EX-4.1





 Exhibit 4.1 

The Dow Chemical Company 

Elective Deferral Plan 

(Post 2004) 
 Restated and
Effective as of April 1, 2019 












 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I PURPOSE AND EFFECTIVE DATE
	  	 	1	 
		
	 ARTICLE II DEFINITIONS
	  	 	3	 
			
	 2.01.
	 	 Administrator
	  	 	3	 
	 2.02.
	 	 Appeals Administrator
	  	 	3	 
	 2.03.
	 	 Base Salary
	  	 	3	 
	 2.04.
	 	 Base Salary Deferral
	  	 	3	 
	 2.05.
	 	 Beneficiary
	  	 	3	 
	 2.06.
	 	 Board
	  	 	4	 
	 2.07.
	 	 Cadre Employee
	  	 	4	 
	 2.08.
	 	 Change of Control
	  	 	4	 
	 2.09.
	 	 Code
	  	 	5	 
	 2.10.
	 	 Common Stock
	  	 	5	 
	 2.11.
	 	 Company
	  	 	5	 
	 2.12.
	 	 Deferral Account
	  	 	6	 
	 2.13.
	 	 Deferred Amount
	  	 	6	 
	 2.14.
	 	 Disabled
	  	 	6	 
	 2.15.
	 	 Discretionary Company Contribution
	  	 	6	 
	 2.16.
	 	 Domestic Partner
	  	 	6	 
	 2.17.
	 	 Domestic Partnership
	  	 	6	 
	 2.18.
	 	 Eligible Compensation
	  	 	6	 
	 2.19.
	 	 Eligible Employee
	  	 	6	 
	 2.20.
	 	 ERISA
	  	 	7	 
	 2.21.
	 	 Executive Life Insurance
	  	 	7	 
	 2.22.
	 	 Fair Market Value
	  	 	7	 
	 2.23.
	 	 Form of Payment
	  	 	8	 
	 2.24.
	 	 Hardship Withdrawal
	  	 	8	 
	 2.25.
	 	 Hypothetical Investment Benchmark
	  	 	8	 
	 2.26.
	 	 Initial Claims Reviewer
	  	 	8	 
	 2.27.
	 	 Key Employee
	  	 	8	 
	 2.28.
	 	 Matching Contribution
	  	 	8	 
	 2.29.
	 	 Participant
	  	 	8	 
	 2.30.
	 	 Participation Agreement
	  	 	8	 
	 2.31.
	 	 Performance Awards
	  	 	8	 
	 2.32.
	 	 Performance Deferral
	  	 	9	 
	 2.33.
	 	 Phantom Share Units
	  	 	9	 
	 2.34.
	 	 Plan
	  	 	9	 
	 2.35.
	 	 Plan Year
	  	 	9	 
	 2.36.
	 	 Savings Plan
	  	 	9	 
	 2.37.
	 	 Section 16 Participant
	  	 	9	 
	 2.38.
	 	 Separation from Service
	  	 	9	 
	 2.39.
	 	 Unforeseeable Emergency
	  	 	9	 
	 2.40.
	 	 Valuation Date
	  	 	10	 
	 2.41.
	 	 VPHR
	  	 	10	 














							
	 ARTICLE III ADMINISTRATION
	  	 	11	 
			
	 3.01.
	 	 Duties and Powers of the Administrator
	  	 	11	 
	 3.02.
	 	 Designation of Additional Administrators and Delegation of Administrative
Responsibilities
	  	 	11	 
	 3.03.
	 	 Decisions of Administrators
	  	 	12	 
	 3.04.
	 	 Indemnification of Administrators
	  	 	12	 
	 3.05.
	 	 Claim Procedure
	  	 	12	 
	 3.06.
	 	 Commencement of Legal Action
	  	 	13	 
	 3.07.
	 	 Forum Selection
	  	 	14	 
		
	 ARTICLE IV PARTICIPATION
	  	 	15	 
			
	 4.01.
	 	 Participation
	  	 	15	 
	 4.02.
	 	 Contents of Participation Agreement
	  	 	16	 
	 4.03.
	 	 Modification or Revocation of Election by Participant
	  	 	16	 
		
	 ARTICLE V DEFERRED COMPENSATION
	  	 	17	 
			
	 5.01.
	 	 Elective Deferred Compensation
	  	 	17	 
	 5.02.
	 	 Vesting of Deferral Account
	  	 	17	 
		
	 ARTICLE VI MAINTENANCE AND INVESTMENT OF ACCOUNTS
	  	 	18	 
			
	 6.01.
	 	 Maintenance of Accounts
	  	 	18	 
	 6.02.
	 	 Hypothetical Investment Benchmarks
	  	 	18	 
	 6.03.
	 	 Statement of Accounts
	  	 	20	 
		
	 ARTICLE VII BENEFITS
	  	 	21	 
			
	 7.01.
	 	 Time and Form of Payment
	  	 	21	 
	 7.02.
	 	 Changing Time or Form of Benefit
	  	 	23	 
	 7.03.
	 	 Survivor Benefit
	  	 	23	 
	 7.04.
	 	 Disability
	  	 	24	 
	 7.05.
	 	 Hardship Withdrawals
	  	 	24	 
	 7.06.
	 	 Change of Control
	  	 	24	 
	 7.07.
	 	 Matching Contribution
	  	 	24	 
	 7.08.
	 	 Discretionary Company Contributions
	  	 	25	 
	 7.09.
	 	 Special Cadre Plan Contributions
	  	 	26	 
	 7.10.
	 	 Withholding of Taxes
	  	 	26	 
	 7.11.
	 	 Distribution Upon Inclusion in Income
	  	 	26	 
		
	 ARTICLE VIII BENEFICIARY DESIGNATION
	  	 	27	 
			
	 8.01.
	 	 Beneficiary Designation
	  	 	27	 
	 8.02.
	 	 No Beneficiary Designation
	  	 	27	 
		
	 ARTICLE IX AMENDMENT AND TERMINATION OF PLAN
	  	 	28	 
			
	 9.01.
	 	 Amendment
	  	 	28	 
	 9.02.
	 	 Company’s Right to Terminate
	  	 	28	 
	 9.03.
	 	 Effect of Amendment or Termination
	  	 	28	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	30	 
			
	 10.01.
	 	 Unfunded Plan
	  	 	30	 
	 10.02.
	 	 Nonassignability
	  	 	30	 
	 10.03.
	 	 Validity and Severability
	  	 	30	 
	 10.04.
	 	 Governing Law
	  	 	31	 


  
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	 10.05.
	 	 Employment Status
	  	 	31	 
	 10.06.
	 	 Underlying Incentive Plans and Programs
	  	 	31	 
	 10.07.
	 	 Successors of Dow Inc. and the Company
	  	 	31	 
	 10.08.
	 	 Waiver of Breach
	  	 	31	 
	 10.09.
	 	 Notice
	  	 	31	 
	 10.10.
	 	 Successor Titles or Positions
	  	 	31	 
		
	 APPENDIX A: Hypothetical Investment Benchmarks
	  	 	33	 


  
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 ARTICLE I 

PURPOSE AND EFFECTIVE DATE 
 Dow
Inc. sponsors The Dow Chemical Company Elective Deferral Plan (“Plan”) to aid The Dow Chemical Company and its affiliates and subsidiaries in retaining and attracting executive employees by providing them with tax deferred savings
opportunities. The Plan provides a select group of management and highly compensated employees of The Dow Chemical Company and certain affiliates and subsidiaries with the opportunity to elect to defer receipt of specified portions of compensation,
and to have these deferred amounts treated as if invested in specified Hypothetical Investment Benchmarks. The benefits provided under the Plan shall be provided in consideration for services to be performed after the effective date of the Plan, but
prior to the executive’s Separation from Service. Any reference to “plan document” with respect to this Plan is a reference to the document herein. 

