Occidental Petroleum 2005 Annual Report Download - page 131

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date on which amounts deferred under the Plan have become taxable to Participants. In the event the Board adopts a resolution terminating
the Plan, the Board or the Committee shall determine the date as of which all deferral elections shall cease to apply so that no further Base
Salary, Bonuses or Performance Award Cash Deferrals shall be deferred under the Plan.
(b) Payments Upon Termination. Distributions to the Participants or their Beneficiaries shall be made on the dates on
which the Participants or their Beneficiaries would receive benefits hereunder without regard to the termination of the Plan except that
payments will be made upon termination if one of the following requirements is satisfied:
(A) the Plan is terminated pursuant to Section 5.5 of the Plan,
(B) the termination of the Plan otherwise satisfies one of the requirements for accelerated payment under
Proposed Treasury Regulations Section 1.409A-3(h)(2)(viii) (or a successor regulation) or other guidance issued by the Secretary of
the Treasury, or
(C) the Plan is terminated because the Participants have become subject to tax on the amounts deferred under
the Plan because of a failure of the Plan to satisfy the requirements of Section 409A of the Code.
ARTICLE IX
MISCELLANEOUS
9.1 Unsecured General Creditor. The rights of a Participant, Beneficiary, or their heirs, successors, and assigns, as relates to any
Company promises hereunder, shall not be secured by any specific assets of the Company, nor shall any assets of the Company be
designated as attributable or allocated to the satisfaction of such promises.
9.2 Trust Fund. The Company shall be responsible for the payment of all benefits provided under the Plan. At its discretion, the
Company may establish one or more trusts, with such trustees as the Board or Committee may approve, for the purpose of providing for the
payment of such benefits. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Company’s
creditors. To the extent any benefits provided under the Plan are actually paid from any such trust, the Company shall have no further
obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Company.
9.3 Nonassignability.
(a) Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate,
mortgage or otherwise encumber, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part
thereof, or interest therein which are, and all rights to which are, expressly declared to be unassignable and non-transferable. No part of the
amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, 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.
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