Document:

Document

KERR-McGEE CORPORATION
BENEFITS RESTORATION PLAN
(Amended and Restated Effective July 1, 2020)

TABLE OF CONTENTS
Page
						
	ARTICLE I PURPOSE
	3

	ARTICLE II DEFINITIONS
	3

	2.01 Accrued Benefit
	4

	2.02 Affiliate
	4

	2.03 Basic Defined Benefit Plan Benefit
	4

	2.04 Beneficiary
	4

	2.05 Board of Directors
	4

	2.06 Code
	4

	2.07 Committee
	4

	2.08 Company
	4

	2.09 Defined Benefit Plan
	4

	2.10 ERISA
	4

	2.11 Effective Date
	4

	2.12 Eligible Employee
	5

	2.13 KMG Change of Control
	5

	2.14 Limited 415 Participant
	5

	2.15 Limits of the Code
	5

	2.16 Nondiscrimination Rules
	5

	2.17 Participant
	5

	2.18 Personal Wealth Account
	5

	2.19 Plan
	5

	2.20 Restored Defined Benefit Plan Benefit
	5

	2.21 Retirement Choice Accrued Benefit
	6

	2.22 Section 16 Officers
	6

	2.23 Senior Executive Group
	6

	2.24 Senior Executive Group Member
	6

	2.25 Separation from Service
	6

	ARTICLE III ELIGIBILITY AND PARTICIPATION
	6

	ARTICLE IV PROVISIONS FOR BENEFITS
	7

	ARTICLE V AMOUNT OF BENEFITS
	7

	5.01 Restored Defined Benefit Plan Benefits
	7

	5.02 Restored Benefits
	8

	5.03 Payment to Beneficiary
	8

	5.04 Supplement to the Plan
	8

	5.05 Plan Freeze
	8
	ARTICLE VI PAYMENT OF BENEFITS
	8

	6.01 Payment of Restored Defined Benefit Plan Benefit
	8

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	6.02 Payment Under Defined Benefit Plan Before 2009
	9

	6.03 Specified Employees
	10

	ARTICLE VII ADMINISTRATION
	10

	7.01 Administration by Committee
	10

	7.02 Rules of Conduct
	10

	7.03 Legal, Accounting, Clerical and Other Services
	10

	7.04 Records of Administration
	10

	7.05 Expenses
	10

	7.06 Indemnification
	10

	7.07 Liability
	11

	7.08 Claims Review Procedures
	11

	ARTICLE VIII GENERAL PROVISIONS
	14

	8.01 Plan Amendment, Suspension and/or Termination
	14

	8.02 Plan Not an Employment Contract
	14

	8.03 Non-alienation of Benefits
	15

	8.04 Provisions relating to the KMG Change of Control
	15

	8.05 Special Payment Situations
	15

	8.06 Termination of Employment
	16

	8.07 Duty to Provide Data
	17

	8.08 Tax Consequences Not Guaranteed
	17

	8.09 Tax Withholding
	18

	8.10 Beneficiary Designations
	18

	8.11 Incompetency
	18

	8.12 Severability
	19

	8.13 Governing Law
	19

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KERR-McGEE CORPORATION
BENEFITS RESTORATION PLAN

ARTICLE I
PURPOSE
The purpose of the Plan is to provide benefits which are not payable to an Eligible Employee under the Defined Benefit Plan because of benefit limitations under the Code.  The Plan as set forth herein constitutes an amendment and restatement of the Plan as in effect immediately prior to the Effective Date in order to modify certain provisions of the Plan related to Plan administration.  This amendment and restatement of the Plan shall be effective as of the Effective Date.
   Notwithstanding any other provision of the Plan to the contrary, benefit accrual under the “Defined Benefit Plan” (as defined below) was frozen effective June 30, 2020. The administration of the benefit of each Participant in this Plan shall therefore fully reflect the effect of such freeze in the Defined Benefit Plan, such that no Participant compensation paid or service performed after June 30, 2020 shall be recognized in the determination of any benefit due under this Plan.      
With respect to Participants other than Limited 415 Participants, the Plan is intended as an unfunded plan to be maintained primarily for the purpose of providing deferred compensation for a “select group of management or highly compensated employees” within the meaning of such phrase for purposes of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and as such it is intended that the Plan be exempt from the participation and vesting, funding, and fiduciary responsibility requirements of Title I of ERISA. The Plan is also intended to qualify for simplified reporting under U.S. Department of Labor Regulation Section 2530.104-23, which provides for an alternative method of compliance for plans described in such regulation.  With respect to Limited 415 Participants, the portion of the Plan that provides benefits to such Limited 415 Participants solely due to limitations applicable to the Defined Benefit Plan by reason of Code Section 415 is intended to be treated as a separate plan that is an “excess benefit plan” within the meaning of such phrase for purposes of Sections 3(36) and 4(b)(5) of ERISA.  Moreover, the Plan is intended to comply with the requirements of Code Section 409A for nonqualified deferred compensation plans to the extent applicable.  The Plan is not intended to satisfy the tax qualification requirements of Code Section 401(a).
ARTICLE II
DEFINITIONS
The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender, the single may include the plural, and visa versa, unless the context clearly indicates to the contrary.  Where capitalized words and phrases appear in the Plan, they shall have the respective meanings set forth below.
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2.01 Accrued Benefit. The term “Accrued Benefit” shall have the meaning assigned to such term under the Defined Benefit Plan.
2.02 Affiliate.
a.Any corporation other than the Company (i.e., either a subsidiary corporation or an affiliated or associated corporation of the Company), which together with the Company is a member of a “controlled group” of corporations;

b.Any organization with which the Company is under “common control”;

c.Any organization which together with the Company is an “affiliated service group”;

d.A limited liability company wholly owned by the Company; or

e.Any foreign affiliate of the Company which is covered by an agreement under Section 3121(1) of the Code; as those terms are used in Code Sections 414(b), 414(c), 414(m), and 406(a), respectively.

2.03 Basic Defined Benefit Plan Benefit. The amount payable to the Participant under the Defined Benefit Plan after reduction to comply with the Limits of the Code.
2.04 Beneficiary. The beneficiary or beneficiaries designated by the Participant, in accordance with Section 8.10, to receive any amounts distributable under the Plan upon death.
2.05 Board of Directors. The Board of Directors of the Company.
2.06 Code. The Internal Revenue Code of 1986, as amended from time to time and related IRS notices, rules and regulations.
2.07 Committee. The committee appointed by the Board to administer the Plan; provided, however, that if the Board has not appointed a committee, then each reference herein to the “Committee” shall instead refer to the Board.
2.08 Company. Anadarko Petroleum Corporation, as the successor to Kerr-McGee Corporation, or its successor in interest.
2.09 Defined Benefit Plan. Kerr-McGee Corporation Retirement Plan or its successor plan.
2.10 ERISA. The Employee Retirement Income Security Act of 1974, as amended.
2.11 Effective Date. July 1, 2020, as to this amendment and restatement of the Plan.
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2.12 Eligible Employee. Any employee of the Company or an Affiliate whose benefit under the Defined Benefit Plan is limited by the Limits of the Code. 
2.13 KMG Change of Control. The acquisition prior to August 8, 2019 of Kerr-McGee Corporation by the Company as its wholly-owned subsidiary. 
2.14 Limited 415 Participant. Any employee of the Company or an Affiliate whose benefit under the Defined Benefit Plan is limited by the limitation imposed by Code Section 415 and who has not otherwise been designated as a Participant in the Plan by the Committee pursuant to the provisions of Article III hereof.
2.15 Limits of the Code. The limitations imposed under the Code, which shall include by example but not by limitation Code Sections 401(a)(17) and/or 415, on the amount of benefits which may be earned or paid under the Defined Benefit Plan, including limitations that vary based upon the form of retirement income elected under the Defined Benefit Plan.  From and after the Effective Date, the term “Limits of the Code” shall also include any amendment to the Defined Benefit Plan that is adopted on or after the Effective Date and that is expressly identified in connection with its adoption as an amendment that is intended to reduce or limit accruals under the Defined Benefit Plan with respect to a participant therein who is a “highly compensated employee” (as defined in Code Section 414(q)) due to the application of the Nondiscrimination Rules. Notwithstanding the preceding provisions of this Section 2.15, with respect to a Limited 415 Participant, for all purposes of the Plan (other than for the purpose of computing the Basic Defined Benefit Plan Benefit for such Limited 415 Participant), the term “Limits of the Code” shall mean solely the limitation imposed by Code Section 415 on the amount of benefits which may be earned or paid under the Defined Benefit Plan.
2.16 Nondiscrimination Rules. The nondiscrimination rules set forth in Code Section 401(a)(4), Code Section 410(b) or other provisions of the Code that are applicable to the Defined Benefit Plan and that are intended to prevent discrimination in favor of “highly compensated employees” (as defined in Code Section 414(q)).
2.17 Participant. An Eligible Employee of the Company or an Affiliate who meets the requirements to participate in the Plan in accordance with the provisions of Article III hereof.  The term “Participant” shall include a Limited 415 Participant except where expressly provided otherwise in the Plan.
2.18 Personal Wealth Account. The term “Personal Wealth Account” shall have the meaning assigned to such term under the Twenty-Eighth Supplement to the Defined Benefit Plan.
2.19 Plan. Kerr-McGee Corporation Benefits Restoration Plan, as amended from time to time.
2.20 Restored Defined Benefit Plan Benefit. A Participant’s benefit, if any, provided under Section 5.01 hereof attributable to the reduction in the Participant’s Defined Benefit Plan benefit in compliance with the Limits of the Code.
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2.21 Retirement Choice Accrued Benefit. The term “Retirement Choice Accrued Benefit” shall have the meaning assigned to such term under the Defined Benefit Plan.
2.22 Section 16 Officers. A Participant who is subject to Section 16 of the Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
2.23 Senior Executive Group. Participants designated by the Chairman of the Board of Directors of Kerr-McGee Corporation prior to the KMG Change of Control to be a member of the Senior Executive Group.
2.24 Senior Executive Group Member. A participant in the Senior Executive Group.
2.25 Separation from Service. The Participant’s separation from service with the Company and all Affiliated Entities within the meaning of Code Section 409A.
ARTICLE III
ELIGIBILITY AND PARTICIPATION
Each employee of the Company or an Affiliate who was a Participant in the Plan immediately prior to the Effective Date shall continue as a Participant in the Plan as of the Effective Date.
Prior to participation being frozen effective June 30, 2020, any Eligible Employee shall be a Participant only if the Committee (a) determines that such Eligible Employee is a member of a select group of management or highly compensated employees of the Company or its Affiliates for purposes of Title I of ERISA and (b) designates such Eligible Employee as a Participant.  Notwithstanding the foregoing, any employee of the Company or an Affiliate whose benefit under the Defined Benefit Plan is limited by the limitation imposed by Code Section 415 and who is not otherwise designated by the Committee as a Participant pursuant to the preceding sentence shall automatically participate in the Plan as a Limited 415 Participant. 
In addition, any employee who, prior to the KMG Change of Control, was (a) a participant in the Defined Benefit Plan and (b) a Senior Executive Group Member, was deemed to have been eligible to participate in the Plan on the day prior to the KMG Change of Control, whether or not benefits under the Defined Benefit Plan were limited by the Code.
Notwithstanding any provision in the Plan or any Supplement of the Plan to the contrary, any individual who is not a Participant as of June 30, 2020, shall not become a Participant under this Plan following such date. Additionally, no individuals may reenter the Plan for any reason after June 30, 2020.

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ARTICLE IV
PROVISIONS FOR BENEFITS
Benefits provided by the Plan shall constitute general obligations of the Company and its Affiliates and shall at all times be subject to the claims of the general creditors of the Company and its Affiliates if any such Affiliate is also the employer of the Participant, in accordance with the terms hereof.  No amounts in respect of such benefits shall be set aside or held in trust and no recipient of any benefit shall have any right to have the benefit paid out of any particular assets of the Company and its Affiliates; provided, however, that nothing herein shall be construed to prevent a transfer of funds to a grantor trust for the purpose of paying benefits or any part thereof as directed by the Committee under the Plan.  The amount payable shall not be in addition to any benefit payable under any supplement to the Plan.
ARTICLE V
AMOUNT OF BENEFITS
5.01 Restored Defined Benefit Plan Benefits. If the amount payable to the Participant from the Defined Benefit Plan is subject to the Limits of the Code, and any subsequent modifications thereto, the amount by which such benefit is so limited shall be provided for such Participant under the Plan.  The amount payable shall not be in addition to any benefit payable under any supplement to the Plan.  In calculating the amounts payable under the Plan, such calculation shall be made under the terms of the Defined Benefit Plan without the Limits of the Code; provided, however, that the Restored Defined Benefit Plan Benefits of a Participant who has a Personal Wealth Account shall be based upon such Participant’s Retirement Choice Accrued Benefit (if any, and only to the extent such Participant has not previously received a benefit under the Plan that relates to such Participant’s Retirement Choice Accrued Benefit) and such Participant’s Accrued Benefit under the Twenty-Eighth Supplement to the Defined Benefit Plan. Further, the Restored Defined Benefit Plan Benefits based upon the Participant’s Accrued Benefit under the Twenty-Eighth Supplement to the Defined Benefit Plan shall be calculated as the difference between the balance that would have been in the Participant’s Personal Wealth Account determined without reduction to comply with the Limits of the Code and his Accrued Benefit under the Twenty-Eighth Supplement to the Defined Benefit Plan.  However, for the purposes of the Plan, amounts deferred by the Participant under the Kerr-McGee Corporation Executive Deferred Compensation Plan that would have been included in “covered compensation” under the Defined Benefit Plan had such amounts been paid to the Participant will be includable in compensation in calculations to determine Restored Defined Benefit Plan Benefits.  Notwithstanding any provision in the Plan to the contrary, if a Participant has received a payment under the Plan with respect to a Restored Defined Benefit Plan Benefit and such Participant subsequently accrues an additional Restored Defined Benefit Plan Benefit, then such additional Restored Defined Benefit Plan Benefit shall be reduced to the extent necessary to eliminate any duplication of benefits with respect to the payment such Participant previously received under the Plan. 
        7