The Plan is intended to (1) constitute an unfunded program maintained primarily for the purpose of providing deferred compensation for a select group of
management or highly compensated Employees consistent with the requirements of sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and (2) comply with section 409A of
the Internal Revenue Code of 1986 (“Code”) and official guidance issued thereunder. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions.

 The Plan shall be effective for deferrals made hereunder on or after January 1, 2005. Amendments were made to the Plan on January 10, 2005 and
March 11, 2005 to comply with the provisions of Code section 409A, and a minor amendment was made to the Plan on January 23, 2006. On September 1, 2006, the Plan was amended to further comply with the provisions of Code section 409A
and, effective September 1, 2006 and January 1, 2007, to change the Hypothetical Investment Benchmarks. On November 1, 2006, the Plan was amended for Change of Control language. On December 31, 2008, the Plan was amended and
restated to comply with the requirements of Code section 409A and the final regulations thereunder, effective January 1, 2009. On January 1, 2010, minor amendments to the Plan were made via a Plan restatement to change the Hypothetical
Investment Benchmarks, to clarify the valuation date used for the calculation of installment payments, and to eliminate the small balance distribution. On April 14, 2010, the Plan was amended and restated to make certain changes to the
administrative provisions of the Plan. 
 On January 19, 2017, the Plan was amended to add provisions regarding participation by employees of Dow
Corning Corporation and certain subsidiaries. On September 1, 2017, the Plan was amended and restated to make certain changes to the definitions of Key Employee and Change of Control. 

The instant amended and restated Plan document is adopted effective as of the Spinoff Date, and is intended to, inter alia, reflect the establishment
of Dow Inc. as the parent of The Dow Chemical Company and the Spinoff of Dow Inc. from the DowDuPont Inc. controlled group. For purposes of this restated Plan document, the “Spinoff” means the separation of Dow Inc. from DowDuPont Inc. by
means of a pro rata distribution of all of the then-issued and outstanding shares of Common Stock to DowDuPont’s stockholders and the “Spinoff Date” means April 1, 2019, the effective date of the Spinoff. Effective as of the
Spinoff Date, Dow Inc. shall be the sponsor of the Plan with all the rights and obligations attendant thereto, and The Dow Chemical Company and other participating employers shall have the rights and obligations set forth herein and shall remain
responsible for the contributions credited, and payments due, under the Plan. 












 For rules that apply to the distribution of amounts that were earned and vested prior to 2005 (and earnings
thereon) and are exempt from the requirements of Code section 409A, refer to the plan document in effect on October 3, 2004. For rules that apply to the distribution of amounts that were earned and vested prior to January 1, 2010 (and
earnings thereon) refer to the plan document in effect on January 1, 2009 as amended through December 31, 2009. For rules that apply to the distribution of amounts that were earned and vested prior to April 14, 2010 (and earnings
thereon), refer to the plan document in effect on January 1, 2010 as amended through April 13, 2010. For rules that apply to the distribution of amounts that were earned and vested prior to September 1, 2017 (and earnings thereon),
refer to the plan document in effect on April 14, 2010 as amended through August 31, 2017. For rules that apply to the distribution of amounts that were earned and vested prior to April 1, 2019 (and earnings thereon), refer to the
plan document in effect on September 1, 2017 as amended through March 31, 2019. 

  
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 ARTICLE II 

DEFINITIONS 
 For the purposes of
this Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise: 
  

	2.01.	 Administrator 



“Administrator” shall mean the person, group of persons, or entity designated by Dow Inc. in accordance with Section 3.02 as an
Administrator. An individual or entity shall be an Administrator only with respect to those administrative powers or responsibilities assigned to such individual or entity pursuant to Section 3.02. For the avoidance of doubt, more than one
individual may be designated as and serve as an Administrator at any given time. For purposes of Sections 3.01, 3.03 and 3.04, the Administrator shall also include the Appeals Administrator and the Initial Claims Reviewer. 

 

	2.02.	 Appeals Administrator 



“Appeals Administrator” shall mean the person, group of persons, or entity designated as the Appeals Administrator pursuant to
Section 3.02, or the person, group of persons, or entity to which a designated Appeals Administrator delegates its responsibility for deciding claims pursuant to Section 3.02. The Appeals Administrator is responsible for reviewing adverse
benefit determinations under the Plan, as described in DOL Reg. § 2560.503-1(h). 
  

	2.03.	 Base Salary 



“Base Salary” shall mean the annual base rate of pay from the Company at which a Participant is employed (excluding Performance
Awards, commissions, relocation expenses, and other non-regular forms of compensation) before deductions under (A) deferrals pursuant to Section 4.02 and (B) contributions made on his or her
behalf to any qualified plan maintained by any Company or to any cafeteria plan under Code section 125 maintained by any Company. “Base Salary” for a Cadre Employee shall mean the annual base rate of pay (excluding Performance Awards,
commissions, relocation expenses, and other non-regular forms of compensation) before the deductions listed above payable to a Cadre Employee while the Cadre Employee is on U.S. assignment. 

 

	2.04.	 Base Salary Deferral 



“Base Salary Deferral” shall mean the amount of a Participant’s Base Salary which the Participant elects to have withheld on a pre-tax basis from his or her Base Salary and credited to his or her Deferral Account pursuant to Section 4.02. 
  

	2.05.	 Beneficiary 



“Beneficiary” shall mean the person, persons or entity designated by the Participant to receive any benefits payable under the Plan
pursuant to Article VIII. 

  
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	2.06.	 Board 



“Board” shall mean the board of directors of Dow Inc. 
  

	2.07.	 Cadre Employee 



“Cadre Employee” shall mean an employee who has been authorized by Dow Europe GmbH to participate in the Cadre Pension Plan and who
earns compensation while on assignment in the U.S. 
  

