Occidental Petroleum 2003 Annual Report Download - page 131

accordance with Article V of this Plan and the most recently filed Distribution
Election Form (if any) that has become effective. If the Participant's original
termination of employment was on account of Retirement and he had elected a form
of installment payout, then the amounts credited to his Deferral Accounts at the
time of his subsequent Retirement shall be distributed over the number of years
that were remaining in the payout period at the time of his re-employment unless
he filed a new Distribution Election Form at least 12 months prior to his
subsequent Retirement.
5.12 Qualified Divorce Orders. Subject to the policies and procedures
established by the Committee under Section 9.3(b) hereof and the provisions of
this Plan, benefits may be paid from the balance of a Participant's Deferral
Account(s) in accordance with a Qualified Divorce Order without regard to
whether the Participant has terminated employment in accordance with Section
5.10 hereof. In addition, and notwithstanding any provision in the Plan to the
contrary, the Committee shall follow any distribution requirement contained in a
Qualified Divorce Order that provides for an earlier lump sum distribution than
would otherwise be permitted under this Plan.
ARTICLE VI
BENEFICIARY DESIGNATION
Each Participant shall have the right, at any time, to designate any
person or persons as the Beneficiary to whom payments under this Plan shall be
made in the event of the Participant's death prior to complete distribution to
the Participant of the benefits due under the Plan. Each Beneficiary designation
shall become effective only when filed in writing with the Committee during the
Participant's lifetime on a paper form prescribed by the Committee. The filing
of a new Beneficiary designation form will cancel any inconsistent Beneficiary
designation previously filed.
If a Participant fails to designate a Beneficiary as provided above,
or if all designated Beneficiaries predecease the Participant, any benefits
remaining unpaid shall be paid in accordance with the Participant's Beneficiary
designation under the Company's Retirement Plan, and if there is no such valid
Beneficiary designation, to the Participant's then surviving spouse, or if none,
to the Participant's estate, unless directed otherwise by the court that has
jurisdiction over the assets belonging to the Participant's probate estate.
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ARTICLE VII
CLAIMS PROCEDURE
All applications for benefits under the Plan shall be submitted to:
Occidental Petroleum Corporation, Attention: Deferred Compensation Plan
Committee, 10889 Wilshire Blvd., Los Angeles, CA 90024. Applications for
benefits must be in writing on the forms prescribed by the Committee and must be
signed by the Participant, or in the case of a Beneficiary Benefit, by the
Beneficiary or legal representative of the deceased Participant. Each
application shall be acted upon and approved or disapproved within 60 days
following its receipt by the Committee. If any application for a benefit is
denied, in whole or in part, the Committee shall notify the applicant in writing
of such denial and of his right to a review by the Committee and shall set forth
in a manner calculated to be understood by the applicant, specified reasons for
such denial, specific references to pertinent Plan provisions on which the
denial is based, a description of any additional material or information
necessary for the applicant to perfect his application, an explanation of why
such material or information is necessary, and an explanation of the Plan's
review procedure.
Any person, or his duly authorized representative, whose application
for benefits is denied in whole or in part, may appeal such denial to the
Committee for a review of the decision by submitting to the Committee within 60
days after receiving notice of the denial, a written statement: