Occidental Petroleum 2003 Annual Report Download - page 128

on, the value of the Participant's Deferral Accounts as of the end of the month
preceding payment.
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(f) In the event that the Beneficiary of a deceased Participant dies
prior to the completion of payments under this Plan to that Beneficiary, all
remaining payments to that Beneficiary shall be paid in a lump sum to that
Beneficiary's estate.
5.3 Spousal Survivor Benefits with Respect to SEDCP Deferral Accounts. If
a Participant who has an SEDCP Deferral Account dies after becoming eligible for
Retirement or after commencement of payment of his Retirement Benefit and a
spouse to whom he had been married to for at least one (1) year prior to his
death survives beyond completion of payment of the Participant's SEDCP Deferral
Account balance, the Company shall pay such spouse a lump sum payment in an
amount equal to 10% of the Participant's SEDCP Deferral Account balance valued
as of the earlier of the date of the Participant's Retirement or death. Such
lump sum spousal survivor benefit shall be paid as soon as administratively
practicable following the later of the completion of payment of the
Participant's SEDCP Deferral Account balance or the Participant's death. No
benefit shall be payable under this Section 5.3 if the Participant's spouse does
not survive beyond completion of payment of the Participant's SEDCP Deferral
Account balance. Notwithstanding the foregoing, no spousal survivor benefit
shall be payable to the spouse of any Participant who received benefits pursuant
to Section 5.1(c) (Termination Benefit), Section 5.1(d) (Disability Benefit) or
Section 5.6 (Immediate Payment on Termination Event).
5.4 Early Payment. Payment of the amounts credited to any Early Payment
Date Subaccount of a Participant shall be paid or commence to be paid within the
first 90 days of the year elected as the Early Payment Date in accordance with
the Participant's election under Section 4.1(b), with any subsequent annual
payments paid in the first 90 days of each applicable year. The amount of each
annual installment will be determined under either the Amortization Method or
the Fractional Method. The amount of any such annual payments shall be
calculated under the Amortization Method for Early Payment Dates elected prior
to 2003 and unless the Participant otherwise irrevocably elects at the time of
making the Early Payment Benefit Election, under the Fractional Method for Early
Payment Dates elected in 2003 and later.
Notwithstanding the foregoing, if the Participant terminates
employment with the Company for any reason prior to commencement or completion
of all Early Payment Benefits, all such elections made by the Participant to
receive Early Payment Benefits shall terminate and any amounts remaining
credited to the Participant's Early Payment Date Subaccount(s) shall be paid,
together with the other amounts credited to the Participant's Deferral Account,
as set forth in Section 5.1 or 5.2, as the case may be.
5.5 Emergency Benefit. In the event that the Committee, upon written
petition of the Participant, determines in its sole discretion that the
Participant has suffered an unforeseeable financial emergency, the Company shall
pay to the Participant, as soon as practicable following such determination, an
amount up to the balance of the Participant's Deferral Accounts that is
necessary to meet the emergency ("Emergency Benefit"). Such payment shall come
first from the amounts not credited to any Early Payment Date Subaccount and, if
the Participant has elected two (2) Early Payment Dates, next from the Early
Payment Date Subaccount for the later Early Payment Date. No amount may be paid
to the Participant under this Section 5.5 from any unvested portion of the
Participant's Savings Plan Restoration Account. For purposes of this Plan, an
unforeseeable financial emergency is a severe financial hardship to the
Participant arising from a sudden and unexpected illness or accident of the
Participant or a dependent of the
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