	2.08.	 Change of Control 



A “Change of Control” under the Plan shall be deemed to have occurred on: 

 

	 	(a)	 the date that any one person, or more than one person acting as a group, acquires ownership of stock of The Dow
Chemical Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of The Dow Chemical Company; 



 

	 	(b)	 the date that a majority of the members of the Board is replaced during any
12-month period by directors whose appointment or election is not endorsed by a majority of the directors before the date of the appointment or election; 



 

	 	(c)	 the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of The Dow Chemical Company possessing 30 percent or more of the total voting power of the stock
of The Dow Chemical Company; or 


  

	 	(d)	 the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from The Dow Chemical Company that have a total gross fair market value equal to or more than 40 percent of
the total gross fair market value of all of the assets of The Dow Chemical Company immediately before such acquisition or acquisitions, provided that the following asset transfers shall not result in a Change of Control: (i) a transfer of
assets to a stockholder of The Dow Chemical Company in exchange for or with respect to its stock, (ii) a transfer to a corporation, 50 percent or more of the total value or voting power of which is owned directly or indirectly, by The Dow
Chemical Company, (iii) a transfer to a person, or more than one person acting as a group, that owns 50 percent or more of the stock of The Dow Chemical Company, or (iv) a transfer to an entity, at least 50 percent of the total
value or voting power of which is owned, directly or indirectly, by a person described in clause (iii). 


 Notwithstanding
anything to the contrary in Section 2.08(a) through (d), however, a Change of Control with respect to benefits to which the Participant accrues a legally binding right on or after the closing date of the transaction described in the Agreement
and Plan of Merger shall not include: (i) a transfer, sale or disposition of assets from The Dow Chemical Company to a person, corporation or other entity that occurs in 

  
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preparation for or in connection with a Business Separation; (ii) the acquisition, disposition, transfer or distribution of stock of The Dow Chemical Company that occurs in preparation for
or in connection with a Business Separation; (iii) a change in the membership of the Board that occurs in preparation for or in connection with a Business Separation; or (iv) any other event, action or transaction involving, or with
respect to, The Dow Chemical Company or any of its affiliates or subsidiaries that would otherwise be described in Section 2.08(a) through (d) that occurs in preparation for or in connection with a Business Separation. A “Business
Separation” is (A) any event, action or transaction described in or contemplated by (1) “The Intended Business Separations” section of the final proxy statement/prospectus filed by DowDuPont Inc. (formerly known as Diamond-Orion
HoldCo, Inc.) with the Securities and Exchange Commission on June 10, 2016 regarding the separation of the agriculture businesses, specialty products businesses and materials science businesses into three independent, publicly traded companies
following the completion of the Orion Merger, or (2) Section 9.3 and Article X of the bylaws of DowDuPont Inc. as adopted upon the completion of the Orion Merger, and (B) any similar business separation, including any similar event,
action or transaction involving the spin-off or split-out of entities or assets from the DowDuPont Inc. controlled group. 

The “Agreement and Plan of Merger” for this purpose means the Agreement and Plan of Merger dated as of December 11, 2015 by and
among Diamond-Orion HoldCo, Inc., The Dow Chemical Company, Diamond Merger Sub, Inc., Orion Merger Sub, Inc. and E.I. du Pont de Nemours and Company. 

The “Orion Merger” for this purpose means the transaction described in the Agreement and Plan of Merger. 

This definition of “Change of Control” is intended to satisfy the definition of a “change in the ownership or effective control
of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” as defined in Treas. Reg. § 1.409A-3(i)(5) (or any successor provision thereto), and in no
circumstance shall an event be treated as a Change of Control unless this Section 2.08 complies with such requirements. 
  

	2.09.	 Code 



“Code” shall mean the Internal Revenue Code of 1986, as amended. 

 

	2.10.	 Common Stock 



“Common Stock” shall mean the common stock of Dow Inc. 
  

	2.11.	 Company 



“Company” shall mean The Dow Chemical Company, its successors, any subsidiary or affiliated organizations authorized by the Board or
the Administrator to participate in the Plan and any organization into which or with which The Dow Chemical Company may merge or consolidate or to which all or substantially all of its assets may be transferred. 

  
 - 5 - 














	2.12.	 Deferral Account 



“Deferral Account” shall mean the notional account established for record keeping purposes for each Participant pursuant to Article
VI. 
  

	2.13.	 Deferred Amount 



“Deferred Amount” shall mean the amount deferred pursuant to Section 4.02. 

 

	2.14.	 Disabled 



“Disabled” or “Disability” shall mean a Participant who, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, is receiving income replacement benefits for a period of not less than 3 months under the Company’s ERISA welfare
plan that provides long-term disability payments. 
  

	2.15.	 Discretionary Company Contribution 



“Discretionary Company Contribution” shall mean an amount credited to a Participant’s Deferral Account pursuant to
Section 7.08. 
  

	2.16.	 Domestic Partner 



“Domestic Partner” shall mean a person who is a member of a Domestic Partnership. 

 

	2.17.	 Domestic Partnership 



“Domestic Partnership” shall mean a partnership of two people that meets the definition of “Domestic Partnership” as
defined in the Savings Plan. 
  

	2.18.	 Eligible Compensation 



“Eligible Compensation” shall mean any Base Salary, Performance Awards and any other monies treated as eligible compensation by the
Company, payable to a Participant to the extent the Participant is on the U.S. payroll of the Company at the time the amount would have otherwise been paid to the Participant. “Eligible Compensation” for a Cadre Employee shall mean any
Base Salary, Performance Awards and any other monies treated as eligible compensation by The Dow Chemical Company, payable to a Cadre Employee while the Cadre Employee is on U.S. assignment. 

 

	2.19.	 Eligible Employee 



“Eligible Employee” shall mean an employee of any Company who: 

 

	 	a.	 is a United States employee or an expatriate who is paid from one of The Dow Chemical Company’s U.S.
entities, 


  

	 	b.	 is a member of the functional specialist/functional leader or global leadership job families,



  

	 	c.	 has a job level of 362 points or higher, 



  
 - 6 - 














	 	d.	 is eligible for participation in the Savings Plan, 



 

	 	e.	 is designated by the Administrator as eligible to participate in the Plan as of September 30 for deferral
of Base Salary and Performance Awards, and  


  

	 	f.	 qualifies as a member of a “select group of management or highly compensated employees” under ERISA.



 For purposes of Section 7.08, Discretionary Company Contributions, only, “Eligible Employee” shall mean
an employee who: 
  

	 	a.	 is a United States employee, 



 

	 	b.	 has terminated employment with a foreign affiliate of the Company and has accepted employment with one of the
Company’s U.S. entities, 


  

	 	c.	 is eligible for a signing bonus from one of the Company’s U.S. entities, 



 

	 	d.	 has a job level of 208 points or higher, 



 

	 	e.	 is eligible for participation in the Savings Plan, and 



 

	 	f.	 qualifies as a member of a “select group of management or highly compensated employees” under ERISA.



 An Eligible Employee, including for purposes of Section 7.08, shall include a DuPont transferee who is designated
by the Administrator as eligible to participate in the Plan as a result of his or her transfer to the Company. A “DuPont transferee” for purposes of this paragraph means an individual who: (1) is transferred from employment with E.I.
du Pont de Nemours and Company (“DuPont”) or a subsidiary or affiliate of DuPont to employment with the Company in preparation for or in connection with the Company Business Separation; and (2) unless determined otherwise by the
Administrator, remains employed by the Company immediately after consummation of the Company Business Separation. For this purpose, the “Company Business Separation” is the separation of the material science business as described in
“The Intended Business Separations” section of the final proxy statement/prospectus filed by DowDuPont Inc. (formerly known as Diamond-Orion HoldCo, Inc.) with the Securities and Exchange Commission on June 10, 2016. 

