Occidental Petroleum 2003 Annual Report Download - page 130

(b) The Company shall have the right at its option to (i) require a
Participant to pay or provide for payment of the amount of any taxes that the
Company may be required to withhold with respect to interest or other amounts
that the Company credits to a Participant's Deferral Accounts or (ii) deduct
from any amount of salary, bonus or other payment otherwise payable in cash to
the Participant the amount of any taxes that the Company may be required to
withhold with respect to interest or other amounts that the Company credits to a
Participant's Deferral Accounts.
(c) The tax withholding and reporting rules described in this
subsection shall apply to payments made under the Plan pursuant to a Qualified
Divorce Order, shall be subject to any applicable superceding guidance
promulgated by the Internal Revenue Service, and shall apply in addition to (not
in substitution of) the preceding two subsections. Amounts paid to an Alternate
Payee shall be subject to federal income tax withholding and, together with
amounts so withheld, shall be reportable to the Alternate Payee. In addition,
amounts paid to an Alternate Payee shall be subject to taxation under the
Federal Insurance Contributions Act ("FICA") and the Federal Unemployment Tax
Act ("FUTA") to the same extent as if such amounts had been paid to the
Participant. To the extent that amounts paid to an Alternate Payee are subject
to taxation under FICA and/or FUTA, such payments shall be treated as the wages
of the Participant, and shall be so reportable, but any amounts required under
FICA to be withheld from such payments shall be withheld from the payments to
the Alternate Payee.
5.10 Termination of Employment. For the purpose of this Article V, a
Participant will be deemed to have terminated employment if the Participant
ceases to be an employee of any of the following:
(a) the Company;
(b) an Affiliate; or
(c) any other entity, whether or not incorporated, in which the
Company has an ownership interest, and the Committee has designated that
the Participant's commencement of employment with such entity upon
Participant's ceasing to be an employee of an entity described in (a) or
(b) above will not be deemed to be a termination of employment for purposes
of this Plan, provided that such designation shall be made in writing by
the Committee and shall be communicated to the Participant prior to his
commencement of employment with the entity so designated.
For the purposes of the preceding provisions, a Participant who ceases to be an
employee of an entity described in (a), (b) or (c) above shall not be deemed to
have terminated employment if such cessation of employment is followed
immediately by his commencement of employment with another entity described in
(a), (b) or (c) above.
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5.11 Re-Employment. If a Participant's employment with the Company is
terminated and such Participant is re-employed by the Company prior to the
payment of his benefits in a cash lump sum payment or while he is receiving
benefits in the form of annual installment payments, the payment of the lump sum
amount or the future installments, as the case may be, shall be suspended until
he again terminates employment with the Company. Such Participant may elect to
again participate in this Plan and to defer additional Base Salary and/or Bonus
as provided in Section 4.1. Such rehired Participant may file a Distribution
Election Form as provided in Section 5.1(b) and/or Section 5.2(d) to be
applicable to all amounts deferred under this Plan (both before and after his
original termination of employment); provided, however, that such Distribution
Election Form shall not be effective as to the form of payment of Retirement
Benefits until 12 months after it is received by the Committee. Upon the
Participant's subsequent termination of employment with the Company, the total
amounts then credited to his Deferral Accounts shall be distributed in