Occidental Petroleum 2003 Annual Report Download - page 126

of employment, the Participant has not or does not become 100% vested in his
Savings Plan Restoration Account, the unvested portion of his Savings Plan
Restoration Account shall be forfeited prior to the determination of the amount
of any benefits under Sections 5.1, 5.6 or 5.7.
4.7 Statement of Deferral Accounts. The Committee shall submit to each
Participant, within 120 days after the close of each Plan Year, a statement in
such form as the Committee deems desirable, setting forth the Participant's
Deferral Account(s).
ARTICLE V
BENEFITS
5.1 Termination of Employment for a Reason Other Than Death.
(a) Form and Time of Benefit. Except as otherwise provided in this
Section 5.1, upon a Participant's termination of employment for a reason other
than death (including Retirement and Disability), the Company shall pay to the
Participant in a single lump sum within the first 90 days of the calendar year
following the Participant's termination of employment an amount equal to the
value of the Participant's Deferral Accounts as of the end of
10
the month preceding payment (after reduction for any forfeitures as set forth in
Section 4.6). Any Retirement or Termination Benefits paid in annual installments
pursuant to Section 5.1(b) or 5.1(c) shall be paid within the first 90 days of
each calendar year, beginning with the year following the Participant's
Retirement or other termination of employment and shall be determined based on
the value of the Participant's Deferral Accounts as of the last day of the month
preceding payment.
(b) Retirement. A Participant may elect in his Distribution Election
Form to have the Retirement Benefit, which may consist solely of the
participant's Savings Plan Restoration Account, paid to him in a lump sum,
annual payments for any other number of years between two (2) and 20 years or,
if available as an option on the Distribution Election Form provided to the
Participant, in a combination of an initial lump sum payment followed by annual
installments over the next one (1) to 20 years. The amount of each annual
installment will be determined under either the Amortization Method or the
Fractional Method. Unless the Participant otherwise elects, the amount of any
such annual payments shall be calculated under the Amortization Method in the
case of a Participant retiring before 2004 and under the Fractional Method in
the case of a Participant retiring in 2004 and subsequent years. Any election of
an alternative form of distribution or the alternate method of calculating
installment amounts under this Section 5.1(b) must be made on a Distribution
Election Form and must be received by the Committee no later than the December
31 preceding the date of the Participant's Retirement and shall become effective
on the date that is 12 months after the Distribution Election Form is received
by the Committee.
A Participant may change his election as to the form of payment and/or
method of calculating annual installment amounts, provided that his change
election is made on a Distribution Election Form and such election is received
by the Committee no later than the December 31 preceding the date of the
Participant's Retirement, unless otherwise permitted by the Committee. Such
change in election shall become effective on the date that is 12 months after
the Distribution Election Form is received by the Committee. Subject to the
foregoing limitations, a Participant may make such election (or revoke a prior
election and make a new election) at any time. Any election (or modification or
revocation of a prior election) that is made later than the December 31
preceding the Participant's Retirement will be considered void and shall have no
force or effect, except as otherwise determined by the Committee.
(c) Termination Prior to Retirement. If a Participant's employment