Occidental Petroleum 2005 Annual Report Download - page 184

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EXHIBIT 10.69
EXECUTIVE INCENTIVE COMPENSATION PLAN
PLAN DOCUMENT
PURPOSE
This Plan is designed to provide selected employees with annual cash incentive opportunities. Awards are based on
the achievement of specific objectives that reflect business success and generate stockholder value. The Plan directly
links Participants’ incentive compensation with the performance of the Division where they have personal
accountability and also promotes the Company’s results-oriented management style.
ELIGIBILITY/PARTICIPATION
All Senior Management employees are eligible for participation in the Plan. Participants are selected by management.
PERFORMANCE MEASURES/OBJECTIVES
During the first quarter of each year, Financial Objectives and Personal Objectives for the year shall be established.
The Financial Objectives and Personal Objectives shall be weighted to reflect the significance of business and
individual performance (e.g. Financial Objectives weighted 60% and Personal Objectives weighted 40%).
Each Division President shall recommend, and the CEO shall approve, the specific Financial Objectives to be used by
each respective Division for the year, as well as the specific weighting of each Financial Objective (e.g. 50% Segment
Earnings and 50% Cash Flow). Financial Objectives and related weightings for OPC Participants shall be
recommended by OPC Management and approved by the Committee. The specific objectives selected, and their
weightings, may vary by Division and may be changed from year to year in response to changes in business
priorities.
Each Division President, or the most senior executive in each staff in the case of OPC, shall recommend the
Participant’s Personal Objectives for the Plan year for approval by OPC Management. The CEO shall approve the
Personal Objectives of all corporate officers and the Committee shall approve the Personal Objectives of the CEO. A
targeted performance level
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