Occidental Petroleum 2005 Annual Report Download - page 122

ARTICLE V
BENEFITS
5.1 Termination of Employment for a Reason other than Death.
(a) Form and Time of Benefit. Except as otherwise provided in this Section 5.1, upon a Participant’s termination of
employment for a reason other than death (including Retirement and Disability), the Company shall pay to the Participant in a single lump
sum within the first 90 days of the calendar year following the Participant’s termination of employment an amount equal to the value of the
Participant’s Deferral Accounts as of the end of the month preceding payment (after reduction for any forfeitures as set forth in Section 4.5).
Any Retirement Benefit paid in annual installments pursuant to Section 5.1(b) shall be paid within the first 90 days of each calendar year,
beginning with the year following the Participant’s Retirement and shall be determined based on the value of the Participant’s Deferral
Accounts as of the last day of the month preceding payment. Notwithstanding anything herein to the contrary, in the event that a Participant
who is a Specified Employee is entitled to a distribution from the Plan upon or by virtue of such Participant’s termination of employment for a
reason other than death or Disability, the lump sum payment or the first annual installment payment, as the case may be, shall not be paid
before the date that is six (6) months after the date of the Participant’s termination of employment (or, if earlier, the date of the Participant’s
death). Any additional installment payments shall be paid within the first 90 days of each subsequent calendar year.
(b) Retirement. On a Distribution Election Form filed simultaneously with and in the same manner as the first Deferral
Election Form that a Participant is required to file in accordance with the requirements set forth in Section 4.1 hereof, a Participant (i) may
elect to have the Retirement Benefit, which may consist solely of the Participant’s Savings Plan Restoration Account, paid to him in a lump
sum, annual payments for any other number of years between two (2) and 20 years or, if available as an option on the Distribution Election
Form provided to the Participant, in a combination of an initial lump sum payment followed by annual installments over the next one (1) to
20 years, and (ii) may elect to have the amount of each annual installment determined under either the Amortization Method or the Fractional
Method. If a Participant fails to elect either the Amortization Method or the Fractional Method, such Participant shall be deemed to have elected
the Fractional Method. Elections made or deemed to be made under this Section 5.1(b) may not be changed unless and until the Plan is
amended to provide for changes that comply with the requirements of Section 409A of the Code.
(c) Termination Prior to Retirement. If a Participant’s employment with the Company terminates for any reason other
than Retirement, Disability or death, then the Participant shall receive a Termination Benefit in a lump sum as provided in Section 5.1(a).
(d) Disability Benefit. If a Participant’s employment with the Company terminates prior to Retirement due to a Disability,
then the Participant shall receive a Disability Benefit in a lump sum within the first 90 days of the calendar year following the calendar year in
which the Participant attains age 55 in an amount equal to the value of the Participant’s Deferral Accounts as of the end of the month
preceding payment.
11
LA3:1102794.5