5.02 Restored Benefits. Regardless whether a Participant’s Basic Defined Benefit Plan Benefit is subject to Limits of the Code, such Participant shall still be entitled to receive the excess of the Basic Defined Benefit Plan Benefit as provided under Section 8.04 over the amount, if any, payable under the Defined Benefit Plan.  Notwithstanding anything to the contrary, benefits payable under this Section shall be deemed to constitute Restored Defined Benefit Plan Benefits.
5.03 Payment to Beneficiary. In the event any benefit payable upon a Participant’s death to a Beneficiary under the Defined Benefit Plan prior to commencement of the Basic Defined Benefit Plan Benefit thereunder is subject to the Limits of the Code, the amount by which such benefit is so limited shall be payable to the Participant’s Beneficiary pursuant to the terms and conditions of Section 6.01 herein.
5.04 Supplement to the Plan. The Supplement which is attached hereto shall be a part of the Plan for all purposes, and, unless specifically stated to the contrary in the Supplement, the terms of the Plan shall control and provide the basis for administration of the Supplement.
5.05 Plan Freeze. The Defined Benefit Plan was frozen effective June 30, 2020. The administration of the benefit of each Participant in this Plan shall therefore fully reflect the effect of such freeze in the Defined Benefit Plan, such that no Participant compensation paid or service performed after June 30, 2020 shall be recognized in the determination of any benefit due under this Plan.  For the avoidance of doubt, this Plan will reflect Interest Credits after June 30, 2020 with respect to a Participant’s Personal Wealth Account under the Defined Benefit Plan (if applicable).
ARTICLE VI
PAYMENT OF BENEFITS
6.01 Payment of Restored Defined Benefit Plan Benefit. Subject to Sections 6.02 and 6.03, the form of the benefit payable under Article V shall be a cash lump sum payment that is made within 90 days after the date of the Participant’s Separation from Service.  The lump sum payment described in the preceding sentence shall be defined as the sum of the following amounts to the extent applicable to the Participant: (a) the Tax-Equalized Lump Sum (as defined below); and (b) the lump sum payment amount of the Restored Defined Benefit Plan Benefits with respect to the Participant’s Accrued Benefit under the Twenty-Eighth Supplement to the Defined Benefit Plan.  The Tax-Equalized Lump Sum shall be equal to “A” divided by “B”, where:
“A” equals a single lump sum amount that is the actuarial equivalent (determined using (i) the 30-year Treasury Rate for the September preceding the first day of the calendar year in which the lump sum amount under this Section 6.01 is paid and (ii) the mortality table specified in IRS Revenue Ruling 2001-62) of a monthly annuity for the life of the Participant equal to (A) the Net Restoration Benefit, multiplied by (B) the Tax Factor, divided by (C) the Adjustment Factor (all as defined below); and 
        8

“B” equals the product of (i) 100% minus the maximum marginal federal income tax rate for married individuals filing joint returns for the calendar year during which the lump sum amount under this Section 6.01 is paid and (ii) 100% minus the maximum marginal state income tax rate, if any, for married individuals filing joint returns in the state of the Participant’s residence for the calendar year during which the lump sum amount under this Section 6.01 is paid.
For purposes of “A” above, the following terms shall have the following meanings:
“Adjustment Factor” means the sum of (i) the percentage of each monthly payment of the Net Restoration Benefit multiplied by the Tax Factor that would not be taxable as a return of principal determined based on the tax exclusion ratio rules promulgated by the Internal Revenue Service (the “Tax Exclusion Ratio”) and (ii) the product of (A) 100% minus the Tax Exclusion Ratio and (B) the Tax Factor; 
“Net Restoration Benefit” means the Participant’s Restored Defined Benefit Plan Benefits with respect to the Participant’s Accrued Benefit under the Defined Benefit Plan (other than the Twenty-Eighth Supplement to the Defined Benefit Plan) determined on a monthly basis for the life of the Participant; and
“Tax Factor” means the product of (i) 100% minus the second highest marginal federal income tax rate for married individuals filing joint returns for the calendar year during which the lump sum amount under this Section 6.01 is paid and (ii) 100% minus the maximum marginal state income tax rate, if any, for married individuals filing joint returns in the state of the Participant’s residence for the calendar year during which the lump sum amount under this Section 6.01 is paid.
Except as specifically provided otherwise herein, any actuarial adjustment to a Restored Defined Benefit Plan Benefit hereunder shall be computed using the same actuarial assumptions used on the corresponding Basic Defined Benefit Plan Benefit.
6.02 Payment Under Defined Benefit Plan Before 2009. If a Participant (a) incurred a Separation from Service after December 31, 2004 and (b) received or commenced receipt of any pension benefits payment under the Defined Benefit Plan at any time before January 1, 2009, such Participant (or his Beneficiary) received his benefits under the Plan in a cash lump sum payment that was made within 90 days after the date that benefits were paid, or commenced to be paid, under the terms of the Defined Benefit Plan.  If a Participant (a) incurred a Separation from Service after December 31, 2004 and (b) did not receive or commence receipt of any pension benefits payment under the Defined Benefit Plan at any time before January 1, 2009, such Participant (or his Beneficiary) received his benefits under the Plan in a cash lump sum payment that was made within 90 days after December 31, 2008.  If a Participant incurred a Separation from Service before January 1, 2005, such Participant (or his Beneficiary) shall receive his benefits under the Plan in a cash lump sum payment within 90 days after the date that benefits are paid, or commence to be paid, under the terms of the Defined Benefit Plan, regardless of whether or not such benefits are paid, or commence to be paid, under the Defined Benefit Plan before January 1, 2009.
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6.03 Specified Employees. Notwithstanding anything in the Plan to the contrary, if the payment of any benefit under this Article VI would be subject to taxation under Code Section 409A because the timing of such payment is not delayed to the extent required under Code Section 409A for a Specified Employee upon his Separation from Service, then if the Participant is a Specified Employee, any such payment that the Participant would otherwise be entitled to receive during the first six months following his Separation from Service shall be accumulated and paid, within 90 days after the date that is six months following the date of his Separation from Service, or such earlier date upon which such amount can be paid or provided under Code Section 409A without being subject to such additional taxes and interest such as, for example, due to the death of Participant.
ARTICLE VII
ADMINISTRATION
7.01 Administration by Committee. The Committee shall be the plan administrator, except that for all matters (including, without limitation, interpretation of the Plan) directly relating to participation, claims or benefits associated with individuals who are then Section 16 Officers, the Committee shall be the Executive Compensation Committee of the Occidental Petroleum Corporation.
7.02 Rules of Conduct. The Committee shall adopt such rules for the conduct of its business and the administration of the Plan as it considers desirable, provided they do not conflict with the provisions of the Plan.
7.03 Legal, Accounting, Clerical and Other Services. The Committee may authorize one or more if its members or any agent to act on its behalf and may contract for legal, accounting, clerical and other services to carry out the Plan.  The Company shall pay all expenses of the Committee.
7.04 Records of Administration. The Committee shall keep records reflecting the administration of the Plan which shall be subject to audit by the Company.
7.05 Expenses. The expenses of administering the Plan shall be borne by the Company.
7.06 Indemnification. The officers and directors of the Company, members of the Committee, and any employees of the Company who administer the Plan (including in-house counsel who interprets the Plan) shall be indemnified and held harmless by the Company against and from any and all loss, cost, liability, or expense that may be imposed upon or reasonably incurred by them in connection with or resulting from any claim, action, suit, or proceeding to which they may be a party or in which they may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by them in settlement with the Company’s written approval or paid by them in satisfaction of a judgment in any such action, suit, or proceeding. The foregoing provision shall not be applicable to any person if the loss, cost, liability, or expense is due to such person’s fraud or willful misconduct.
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7.07 Liability. No member of the Board of Directors or of the Committee shall be liable for any act or action, whether of commission or omission, taken by any other member, or by any officer, agent, or employee of the Company or of any such body, nor, except in circumstances involving his bad faith, for anything done or omitted to be done by himself.
7.08 Claims Review Procedures. 
a.Filing a Claim.  A Participant or his authorized representative may file a claim for benefits under the Plan (hereafter, referred to as a “Claimant”).  Any claim must be in writing and submitted to the Committee at such address as may be specified from time to time.  Claimants will be notified in writing of approved claims, which will be processed as claimed.  A claim is considered approved only if its approval is communicated in writing to the Claimant.
b.Denial of Claim.  In the case of the denial of a claim respecting benefits paid or payable with respect to a Participant, a written notice will be furnished to the Claimant within 90 days of the date on which the claim is received by the Committee.  If special circumstances (such as for a hearing) require a longer period, the Claimant will be notified in writing, prior to the expiration of the 90-day period, of the reasons for an extension of time; provided, however, that no extensions will be permitted beyond 90 days after the expiration of the initial 90-day period.

c.Reasons for Denial.  A denial or partial denial of a claim will be dated and signed by the Committee and will clearly set forth:
1.the specific reason or reasons for the denial;
2.specific reference to pertinent Plan provisions on which the denial is based;
3.a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; and
4.an explanation of the procedure for review of the denied or partially denied claim set forth below, including the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.
d.Review of Denial.  Upon denial of a claim, in whole or in part, the Claimant or his duly authorized representative will have the right to submit a written request to the Committee for a full and fair review of the denied claim by filing a written notice of appeal with the Committee 
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within 60 days of the receipt by the Claimant of written notice of the denial of the claim.  A Claimant or the Claimant’s authorized representative will have, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits and may submit issues and comments in writing.  The review will take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
If the Claimant fails to file a request for review within 60 days of the denial notification, the claim will be deemed abandoned and the Claimant precluded from reasserting it.  If the Claimant does file a request for review, his request must include a description of the issues and evidence he deems relevant.  Failure to raise issues or present evidence on review will preclude those issues or evidence from being presented in any subsequent proceeding or judicial review of the claim.
e.Decision Upon Review.  The Committee will provide a prompt written decision on review to the Claimant.  If the claim is denied on review, the decision shall set forth:
1.the specific reason or reasons for the adverse determination;
2.specific reference to pertinent Plan provisions on which the adverse determination is based;

3.a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits; and

4.a statement describing any voluntary appeal procedures offered by the Plan and the Claimant’s right to obtain the information about such procedures, as well as a statement of the Claimant’s right to bring an action under ERISA Section 502(a).

A decision will be rendered no more than 60 days after the Committee’s receipt of the request for review, except that such period may be extended for an additional 60 days if the Committee determines that special circumstances (such as for a hearing) require such extension.  If an extension of time is required, written notice of the extension will be furnished to the Claimant before the end of the initial 60-day period.
To the extent of its responsibility to review the denial of benefit claims, the Committee will have full authority to interpret and apply in its discretion the provisions of the Plan.  The 
        12

decision of the Committee will be final and binding upon any and all Claimants, including, but not limited to, the Participant and any other individual making a claim through him.
f.Other Procedures.  Notwithstanding the foregoing, the Committee, in its discretion, may adopt different procedures for different claims without being bound by past actions.  Any procedures adopted, however, shall be designed to afford a Claimant a full and fair review of his claim and shall comply with applicable regulations under ERISA.
g.Finality of Determinations: Exhaustion of Remedies.  To the extent permitted by law, decisions reached under the claims procedures set forth in this Section 7.08 shall be final and binding on all parties.  No legal action for benefits under the Plan shall be brought unless and until the Claimant has exhausted his remedies under this Section.  In any such legal action, the Claimant may only present evidence and theories which the Claimant presented during the claims procedure.  Any claims which the Claimant does not in good faith pursue through the review stage of the procedure shall be treated as having been irrevocably waived.  Judicial review of a Claimant’s denied claim shall be limited to a determination of whether the denial was an abuse of discretion based on the evidence and theories the Claimant presented during the claims procedure.  Any suit or legal action initiated by a Claimant under the Plan must be brought by the Claimant no later than one year following a final decision on the claim for benefits by the Committee.  The one-year limitation on suits for benefits will apply in any forum where a Claimant initiates such suit or legal action.

h.Effect of Committee Action.  The Plan shall be interpreted by the Committee in accordance with the terms of the Plan and their intended meanings.  However, the Committee shall have the discretion to make any findings of fact needed in the administration of the Plan, and shall have the discretion to interpret or construe ambiguous, unclear or implied (but omitted) terms in any fashion they deem to be appropriate in their sole judgment.  The validity of any such finding of fact, interpretation, construction or decision shall not be given de novo review if challenged in court, by arbitration or in any other forum, and shall be upheld unless clearly arbitrary or capricious.  To the extent the Committee has been granted discretionary authority under the Plan, the Committee’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter.  If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of intent, or as determined by the Committee in its sole and exclusive judgment, the provision shall be considered ambiguous and shall be interpreted by the Committee in a fashion consistent with its intent, as determined by the Committee in its sole discretion.  The Committee may amend the Plan retroactively to cure any such ambiguity.  This Section 7.08(h) may not be invoked by any person to require the Plan to be interpreted in a manner which is inconsistent with its interpretation by the Committee.  All actions taken and all 
        13

determinations made in good faith by the Committee shall be final and binding upon all persons claiming any interest in or under the Plan.

