Occidental Petroleum 2003 Annual Report Download - page 134

alimony or separate maintenance owed by a Participant or any other person, nor
be transferable by operation of law in the event of a Participant's or any other
person's bankruptcy or insolvency.
(b) Notwithstanding subsection (a), the right to benefits payable
with respect to a Participant pursuant to a Qualified Divorce Order may be
created, assigned, or recognized. The Committee shall establish appropriate
policies and procedures to determine whether a Divorce Order presented to the
Committee constitutes a Qualified Divorce Order under this Plan, and to
administer distributions pursuant to the terms of Qualified Divorce Orders. In
the event that a Qualified Divorce Order exists with respect to benefits payable
under the Plan, such benefits otherwise payable to the Participant specified in
the Qualified Divorce Order shall be payable to the Alternate Payee specified in
such Qualified Divorce Order.
9.4 Release from Liability to Participant. A Participant's right to
receive benefits under the Plan shall be reduced to the extent that any portion
of a Participant's Deferral Account(s) has
19
been paid or set side for payment to an Alternate Payee pursuant to a Qualified
Divorce Order or to the extent that the Company or the Plan is otherwise subject
to a binding judgment, decree, or order for the attachment, garnishment or
execution of any portion of the Participant's Deferral Account(s) or of any
distributions therefrom. The Participant shall be deemed to have released the
Company and the Plan from any claim with respect to such amounts in any case in
which (a) the Company, the Plan, or any Plan representative has been served with
legal process or otherwise joined in a proceeding relating to such amounts, and
(b) the Participant fails to obtain an order of the court in the proceeding
relieving the Company and the Plan from the obligation to comply with the
judgment, decree or order.
9.5 Employment Not Guaranteed. Nothing contained in this Plan nor any
action taken hereunder shall be construed as a contract of employment or as
giving any Participant any right to be retained in employment with the Company.
Accordingly, subject to the terms of any written employment agreement to the
contrary, the Company shall have the right to terminate or change the terms of
employment of a Participant at any time and for any reason whatsoever, with or
without cause.
9.6 Gender, Singular & Plural. All pronouns and any variations thereof
shall be deemed to refer to the masculine or feminine as the identity of the
person or persons may require. As the context may require, the singular may be
read as the plural and the plural as the singular.
9.7 Captions. The captions of the articles, sections, and paragraphs of
the Plan are for convenience only and shall not control or affect the meaning or
construction of any of its provisions.
9.8 Validity. In the event any provision of this Plan is held invalid,
void, or unenforceable, the same shall not affect, in any respect whatsoever,
the validity of any other provision of this Plan.
9.9 Notice. Any notice or filing required or permitted to be given to the
Committee under the Plan shall be sufficient if in writing and hand delivered,
or sent by registered or certified mail, to the principal office of the Company.
Such notice shall be deemed given as to the date of delivery or, if delivery is
made by mail, as of the date shown on the postmark on the receipt for
registration or certification.
9.10 Applicable Law. The Plan shall be governed by and construed in
accordance with the laws of the State of California to the extent such laws are
not preempted by the Employee Retirement Income Security Act of 1974, as
amended.