An Eligible Employee, including for purposes of Section 7.08, shall include an employee of Dow Inc. who qualifies as a member of a
“select group of management or highly compensated employees” under ERISA and is designated by Dow Inc. as eligible to participate in the Plan. 
  

	2.20.	 ERISA



“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

 

	2.21.	 Executive Life Insurance 



“Executive Life Insurance” shall mean a life insurance policy under TDCC Executive Split Dollar Life Insurance Plan, or the UCC
Executive Life Insurance Plan. 
  

	2.22.	 Fair Market Value 



“Fair Market Value” of a share of Common Stock shall mean the closing price of Dow Inc.’s Common Stock on the New York Stock
Exchange on the most recent day on which the Common Stock was so traded that precedes the date the Fair Market Value is to be determined. The definition of Fair Market Value in this Section 2.22 shall be exclusively used to determine the value
of a Participant’s Deferral Account under this Plan. 

  
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	2.23.	 Form of Payment 



“Form of Payment” shall mean payment in one lump sum or in substantially equal monthly, quarterly or annual installments not to
exceed 15 years. 
  

	2.24.	 Hardship Withdrawal 



“Hardship Withdrawal” shall mean the early payment of all or part of the balance in a Deferral Account(s) in the event of an
Unforeseeable Emergency. 
  

	2.25.	 Hypothetical Investment Benchmark 



“Hypothetical Investment Benchmark” shall mean the phantom investment benchmarks which are used to measure the return credited to a
Participant’s Deferral Account. 
  

	2.26.	 Initial Claims Reviewer 



“Initial Claims Reviewer” shall mean the person, group of persons or entity designated as such pursuant to Section 3.02. The
Initial Claims Reviewer is responsible for deciding claims under the Plan, as described in DOL Reg. § 2560.503-1(e) (i.e., first level claims). 

 

	2.27.	 Key Employee 



“Key Employee” shall mean a Participant who is a key employee within the meaning of Treas. Reg. §
1.409A-1(i), as determined in accordance with the procedures adopted by the Company. 
  

	2.28.	 Matching Contribution 



“Matching Contribution” shall mean the amount of annual matching contribution that each Company will make to the Plan. 

 

	2.29.	 Participant 



“Participant” shall mean an Eligible Employee who is eligible and makes an election to participate in this Plan by filing a
Participation Agreement as provided in Article IV. 
  

	2.30.	 Participation Agreement 



“Participation Agreement” shall mean an agreement filed by a Participant in accordance with Article IV. 

 

	2.31.	 Performance Awards 



“Performance Awards” shall mean the amount paid in cash to the Participant by any Company in the form of annual incentive bonuses for
a Plan Year. “Performance Awards” for a Cadre Employee shall mean the annual incentive bonuses for a Plan Year payable to a Cadre Employee while the Cadre Employee is on U.S. assignment. 

  
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	2.32.	 Performance Deferral 



“Performance Deferral” shall mean the amount of a Participant’s Performance Award which the Participant elects to have withheld
on a pre-tax basis from his or her Performance Award and credited to his or her account pursuant to Section 4.02. 
  

	2.33.	 Phantom Share Units 



“Phantom Share Units” shall mean units of deemed investment in shares of Common Stock as determined under Section 6.02(b). 

 

	2.34.	 Plan 



“Plan” shall mean The Dow Chemical Company Elective Deferral Plan (Post 2004) as set forth herein, together with any and all
amendments and supplements hereto. 
  

	2.35.	 Plan Year 



“Plan Year” shall mean a twelve-month period beginning January 1 and ending the following December 31. 

 

	2.36.	 Savings Plan 



“Savings Plan” shall mean The Dow Chemical Company Employees’ Savings Plan as it currently exists and as it may subsequently be
amended. 
  

	2.37.	 Section 16 Participant 



“Section 16 Participant” shall mean an officer or director of Dow Inc. required to report transactions in Dow Inc. securities to the
Securities and Exchange Commission pursuant to section 16(a) of the Securities Exchange Act of 1934. 
  

	2.38.	 Separation from Service 



“Separation from Service” or “Separates from Service” shall mean a “separation from service” within the meaning
of section 409A of the Code, except that in applying section 1563(a)(1), (2), and (3) of the Code for purposes of determining a controlled group of corporations under section 414(b) and (c) of the Code, and in applying Treasury
Regulation section 1.414(c)-2 for purposes of determining trades or businesses that are under common control under section 414(c) of the Code, the language “at least 45 percent” is used instead of
“at least 80 percent” each place it appears. 
  

	2.39.	 Unforeseeable Emergency 



“Unforeseeable Emergency” shall mean severe financial hardship to the Participant resulting from an illness or accident of the
Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant as determined by the Administrator. The amount of the distribution may not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a
result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant’s assets (to the extent the
liquidation of such assets would not itself cause severe financial hardship) or by cessation of the Participant’s deferrals under the Plan. 

  
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	2.40.	 Valuation Date 



“Valuation Date” shall mean the 4th day or the prior business day of each
calendar month or such other date as the Administrator in its sole discretion may determine. 
  

	2.41.	 VPHR 



“VPHR” shall mean the Vice President of The Dow Chemical Company or Dow Inc. with senior responsibility for Human Resources. 

A pronoun or adjective in the masculine gender includes the feminine gender, and the singular includes the plural, unless the context clearly indicates
otherwise. The title of an officer or employee when used in this Plan document shall mean the respective officer or employee of Dow Inc. or The Dow Chemical Company, except where otherwise indicated. The title for a person or entity who is assigned
responsibilities under the Plan shall mean any successor title to such position as such title may be changed from time to time. 

  
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 ARTICLE III 

ADMINISTRATION 
  

	3.01.	 Duties and Powers of the Administrator 



The Administrator shall be responsible for the administration of the Plan and shall see that the Plan is carried out in accordance with its
terms. 
 Except as provided in Section 3.02, the responsibility and authority of the Administrator shall include, but shall not be
limited to, the following duties and powers: 
  

	 	a.	 To promulgate and enforce such rules and regulations and prescribe the use of such forms as he shall deem
necessary or appropriate for the proper and efficient administration of the Plan; 


  

	 	b.	 To interpret the Plan and to resolve any possible ambiguities, inconsistencies and omissions therein or
therefrom; 


  

	 	c.	 To decide all questions concerning the Plan; 



 

	 	d.	 To prepare and disseminate communications to Participants and Beneficiaries as are necessary or appropriate to
properly administer the Plan; and 


  

	 	e.	 To retain third party administrators, consultants, accountants and other individuals or entities as he deems
necessary or advisable to assist him in fulfilling his responsibilities under the Plan, consistent with The Dow Chemical Company’s guidelines on hiring and retention of outside service providers; and monitor the performance of such individuals
and entities, decide whether to discontinue the services of such individuals and entities, and make payment to such individuals and entities in accordance with the terms of the plan document. 