ARTICLE VIII
GENERAL PROVISIONS
8.01 Plan Amendment, Suspension and/or Termination. The Board of Directors may, by resolution, in its absolute discretion, from time to time, amend, suspend or terminate in whole or in part, and if terminated, reinstate any or all of the provisions of the Plan, except that no amendment, suspension or termination may apply so as to decrease the payment to any Participant (or Beneficiary) of any benefit under the Plan accrued prior to the effective date of such amendment, suspension or termination.  Upon termination of the Plan, distribution of benefits shall be made to Participants and Beneficiaries in the manner and at the time described in the Plan, unless one of the following termination events occurs, in which case, all such amounts shall be distributed in a lump sum upon termination, or upon the earliest date allowable under Code Section 409A: (1) the Company’s termination and liquidation of the Plan within 12 months of a corporate dissolution taxed under Code Section 331, or with the approval of a bankruptcy court; (2) the Company’s termination and liquidation of the Plan pursuant to irrevocable action taken by the Company within the 30 days preceding or 12 months following a change in control event (within the meaning of Code Section 409A), provided that all agreements, methods, programs, and other arrangements sponsored by the Company that arc aggregated under Code Section 409A are terminated and liquidated with respect to each Participant that experiences the change in control event; or (3) the Company’s termination and liquidation of the Plan, provided that (a) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company, (b) the Company terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Company that would be aggregated under Code Section 409A if the same Participant had deferrals of compensation under all of the agreements, methods, programs, and other arrangements sponsored by the Company that are terminated and liquidated, (c) no payments in liquidation of the Plan arc made within 12 months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan other than payments that would have been payable absent the termination and liquidation, (d) all payments are made within 24 months after the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan and (e) the Company does not adopt a new plan that would be aggregated with any terminated and liquidated plan under Code Section 409A if the same Participant participated in both plans, at any time within three years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan. 
The Board of Directors may delegate to an officer of the Company or Occidental Petroleum Corporation, the authority to execute an amendment to the Plan that has been approved by the Board of Directors.
8.02 Plan Not an Employment Contract. The Plan is strictly a voluntary undertaking on the part of the Company and shall not constitute a contract between the Company or its Affiliates 
        14

and any Eligible Employee, or consideration for, or an inducement or condition of, the employment of an Eligible Employee.  Nothing contained in the Plan shall give any Eligible Employee the right to be retained in the service of the Company or its Affiliates or to interfere with or restrict the right of the Company or its Affiliates, which is hereby expressly reserved, to discharge or retire any Eligible Employee at any time for any reason not prohibited by statute, without the Company or its Affiliates being required to show cause for the termination.  Inclusion under the Plan will not give any Eligible Employee any right or claim to any benefit hereunder except to the extent such right has specifically become fixed under the terms of the Plan.  The doctrine of substantial performance shall have no application to Eligible Employees, Participants or Beneficiaries.  Each condition and provision, including numerical items, has been carefully considered and constitutes the minimum limit on performance which will give rise to the applicable right.
8.03 Non-alienation of Benefits. Except as provided in this Section and to the extent permitted by law, benefits payable under the Plan shall not, without Committee consent, be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary.  An unauthorized attempt to charge or otherwise dispose of any right to benefits payable shall be subject to seizure by legal process resulting from any attempt by creditors of or claimants against any Participant (or Beneficiary), or any person claiming under or through the foregoing, to attach his interest under the Plan.  The anti-alienation restrictions of this Section 8.03 shall not apply to a “qualified domestic relations order” as described in Code Section 414(p).  The Committee shall establish procedures to determine whether domestic relations orders are “qualified domestic relation orders” and to administer distributions under such qualified domestic relation orders.  From and after the KMG Change of Control, the Company and its Affiliates shall not withhold from amounts payable to a Participant or his Beneficiary under the Plan any amount the Participant may owe the Company or its Affiliates. 
8.04 Provisions relating to the KMG Change of Control. Notwithstanding anything to the contrary, following the KMG Change of Control, each Senior Executive Group Member who was entitled prior to the KMG Change of Control to participate in the Plan shall upon termination of employment following the KMG Change of Control have a nonforfeitable right to benefits under the Plan.  For purposes of computing such benefits under Article V, each such Senior Executive Group Member shall be credited with five additional years of service.  For purposes of computing such Senior Executive Group Member’s age for determining when the payment of benefits commences under Article VI of the Plan, each such Senior Executive Group Member’s age shall be determined by adding additional years equal to the lesser of (i) five years or (ii) the number of years necessary to bring such Senior Executive Group Member to age 65.
8.05 Special Payment Situations.
a.Missing Participant or Beneficiary.  Payment of benefits to the person entitled thereto may be sent by first class mail, address correction requested, to the last known address on file with the Committee.  If, within two months from the date of issuance of the payment, the payment letter cannot be delivered to the person 
        15

entitled thereto or the payment has not been negotiated, the payment shall be treated as forfeited.  However, if the person to whom the benefit became payable subsequently appears and identifies himself to the satisfaction of the Committee, the amount forfeited (without earnings thereon) shall be distributed to the person entitled thereto.  The right of any person to restoration of a benefit which was forfeited pursuant to this Section shall cease upon termination of the Plan.
b.Private Investigators.  If the Committee retains a private investigator or other person or service to assist in locating a missing person, all costs incurred for such services shall be charged against the benefit to which the missing person was believed to be entitled and the benefit shall be reduced by the amount of the costs incurred, except as the Committee may otherwise direct.

c.Delayed Payment.  Payments to Participants or Beneficiaries may be postponed by the Committee until any anticipated taxes, expenses or amounts to be paid under a qualified domestic relations order have been paid in full or until it is determined that such charges will not be imposed.  A payment to a Participant or Beneficiary may also be delayed in the event payment might defeat an adverse potential or asserted claim by some other person to the payment.  The cost incurred by the Company in dealing with any such adverse claim shall be charged against the benefit to which the claim relates, except as the Committee otherwise directs.  No delay may be made under this Section 8.05(c) if such delay would result in taxation to the Participant under Code Section 409A.

8.06 Termination of Employment.
a.General Rule.  A Participant’s employment with the Company or its Affiliates shall terminate upon the first to occur of his resignation from or discharge by the Company or its Affiliates (except as provided in subsection (c) with respect to business dispositions) or his death or retirement.  A Participant’s employment shall not terminate on account of an authorized leave of absence, disability leave, sick leave, vacation, on account of a military leave described in subsection (b), or transfers between the Company and its Affiliates.  However, failure to return to work upon expiration of any leave of absence, sick leave, disability leave, or vacation shall be considered a resignation effective as of the expiration of such leave of absence, sick leave, disability leave, or vacation.
b.Military Leaves.  Any Participant who leaves the Company or its Affiliates directly to perform service in the Armed Forces of the United States or in the United States Public Health Service under conditions entitling the Participant to reemployment rights, as provided in the laws of the United States, shall be on military leave.  A Participant’s military leave shall expire if the Participant voluntarily resigns from the Company or its Affiliates during the leave or if he fails to make application for reemployment within the period specified by such law for the preservation of reemployment rights.  In such event, the individual’s 
        16

employment shall be deemed to terminate by resignation on the date the military leave expired.
c.Spinoffs.  Except to the extent otherwise provided by Code Section 409A, if a Participant ceases to be employed by the Company or its Affiliates because of the disposition by the Company or its Affiliates of its interest in a subsidiary, plant, facility or other business unit or if an entity which employs a Participant ceases to be an Affiliate, such Participant’s employment shall be considered terminated for all Plan purposes.  This Section 8.06(c) shall not apply to the extent it is overridden by any contrary or inconsistent provision in applicable sales documents or any related documents, whether adopted before or after the sale and any such contrary or inconsistent provision shall instead apply and is hereby incorporated in the Plan by this reference.

8.07 Duty to Provide Data.
a.Data Requests.  Every person with an interest in the Plan or claiming benefits under the Plan shall furnish the Committee on a timely and accurate basis with such documents, evidence or information as it considers necessary or desirable for the purpose of administering the Plan.  The Committee may postpone payment of benefits (without accrual of interest) until such information and such documents have been furnished.
b.Addresses.  Every person claiming a benefit under the Plan shall give written notice to the Committee of his post office address and each change of post office address.  Any communication, statement or notice addressed to such a person at his latest post office address as filed with the Committee will, on deposit in the United States mail with postage prepaid, be as binding upon such person for all purposes of the Plan as if it had been received, whether actually received or not.  If a person fails to give notice of his correct address, the Committee, the Company and its Affiliates and Plan fiduciaries shall not be obliged to search for, or to ascertain, his whereabouts.

c.Failure to Comply.  If benefits which are otherwise currently payable cannot be paid to the person entitled to the benefits because the individual has failed to comply with this Section or other Plan provisions relating to claims for benefits, any unpaid past due amount shall be forfeited on the individual’s death or presumed death.

8.08 Tax Consequences Not Guaranteed. The Company does not warrant that the Plan will have any particular tax consequences for Participants or Beneficiaries and shall not be liable to them if tax consequences they anticipate do not actually occur.  The Company shall have no obligation to indemnify a Participant or Beneficiary for lost tax benefits (or other damage or loss) in the event benefits are cancelled as permitted under Section 8.01, accelerated, or because of change in Plan design or funding; e.g., establishment of a “secular trust.”
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8.09 Tax Withholding. The Company or other payor may withhold from a benefit payment under the Plan any Federal, state or local taxes required by law to be withheld with respect to such payment and may withhold such sum as the payor may reasonably estimate as necessary to cover any taxes for which the Company may be liable and which may be assessed with regard to such payment. 
8.10 Beneficiary Designations. The Beneficiary designation for a Participant shall be the same as his Beneficiary designation under the Defined Benefit Plan.  If no valid Beneficiary designation exists at the time of the Participant’s death under the Defined Benefit Plan, then the designation of a Beneficiary will follow the default provisions of the Defined Benefit Plan if the Participant is a participant in the Defined Benefit Plan at the time of his death.
In the event an Eligible Employee, upon becoming a Participant, is not a participant in the Defined Benefit Plan, he may file with the Committee (or its delegate) a designation of one or more Beneficiaries to whom benefits otherwise payable to the Participant shall be made prior to the complete distribution of his benefits under the Plan.  Such a Beneficiary designation shall be on the form prescribed by the Committee and shall be effective when received and accepted by the Committee.  A Participant who is not a participant in the Defined Benefit Plan may, from time to time, revoke or change his Beneficiary designation by filing a new designation form with the Committee.  The last valid designation received by the Committee shall be controlling; provided, however, that no Beneficiary designation, or change or revocation thereof, shall be effective unless received prior to the Participant’s death, and shall not be effective as of a date prior to its receipt or if the Participant is a participant in the Defined Benefit Plan at the time of his death.
If no valid Beneficiary designation exists at the time of the Participant’s death under the foregoing provisions of this Section 8.10 or if no designated Beneficiary under this Plan survives the Participant, or if such designation conflicts with applicable law, benefits shall be paid to the Participant’s surviving lawful spouse, if any.  If there is no surviving spouse, then payment of benefits shall be made to the executor or administrator of the Participant’s estate, or if there is no administration on Participant’s estate, in accordance with the laws of descent and distribution.  If the Committee is in doubt as to the right of any person to receive such amount, it may direct that the amount be paid into any court of competent jurisdiction in an interpleader action, and such payment shall be a full and complete discharge of any liability or obligation under the Plan to the full extent of such payment.
8.11 Incompetency. Any person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent until the date on which the Committee receives a written notice, in an acceptable form and manner, that such person is incompetent and a guardian or other person legally vested with the care of his estate has been appointed.  If the Committee finds that any person to whom a benefit is payable under the Plan is unable to care for his affairs because of any disability or infirmity and no legal guardian of such person’s estate has been appointed, any payment due may be paid to the spouse, a child, a parent, a sibling, or to any person deemed by the Committee to have incurred expense for such person otherwise entitled to payment.  Any such payment so made shall be a complete discharge of any liability 
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therefore under the Plan.  If a guardian of the estate of any person receiving or claiming benefits under the Plan shall be appointed by a court of competent jurisdiction, benefit payments shall be made to such guardian, provided proper proof of appointment and continuing qualification is furnished in the form and manner acceptable to the Committee.  Any such payment so made shall be a complete discharge of any liability therefore under the Plan.
8.12 Severability. If any provision of the Plan is held invalid or illegal for any reason, any illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had never been contained therein.  The Company shall have the privilege and opportunity to correct and remedy such questions of illegality or invalidity by amendment.
813 Governing Law. The Plan is subject to ERISA, but is exempt from most parts of ERISA since a part of the Plan is an excess benefit plan and the balance of the Plan is an unfunded deferred compensation plan maintained for a select group of management or highly compensated employees.  In no event shall any references to ERISA in the Plan be construed to mean that the Plan is subject to any particular provisions of ERISA.  The Plan shall be governed and construed in accordance with federal law and the laws of the State of Texas, without regard to its conflicts of law provisions, except to the extent such laws are preempted by ERISA.
[Signature on the following page.]

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IN WITNESS WHEREOF, Anadarko Petroleum Corporation has caused the Plan (as amended and restated) to be duly adopted and executed effective as of the Effective Date.
ANADARKO PETROLEUM CORPORATION
By: /s/ Darin S. Moss 
Name:     Darin S. Moss 
Title:     Vice President Human Resources 

        

FIRST SUPPLEMENT TO THE KERR-McGEE CORPORATION BENEFITS
RESTORATION PLAN
AS AMENDED AND RESTATED EFFECTIVE MAY 1, 1999
(As it applies to Participants who were Participants in the
Oryx Energy Company Pension Restoration Plan
As of December 31, 1999)
(A) Applicability of First Supplement
(1) This First Supplement to the Kerr-McGee Corporation Benefits Restoration Plan (the “First Supplement”) forms a part of the Kerr-McGee Corporation Benefits Restoration Plan as in effect on and after May 1, 1999 (the “Plan”).  The provisions of this First Supplement shall apply only to those Participants who were Participants in the Oryx Energy Company Pension Restoration Plan (the “Oryx Plan”) as of December 31, 1999 (“Former Oryx Participants”) who became Participants in the Plan effective January 1, 2000 (hereinafter referred to as “First Supplement Participants”).
(2) There shall be no duplication of benefits provided under the Plan and this First Supplement, and the actuarially equivalent benefits payable under one shall be inclusive of the actuarially equivalent benefits payable under the other unless specifically provided otherwise in the provisions of the Plan or this First Supplement.
(3) All terms used in this First Supplement shall have the meanings assigned to them in the provisions of the Plan, unless a different meaning is plainly required by the context.
(B) Merger of Oryx Plan into the Plan Effective January 1, 2000
(1) The Oryx Plan had previously been sponsored by Oryx Energy Company (“Oryx”).  Oryx was merged with Kerr-McGee Corporation (“KMG”) effective February 26, 1999 (the “Merger”).  Due to the Merger, KMG assumed the Oryx Plan and obligations thereunder including those to the Former Oryx Participants.
(2) KMG believed that it would be in the best interest of the Oryx Plan, the Plan and the Participants therein that the Oryx Plan be merged and continued in the Plan effective January 1, 2000.
(3) The effective date of the merger of the Oryx Plan into the Plan shall be January 1, 2000.
(4) Upon merger of the Oryx Plan into the Plan effective January 1, 2000, there shall be no further benefit accruals pursuant to the terms of the Oryx Plan, and benefits for all First Supplement Participants shall accrue thereafter in accordance with the terms of the Plan.  Following the merger, all benefits earned under the Oryx Plan 
        First Supplement - 1

prior to January 1, 2000, and benefits earned pursuant to the Plan from and after such date will be paid in accordance with the terms of the Plan and this First Supplement.
(C) Benefits Applicable to First Supplement Participants
(1) The term “Defined Benefit Plan” as applicable for a First Supplement Participant means the Kerr-McGee Corporation Retirement Plan or its successor plan or the Oryx Energy Company Retirement Plan prior to its merger with the Kerr-McGee Corporation Retirement Plan on January 1, 2000.
(2) The Restored Defined Benefit Plan Benefit under the Plan accrued by a First Supplement Participant under Section 7 of the Oryx Plan as of January 1, 2000, immediately prior to the merger of the Oryx Plan with the Plan (hereinafter referred to as the “Oryx Plan Restored Benefit”) will be paid at the same time as the benefits under the Defined Benefit Plan and in the form of a lump sum, subject to offset pursuant to Section 9 of the Oryx Plan, if applicable, regardless of the form of payment of the benefit under the Defined Benefit Plan. The amount of such lump sum will be determined as the actuarial equivalent of the Oryx Plan Restored Benefit.  Such actuarial equivalency will be determined in the same manner as and on the same basis as the actuarial assumptions provided in the Defined Benefit Plan.  The provisions of Section 6.01 of the Plan are not applicable to the Oryx Plan Restored Benefit of a First Supplement Participant.
(3) Effective January 1, 2000, that portion, if any, of the Restored Defined Benefit Plan Benefit under the Plan payable to a First Supplement Participant that is in excess of the Participant’s Oryx Plan Restored Benefit will be payable in accordance with Section 6.01 of the Plan.
(4) Former Oryx Participants who were receiving or who were eligible to receive benefits from the Sun Company, Inc. Pension Restoration Plan and who were transferred to the Oryx Plan as of November 1, 1988, shall continue to receive or be eligible to receive their benefits under the Plan.
(D) Right to Amend or Terminate First Supplement
The provisions of Section 8.01 of the Plan with respect to amendment and termination thereof shall apply with equal force to this First Supplement.

