reduction in the Participant's Base
Salary for such Plan Year because of deferrals under this Plan. The Savings Plan
Restoration Contribution shall be credited to the Savings Plan Restoration
Account of each Participant for each Plan Year at the same time as the Company
contribution for such Plan Year is made to the Savings Plan. A Participant's
interest in any credit to his Savings Plan Restoration Account and earnings
thereon shall vest at the same rate and at the same time as would have been the
case had such contribution been made to the Savings Plan. Notwithstanding
anything contained herein to the contrary, if, upon a Participant's termination