 

	3.02.	 Designation of Additional Administrators and Delegation of Administrative Responsibilities



 Dow Inc., as the plan sponsor, may designate one or more persons or entities to serve as an Administrator, an Appeals
Administrator or an Initial Claims Reviewer, through an action of the Board or through a written designation signed by the VPHR or the Global Benefits Director, each acting individually, or such other person as the Board shall designate. Such
designation shall set forth in general or specific terms such person’s or entity’s responsibilities and authority. 
 In addition,
each Administrator, Appeals Administrator and Initial Claims Reviewer may designate other persons to carry out its responsibilities under the Plan in a writing that sets forth the responsibilities assigned to the delegee and, if applicable, the
period for which such delegation shall be in effect. 

  
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	3.03.	 Decisions of Administrators 



 

	 	a.	 Each Administrator shall have the sole and absolute discretion to interpret the plan document, make findings of
fact, operate, administer and decide any matters arising with respect to the Plan, and may adopt such rules and procedures as it deems necessary, desirable or appropriate in the administration of the Plan. All rules and decisions of such
Administrators shall be conclusive and binding on all persons having an interest in the Plan. 


  

	 	b.	 Any determination by an Administrator shall be binding on all parties. If challenged in court, such
determination shall not be subject to de novo review and shall not be overturned unless proven to be arbitrary and capricious based upon the evidence presented to the Administrator at the time of its determination.



  

	3.04.	 Indemnification of Administrators 



Dow Inc. agrees to indemnify and to defend to the fullest extent permitted by law any employee or former employee of the Company or entity
within the Company’s controlled group (a controlled group of corporations within the meaning of section 414(b) or section 414(c) of the Code) who is serving or has served as an Administrator or who is acting or has acted on behalf of an
Administrator against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by Dow Inc.) occasioned by any act or omission to act in connection with the Plan, if such act
or omission is in good faith. 
  

	3.05.	 Claim Procedure 



If a Participant or Beneficiary (“claimant”) makes a written request alleging a right to receive payments under this Plan or alleging
a right to receive an adjustment in benefits being paid under this Plan, such actions shall be treated as a claim for benefits. Benefits under this Plan shall be payable only if the Initial Claims Reviewer or the Appeals Administrator, as the case
may be, determines, in its sole discretion, that a claimant is entitled to them. 
  

	 	a.	 All initial claims for benefits under this Plan shall be sent to the Initial Claims Reviewer. If the Initial
Claims Reviewer determines that any individual who has claimed a right to receive benefits, or different benefits, under this Plan is not entitled to receive all or any part of the benefits claimed, the Initial Claims Reviewer shall inform the
claimant in writing of such determination and the reasons therefore in terms calculated to be understood by the claimant. The notice shall be sent within 90 days of receipt of the claim unless the Initial Claims Reviewer determines that additional
time, not exceeding 90 additional days, is needed and so notifies the claimant in writing before the expiration of the initial 90 day period. Any written notice of extension for review shall include the circumstances requiring extension and date by
which a decision is expected to be rendered. A written notice of denial of benefits shall (i) state specific reasons for the denial, (ii) make specific reference to the pertinent Plan provisions on which the denial is based,
(iii) describe any additional material or information that is necessary to support the claimant’s claim and an explanation of why such material or information is necessary, and (iv) include a statement that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of all documents, records or other information relevant (as defined by Department of Labor Regulation section 2560.503-1(m)) to the
claim. Such notice shall, in addition, inform the claimant of the procedure that the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim, including
the right to bring a civil action under section 502(a) of ERISA following exhaustion of review procedures set forth herein. 


  

  
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	 	b.	 The claimant may within 60 days after notice of the denial submit, in writing, to the Appeals Administrator a
notice that the claimant contests the denial of his or her claim and desires a further review by the Appeals Administrator. During the review process, the claimant has the right to submit written comments, documents, records and other information
relating to the claim for benefits, which the Appeals Administrator shall consider without regard to whether the items were considered upon the initial review. The Appeals Administrator shall within 60 days thereafter review the claim and authorize
the claimant to, upon request and free of charge, have reasonable access to, and copies of all documents, records or other information relevant (as defined by Department of Labor Regulation section
2560.503-1(m)) to the claim. The Appeals Administrator will render a final decision with specific reasons therefor in writing and will transmit it to the claimant within 60 days of the written request for
review, unless the Appeals Administrator determines that additional time, not exceeding 60 days, is needed, and so notifies the claimant in writing before the expiration of the initial 60 day period. In no event shall the Appeals Administrator
render a final decision later than the initial 60 days plus the possible additional 60 days following receipt of the claimant’s appeal. Any written notice of extension for review shall include the circumstances requiring extension and date by
which a decision is expected to be rendered. A written notice of denial of benefits upon review shall (i) state specific reasons for the denial, (ii) make specific reference to the pertinent Plan provisions on which the denial is based,
and (iii) include a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of all documents, records or other information relevant (as defined by Department of Labor Regulation
section 2560.503-1(m)) to the claim. Such notice shall, in addition, inform the claimant of the right to bring a civil action under section 502(a) of ERISA. If such determination is adverse to the claimant, it
shall be binding and conclusive unless the claimant notifies the Appeals Administrator within 90 days after the mailing or delivery to him or her by the Appeals Administrator of its determination that he or she intends to institute legal proceedings
challenging the determination of the Appeals Administrator, and actually institutes such legal proceeding within the applicable limitations period described in Section 3.06 below. 



 

	3.06.	 Commencement of Legal Action 



A claim for benefits under the Plan (including a claim that the claimant is eligible to participate in the Plan) may not be filed in any court:

  

	 	a.	 until the claimant has exhausted the claims review procedures described in Section 3.05 above, including
complying with the 90-day notice requirement in Section 3.05(b), and 


  

	 	b.	 unless such claim is filed in a court with jurisdiction over such claim the earlier of: 



 

	 	1.	 180 days after the mailing or delivery of the adverse determination by the Appeals Administrator, or




  
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	 	2.	 two (2) years after (i) the date the first benefit payment was allegedly due, or (ii) the date
the Plan first repudiated its alleged obligation to provide such benefits or coverage (regardless of whether such repudiation occurred before or during the administrative review process), whichever is earlier. 



This limitations period replaces and supersedes any limitation period ending at a later time that might otherwise be deemed applicable under
state or federal law in the absence of this Section 3.06. 
  

	3.07.	 Forum Selection 



To the fullest extent permitted by law, any putative class action lawsuit relating to the Plan shall be filed in the jurisdiction in which the
Plan is principally administered or the jurisdiction in which the largest number of putative class members resides. If any such putative class action is filed in a different jurisdiction, or if any non-class
action filed in a different jurisdiction is subsequently amended or altered to include class action allegations, then the Plan, all parties to such action that are related to the Plan (such as the Administrator) and all alleged Participants and
Beneficiaries shall take all necessary steps to have the action removed to, transferred to or re-filed in a jurisdiction described in the first sentence of this Section 3.07. This forum selection
provision is waived if no party invokes it within 120 days of the filing of a putative class action or the assertion of class action allegations. This provision does not relieve any putative class member from any obligation existing under the Plan
or by law to exhaust administrative remedies before initiating litigation. 