        
        First Supplement - 2Document

Occidental Petroleum Corporation
Supplemental Retirement Plan II

Effective as of January 1, 2005
Amended and Restated as of July 1, 2020

2568270.4

CONTENTS
						
	ARTICLE 1. Introduction
	1

	1.1 Adoption and Restatements of the Plan
	1

	1.2 Purpose of the Plan
	1

	1.3 Status of the Plan
	1

	1.4 Application of the January 1, 2017 Restatement of the Plan
	2

	1.5 Application of the January 1, 2018 Restatement of the Plan
	3

	1.6 Application of the July 1, 2020 Restatement of the Plan
	3

	ARTICLE 2. Definitions
	4

	2.1 Definitions
	4

	ARTICLE 3. Participation
	12

	3.1 Effective Date of Participation
	12

	3.2 Reemployment; Resumption of Participation
	12

	3.3 Allocations to New Participants
	13

	ARTICLE 4. Benefits
	14

	4.1 Allocations Relating to the Retirement Plan
	14

	4.2 Allocations Relating to Savings Plan
	16

	4.3 Maintenance of Accounts
	17

	4.4 Vesting and Forfeiture
	18

	ARTICLE 5. Payments
	19

	5.1 Timing and Form of Payments: Post-2017 Allocations
	19

	5.2 Timing and Form of Payments: Pre-2018 Allocations
	21

	5.3 Payment Election Changes
	23

	5.4 Death
	25

	5.5 Valuation of Benefits
	25

	5.6 Qualified Divorce Orders
	25

	5.7 Tax Withholding
	25

	5.8 Reemployment
	26

	5.9 Special Transition Rule Elections
	27

	ARTICLE 6. Administration
	29

	6.1 The Administrative Committee
	29

	6.2 Compensation and Expenses
	29

	6.3 Manner of Action
	29

	6.4 Chairman, Secretary, and Employment of Specialists
	29

	6.5 Subcommittees
	29

	6.6 Other Agents
	30

	6.7 Records
	30

	6.8 Rules
	30

	6.9 Powers and Duties
	30

	6.10 Decisions Conclusive
	31

						
	6.11 Fiduciaries
	31

	6.12 Notice of Address
	31

	6.13 Data
	31

	6.14 Adjustments
	32

	6.15 Member’s Own Participation
	32

	6.16 Indemnification
	32

	ARTICLE 7. Amendment and Termination
	34

	7.1 Amendment and Termination
	34

	7.2 Payments Upon Termination
	34

	7.3 Reorganization of Employer
	34

	ARTICLE 8. Claims and Appeals Procedures
	35

	8.1 Application for Benefits
	35

	8.2 Claims Procedure for Benefits
	35

	8.3 Limitations on Actions
	37

	ARTICLE 9. General Provisions
	38

	9.1 Unsecured General Creditor
	38

	9.2 Trust Fund
	38

	9.3 Nonassignability
	38

	9.4 Release from Liability to Participant
	39

	9.5 Employment Not Guaranteed
	39

	9.6 Gender, Singular & Plural
	39

	9.7 Captions
	39

	9.8 Validity
	39

	9.9 Notice
	39

	9.10 Applicable Law
	40

	
	

ARTICLE 1. Introduction
1.1Adoption and Restatements of the Plan
The Occidental Petroleum Corporation Supplemental Retirement Plan II (the “Plan”) was originally adopted by Occidental Petroleum Corporation (the “Company”), effective as of January 1, 2005.  
Effective November 1, 2008, the Occidental Petroleum Corporation Supplemental Retirement Plan (the “Supplemental Retirement Plan”) was merged with and into this Plan, which was amended and restated as of that date.  Effective November 1, 2008, the account of each participant under the Supplemental Retirement Plan was transferred to this Plan and has since been governed by the terms of this Plan.  
The Plan was previously restated as of January 1, 2018 to incorporate all amendments to the Plan adopted subsequent to the November 1, 2008 restatement and, in addition, to make further changes to the Plan, including to the Plan’s participation, contribution and distribution provisions.
This July 1, 2020 restatement of the Plan is generally effective as of July 1, 2020, except as otherwise specifically set forth herein.  This restatement reflects the eligibility of Anadarko employees effective July 1, 2020.    
1.2 Purpose of the Plan
It is the purpose of this Plan to provide eligible employees with benefits that will compensate them for the loss of benefits under the Retirement Plan or Savings Plan during their period of service in the Plan Year on account of the maximums and other limitations imposed by law upon contributions to such qualified plans, including for these purposes the maximum contributions that may be made under Code section 415, the maximum amount of compensation that may be taken into account under Code section 401(a)(17), and the limitation on pensionable compensation that may be taken into account under Code section 415 and 401(a)(4).  The portion of the Plan reflecting credits to compensate for the maximum limits imposed by Code section 415 is intended to constitute an “excess plan” as defined in ERISA section 3(36).  The remaining portion of the Plan is intended to constitute a plan which is unfunded and maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees and is intended to meet the exemptions provided in ERISA sections 201(2), 301(a)(3), and 401(a)(1), as well as the requirements of Department of Labor Regulation section 2520.104-23.  The Plan shall be administered and interpreted so as to meet the requirements of these exemptions and the regulation.
1.3 Status of the Plan
(a) Nonqualified Plan. The Plan is not qualified within the meaning of Code section 401(a). The Plan is intended to provide an unfunded and unsecured 
1

promise to pay money in the future and thus not to involve, pursuant to Treas. Reg. § 1.83-3(e), the transfer of “property” for purposes of Code section 83. Likewise, allocations under this Plan to the account maintained for a Participant, and earnings credited thereon, are not intended to confer an economic benefit upon the Participant nor is the right to the receipt of future benefits under the Plan intended to result in any Participant, Beneficiary or Alternate Payee being in constructive receipt of any amount so as to result in any benefit due under the Plan being includible in the gross income of any Participant, Beneficiary or Alternate Payee in advance of the date on which payment of any benefit due under the Plan is actually made.
(b) Compliance with Code Section 409A. This Plan is intended to comply with the requirements of Code section 409A and related regulatory guidance, so that the taxation of Participants and Beneficiaries on any compensation deferred under this Plan is deferred.  Notwithstanding the foregoing, any amounts that are credited and paid annually from a Participant’s account following the Participant’s attainment of a specified age, as described in Sections 5.1(b)(1) and 5.8(b)(1), are intended to qualify as short-term deferrals under Treas. Reg. § 1.409A-1(b)(4) (or any successor provision) and accordingly to be exempt from such requirements.
(c) No Guarantees of Intended Tax Treatment. The Plan shall be administered and interpreted so as to satisfy the requirements for the intended tax treatment under the Code described in this section. However, the treatment of benefits earned under and benefits received from this Plan, for purposes of the Code and other applicable tax laws (such as state income and employment tax laws), shall be determined under the Code and other applicable tax laws and no guarantee or commitment is made to any Participant, Beneficiary or Alternate Payee with respect to the treatment of accruals under or benefits payable from the Plan for purposes of the Code and other applicable tax laws.
1.4 Application of the January 1, 2017 Restatement of the Plan
(a)General Effective Date.  The January 1, 2017 restatement of the Plan was generally effective as of January 1, 2017.  It applied to active Participants who receive allocations under the Plan for Plan Years beginning on and after January 1, 2017 and, in addition, to Participants, including terminated Participants, with undistributed benefits under the Plan as of January 1, 2017.  
(b)Earlier Application of Certain Provisions of Restatement.  Certain provisions of the January 1, 2017 restatement took effect on dates prior to January 1, 2017, as set forth herein. In this regard:
1.Section 3.1 applies to any individual who has not met the Plan’s prior participation requirements on or before November 30, 2016.  
2

2.Section 3.2 applies to any individual who is reemployed by an Employer or again meets the requirements of Section 3.1 on or after December 1, 2016.

3.Article 4 (Benefits) generally sets forth the allocations earned by Participants for Plan Years beginning on or after January 1, 2017.  The provisions governing allocations earned by Participants for prior Plan Years are set forth in earlier iterations of the Plan.  Notwithstanding the foregoing sentence, however, (A) effective August 1, 2016, the contingent credits described in Section 4.1 shall be credited on a payroll basis in lieu of a monthly basis and (B) for the 2016 Plan Year, the allocation described in Section 4.2 shall be made solely in accordance with the provisions of the January 1, 2017 restatement.  In addition, effective August 1, 2016, interest shall be credited to Participants’ accounts on the basis described in Section 4.3.

1.5 Application of the January 1, 2018 Restatement of the Plan
The January 1, 2018 restatement of the Plan was generally effective as of January 1, 2018.  It applied to active Participants who receive allocations under the Plan for Plan Years beginning on and after January 1, 2018 and, in addition, to Participants, including terminated Participants, with undistributed benefits under the Plan as of January 1, 2018.  
1.6 Application of the July 1, 2020 Restatement of the Plan
This July 1, 2020 restatement of the Plan is generally effective as of July 1, 2020. This restatement of the Plan applies to active Participants who receive allocations under the Plan on and after July 1, 2020 and, in addition, to Participants, including terminated Participants, with undistributed benefits under the Plan as of July 1, 2020. All distributions made under the Plan on or after July 1, 2020 shall be made in accordance with the provisions of this restatement, as amended from time to time.  

3

ARTICLE 2. Definitions

2.1 Definitions
Whenever the following words and phrases are used in the Plan with the first letter capitalized, they shall have the meanings specified below, unless the context clearly indicates otherwise:
(a) “Administrative Committee” means the committee with authority to administer the Plan as provided under Section 6.1.
(b) “Affiliate” means:
(1) Any corporation or other business organization while it is controlled by or under common control with the Company within the meaning of Code sections 414 and 1563;
(2) Any member of an affiliated service group within the meaning of Code section 414(m) of which the Company or any Affiliate is a member;
(3) Any entity which, pursuant to Code section 414(o) and related Treasury regulations, must be aggregated with the Company or any Affiliate for plan qualification purposes; or
(4) Any corporation, trade or business which is more than 50 percent owned, directly or indirectly, by the Company and which is designated by the Board or, if authorized by the Board, the Administrative Committee as an Affiliate.
(c) “Alternate Payee” means a former spouse of a Participant who is recognized by a Divorce Order as having a right to receive all, or a portion of, the benefits payable under this Plan with respect to the Participant.
(d) “Annual Bonus” means the bonus awarded by an Employer to an active Participant during the Plan Year under a regular annual incentive compensation plan such as the Company’s Variable Compensation Program, Incentive Compensation Program or Executive Incentive Compensation Plan (but excluding, without limitation, a special individual or group bonus, a project bonus, and any other special bonus).  
(e) “Annual Bonus Paid” means up to the first $100,000 of bonus paid to a Participant, who is not a “named executive officer”, as that term is defined in Regulations S-K under the Securities Exchange Act of 1934 (17 CFR §229.402(a)(3)), during the Plan Year under a regular annual incentive compensation plan, such as the Company's Variable Compensation Program or Incentive Compensation Program (but excluding without limitation a special individual or group bonus, a project bonus, and any other special bonus).  For 
4

