Occidental Petroleum 2003 Annual Report Download - page 132

(a) requesting a review of his application for benefits by the
Committee;
(b) setting forth all of the grounds upon which his request for
review is based and any facts in support thereof; and
(c) setting forth any issues or comments which the applicant deems
relevant to his application.
The Committee shall act upon each such application within 60 days
after the later of receipt of the applicant's request for review by the
Committee or receipt of any additional materials reasonably requested by the
Committee from such applicant.
The Committee shall make a full and fair review of each such
application and any written materials submitted by the applicant or the Company
in connection therewith, and may require the Company or the applicant to submit
within 30 days of written notice by the Committee, such additional facts,
documents, or other evidence as the Committee, in its sole discretion, deems
necessary or advisable in making such a review. On the basis of its review, the
Committee shall make an independent determination of the applicant's eligibility
for benefits under the Plan. The decision of the Committee on any application
for benefits shall be final and conclusive upon all persons.
If the Committee denies an application in whole or in part, the
Committee shall give written notice of its decision to the applicant setting
forth in a manner calculated to be understood by the applicant, the specific
reasons for such denial and specific references to the pertinent Plan provisions
on which the Committee's decision was based.
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No legal action may be commenced prior to the completion of the
benefit claims procedure described herein. In addition, no legal action may be
commenced after the later of (a) 180 days after receiving the written response
of the Committee to an appeal, or (b) 365 days after an applicant's original
application for benefits.
ARTICLE VIII
AMENDMENT AND TERMINATION OF PLAN
8.1 Amendment. The Board may amend the Plan in whole or in part at any
time for any reason, including but not limited to, tax, accounting or other
changes, which may result in termination of the Plan for future deferrals. The
Committee, in its discretion, may amend the Plan if the Committee determines
that such amendment does not significantly increase or decrease Plan benefits or
costs. Notwithstanding the foregoing, no amendment shall: (a) reduce the amounts
that have been credited to the Deferral Account(s) of any Participant prior to
the date such amendment is adopted, (b) eliminate the spousal survivor benefit
under Section 5.3, or (c) change the definition of the Declared Rate set forth
in Article II to a rate or to a formula that, as of the last day of the month
preceding the date such amendment is adopted, produces a rate that is less than
the lesser of: (i) Moodys Plus Three (as defined in Article II and calculated as
of the last day of the month preceding the date such amendment is adopted), or
(ii) the highest yield on any unsecured debt or preferred stock of the Company
that was outstanding on the last day of the month immediately preceding the date
such amendment is adopted. Any amendment that would either (i) reduce the
Declared Rate to a rate or to a formula that, as of the last day of the month
preceding the date such amendment is adopted, produces a rate that is less than
Moodys Plus Three (as defined in Article II and calculated as of the last day of
the month preceding the date such amendment is adopted), or (ii) change the
terms of the amendment provisions of this Section 8.1 or the terms of the
termination provisions of Section 8.2, shall not be effective prior to the date
that is two years after the date such amendment is adopted, unless the amendment