  
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 ARTICLE IV 

PARTICIPATION 
  

	4.01.	 Participation 



 

	 	a.	 Eligible Employees. In general, participation in the Plan shall be limited to Eligible Employees who
elect to participate in this Plan by filing a Participation Agreement with the Administrator in accordance with the Plan’s enrollment procedures. A Participation Agreement normally must be filed on or prior to the December 15 (Eastern
Standard Time) immediately preceding the Plan Year in which the Eligible Compensation to which the Participation Agreement relates is earned. An individual shall not be eligible to elect to participate in this Plan unless the individual qualifies as
an Eligible Employee for the Plan Year for which the election is made. The Administrator, in its sole discretion and to the extent permitted by Code section 409A and the regulations or other guidance issued thereunder, may permit: (i) a
Participation Agreement to be filed after the December 15 but on or before the December 31 (Eastern Standard Time) immediately preceding the Plan Year in which the Eligible Compensation to which the Participation Agreement relates is
earned; and (ii) a newly Eligible Employee to submit a Participation Agreement within 30 days after the date the Eligible Employee becomes eligible, and deferrals shall commence as soon as practical thereafter for Eligible Compensation earned
after the Administrator receives a completed and timely submitted Participation Agreement. An Eligible Employee of Dow Corning Corporation who was a participant in the Dow Corning Supplemental Savings Plan as of December 31, 2016 shall not be
considered a newly Eligible Employee for purposes of the preceding paragraph. 


 A DuPont transferee as defined in
Section 2.19 may be permitted to file a Participation Agreement prior to the beginning of the Plan Year in which he becomes an Eligible Employee, provided that the Administrator determines that such filing is practicable and consistent with the
requirements of Code section 409A. 
  

	 	b.	 Cadre Employees. Cadre Employees shall also be eligible to participate in the Plan by filing a
Participation Agreement with the Administrator in accordance with the Company’s enrollment procedures. A Participation Agreement normally must be filed on or prior to the November 30 (Eastern Standard Time) immediately preceding the Plan
Year in which the Eligible Compensation to which the Participation Agreement relates is earned. The Administrator, in its sole discretion and to the extent permitted by Code section 409A and the regulations or other guidance issued thereunder, may
permit a newly eligible Cadre Employee to submit a Participation Agreement within 30 days after the date the Cadre Employee becomes eligible, and deferrals shall commence as soon as practical thereafter for Eligible Compensation earned after the
Administrator receives a completed and timely submitted Participation Agreement. In addition, the Administrator, in its sole discretion and to the extent permitted by Code section 409A and the regulations or other guidance issued thereunder, may
permit a newly eligible Cadre Employee for the first Plan Year in which the Cadre Employee is a resident alien to make a deferral election in a timely manner as permitted under Treas. Reg. section 1.409A-2(c).




  
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	4.02.	 Contents of Participation Agreement 



 

	 	a.	 Eligible Employees. Subject to Article VII, each Participation Agreement shall set forth the amount of
Eligible Compensation for the Plan Year to which the Participation Agreement relates that is to be deferred under the Plan (the “Deferred Amount”), expressed as either a dollar amount or a whole percentage of the Base Salary and
Performance Awards for such Plan Year; provided that the minimum and maximum Deferred Amounts for any Plan Year shall be the minimum and maximum Deferred Amounts, respectively, established by the Administrator and set forth in the Participation
Agreement for such Plan Year, and further provided that for deferrals earned on or after January 1, 2010, the maximum Deferred Amount for any Plan Year shall not exceed 75% of Base Salary and 100% of Performance Award. In accordance with the
provisions contained in Article VII, each Participation Agreement shall also set forth a time and Form of Payment of a Deferred Amount. Participation Agreements are to be completed in a format specified by the Administrator. Notwithstanding the
foregoing, if a Participant shall have failed to designate properly the form of payment of the Participant’s benefit under the Plan, such payment will be in a lump sum. 



Notwithstanding anything to the contrary in the preceding paragraph, however, an Eligible Employee who was an employee of Dow Corning
Corporation for any period prior to January 1, 2017 may not elect to defer under this Plan: (x) any portion of an AVIP Award earned prior to January 1, 2017; or (y) any portion of an LTIP Award for a performance cycle beginning
before January 1, 2017. For purposes of this paragraph: (i) “AVIP Award” shall mean that portion of a Participant’s compensation payable as an annual bonus under the Dow Corning Corporation’s Annual Variable Incentive
Program; and (ii) “LTIP Award” shall mean a Participant’s award under any long-term incentive plan sponsored by Dow Corning Corporation, including but not limited to the Dow Corning Corporation Performance Excellence Plan. 

 

	 	b.	 Cadre Employees. A Cadre Employee’s Participation Agreement shall set forth the amount of Base
Salary for the Plan Year to which the Participation Agreement relates that is to be deferred under the Plan (the “Deferred Amount”), expressed as a whole percentage of the Base Salary for such Plan Year; provided that the maximum
Deferred Amount for any Plan Year shall not exceed 15% of Base Salary. In addition, each Participation Agreement shall, in accordance with the provisions contained in Article VII, set forth a time and Form of Payment of a Deferred Amount.
Participation Agreements are to be completed in a format specified by the Administrator. 


  

	4.03.	 Modification or Revocation of Election by Participant 



A Participant may not change the amount of his or her Deferred Amount during a Plan Year. A Participant’s Participation Agreement may not
be made, modified or revoked retroactively. 

  
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 ARTICLE V 

DEFERRED COMPENSATION 
  

	5.01.	 Elective Deferred Compensation 



The Deferred Amount of a Participant with respect to each Plan Year of participation in the Plan shall be credited to the Participant’s
Deferral Account as and when such Deferred Amount would otherwise have been paid to the Participant. If a Participant is employed at a Company other than The Dow Chemical Company, such Company shall pay or transfer the Deferred Amounts for all such
Company’s Participants to The Dow Chemical Company as and when the Deferred Amounts are withheld from a Participant’s Base Salary or Performance Award. Such forwarded Deferred Amounts will be held as part of the general assets of The Dow
Chemical Company. The earnings credit under Section 6.02 based on a Participant’s investment selection among the Hypothetical Investment Benchmarks specified in Appendix A hereto, as amended by the VPHR, Global Benefits Director, Chief
Financial Officer, or Global Director of Portfolio Investments, each acting individually, or their respective delegates, from time to time, shall be borne by The Dow Chemical Company. To the extent that any Company is required to withhold any taxes
or other amounts from the Deferred Amount pursuant to any state, Federal or local law, such amounts shall be taken out of other compensation eligible to be paid to the Participant that is not deferred under this Plan. 

 

	5.02.	 Vesting of Deferral Account 



Except as provided in Sections 7.10 and 7.11, a Participant shall be 100% vested in his or her Deferral Account as of each Valuation Date. 