avoidance of doubt, “Annual Bonus Paid” means no more than $100,000 of bonus paid to a Participant, who is not a “named executive officer”, as that term is defined in Regulations S-K under the Securities Exchange Act of 1934 (17 CFR §229.402(a)(3)), during the Plan Year under any one or more regular annual incentive compensation plans.
(f) “Base Pay of Record” means the base salary and wages earned while a Participant from an Employer for services rendered, including pretax deferrals under the Savings Plan, and amounts contributed pursuant to the Occidental Petroleum Flexible Spending Accounts Plan, as amended from time to time.
(1) Base Pay of Record does not include:
(A) Bonuses, incentives, overtime, shift differential, and overseas differentials;
(B) Reimbursement for expenses or allowances, including automobile allowances and moving allowances;
(C) Any amount contributed by the Employer (other than pretax deferrals under the Savings Plan and any amounts contributed pursuant to the Occidental Petroleum Flexible Spending Accounts Plan, as amended from time to time) to any qualified plan or plan of deferred compensation;
(D) Any amount paid by an Employer for other fringe benefits, such as health and hospitalization, and group life insurance benefits, or perquisites; and
(E) Allowances paid during furlough and, for purposes of paragraph (2)(F), such furloughs shall not be treated as paid leaves of absence.
(2) Base Pay of Record is determined in accordance with the following rules:
(A) For Participants compensated by salary, Base Pay of Record means the actual base salary of record for the Participant (subject to the exclusions listed above).
(B) For Participants compensated based on mileage driven (primarily truck drivers), Base Pay of Record means the number of miles driven multiplied by the applicable mileage pay rate (subject to the exclusions listed above), plus the Participant’s scheduled number of hours worked in the pay period multiplied by the Participant’s base hourly rate (subject to the exclusions listed above).
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(C) For Participants compensated at an hourly rate, Base Pay of Record means the base hourly rate (subject to the exclusions listed above) multiplied by the number of regularly scheduled hours worked in a pay period. If the active Participant’s regularly scheduled work week is more than 40 hours, Base Pay of Record shall include an additional amount equal to the base hourly rate (subject to the exclusions listed above) times one half the number of regularly scheduled hours worked in excess of 40 in the work week.
(D) For Participants compensated on an eight, ten, twelve, or some other assigned hour Shift Basis and whose annual compensation is pre-determined under the Company’s payroll recordkeeping system, Base Pay of Record for each pay period shall be the Participant’s pre-determined annual compensation (subject to the exclusions listed above) divided by the number of pay periods applicable to the Participant during the Plan Year. For the purpose of this paragraph, the term “Shift Basis” means any arrangement whereby Participants work the assigned hour daily shifts which may result in alternating work weeks of more and less than 40 hours per week.
(E) Base Pay of Record includes vacation pay received in periodic payments and annual vacation payments made to Employees paid by commission, but does not include single sum vacation payments to active or terminating Employees.
(F) Base Pay of Record includes base salary or wages received during paid leaves of absence and periodic notice pay, but does not include single sum notice pay payments or any severance pay payments.
(G) Base Pay of Record does not include long-term disability payments or payments made to any Participant pursuant to the Occidental Chemical Corporation Weekly Sickness and Accident Plan unless:
(i) Such payments are made to the Participant through the payroll accounting department of the Company or an Affiliate, and
(ii) The Participant is ineligible for participation in the Retirement Plan.
(g) “Base Pay Paid” means the Employee Base Pay of Record, reduced for any deferral of base salary under the Deferred Compensation Plan.
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(h) “Beneficiary” means the person or persons designated by the Participant to receive payment under this Plan in the event of the Participant’s death prior to the complete distribution to the Participant of the benefits due under the Plan.  A beneficiary designation shall become effective only when filed with the Administrative Committee during the Participant’s lifetime in a manner prescribed by the Administrative Committee.  The filing of any new Beneficiary designation form will cancel any inconsistent Beneficiary designation previously filed.  
If a Participant fails to designate a Beneficiary as provided above, or if all designated Beneficiaries predecease the Participant, the Participant’s Beneficiary shall be the person or persons entitled to receive the Participant’s benefits under the Retirement Plan in the event of the Participant’s death (i.e., the Participant’s designated beneficiary or beneficiaries under the Retirement Plan, or if no beneficiary designation is in effect under the Retirement Plan, then according to the terms of the Retirement Plan), provided, that if a Participant has previously designated a Beneficiary under Appendix A of the Occidental Petroleum Corporation Supplemental Retirement Plan who survives the Participant, the Participant’s Beneficiary shall be the person or persons so designated under Appendix A of the Occidental Petroleum Corporation Supplemental Retirement Plan. 
(i) “Board” means the Board of Directors of the Company.
(j) “Code” means the Internal Revenue Code of 1986, as amended.
(k) “Company” means Occidental Petroleum Corporation and any successor thereto.
(l) “Deferred Compensation Plan” means the Occidental Petroleum Corporation Modified Deferred Compensation Plan, as amended from time to time.  
(m) “Divorce Order” means any judgment, decree, or order (including judicial approval of a property settlement agreement) that relates to the settlement of marital property rights between a Participant and his or her former spouse pursuant to a state domestic relations law (including, without limitation and if applicable, community property law), as described in Treas. Reg. § 1.409A-3(j)(4)(ii) (or any successor provision).  
(n) “Employee” means any person who is an Eligible Employee, as defined in the Retirement Plan.
Notwithstanding the foregoing, no individual shall be considered an Employee if such individual is not classified as a common-law employee in the employment records of the Employer, without regard to whether the individual is subsequently determined to have been a common-law employee of the Employer. The persons excluded by this paragraph from being Employees are to be interpreted broadly to 
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include and to have at all times included individuals engaged by the Employer to perform services for such entity in a relationship that the entity characterizes as other than an employment relationship, such as where the Employer engages the individual to perform services as an independent contractor or leases the individual’s services from a third party. The exclusion of the individual from being an Employee shall apply even if a determination is subsequently made by the Internal Revenue Service, another governmental agency, a court or other tribunal, after the individual is engaged to perform such services, that the individual is an employee of the Employer for purposes of pertinent Code sections or for any other purpose.
In addition, an individual who has been an Employee and a Participant in the Plan shall cease to be treated as an Employee if: (1) the individual is classified as a temporary employee by the Employer and (2) the individual’s level of services for the Employer has been reduced to the extent that the individual is treated as having experienced a Separation from Service for purposes of this Plan. Whether an individual who ceases to be an Employee under this provision is entitled to a distribution shall be determined solely by reference to Article 5.
(o) “Employer” means the Company and any Affiliate which is designated by the Board or the Administrative Committee and which adopts the Plan.
The Board or, if authorized by the Board, the Administrative Committee may designate any Affiliate as an Employer under this Plan. The Affiliate shall become an Employer and a party to this Plan upon acceptance of such designation effective as of the date specified by the Board or Administrative Committee.
By accepting such designation or continuing as a party to the Plan, each Employer acknowledges that:
(1) It is bound by such terms and conditions relating to the Plan as the Company or the Administrative Committee may reasonably require;
(2) The Company and the Administrative Committee have the authority to review the Affiliate’s compliance procedures and to require changes in such procedures to protect the Plan;
(3) It has authorized the Company and the Administrative Committee to act on its behalf with respect to Employer matters pertaining to the Plan;
(4) It shall cooperate fully with Plan officials and their agents by providing such information and taking such other actions as they deem appropriate for the efficient administration of the Plan; and
(5) Its status as an Employer under the Plan is expressly conditioned on its being and continuing to be an Affiliate of the Company.
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Subject to the concurrence of the Board or Administrative Committee, any Affiliate may withdraw from the Plan, and end its status as an Employer hereunder, by communicating to the Administrative Committee its desire to withdraw. Upon withdrawal, which shall be effective as of the date agreed to by the Board or Administrative Committee, as the case may be, and the Affiliate, the Plan shall be considered frozen as to Employees of such Affiliate.
Effective July 1, 2020, Anadarko Petroleum Corporation (“Anadarko”) shall constitute an “Employer” for purposes of this Plan. 
(p) “Entry Date” means the first day of the next payroll period that follows each April 1, July 1 and October 1 by more than 14 days.
(q) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
(r) “Participant” means (1) a person meeting the requirements to participate in the Plan set forth in Article 3 and (2) any other person who has an account under the Plan because he previously met such requirements.
(s) “Plan Year” means the calendar year.
(t) “Qualified Divorce Order” means a Divorce Order that:
(1) Creates or recognizes the existence of an Alternate Payee’s right to, or assigns to an Alternate Payee the right to, receive all or a portion of the benefits payable to a Participant under this Plan;
(2) Clearly specifies:
(A) The name and the last known mailing address of the Participant and the name and mailing address of the Alternate Payee covered by the order;
(B) The amount or percentage of the Participant’s benefits to be paid by this Plan to the Alternate Payee, or the manner in which such amount or percentage is to be determined;
(C) The number of payments or period to which such order applies; and
(D) That it applies to this Plan; and
(3) Does not:
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(A) Require this Plan to provide any type or form of benefit, or any option, not otherwise provided under the Plan;
(B) Require this Plan to provide increased benefits;
(C) Require the payment of benefits to an Alternate Payee that are required to be paid to another Alternate Payee under another Divorce Order previously determined to be a Qualified Divorce Order; or
(D) Require the payment of benefits under this Plan at a time or in a manner that would cause the Plan to fail to satisfy the requirements of Code section 409A (or other applicable section) and any regulations promulgated thereunder or otherwise jeopardize the deferred taxation of any amounts under this Plan.
(u) “Retirement Plan” means the Occidental Petroleum Corporation Retirement Plan, as amended from time to time.
(v) “Savings Plan” means the Occidental Petroleum Corporation Savings Plan, as amended from time to time.
(w) “Separation from Service” means a Participant’s “separation from service” as defined under Code section 409A and Treas. Reg. § 1.409A-1(h) (or successor provisions).  For this purpose, a Participant shall have a Separation from Service if the Participant ceases to be an employee of both:   
(1) The Participant’s Employer;
(2) All Affiliates with whom the Participant’s Employer would be considered a single employer under Code section 414(b) or 414(c). 
For purposes of the preceding provisions, a Participant who ceases to be an employee of an entity described in (1) or (2) above shall not be considered to have a Separation from Service if such cessation of employment is followed immediately by his or her commencement of employment with another entity described in (1) or (2) above.
A Participant shall have a Separation from Service if it is reasonably anticipated that no further services shall be performed by the Participant, or that the level of services the Participant shall perform shall permanently decrease to no more than 20 percent of the average level of services performed by the Participant over the immediately preceding 36-month period (or the Participant’s full period of service, if the Participant has been performing services for less than 36 months).
(x) “Specified Employee” means an Employee who is a “specified employee” within the meaning of Code section 409A and Treas. Reg. § 1.409A-1(i) (or successor 
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provisions) and as determined pursuant to any rules adopted for such purposes by the Company.
(y) “Supplemental Retirement Plan” means the Occidental Petroleum Corporation Supplemental Retirement Plan in effect on December 31, 2004 and as amended from time to time, prior to its merger into this Plan effective November 1, 2008.
(z) “Threshold Amount” means the amount determined by the Company and communicated to Employees in advance of the Plan Year as the level of annualized Base Pay of Record at which the sum of all contributions made by and on behalf of an Employee under the Savings Plan and Retirement Plan would exceed the dollar limit in effect for the Plan Year under Code section 415(c)(1)(A), based on (1) an assumed level of Annual Bonus for a particular level of Base Pay of Record determined by the Company in advance of the Plan Year, (2) the maximum contribution rates for the most highly compensated employees and maximum employer matching contribution rates under the Savings Plan, and (3) the employer contribution rate under the Retirement Plan.  
(aa) “Wage Base” means the dollar amount of wages, within the meaning set forth in Code section 3121(a), upon which the Employer must pay Social Security Old Age, Survivors and Disability taxes for a Plan Year. For the 2020 Plan Year only, the Earnings of an Employee of Anadarko shall take into account only those amounts paid on and after July 1, 2020 for purposes of determining whether the Participant's year-to-date Earnings are in excess of the Wage Base.

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ARTICLE 3. Participation
3.1 Effective Date of Participation

An Employee who met the requirements for participation in the Plan on or before November 30, 2016 under the provisions of the Plan as in effect prior to the Plan’s January 1, 2017 restatement shall become a Participant at the time set forth in such prior provisions.  Any other Employee shall become a Participant in the Plan on the first Entry Date after the date on which the Employee meets the requirements of paragraph (a), (b) or (c) below: 
(a) The Employee’s annualized Base Pay of Record exceeds the Threshold Amount for the Plan Year.  
(b) The Employee (1) is eligible to participate in both the Retirement Plan and the Deferred Compensation Plan, (2) is eligible to receive a bonus granted under any management incentive compensation plan of an Employer, and (3) has made a deferral election with respect to such bonus under the Deferred Compensation Plan.
(c) The Employee’s Base Pay Paid plus Annual Bonus Paid exceeds the amount specified in Code section 401(a)(17), as adjusted and in effect for the Plan Year.  
Notwithstanding the foregoing, any Employee who is entitled to receive supplemental retirement benefits upon his or her retirement pursuant to a written contract of employment between the Employee and the Company or an Affiliate shall be ineligible to be a Participant effective for future allocations as of the first day of the Plan Year following the effective date of such contractual provision.  
An individual who ceases to be an Employee shall cease active participation in the Plan for purposes of any allocations for the Plan Year under Article 4, regardless of the individual's entitlement, if any, to subsequent payments of base salary, wages, or awards of Annual Bonuses.  
For the purpose of determining whether an Employee of Anadarko satisfies the eligibility requirements of Section 3.1(a) for the Entry Date of July 1, 2020, the Base Pay of Record for any Employee of Anadarko shall be as of July 1, 2020.
3.2 Reemployment; Resumption of Participation
If a Participant terminates employment and is subsequently reemployed as an Employee by an Employer, the Participant shall resume active participation in the Plan on the first Entry Date after the date on which the Participant again meets one or more of the requirements set forth in Section 3.1.  A Participant who ceases to actively participate in the Plan because he no longer meets any of the requirements set forth in Section 3.1 shall resume active participation in the Plan on the first Entry Date after the date on which the 
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Participant again meets one or more such requirements.  This provision shall apply to any Participant who is reemployed or again meets the requirements of Section 3.1 on or after December 1, 2016.
3.3 Allocations to New Participants
Allocations under Article 4 of the Plan shall be based solely on compensation paid for services performed after the date the Employee becomes a Participant in accordance with Section 3.1.

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ARTICLE 4. Benefits

4.1 Allocations Relating to the Retirement Plan

(a) Restoring Shortfall Due to Qualified Plan Contribution and Compensation Limits.
(1) Eligibility. Effective for Plan Years beginning on and after January 1, 2017, the following Employees who become Participants shall earn an allocation in the amount specified in paragraph (2) for services performed in the Plan Year:
An Employee:
(i) Who is eligible to participate in the Savings Plan and the Retirement Plan for the Plan Year, and
(ii) Whose annualized Base Pay of Record exceeds the Threshold Amount applicable to the Employee for the Plan Year.
If the Employee’s annualized Base Pay of Record increases during the Plan Year such that it exceeds the Threshold Amount, the Employee shall be eligible for the allocation specified in paragraph (2) as of the first Entry Date after the date on which the Employee’s annualized Base Pay of Record exceeds the Threshold Amount. If the Employee’s annualized Base Pay of Record decreases during the Plan Year such that it no longer exceeds the Threshold Amount, then the Employee shall cease to be eligible for the allocation specified in paragraph (2) as of the first Entry Date after the date on which the Employee’s annualized Base Pay of Record falls below the Threshold Amount (regardless of any payment election made by the Employee under Section 5.1(b)(1)(B)).
For the Plan Year starting January 1, 2020 only, the Administrative Committee shall disregard any temporary fluctuations in a Participant’s annualized Base Pay of Record. 
(2) Allocation Amount.
(i) Contingent Credit. For services performed during a Plan Year by a Participant described in paragraph (1), a credit shall be made for each payroll period to a contingent account maintained for such Participant. The amount of the credit is set forth below.  For avoidance of doubt, references below to the “Annual Bonus paid” refer only to the portion of an Employee’s Annual Bonus that is actually paid to the Employee and not deferred under the Deferred Compensation Plan.
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The amount of the credit shall equal the sum of: 
(A) 7 percent of Base Pay of Record and Annual Bonus paid for the payroll period below the Wage Base; plus
(B) 12 percent of Base Pay of Record and Annual Bonus paid for the payroll period above the Wage Base.
(ii) Annual Reorganization. The amounts contingently credited to the account maintained for the Participant during the Plan Year under paragraph (i) shall be reduced as of the last day of the Plan Year, but not below zero, by the amount determined under this paragraph. The reduction amount is intended to be equal to the Employee’s allocation under the Retirement Plan for the Plan Year assuming that the Employee maximized deferrals under the Savings Plan.  After the reduction described in this paragraph, the remaining amount shall be permanently credited to the account maintained for the Participant.
(A) No reduction shall apply to the account maintained for any Participant who is not an Employee on the last day of the Plan Year.
(B) The reduction amount for other Participants shall be equal to the dollar limit in effect for the Plan Year under Code section 415(c)(1)(A) minus any Retirement Plan allocations to date, minus the sum of (x) the Contribution Percentage Limit for the Plan Year, determined under Appendix E of the Savings Plan (or any successor provision) times the Participant’s Base Pay Paid and, effective January 1, 2015, 5 percent of the Annual Bonus Paid for the Plan Year, and (y) effective January 1, 2015, 7 percent times the sum of the Participant’s Base Pay Paid and Annual Bonus Paid for the Plan Year.  
For purposes of determining the reduction under this paragraph, no portion of the sum of the Participant’s Base Pay Paid and Annual Bonus Paid for the Plan Year in excess of the amount specified in Code section 401(a)(17) in effect for the Plan Year shall be taken into account. The reduction amount shall not be less than zero.

