Occidental Petroleum 2003 Annual Report Download - page 149

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Grantee acknowledges that the Grantee has read these Terms and Conditions and
understands that (i) the grant of this Target Performance Share award is made
voluntarily by Occidental in its discretion with no liability on the part of any
of its direct or indirect subsidiaries and that, if the Grantee is not an
employee of Occidental, the Grantee is not, and will not be considered, an
employee of Occidental but the Grantee is a third party (employee of a
subsidiary) to whom this Target Performance Share award is granted; (ii) the
Grantee's participation in the Plan is voluntary; (iii) the future value of any
Common shares issued pursuant to this Target Performance Share award cannot be
predicted and Occidental does not assume liability in the event such Common
Shares have no value in the future; and, (iv) subject to the terms of any tax
equalization agreement between the Grantee and the entity employing the Grantee,
the Grantee will be solely responsible for the payment or nonpayment of taxes
imposed or threatened to be imposed by any authority of any jurisdiction.
In consideration of the grant of this Target Performance Share award, no claim
or entitlement to compensation or damages shall arise from termination of this
Target Performance Share award or diminution in value of this Target Performance
Share award or Common Shares issued pursuant to this Target Performance Share
award resulting from termination of the Grantee's employment by the Company (for
any reason whatsoever and whether or not in breach of local labor laws) and the
Grantee irrevocably releases the Company from any such claim that may arise; if,
notwithstanding the foregoing, any such claim is found by a court of competent
jurisdiction to have arisen, then, by accepting these Terms and Conditions, the
Grantee shall be deemed irrevocably to have waived his or her entitlement to
pursue such claim.
5
EXHIBIT 1
2004 GRANT TO OCC PARTICIPANTS
(% of Number of Target Shares of Performance Stock that become Nonforfeitable
based on Comparison of Total Shareholder Return for the Peer Companies for the
Performance Period)
--------- --------- --------- --------- --------- --------- --------- ---------
Ranking 8 COS. 7 COS. 6 COS. 5 COS. 4 COS. 3 COS. 2 COS.
--------- --------- --------- --------- --------- --------- --------- ---------
1 100% 100% 100% 100% 100% 100% *
2 83.5% 83.5% 75% 75% 66.5% 50% 0%
3 66.5% 66.5% 50% 50% 33.5% 0%
4 50% 50% 50% 25% 0%
5 50% 33.5% 25% 0%
6 33.5% 16.5% 0%
7 16.5% 0%
8 0%
* Subject to Committee Discretion
PLUS
(% of Number of Target Shares of Performance Stock that become Nonforfeitable
based on Return on Assets for the Performance Period)
Return on Assets Payout Percentage
-------------------- ---------------------
10% 100%