  
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 ARTICLE VI 

MAINTENANCE AND INVESTMENT OF ACCOUNTS 
  

	6.01.	 Maintenance of Accounts 



Separate Deferral Accounts shall be maintained for each Participant. More than one Deferral Account may be maintained for a Participant as
necessary to reflect (a) various Hypothetical Investment Benchmarks and/or (b) separate Participation Agreements specifying different times and Forms of Payment. A Participant’s Deferral Account(s) shall be utilized solely as a device
for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan, and shall not constitute or be treated as a trust fund of any kind. The Administrator shall determine the balance of each Deferral Account, as
of each Valuation Date, by adjusting the balance of such Deferral Account as of the immediately preceding Valuation Date to reflect changes in the value of the deemed investments thereof, credits and debits pursuant to Section 6.02 and
Section 7.08 and distributions pursuant to Article VII with respect to such Deferral Account since the preceding Valuation Date. 
  

	6.02.	 Hypothetical Investment Benchmarks 



 

	 	a.	 Direction of Hypothetical Investments. Each Participant shall be entitled to direct the manner in which
his or her Deferral Accounts will be deemed to be invested, selecting among the Hypothetical Investment Benchmarks specified in Appendix A hereto, as amended by the VPHR, Global Benefits Director, Chief Financial Officer, or Global Director of
Portfolio Investments, each acting individually, or their respective delegates, from time to time, and in accordance with such rules, regulations and procedures as the Administrator may establish from time to time. Notwithstanding anything to the
contrary herein, earnings and losses based on a Participant’s investment elections shall begin to accrue as of the date such Participant’s Deferred Amounts are credited to his or her Deferral Accounts. Participants, except for
Section 16 Participants, can reallocate among the Hypothetical Investment Benchmarks on a daily basis. Section 16 Participants can reallocate among the Hypothetical Investment Benchmarks in accordance with such rules, regulations and
procedures as the Administrator may establish from time to time. 


  

	 	b.	 Dow Inc. Stock Index Fund and DowDuPont Inc. Stock Index Fund. 



 

	 	1.	 The Hypothetical Investment Benchmarks available for Deferral Accounts will include the “Dow Inc. Stock
Index Fund.” The Dow Inc. Stock Index Fund will consist of deemed investments in shares of Dow Inc. Common Stock, including reinvestment of dividends and stock splits. Deferred Amounts that are deemed to be invested in the Dow Inc. Stock Index
Fund shall be converted into Phantom Share Units based upon the Fair Market Value of the Common Stock as of the date(s) the Deferred Amounts are to be credited to a Deferral Account. The portion of any Deferral Account that is invested in the Dow
Inc. Stock Index Fund shall be credited, as of each dividend payment date, with additional Phantom Share Units of Common Stock with respect to cash dividends paid on the Common Stock with record dates during the period beginning on the day after the
most recent preceding Valuation Date and ending on such Valuation Date. 



  
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	 	2.	 When a reallocation or a distribution of all or a portion of a Deferral Account that is invested in the Dow
Inc. Stock Index Fund is to be made, the balance in such a Deferral Account shall be determined by multiplying the Fair Market Value of one share of Common Stock on the most recent Valuation Date preceding the date of such reallocation or
distribution by the number of Phantom Share Units to be reallocated or distributed. Upon a distribution, the amounts in the Dow Inc. Stock Index Fund shall be distributed in the form of cash having a value equal to the Fair Market Value of a
comparable number of actual shares of Common Stock. 


  

	 	3.	 In the event of a reorganization, recapitalization, stock split, stock dividend, combination of shares, merger,
consolidation, or other change in the corporate structure of Dow Inc. affecting Common Stock, or a sale by Dow Inc. of all or part of its assets, or any distribution to stockholders other than a normal cash dividend, then the Administrator may make
appropriate adjustments to the number of Phantom Share Units credited to any Deferral Account. The determination of the Administrator as to such adjustments, if any, to be made shall be conclusive. 



Section 16 Participants may not elect to direct their Deferred Amount into the Hypothetical Investment Benchmark of the Dow Inc. Stock
Index Fund. 
  

	 	4.	 Notwithstanding any other provision of this Plan, the Administrator shall adopt such procedures as it may
determine are necessary to ensure that with respect to any Participant who is actually or potentially subject to section 16(b) of the Securities Exchange Act of 1934, as amended, the crediting of deemed shares to his or her Deferral Account is
deemed to be an exempt purchase for purposes of such section 16(b), including without limitation requiring that no shares of Common Stock or cash relating to such deemed shares may be distributed for six months after being credited to such Deferral
Account. 


  

	 	5.	 The Hypothetical Investment Benchmarks available for Deferral Accounts shall also include the “DowDuPont
Inc. Stock Index Fund,” but only to the extent that a Participant’s Deferral Account is deemed to be invested in DowDuPont Inc. common stock prior to the Spinoff Date (as defined in Article I). The DowDuPont Inc. Stock Index Fund will
consist of deemed investments in the common stock of DowDuPont Inc. or any successor thereto (as determined by the Administrator in its sole discretion), including stock splits but not dividends. Dividends shall be deemed to be invested in the same
manner as under the Savings Plan. Similar rules and procedures as described in this Section 6.02(b) with respect to the Dow Inc. Stock Index Fund shall apply with respect to the DowDuPont Inc. Stock Index Fund and its successors, to the extent
required by section 16(b) of the Securities Exchange Act of 1934, as amended, or by rules established by the Administrator. For the avoidance of doubt: (A) a Participant may not direct that any amounts allocated to his Deferral Account after
the Spinoff Date will be deemed to be invested in the DowDuPont Inc. Stock Index Fund or any successor thereto; and (B) amounts deemed to be invested in the DowDuPont Inc. Stock Index Fund prior to the Spinoff Date may continue to be deemed to
be so invested following the Spinoff Date in accordance with rules established by the Administrator. 



  
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	6.03.	 Statement of Accounts 



Each Participant shall be issued quarterly statements of his or her Deferral Account(s) in such form as the Administrator deems desirable,
setting forth the balance to the credit of such Participant in his or her Deferral Account(s) as of the end of the most recently completed quarter. 

  
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 ARTICLE VII 

BENEFITS 
  

	7.01.	 Time and Form of Payment 



 

	 	a.	 For Deferral Accounts for years prior to 2010. The Dow Chemical Company shall pay to the Participant the
balance of each Deferral Account at the time and in the Form of Payment as provided in this Section 7.01(a). A separate distribution election can be made for Base Salary and Performance Award. If the Participant is employed at a Company other
than The Dow Chemical Company, such Company shall pay the balance of such Participant’s Deferral Account, pursuant to the terms of the Plan, and The Dow Chemical Company shall reimburse such Company for any such payments. 



 

	 	1.	 Distributions in a Specific Year. A Participant may elect in a Participation Agreement to have a
Deferral Account be distributed in a lump sum (determined as of the most recent Valuation Date preceding the payment date) in cash in a specific future year or be distributed in installment payments (either annual or monthly from 2 to 15 years)
beginning in a specific future year. Distributions pursuant to this Section 7.01(a) shall be made or commence on the January 31 (or the last immediately preceding business day of January if such January 31st is not a business day) of the
year that the Participant has selected to begin receiving distributions. If a Participant has selected quarterly installment payments, such distributions shall commence on the March 31 (or the last immediately preceding business day of March if
such March 31st is not a business day) of the year that the Participant has selected to begin receiving distributions. The minimum deferral period is 12 months for Base Salary and 24 months for Performance Awards. 