(iii) Earnings Allocation. The Employer shall also permanently credit earnings on the allocations under paragraph (i) for the Plan Year as if such allocations shared in earnings at the rate and in the manner described in Section 4.3. The earning allocation under this paragraph shall not be subject to reduction under paragraph (ii).
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(b) Restoring Shortfall Due to Qualified Plan Limit on Pensionable Compensation.
(1) Eligibility. Effective for Plan Years beginning on and after January 1, 2017, the following Employees who become Participants shall earn an allocation in the amount specified in paragraph (2) for services performed during the applicable Plan Year.  An Employee:
(i) Who is a participant in the Retirement Plan and eligible to participate in the Deferred Compensation Plan, and
(ii) Who makes a deferral election with respect to Annual Bonus under the Deferred Compensation Plan for the Plan Year.
(2) Allocation Amount.  The amount to be allocated to the account of a Participant described in paragraph (1)  for services performed during the relevant Plan Year shall equal 12 percent multiplied by the amount of Annual Bonus the Participant has deferred under the Deferred Compensation Plan. Notwithstanding the preceding sentence, no allocation shall be made to the account of a Participant who is not an Employee on the date such bonus is awarded.
The allocation described in this Section 4.1(b) shall be made to the account of each Participant effective as of the date on which the Participant is awarded his or her Annual Bonus.
4.2 Allocations Relating to Savings Plan
(a) Eligibility for Allocations Relating to Limits Under Code Section 401(a)(17).  An Employee who is eligible to participate in the Savings Plan for the Plan Year and whose Base Pay Paid plus Annual Bonus Paid for the Plan Year exceeds the amount specified in Code section 401(a)(17), as adjusted and in effect for the Plan Year, shall earn an allocation in the amount specified in paragraph (b) for the applicable Plan Year for services performed during such Plan Year. 
(b) Allocation Amount. The amount to be allocated with respect to a Participant described in paragraph (a) above for services performed during the Plan Year shall equal the sum of:
(1) 7 percent of the Employee’s Base Pay Paid plus Annual Bonus Paid in excess of the amount specified in Code section 401(a)(17) as adjusted and in effect for the Plan Year; and
(2) 5 percent of the amount allocated under paragraph (1) which shall be allocated to the account maintained for the Participant in lieu of interest on such amount for the Plan Year.
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The amounts to be allocated to a Participant’s account for the Plan Year under this Section 4.2 shall be calculated and allocated in December of such Plan Year or within 70 days following the end of such Plan Year.  
Notwithstanding any contrary provision of this Section 4.2, for any Employee of Anadarko, the allocation under Section 4.2(b)(1) for the 2020 Plan Year shall equal 7 percent of the Employee’s Base Pay Paid and the Annual Bonus Paid after June 30, 2020 in excess of the amount specified in Code section 401(a)(17) as adjusted and in effect for the Plan Year.  In determining whether amounts paid after June 30, 2020 are in excess of the amount specified in Code section 401(a)(17), all Base Pay Paid and Annual Bonus Paid during the 2020 Plan Year shall be taken into account. 
4.3 Maintenance of Accounts
(a) Each Employer shall establish and maintain, in the name of each Participant employed by that Employer, an individual account which shall consist of all amounts credited to the Participant. As of the end of each month, the Administrative Committee shall increase the balance, if any, of the Participant’s individual account as of the last day of the preceding month, by multiplying such amount by a number equal to one plus .167% plus the monthly yield on 5-Year Treasury Constant Maturities for the monthly processing period.  Notwithstanding the foregoing, any allocation made to a Participant's account pursuant to Section 4.1(b) shall be credited with interest, at a rate equivalent to that set forth in the preceding sentence, from the date such allocation is made to the Participant's account.  
Effective August 1, 2016, interest shall be credited to individual accounts, at a rate equal to the monthly yield on 5-year Treasury Constant Maturities plus 2%, on a daily basis with monthly compounding.
(b) The individual account of each Participant shall represent a liability, payable when due under this Plan, out of the general assets of the Company, or from the assets of any trust, custodial account or escrow arrangement which the Company may establish for the purpose of assuring availability of funds sufficient to pay benefits under this Plan, provided that  no assets shall be transferred to a trust or other account if such transfer would result in the taxation of benefits prior to distribution under Code section 409A(b). The money and any other assets in any such trust or account shall at all times remain the property of the Company, and neither this Plan nor any Participant shall have any beneficial ownership interest in the assets thereof. No property or assets of the Company shall be pledged, encumbered, or otherwise subjected to a lien or security interest for payment of benefits hereunder. Accounting for this Plan shall be based on generally accepted accounting principles.
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(c) Within each account shall be maintained different subaccounts described in Section 5.1.  Rules and procedures may be established relating to the maintenance, adjustment, and liquidation of Participants’ accounts and subaccounts. 
4.4 Vesting and Forfeiture
Notwithstanding any other Plan provision, all benefits under this Plan shall be contingent and forfeitable and no Participant shall have a vested interest in any benefit unless, while he is still employed by an Employer, he becomes fully vested in his or her benefit under the Retirement Plan (or would have become vested if he were a participant in the Retirement Plan).  A person who terminates employment with an Employer for any reason prior to becoming vested hereunder shall not receive a benefit, provided that, upon rehire by an Employer, any amounts forfeited by a Participant at the time of his or her termination of employment shall be restored, without interest, to his or her account and, as provided in Section 5.8, shall be subject to the same payment election or elections previously made by the Participant with respect to such amounts. 

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ARTICLE 5. Payments
5.1 Timing and Form of Payments: Post-2017 Allocations
(a) Payment Events.  Allocations under the Plan for each Plan Year beginning on or after January 1, 2018, to the extent vested, shall be paid on the earlier to occur of the following payment events: 
 (1) The Participant’s Separation from Service; or
(2) The Participant’s death. 
(b) Timing and Form.
(1) Separation from Service.
(A) Timing of Payment.  If payment is made on account of the Participant’s Separation from Service, payment shall be made or commence within the first 90 days of the calendar year following the calendar year in which the Participant’s Separation from Service occurs.  Notwithstanding the foregoing, in the case of a Participant who is a Specified Employee, payment shall be made or commence in the month next following the date that is six (6) months after the date of the Participant’s Separation from Service, if later than the time provided above.
(B) Annual Payment Elections.  During an election period prior to the beginning of the 2018 Plan Year and each subsequent Plan Year, a Participant shall have the opportunity to make a payment election with respect to the allocations to be credited to the Participant’s account under Article 4 for such Plan Year (including earnings credited under Section 4.3) (i.e., a single payment election must be made for all allocations under Article 4 for the Plan Year).  A Participant may elect to have such allocations (including earnings) paid in a single lump sum or in annual installments over any number of years between two and 20 years following Separation from Service.  Subject to Section 5.3, an election for a Plan Year shall become irrevocable no later than December 31 of the immediately preceding Plan Year. All payment elections shall be made in accordance with the provisions of this Plan and the rules and procedures established by the Administrative Committee for the time and manner of making elections.
Notwithstanding the foregoing, a Participant who is participating in the Plan solely because the Participant has met the requirements of Section 3.1(b) (and not the requirements of Sections 3.1(a) and 3.1(c)) shall not be given the opportunity to make a payment election pursuant to this 
19

provision, but instead shall be deemed to have made a lump sum election under paragraph (D) unless a prior payment election remains in effect under paragraph (C). 
(C) Continuation of Payment Elections.  Once a Participant has made a payment election with respect to the allocations credited to his or her subaccount for any Plan Year under paragraph (B) (or is deemed to have made a lump sum election under paragraph (D)), such election shall continue in effect for all subsequent Plan Years unless and until changed by the Participant for future allocations and earnings during an annual election period as provided for in paragraph (B).  In addition, if a Participant commenced participation in the Plan prior to December 1, 2016 and made an election as to the form of payment upon Separation from Service with respect to allocations for Plan Years prior to 2018, as provided in Section 5.2, the most recent such election shall continue in effect and apply to allocations for the 2018 Plan Year and all subsequent Plan Years unless and until changed by the Participant for future allocations and earnings during an annual election period as provided for in paragraph (B).  A payment election shall cease to have effect upon a Participant’s cessation of active participation in the Plan and shall not apply with respect to future allocations following any subsequent resumption of active participation by the Participant.  
(D) Default Lump Sum Payment Election.  If no payment election is in effect for a Participant for a Plan Year under the foregoing provisions, the Participant shall be deemed to have elected to have the allocations credited to his or her subaccount for the Plan Year paid in a single lump sum.  Allocations for the first Plan Year in which a Participant commences participation in the Plan or resumes active participation in the Plan after a cessation of participation shall be paid in a single lump sum in accordance with this provision (unless subject to a payment election as provided for in paragraph (B)).
(E) Maintenance of Class Year Subaccounts. The allocations credited to a Participant’s account under Article 4 for each Plan Year beginning on or after January 1, 2018 (including earnings credited under Section 4.3) shall be credited to a separate “class year subaccount” within the Participant’s account for distribution purposes.
(F) Calculation and Payment of Installments.  If the Participant elects to have payment of a subaccount made in annual installments, the installments shall be paid within the first 90 days of each calendar year during the installment period (except that the first installment may be delayed in the case of a Specified Employee as provided above).  During the installment period, the subaccount shall continue to be adjusted as provided in 
20

Section 4.3(a) until the installments have been completed.  The amount of each annual installment from a subaccount shall equal the amount credited to the subaccount as of the last day of the month preceding the date of payment multiplied by a fraction, the numerator of which is one (1), and the denominator of which is the number of installments (including the current installment) which remain to be paid.  If payment is being made from more than one subaccount at the same time, the total amount of the annual installment received by a Participant shall equal the sum of all installments made from all such subaccounts.  
(G) Small Benefits.  Notwithstanding any election by a Participant pursuant to Section 5.1, Section 5.2 or Section 5.3 to receive payment of any class-year subaccount or pre-2018 subaccount in an installment payment form, if the aggregate value of all subaccounts with the same scheduled commencement date and same installment form is less than $50,000 on the scheduled commencement date, then all such subaccounts shall be paid to the Participant in a single lump sum on the scheduled commencement date.
(2) Death.  If payment is made on account of the Participant’s death, then notwithstanding any payment elections made by the Participant, payment of the Participant’s entire vested account shall be made to the Participant’s Beneficiary in a single lump sum during the period beginning on the date of the Participant’s death and ending on December 31 of the first calendar year following the calendar year in which the Participant’s death occurs.
5.2 Timing and Form of Payments: Pre-2018 Allocations
(a) Payment Events.  The portion of a Participant’s vested account attributable to allocations for Plan Years beginning before January 1, 2018 shall be paid on the earliest to occur of the following payment events: 
(1) The Participant’s attainment of a specified age elected by the Participant that is age 60 or above;
(2) The Participant’s Separation from Service; or
(3) The Participant’s death. 
(b) Timing and Form.
(1) Attainment of Specified Age.  If payment is made on account of a Participant’s attainment of a specified age (60 or above), payment shall be made to the Participant in a single lump sum within the first 90 days of the calendar year following the calendar year in which the Participant reaches the specified age. In addition, within the first 70 days of each subsequent 
21

calendar year, the Participant shall be paid any additional amounts credited since the prior payment date.  In the case of any Participant who elected to receive payment upon attainment of a specified age and reached that specified age in 2017 or earlier, any final payment under this provision shall be made within the first 70 days of 2018.  
(2) Separation from Service.  
(A) If payment is made on account of a Participant’s Separation from Service, payment shall be made or commence at the time set forth Section 5.1(b)(1)(A).  If the Participant elects to have payment made in annual installments, such installments shall be calculated and paid in the same manner as provided in Section 5.1(b)(1)(F). 
(B) If a Participant who is receiving installment payments on account of his or her Separation from Service has also made a specified age election and attains the specified age before the completion of all installments, the remaining installments shall be paid to him or her at the scheduled time or times without regard to his or her attainment of such age.
(3) Death.  If payment is made on account of the Participant’s death, payment shall be made to the Participant’s Beneficiary in a single lump sum during the period beginning on the date of the Participant’s death and ending on December 31 of the first calendar year following the calendar year in which the Participant’s death occurs.    
(c) Payment Elections for Pre-2018 Allocations.  
(1) One-Time Payment Election.  An Employee who became a Participant on or after November 1, 2008 and before December 1, 2016 was permitted to make a payment election at the commencement of his or her participation in the Plan (within 30 days after date the Employee first met one or more of the requirements for participation then set forth in Section 3.1) in accordance with the rules and procedures established by the Administrative Committee for the time and manner of making elections. At that time, the Participant could make an election to have payment made at a specified age (60 or above) prior to Separation from Service and/or an election as to form of payment following Separation from Service, with the available forms following Separation from Service being a single lump sum or annual installments over 5, 10, 15, or 20 years.  Any such election made by a Participant applies to the entire portion of the Participant’s vested account attributable to allocations for Plan Years beginning before January 1, 2018. An Employee who became a Participant in 2017 was not permitted to make a payment election with respect to allocations for the 2017 Plan Year and, accordingly, as provided in paragraph (3) below, such 
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allocations shall be paid in a single lump sum at the time provided in Section 5.2(b)(2)(A). 
(2) Transition Elections.  An Employee who became a Participant before November 1, 2008 was permitted to make a transition election as set forth in Section 5.9.  If the Employee did not make a transition election with respect to form of payment upon Separation from Service and had previously made an election to have payment upon Separation from Service made in a lump sum or in annual installments over 5, 10, 15 or 20 years, payment on account of the Participant’s Separation from Service shall be made in accordance with Section 5.2(b)(2)(A) in the form previously elected by the Participant.  For this purpose, if the Participant had different payment elections in effect for his or her account under this Plan and his or her account under the Supplemental Retirement Plan prior to November 1, 2008, or had an election in effect under one plan but not the other, these pre-2018 subaccounts shall continue to be maintained separately and these provisions shall be applied separately to these subaccounts.  
(3) Default Payment.  If a Participant did not elect to have payment made at a specified age, payment shall be made on the earlier of the Participant’s Separation from Service or death in accordance with Section 5.2(b)(2) or (3), as applicable.  If a Participant did not elect an installment payment option for payment on account of a Separation from Service, any payment on account of the Participant’s Separation from Service shall be made in a single lump sum at the time provided in Section 5.2(b)(2)(A).
(4) Maintenance of Pre-2018 Subaccounts.  The entire portion of a Participant’s vested account attributable to allocations for Plan Years beginning before January 1, 2018 shall be credited to a single “pre-2018 subaccount” within the Participant’s account for distribution purposes, except as otherwise provided in paragraph (2) above. 
(5) Small Benefits.  Notwithstanding any election by a Participant pursuant to  Section 5.1, Section 5.2 or Section 5.3 to receive payment of any pre-2018 subaccount or class-year subaccount in an installment payment form, if the aggregate value of all subaccounts with the same scheduled commencement date and same installment form is less than $50,000 at the time payment in such form is scheduled to commence, then all such  subaccounts shall be paid to the Participant in a single lump sum on the scheduled commencement date.   
5.3 Payment Election Changes
(a) Changes in Time or Form of Payment.   A Participant may elect to change the time or form of payment of any subaccount maintained within his or her account 
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(i.e., any class year subaccount maintained pursuant to Section 5.1 or pre-2018 subaccount maintained pursuant to Section 5.2), in accordance with the rules set forth below.  For purposes of these rules, an election to receive distribution in a series of annual installments shall be treated as a single payment.  
(1) Permitted Changes. 
(A) A Participant may elect to change the time or form of payment upon Separation from Service.
(B) A Participant who has made a specified age election with respect to allocations for Plan Years beginning before 2018 may elect another specified age that is age 65 or above, subject to the limitations of paragraph (2).
(2) Requirements.  Any election by a Participant under this paragraph shall meet the following requirements:
(A) The election shall not be effective until at least 12 months after the election is filed with the Administrative Committee;
(B) The election must defer payment (or payment of the initial installment, if applicable) for a period of at least five years from the date that payment (or payment of the initial installment, if applicable) would otherwise have been made; and
(C) The election must be made at least 12 months prior to the beginning of the calendar year in which payment (or payment of the initial installment, if applicable) is otherwise scheduled to be made. 
(3) Additional Rules.  Effective January 1, 2017, a Participant may make only one change pursuant to this Section 5.3.  If a Participant has more than one subaccount maintained within his or her account, the Participant may make one change to each subaccount and any change must apply to the entire subaccount. A change must satisfy all of the requirements of Section 5.3(a)(2).  No change may be made following a Participant’s Separation from Service.   
(b) Procedures.  All payment elections under this Plan shall be made in accordance with the provisions of this Plan and the rules and procedures established by the Administrative Committee for the time and manner of making elections.

