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OCCIDENTAL PETROLEUM CORPORATION
2005 DEFERRED COMPENSATION PLAN
(Restatement Effective as of January 1, 2005)
ARTICLE I
PURPOSE
This document sets forth the terms of the Occidental Petroleum Corporation 2005 Deferred Compensation Plan (the
“Plan”), restated effective as of January 1, 2005.
The purpose of the Plan is to provide a tax-deferred opportunity for key management and highly compensated employees of
Occidental Petroleum Corporation and its Affiliates (as defined below) to accumulate additional retirement income through deferrals of
compensation.
This Plan is intended to satisfy the requirements of Section 409A of the Internal Revenue Code, and any regulations
promulgated thereunder, so that the taxation to Participants or Beneficiaries of any compensation deferred under this Plan is deferred.
ARTICLE II
DEFINITIONS
Whenever the following words and phrases are used in this Plan with the first letter capitalized, they shall have the
meanings specified below:
Affiliate. “Affiliate” means (i) any corporation that is a member of a controlled group of corporations (within the meaning of
Code Section 1563(a), determined without regard to Code Sections 1563(a)(4) and (e)(3)(C), and with the phrase “more than 50%”
substituted for the phrase “at least 80%” each place it appears in Code Section 1563(a)) of which Occidental Petroleum Corporation is a
component member, or (ii) any entity (whether or not incorporated) that is under common control with Occidental Petroleum Corporation (as
defined in Code Section 414(c) and the Treasury Regulations thereunder, and with the phrase “more than 50%” substituted for the phrase “at
least 80%” each place it appears in the Treasury Regulations under Code Section 414(c)).
Alternate Payee. “Alternate Payee” means a former spouse of a Participant who is recognized by a Divorce Order as having
a right to receive all, or a portion of, the benefits payable under this Plan with respect to such Participant.
Amortization Method. “Amortization Method” means an annual installment method of paying a Participant’s benefits under
which the Company will pay the Participant an initial payment in an amount equal to (i) plus (ii) divided by (iii), where (i) is the value of the
Participant’s Deferral Accounts as of the end of the month preceding such payment, (ii) is the amount of interest that would accrue during the
entire payout period on the unpaid balance credited to the Participant’s Deferral Accounts immediately following such initial payment if the
Declared Rate then in effect remained unchanged and (iii) is the number of years over which annual installments are to be paid. For each
Plan Year after the initial benefit payment is made,
LA3:1102794.5