Occidental Petroleum 2006 Annual Report Download - page 114

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EXHIBIT 10.68
OCCIDENTAL PETROLEUM CORPORATION
2005 LONG-TERM INCENTIVE PLAN
PERFORMANCE-BASED STOCK AWARD TERMS AND CONDITIONS
DATE OF GRANT: January 1, 2007
TARGET PERFORMANCE SHARES See “Shares Granted/Awarded”
(Grant Acknowledgment screen)
PERFORMANCE PERIOD January 1, 2007 through December 31, 2010
These Terms and Conditions(these “Terms and Conditions”) are set forth as of the Date of Grant between OCCIDENTAL
PETROLEUM CORPORATION, a Delaware corporation ("Occidental") and, with its subsidiaries, (the "Company"), and
Grantee.
1. GRANT OF TARGET PERFORMANCE SHARES. In accordance with these Terms and Conditions and the
Occidental Petroleum Corporation 2005 Long-Term Incentive Plan, as the same may be amended from time to time (the
"Plan"), Occidental grants to the Grantee as of the Date of Grant, the right to receive in Common Shares and cash up to
200% of the number/value of Target Performance Shares. For the purposes of these Terms and Conditions, "Target
Performance Shares" means a bookkeeping entry that records the equivalent of Common Shares awarded pursuant to Section
4.2 of the Plan that is payable upon the achievement of the Performance Goals. Target Performance Shares are not Common
Shares and have no voting rights or, except as stated in Section 6, dividend rights.
2. RESTRICTIONS ON TRANSFER. Neither these Terms and Conditions nor any right to receive Common Shares or
cash pursuant to these Terms and Conditions may be transferred or assigned by the Grantee other than (i) to a beneficiary
designated on a form approved by the Company (if permitted by local law), by will or, if the Grantee dies without designating a
beneficiary of a valid will, by the laws of descent and distribution, or (ii) pursuant to a domestic relations order, if applicable, (if
approved or ratified by the Administrator).
3. PERFORMANCE GOALS. The Performance Goal for the Performance Period is a peer company comparison
based on Total Stockholder Return, as set forth on Exhibit 1. Total Stockholder Return shall be calculated for each peer
company using the average of its last reported sale price per share of common stock on the New York Stock Exchange -
Composite Transactions for the last ten trading days of December 2006 and the average of its last reported sale price per
share of common stock on the New York Stock Exchange - Composite Transactions for the last ten trading days of 2010. In
addition to the Company, the peer companies are: Anadarko Petroleum Corporation, Apache Corporation, Chevron Corporation,
ConocoPhillips, Devon Energy Corporation, ExxonMobil Corporation, and Hess Corporation. If a peer company ceases to be a
publicly-traded company at any time during the Performance Period or the Administrator determines pursuant to Section 7 of
these Terms and Conditions to reflect a change in circumstances with respect to any peer company, then such company will
be removed as a peer company and the achievement of the Performance Goal will be determined with respect to the
remaining peer companies as set forth on Exhibit 1.