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5.4 Death
If a Participant dies before the complete distribution of his or her account, the account or remaining account shall be paid to the Participant’s Beneficiary in a single lump sum during the period beginning on the date of the Participant’s death and ending on December 31 of the first calendar year following the calendar year in which the Participant’s death occurs. 
5.5 Valuation of Benefits
The amount of any payment to a Participant under this Article shall be determined based on the value of the Participant’s vested account or subaccount as of the last day of the month preceding the date of payment.
5.6 Qualified Divorce Orders
Subject to the policies and procedures established by the Administrative Committee under Section 9.3(b), payment may be made from the balance of a Participant’s vested account to the extent necessary to fulfill a Qualified Divorce Order.
5.7 Tax Withholding 
(a) To the extent required by law in effect at the time payments are made, the Participant’s Employer shall withhold from payments made hereunder the taxes required to be withheld by Federal, state and local law.
(b) The Participant’s Employer shall have the right at its option (1) to require a Participant to pay or provide for payment of the amount of any taxes that the Employer may be required to withhold with respect to amounts credited to the Participant’s account or (2) deduct from any amount of salary, bonus or other payment otherwise payable in cash to the Participant the amount of any taxes that the Employer may be required to withhold with respect to amounts credited to the Participant’s account.  In addition, as permitted by Treas. Reg. § 1.409A-3(j)(4)(vi) (or any successor provision), payments may be made under the Plan to pay any Federal Insurance Contributions Act (FICA) tax imposed under Code sections 3101 and 3121(v)(2) on the Participant’s account, and to pay any income tax imposed under Code section 3401 (i.e., wage withholding) or the corresponding withholding provisions of applicable state or local law as a result of payment of the FICA amount, as well as to pay the additional income tax attributable to the pyramiding wages and taxes.  The total payment may not exceed the aggregate FICA tax amount and the income tax withholding related to such FICA tax amount.

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5.8 Reemployment
(a) Continued distribution of account.  If a Participant who is receiving payment or is scheduled to receive payment of his or her account or any subaccount due to his or her Separation from Service is reemployed by an Employer or Affiliate prior to the complete distribution of the account or subaccount, the account or subaccount shall be paid to the Participant at the scheduled time or times without regard to the Participant’s reemployment. 
(b) New account.  If a terminated Participant is reemployed by an Employer and resumes active participation in the Plan, the following additional rules shall apply:
(1) Any post-2017 allocations attributable to the period following the Participant’s reemployment and resumption of active participation in the Plan, to the extent vested, shall be paid in accordance with Section 5.1 (i.e., in a default lump sum as provided for in Section 5.1(b)(1)(D) unless and until changed by the Participant during an annual election period as provided for in Section 5.1(b)(1)(B)).
(2) With respect to any unvested amounts forfeited from the Participant’s account at the time of his or her first termination, to the extent such amounts vest following the Participant’s reemployment, such amounts shall be paid in accordance with the payment election that previously applied to such amounts.  For this purpose, the following additional rules shall apply with respect to any pre-2018 allocations:
(A) If the Participant had previously elected (including pursuant to Section 5.9(b)(1)) to have payment made at a specified age (60 or above) prior to Separation from Service or death and has reached such specified age at the time of his reemployment, the Participant shall be paid, within the first 70 days of each calendar year following the calendar year containing his reemployment date (or vesting date, if later), the amount credited to his pre-2018 subaccount as of the last day of the month preceding the date of payment. 
(B) Any election made as a terminated Participant pursuant to Section 5.9(b)(2) or (3) shall not be taken into account for purposes of this provision.  Instead, if the Participant had, prior to such transition election, made an election under this Plan to have payment upon termination made in a lump sum or in annual installments over 5, 10, 15 or 20 years, payment on account of the Participant’s subsequent Separation from Service shall be made in accordance with Section 5.2(b)(2) in the form previously elected by the Participant.
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(C) If the Participant has no prior election taken into account under the foregoing provisions, payment shall be made in a single lump sum in accordance with Section 5.2(b)(2) upon the Participant’s subsequent Separation from Service.
5.9 Special Transition Rule Elections
(a) 2005 Transition Elections.  Any Employee who was a Participant during the 2005 Plan Year was permitted to make an election with respect to the time and form of payment of the account maintained for the Participant upon the earlier of the Participant’s Separation from Service or the 60th day after the adoption of the Plan by the Board, but in no event later than December 31, 2005.
(b) 2008 Transition Elections.  Participants were permitted to make the additional transition elections described below during a transition election period in 2008.  All payments to Participants pursuant to this Section 5.9 are subject to the rules set forth in Sections 5.4 through 5.8.
(1) Active Participants.  
(A) Each Participant who had not separated from service before the end of the transition election period was permitted to make any payment election available under Section 5.2 (i.e., an election to have payment made at a specified age (60 or above) prior to Separation from Service and/or an election as to form of payment upon Separation from Service).  Payment pursuant to any such election shall be made as provided in Section 5.2.
(B) To the extent a Participant did not make the available elections pursuant to this provision, payment of the Participant’s account shall be made as set forth in Sections 5.2(b)(2) and (3). 
(C) Notwithstanding the foregoing, in the case of any Participant previously covered by Appendix A of the Supplemental Retirement Plan who made the election described in Appendix A to have payment made or commence upon attainment of a specified age between 55 and 70-1/2, if the Participant did not make a transition election under this Section 5.9(b)(1) to have payment made at a new specified age, then payment to the Participant shall be made or commence within the first 90 days of the calendar year following the later of: (A) the Participant’s Separation from Service and (B) the Participant’s attainment of the specified age previously elected by the Participant, provided that, if the Participant is a Specified Employee and payment is made on account of the Participant’s Separation from Service, payment shall be made or commence in the month next following the date 
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that is six (6) months after the date of the Participant’s Separation from Service, if later than the time provided above.  Payment shall be made in the form (i.e., lump sum or installments over 5, 10, 15 or 20 years) elected by the Participant under this Section 5.9(b)(1) or, if the Participant did not make a transition election, the form previously elected by the Participant under Appendix A of the Supplemental Retirement Plan, or, if none, in a lump sum.
(2) Terminated Participants.  
(A) Each Participant who had a Separation from Service before the end of the transition election period was permitted to elect to have his or her account or remaining account paid in a single lump sum in March 2009, provided, that a Participant who was a Specified Employee received such distribution in the month next following the date that is six (6) months after the date of the Participant’s Separation from Service, if later than the time provided above.
(B) If a Participant did not make an election pursuant to this provision:
(I) If installment payments to the Participant had already commenced, the Participant’s remaining account shall be paid over the remaining number of installments in accordance with the rules set forth in Section 5.2(b)(2).
(II) If payment to the Participant had not commenced, payment shall be made in accordance with the rules set forth in Section 5.2(b)(2).  If the Participant has previously made a payment election as to form of payment upon Separation from Service (i.e., a lump sum or installments over 5, 10, 15 or 20 years), payment shall be made in the form previously elected.   
(3) Exhibit A Participant.  Payment to the Participant identified in Exhibit A commenced within the first 90 days of the year indicated on Exhibit A and is being made in the form of 10 annual installments in accordance with the rules set forth in Section 5.2(b)(2). 
(4) Maintenance of Separate Accounts.  If a Participant did not make a transition election under the foregoing provisions (so that prior elections continue to apply) and had different payment elections in effect under for his or her account under this Plan and his or her account under the Supplemental Retirement Plan prior to November 1, 2008, or had an election in effect under one plan but not the other, the accounts shall continue to be maintained separately and the above provisions shall be applied separately to each account.
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ARTICLE 6. Administration
6.1 The Administrative Committee

