Occidental Petroleum 2003 Annual Report Download - page 129

Participant, loss of the Participant's property due to a casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant. Cash needs arising from
foreseeable events such as the purchase of a home or education expenses for
children shall normally not be considered to be the result of an unforeseeable
financial emergency.
Whenever a Participant receives a distribution under this Section 5.5,
the Participant will be deemed to have revoked all current deferral elections
under the Plan effective as of the date of the distribution. The Participant
will not be permitted to participate in the next enrollment period under the
Plan and will be precluded from electing to make new deferrals under the Plan
for a minimum period of one (1) year (or such lesser period as the Committee may
permit) following receipt of the distribution.
5.6 Immediate Payment on Termination Event. Upon petition of a Participant
within 60 days after any Termination Event or such other period as the Committee
may permit, the Committee, in its sole discretion, may direct the Company to pay
the balance of the Participant's Deferral Accounts, reduced by any unvested
portion of the Participant's Savings Plan Restoration Account, to him
immediately in a lump sum as a Termination Benefit pursuant to Section 5.1,
irrespective of whether the Participant terminates or continues employment with
the Company. Spousal survivor benefits (if any) under Section 5.3 of the Plan
shall not be payable to the spouse of a Participant who receives benefits under
this Section 5.6.
5.7 Small Benefit. Notwithstanding anything contained herein to the
contrary, in the event that the value of a Participant's Deferral Accounts as of
the end of the Plan Year in which the Participant's Retirement or other
termination of employment occurs is less than $20,000 (after reduction for any
forfeiture pursuant to Section 4.6), such amount (with interest to the end of
the month preceding the payment date) shall be paid in a cash lump sum without
regard to any contrary elections, unless the Committee determines otherwise.
5.8 Lump Sum Payment With Penalty. Notwithstanding any other provisions of
the Plan, in lieu of payments in accordance with the form previously elected by
the Participant, a Participant (or his Beneficiary, in the event of the
Participant's death) may elect at any time to receive an immediate lump sum
payment of all or part of the vested balance of the Participant's Deferral
Accounts, reduced by a penalty, which shall be forfeited to the Company, equal
to 10% of the amount withdrawn from the Participant's Deferral Accounts. 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 a Participant under this Section 5.8 from any unvested
portion of the Participant's Savings Plan Restoration Account.
Whenever a Participant receives a lump sum payment under this Section
5.8, the Participant will be deemed to have revoked all current deferral
elections under the Plan effective as of the date of the lump sum payment. The
Participant will not be permitted to participate in the next enrollment period
under the Plan and will be precluded from electing to make new deferrals under
the Plan for a minimum period of one (1) year (or such lesser period as the
Committee may permit) following receipt of the lump sum payment.
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5.9 Tax Withholding and Reporting.
(a) To the extent required by the law in effect at the time payments
are made, the Company shall withhold from payments made hereunder the taxes
required to be withheld by Federal, state and local law.