Occidental Petroleum 2005 Annual Report Download - page 123

5.2 Beneficiary Benefits.
(a) If a Participant dies while employed by the Company, or after termination of employment with the Company but
before payment of, or commencement of installment payments of, his benefits under the Plan, then the Company will pay to the
Participant’s Beneficiary in a single lump sum a Beneficiary Benefit that is an amount equal to the value of the Participant’s Deferral
Accounts.
(b) If a Participant dies after the commencement of payment of his Retirement Benefit, then the remaining installments
(if any) of the Retirement Benefit shall be payable to his Beneficiary in the same amounts and at the same times as such installment would
have been paid to the Participant if he were living.
(c) Notwithstanding the foregoing provisions of this Section 5.2, a Participant may elect, on a Distribution Election Form
filed simultaneously with and in the same manner as the first Deferral Election Form that the Participant is required to file in accordance with
the requirements set forth in Section 4.1 hereof, that, if he dies prior to the commencement of his Retirement Benefits, then the payment to
his Beneficiary shall be made in any form and calculated in any other manner described in Section 5.1(b). Any election described in the
preceding sentence 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.
(d) The payment or payments to a Beneficiary of a deceased Participant under this Section 5.2 shall be made or
commence during the first 90 days of the calendar year following the year in which the Participant’s death occurred, and the amount of such
payment shall be equal to, or determined based on, the value of the Participant’s Deferral Accounts as of the end of the month preceding
payment.
(e) In the event that the Beneficiary of a deceased Participant dies prior to the completion of payments under this Plan to
that Beneficiary, all remaining payments to that Beneficiary shall be paid in a lump sum to that Beneficiary’s estate.
5.3 Early Payment. Payment of the amounts credited to any Early Payment Year Subaccount of a Participant shall be paid or
commence to be paid within the first 90 days of the year elected as the Early Payment Year in accordance with the Participant’s election under
Section 4.1(b), with any subsequent annual payments paid in the first 90 days of each applicable year. The amount of each annual
installment will be determined under the Fractional Method unless the Participant otherwise irrevocably elects the Amortization Method at the
time of making the Early Payment Benefit election.
Notwithstanding the foregoing, if the Participant terminates employment with the Company for any reason prior to
commencement of an Early Payment Benefit, the election made by the Participant to receive the Early Payment Benefit shall terminate and
the amount credited to the Participant’s Early Payment Year Subaccount shall be paid, together with the other amounts credited to the
Participant’s Deferral Account, as set forth in Section 5.1 or 5.2, as the case may be. The preceding sentence shall not apply if it would violate
Section 409A of the Code. Any Early Payment Benefit in pay status at the time of the Participant’s termination of
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