The Plan shall be administered by an Administrative Committee.  The Administrative Committee shall be composed of three or more members, who shall be appointed by the Board and shall hold office at the discretion of the Board.  Such members may, but need not, be Employees of the Company.
Any member of the Administrative Committee may resign by delivering his written resignation to the Board and to the Administrative Committee Secretary.  Such resignation shall be effective no earlier than the date of the written notice.
6.2 Compensation and Expenses
The members of the Administrative Committee who are Employees shall serve without compensation for services as a member.  All expenses of the Administrative Committee shall be paid directly by the Company.  Such expenses may include any expenses incident to the functioning of the Administrative Committee, including, but not limited to, fees of the Plan’s accountants, outside counsel and other specialists and other costs of administering the Plan.
6.3 Manner of Action
A majority of the members of the Administrative Committee at the time in office shall constitute a quorum for the transaction of business.  All resolutions adopted and other actions taken by the Administrative Committee at any meeting shall be by the vote of a majority of those present at any such meeting.  The Administrative Committee may take action without a meeting if a majority of the members at the time in office give written consent. 
6.4 Chairman, Secretary, and Employment of Specialists
The members of the Administrative Committee shall elect one of their number as Chairman and shall elect a Secretary who may, but need not, be a member.  They may authorize one or more of their number or any agent to execute or deliver any instrument or instruments on their behalf, and may employ such counsel, auditors, and other specialists and such other services as they may require in carrying out the provisions of the Plan.
6.5 Subcommittees
The Administrative Committee may appoint one or more subcommittees and delegate such of its power and duties as it deems desirable to any such subcommittee, in which case every reference herein made to the Administrative Committee shall be deemed to mean or include the subcommittees as to matters within their jurisdiction.  The members of any such subcommittee shall consist of such officers or other employees of the Company and such other persons as the Administrative Committee may appoint.
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6.6 Other Agents
The Administrative Committee may also appoint one or more persons or agents to aid it in carrying out its duties as a fiduciary, and delegate such of its powers and duties as it deems desirable to such person or agents.
6.7 Records
All resolutions, proceedings, acts, and determinations of each Committee shall be recorded by the Secretary thereof or under his supervision, and all such records, together with such documents and instruments as may be necessary for the administration of the Plan, shall be preserved in the custody of the Secretary.
6.8 Rules
Subject to the limitations contained in the Plan, the Administrative Committee shall be empowered from time to time in its discretion to adopt by-laws and establish rules for the conduct of its affairs and the exercise of the duties imposed upon it under the Plan.
6.9 Powers and Duties
The Administrative Committee shall have responsibility for the general administration of the Plan and for carrying out its provisions. The Administrative Committee shall have such powers and duties as may be necessary to discharge its functions hereunder, including, but not limited to, the following:
(a) To construe and interpret the Plan, to supply all omissions from, correct deficiencies in and resolve ambiguities in the language of the Plan;
(b) To decide all questions of eligibility, to determine the right of any person to an allocation and the amount thereof, and to determine the manner and time of payment of any benefits hereunder, all in accordance with the Plan;
(c) To obtain from the Employees such information as shall be necessary for the proper administration of the Plan and, when appropriate, to furnish such information promptly to other persons entitled thereto;
(d) To prepare and distribute, in such manner as the Company determines to be appropriate, information explaining the Plan; and
(e) To establish and maintain such accounts in the name of each Participant as are necessary.
In administering the Plan, the Administrative Committee shall exercise its powers in a manner designed to ensure that the Plan complies with the requirements of Code section 409A, to the extent applicable.
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6.10 Decisions Conclusive
The Administrative Committee shall exercise its powers hereunder in a uniform and nondiscriminatory manner.  Any and all disputes with respect to the Plan which may arise involving Participants or their Beneficiaries shall be referred to the Administrative Committee and its decision shall be final, conclusive, and binding.  Furthermore, if any question arises as to the meaning, interpretation, or application of any provision hereof, the decision of the Administrative Committee with respect thereto shall be final.
6.11 Fiduciaries
The fiduciaries named in this Article shall have only those specific powers, duties, responsibilities, and obligations as are specifically given them under this Plan.  The Company shall have the sole authority to amend or terminate, in whole or in part, this Plan. The Administrative Committee shall be a fiduciary under the Plan and shall have the sole responsibility for the administration of this Plan.  The officers and Employees of the Company shall have the responsibility of implementing the Plan and carrying out its provisions as the Administrative Committee shall direct.  A fiduciary may rely upon any direction, information, or action of another fiduciary as being proper under this Plan, and is not required under this Plan to inquire into the propriety of any such direction, information, or action.  It is intended under this Plan that each fiduciary shall be responsible for the proper exercise of his own powers, duties, responsibilities, and obligations under this Plan and shall not be responsible for any act or failure to act of another fiduciary.  No fiduciary guarantees in any manner the payment of benefits from this Plan.  Any party may serve in more than one fiduciary capacity with respect to the Plan.
6.12 Notice of Address
Each person entitled to benefits from the Plan must file with the Administrative Committee or its agent, in writing, his mailing address and each change of his mailing address. Any communication, statement, or notice addressed to such a person at his latest reported mailing address will be binding upon him for all purposes of the Plan, and neither the Administrative Committee nor the Company shall be obliged to search for or ascertain his whereabouts.
6.13 Data
All persons entitled to benefits from the Plan must furnish to the Administrative Committee such documents, evidence, or information, including information concerning marital status, as the Administrative Committee considers necessary or desirable for the purpose of administering the Plan.  It shall be an express condition of the Plan that each such person must furnish such information and sign such documents as the Administrative Committee may require before any benefits become payable from the Plan, provided that payment shall in all cases be made by the time required by Code section 409A.  The Administrative Committee shall be entitled to distribute to a non-spouse Beneficiary in reliance upon the signed statement of the Participant that he is unmarried without any further liability to a spouse if such statement is false.
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6.14 Adjustments
Subject to the requirements of Code section 409A, the Administrative Committee may adjust benefits under the Plan or make such other adjustments with respect to a Participant or Beneficiary as are required to correct administrative errors or provide uniform treatment in a manner consistent with the intent and purposes of the Plan.
6.15 Member’s Own Participation
No member of the Administrative Committee may act, vote or otherwise influence a decision specifically relating to his own participation under the Plan.
6.16 Indemnification
(a) To the extent permitted by the Company’s bylaws and applicable law, the Company shall indemnify and hold harmless each of the following persons (“Indemnified Persons”) under the terms and conditions of this section:
(1) The Administrative Committee and each of its members, which, for purposes of this section, includes any Employee to whom the Administrative Committee has delegated fiduciary or other duties.
(2) The Board and each member of the Board and any Employer who has responsibility (whether by delegation from another person, an allocation of responsibilities under the terms of this Plan document, or otherwise) for a fiduciary duty, a nonfiduciary settlor function (such as deciding whether to approve a plan amendment), or a nonfiduciary administrative task relating to the Plan.
(b) The Company shall indemnify and hold harmless each Indemnified Person against any and all claims, losses, damages, and expenses, including reasonable attorney’s fees and court costs, incurred by that person on account of his or her good faith actions or failures to act with respect to his or her responsibilities relating to the Plan. The Company’s indemnification shall include payment of any amounts due under a settlement of any lawsuit or investigation, but only if the Company agrees to the settlement.
(1) An Indemnified Person shall be indemnified under this section only if he or she notifies an Appropriate Person at the Company of any claim asserted against or any investigation of the Indemnified Person that relates to the Indemnified Person’s responsibilities with respect to the Plan.
(A) A person is an “Appropriate Person” to receive notice of the claim or investigation if a reasonable person would believe that the person notified would initiate action to protect the interests of the Company in response to the Indemnified Person’s notice.
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(B) The notice may be provided orally or in writing. The notice must be provided to the Appropriate Person promptly after the Indemnified Person becomes aware of the claim or investigation.  No indemnification shall be provided under this section to the extent that the Company is materially prejudiced by the unreasonable delay of the Indemnified Person in notifying an Appropriate Person of the claim or investigation.
(2) An Indemnified Person shall be indemnified under this section with respect to attorney’s fees, court costs or other litigation expenses or any settlement of such litigation only if the Indemnified Person agrees to permit the Company to select counsel and to conduct the defense of the lawsuit.
(3) No Indemnified Person shall be indemnified under this section with respect to any action or failure to act that is judicially determined to constitute or be attributable to the willful misconduct of the Indemnified Person.
(4) Payments of any indemnity under this section shall be made only from insurance or other assets of the Company. The provisions of this section shall not preclude such further indemnities as may be available under insurance purchased by the Company or as may be provided by the Company under any by-law, agreement or otherwise, provided that no expense shall be indemnified under this section that is otherwise indemnified by the Company or by an insurance contract purchased by the Company.
(5) Payment of any indemnity under this section that is not exempt from Code section 409A shall comply with Code section 409A’s requirements for reimbursement plans, as set forth in Treas. Reg. § 1.409A-3(i)(1)(iv) (or any successor provision).  For this purpose, (i) the indemnity under this section shall continue for the Indemnified Person’s lifetime, and, if later, until the complete disposition of all covered claims, (ii) the amount of expenses indemnified during one taxable year of an Indemnified Person shall not affect the amount of expenses indemnified in any other taxable year; (iii) payment of an indemnity shall be made by the last day of the Indemnified Person’s taxable year following the taxable year in which the expense was incurred and (iv) the Indemnified Person’s right to indemnification shall not be subject to liquidation or exchange for any other benefit.  If, after payment of any amount to the Indemnified Person pursuant to this provision, it is determined, pursuant to paragraph (3) above or otherwise, that the Indemnified Person is not entitled to indemnification, the Indemnified Person shall promptly repay such amount to the Company.
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ARTICLE 7. Amendment and Termination
7.1 Amendment and Termination
The Company expects the Plan to be permanent, but since future conditions affecting the Company or any Employer cannot be anticipated or foreseen, the Company must necessarily and does hereby reserve the right to amend, modify, or terminate the Plan at any time by action of the Board, except that no amendment shall reduce the dollar amount permanently credited to a Participant’s account and any such termination or amendment shall apply uniformly to all Participants.  The Administrative Committee, in its discretion, may amend the Plan if it finds that such amendment does not significantly increase or decrease benefits or costs.  Notwithstanding the foregoing, the Board or the Administrative Committee may amend the Plan to:
(a) Ensure that this Plan complies with the requirements of Code section 409A for deferral of taxation on compensation deferred hereunder until the time of distribution; and
(b) Add provisions for changes to elections as to time and manner of distributions and other changes that comply with the requirements of Code section 409A for the deferral of taxation on deferred compensation until the time of distribution.
7.2 Payments Upon Termination
If the Plan is terminated, distributions to Participants and Beneficiaries shall be made on the dates on which such distributions would be made under the Plan without regard to such termination, except that payments may, in the discretion of the Board, be accelerated if:
(a) Accelerated payment is permitted under Treas. Reg. § 1.409A-3(j)(4)(ix) (or any successor provision); or
(b) The Plan is terminated because Participants have become subject to tax on their deferrals due to the Plan’s failure to satisfy the requirements of Code section 409A.  Payment to a Participant may not exceed the amount required to be included in income as a result of such failure. 
7.3 Reorganization of Employer
In the event of a merger or consolidation of an Employer, or the transfer of substantially all of the assets of an Employer to another corporation, such continuing, resulting or transferee corporation shall have the right to continue and carry on the Plan and to assume all liabilities of the Employer hereunder without obtaining the consent of any Participant or Beneficiary.  If such successor shall assume the liabilities of the Employer hereunder, then the Employer shall be relieved of all such liability, and no Participant or Beneficiary shall have the right to assert any claim against the Employer for benefits under or in connection with the Plan.

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ARTICLE 8. Claims and Appeals Procedures
8.1 Application for Benefits

All applications for benefits under the Plan shall be submitted to: Occidental Petroleum Corporation, Attention: Administrative Committee, 5 Greenway Plaza, Suite 110, Houston, TX 77046-0521.  Applications for benefits must be in writing on the forms prescribed by the Administrative Committee and must be signed by the Participant, Beneficiary, spouse, Alternate Payee, or other person claiming benefits under this Plan (each of which may be “Claimant”).
8.2 Claims Procedure for Benefits
(a) If a Claimant believes he is entitled to a benefit, or a benefit different from the one received, then the Claimant may file a claim for the benefit by writing a letter to the Administrative Committee or its authorized delegate.  Any such claim must be made no later than the time prescribed by Treas. Reg. § 1.409A-3(g) (or any successor provision).
(b) Within a reasonable period of time, but not later than 90 days after receipt of a claim for benefits, the Administrative Committee or its delegate shall notify the Claimant of any adverse benefit determination on the claim, unless special circumstances require an extension of time for processing the claim. In no event may the extension period exceed 90 days from the end of the initial 90-day period.  If an extension is necessary, the Administrative Committee or its delegate shall provide the Claimant with a written notice to this effect prior to the expiration of the initial 90-day period.  The notice shall describe the special circumstances requiring the extension and the date by which the Administrative Committee or its delegate expects to render a determination on the claim.
(c) In the case of an adverse benefit determination, the Administrative Committee or its delegate shall provide to the Claimant written or electronic notification setting forth in a manner calculated to be understood by the claimant:
(1) The specific reason or reasons for the adverse benefit determination;
(2) Reference to the specific Plan provisions on which the adverse benefit determination is based;
(3) A description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why the material or information is necessary; and
(4) A description of the Plan’s claim review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an 
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adverse final benefit determination on review and in accordance with Section 8.3.
(d) Within 60 days after receipt by the Claimant of notification of the adverse benefit determination, the Claimant or his duly authorized representative, upon written application to the Administrative Committee, may request that the Administrative Committee fully and fairly review the adverse benefit determination.  On review of an adverse benefit determination, upon request and free of charge, the Claimant shall have reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits.  The Claimant shall have the opportunity to submit written comments, documents, records, and other information relating to the claim for benefits.  The Administrative Committee’s (or delegate’s) review shall take into account all comments, documents, records, and other information submitted regardless of whether the information was previously considered in the initial adverse benefit determination.
(e) Within a reasonable period of time, but not later than 60 days after receipt of such request for review, the Administrative Committee or its delegate shall notify the Claimant of any final benefit determination on the claim, unless special circumstances require an extension of time for processing the claim.  In no event may the extension period exceed 60 days from the end of the initial 60-day period.  If an extension is necessary, the Administrative Committee or its delegate shall provide the Claimant with a written notice to this effect prior to the expiration of the initial 60-day period. The notice shall describe the special circumstances requiring the extension and the date by which the Administrative Committee or its delegate expects to render a final determination on the request for review.  In the case of an adverse final benefit determination, the Administrative Committee or its delegate shall provide to the claimant written or electronic notification setting forth in a manner calculated to be understood by the Claimant:
(1) The specific reason or reasons for the adverse final benefit determination;
(2) Reference to the specific Plan provisions on which the adverse final benefit determination is based;
(3) A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits; and
(4) A statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse final benefit determination on review and in accordance with Section 8.3.
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(f) If a Claimant’s claim or appeal is approved, any resulting payment of benefits will be made no later than the time prescribed for payment of benefits by Treas. Reg. § 1.409A-3(g) (or any successor provision).  
8.3 Limitations on Actions
All decisions made under the procedure set out in this Article shall be final and there shall be no further right of appeal.  No person may initiate a lawsuit before fully exhausting the claims procedures set out in this Article, including appeal.  To provide for an expeditious resolution of any dispute concerning a claim for benefits that has been denied and to ensure that all evidence pertinent to such claim is available, no lawsuit may be brought contesting a denial of benefits more than the later of:
(a) 180 days after receiving the written response of the Administrative Committee to an appeal; or
(b) 365 days after an applicant’s original application for benefits.
        
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ARTICLE 9. General Provisions
9.1 Unsecured General Creditor

The rights of a Participant, Beneficiary, Alternate Payee or their heirs, successors, and assigns, as relates to any Company or Employer promises hereunder, shall not be secured by any specific assets of the Company or any Employer, nor shall any assets of the Company or any Employer 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 Administrative 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.  No assets shall be transferred to a trust if such transfer would result in the taxation of benefits prior to distribution under Code section 409A(b). 
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 amount, 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.
(b) Notwithstanding paragraph (a), the right to benefits payable with respect to a Participant pursuant to a Qualified Divorce Order may be created, assigned, or recognized. The Administrative Committee shall establish appropriate policies and procedures to determine whether a Divorce Order presented to the Administrative Committee constitutes a qualified Divorce Order under this Plan, and to administer distributions pursuant to the terms of Qualified Divorce Orders.  In the event that a Qualified Divorce Order exists with respect to benefits payable under the Plan, such benefits otherwise payable to the Participant specified in the Qualified Divorce Order shall be payable to the Alternate Payee specified in such Qualified Divorce Order.
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9.4 Release from Liability to Participant
A Participant’s right to receive benefits under the Plan shall be reduced to the extent that any portion of the account maintained for the Participant has been paid or set aside for payment to an Alternate Payee pursuant to a Qualified Divorce Order.  The Participant shall be deemed to have released the Company and the Plan from any claim with respect to such amounts in any case in which: (a) the Company, the Plan, or any Plan representative has been served with legal process or otherwise joined in a proceeding relating to such amounts; and (b) the Participant fails to obtain an order of the court in the proceeding relieving the Company and the Plan from the obligation to comply with the judgment, decree or order.
9.5 Employment Not Guaranteed
Nothing contained in this Plan nor any action taken hereunder shall be construed as a contract of employment or as giving any Participant any right to be retained in employment with the Company or any Employer.  Accordingly, subject to the terms of any written employment agreement to the contrary, the Company and Employer shall have the right to terminate or change the terms of employment of a Participant at any time and for any reason whatsoever, with or without cause.
9.6 Gender, Singular & Plural
All pronouns and any variations thereof shall be deemed to refer to the masculine or feminine as the identity of the person or persons may require.  As the context may require, the singular may be read as the plural and the plural as the singular.
9.7 Captions
The captions of the articles, sections, and paragraphs of the Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.
9.8 Validity
In the event any provision of this Plan is held invalid, void, or unenforceable, the same shall not affect, in any respect whatsoever, the validity of any other provision of this Plan.
9.9 Notice
Any notice or filing required or permitted to be given to the Administrative Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the principal office of the Company.  Such notice shall be deemed given as to the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

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9.10 Applicable Law
The Plan shall be governed by and construed in accordance with Code section 409A (or any successor provision), and any regulations promulgated thereunder, to the extent applicable.  To the extent that the Plan covers individuals who first became Participants prior to January 1, 2017 (including their Beneficiaries and others claiming benefits through such Participants), it shall be governed in accordance with the laws of the State of California to the extent such laws are not preempted by ERISA.  To the extent that the Plan covers individuals who first become Participants on or after January 1, 2017 (including their Beneficiaries and others claiming benefits through such Participants), it shall be governed in accordance with the laws of the State of Texas to the extent such laws are not preempted by ERISA.
IN WITNESS WHEREOF, Occidental Petroleum Corporation has caused its duly authorized officer to execute this document this 30th day of June 2020.

OCCIDENTAL PETROLEUM CORPORATION
        By /s/ Michele L. Oubre 

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