 

	 	2.	 Distributions upon Separation from Service. Alternatively, a Participant may elect in a Participation
Agreement to have a Deferral Account be distributed (i) in a lump sum (determined as of the most recent Valuation Date preceding the payment date) in cash in the year after the year in which the Participant’s Separation from Service
occurs, (ii) in installment payments (either annual, quarterly or monthly for up to 15 years) beginning in the year after the year in which the Participant’s Separation from Service occurs, (iii) in a lump sum (determined as of the
most recent Valuation Date preceding the payment date) in cash in the second year after the year in which the Participant’s Separation from Service occurs, or (iv) in installment payments (either annual, quarterly or monthly for up to 15
years) beginning in the second year after the year in which the Participant’s Separation from Service occurs. Except when a Participant elects quarterly installment payments, such distributions pursuant to this Section 7.01(a) shall be
made or commence on the January 31 (or the last immediately preceding business day of January if such January 31st is not a business day) of the applicable year. If a Participant has selected quarterly installment payments, such distributions
pursuant to this Section 7.01(a) shall commence on the March 31st (or the last immediately preceding business day of March if such March 31st is not a business day) of the applicable year. 



  
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	 	3.	 Distributions upon Separation from Service by a Key Employee. Notwithstanding the foregoing,
distributions may not be made to a Key Employee upon a Separation from Service before the date which is six months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of the Key Employee’s death).



  

	 	4.	 Calculation of Installments. If a Participant has elected in a Participation Agreement to have a
Deferral Account be distributed in installment payments, each installment payment shall equal the balance of such Deferral Account as of the most recent Valuation Date preceding the payment date, times a fraction, the numerator of which is one and
the denominator of which is the number of remaining installment payments. Each subsequent installment shall be paid on or about the succeeding anniversary of such first payment or in quarterly or monthly intervals, if selected. Each such installment
shall be deemed to be made on a pro rata basis from each of the different deemed investments of the Deferral Account (if there is more than one such deemed investment). 



 

	 	b.	 For Deferral Accounts for years 2010 and later. The Dow Chemical Company shall pay to the Participant
the balance of each Deferral Account at the time and in the Form of Payment as provided in this Section 7.01(b). A separate distribution election can be made for Base Salary and Performance Award. If the Participant is employed at a Company
other than The Dow Chemical Company, such Company shall pay the balance of such Participant’s Deferral Account, pursuant to the terms of the Plan, and The Dow Chemical Company shall reimburse such Company for any such payments.



  

	 	1.	 Distributions in a Specific Year. A Participant may elect in a Participation Agreement to have a
Deferral Account be distributed in a lump sum (determined as of the most recent Valuation Date preceding the payment date) in cash in a specific future year or be distributed in installment payments (either annual or monthly from 2 to 15 years)
beginning in a specific future year. Distributions pursuant to this Section 7.01(b) shall be made or commence within the month elected by the participant. 



 

	 	2.	 Distributions upon Separation from Service. Alternatively, a Participant may elect in a Participation
Agreement to have a Deferral Account be distributed (i) in a lump sum (determined as of the most recent Valuation Date preceding the payment date) in cash commencing within 60 days in which the Participant’s Separation from Service occurs,
(ii) in a lump sum (determined as of the most recent Valuation Date preceding the payment date) in cash commencing within 60 days following the twelve months anniversary from the Participant’s Separation from Service, (iii) in
installment payments (either annual or monthly from 2 to 15 years) in cash commencing within 60 days following the Participant’s Separation from Service, or (iv) in installment payments (either annual or monthly from 2 to 15 years) in cash
commencing within 60 days following the twelve months anniversary from the Participant’s Separation from Service. 



  
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	 	3.	 Distributions upon Separation from Service by a Key Employee. Notwithstanding the foregoing,
distributions may not be made to a Key Employee upon a Separation from Service before the date which is six months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of the Key Employee’s death).



  

	 	4.	 Calculation of Installments. If a Participant has elected in a Participation Agreement to have a
Deferral Account be distributed in installment payments, each installment payment shall equal the balance of such Deferral Account as of the most recent Valuation Date preceding the payment date, times a fraction, the numerator of which is one and
the denominator of which is the number of remaining installment payments. Each subsequent installment shall be paid on or about the succeeding anniversary of such first payment or in quarterly (applicable for disbursement elections made prior to
January 1, 2010) or monthly intervals, if selected. Each such installment shall be deemed to be made on a pro rata basis from each of the different deemed investments of the Deferral Account (if there is more than one such deemed investment).



  

	7.02.	 Changing Time or Form of Benefit 



A Participant may subsequently elect an alternative time or Form of Payment as available under Section 7.01 by written election filed with
the Administrator; provided, however, that: 
  

	 	a.	 the election will not be effective for the twelve (12) month period after the date on which the election
is made; 


  

	 	b.	 the election must be made at least twelve (12) months prior to the date the distribution is scheduled to
be made or commence; 


  

	 	c.	 a distribution may not be made earlier than at least five (5) years following the date the distribution
would have been made or commenced; 


  

	 	d.	 the election may not cause the payments to be accelerated; and 



 

	 	e.	 quarterly installments are no longer a disbursement election effective January 1, 2010.



  

	7.03.	 Survivor Benefit 



Notwithstanding any election by a Participant in a Participation Agreement or provisions of the Plan to the contrary, if a Participant dies
prior to receiving full payment of his or her Deferral Account(s), The Dow Chemical Company shall pay the remaining balance (determined as of the most recent Valuation Date preceding death) to the Participant’s Beneficiary or Beneficiaries (as
the case may be) in a lump sum in cash as soon as administratively practicable within 90 days after the Participant’s death, provided that such beneficiary or beneficiaries shall not have the right to designate the taxable year of payment. If a
Participant was employed at a Company other than The Dow Chemical Company, such Company shall pay the remaining balance of such deceased Participant’s Deferral Account in accordance with the preceding sentence, and The Dow Chemical Company
shall reimburse the Company for such payment. 

  
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	7.04.	 Disability 



Notwithstanding any election by a Participant in a Participation Agreement or provisions of the Plan to the contrary, if a Participant incurs a
Disability prior to receiving full payment of his or her Deferral Account(s), The Dow Chemical Company shall pay the remaining balance (determined as of the most recent Valuation Date preceding death) to the Participant in a lump sum in cash as soon
as administratively practicable within 90 days after the Participant becomes Disabled, provided that the Participant shall not have the right to designate the taxable year of payment. If a Participant was employed at a Company other than The Dow
Chemical Company, such Company shall pay the remaining balance of such Participant’s Deferral Account in accordance with the preceding sentence, and The Dow Chemical Company shall reimburse the Company for such payment. 

 

	7.05.	 Hardship Withdrawals 



Notwithstanding the provisions of Section 7.01 and any elections by a Participant in a Participation Agreement a Participant shall be
entitled to early payment of all or part of the balance in his or her Deferral Account(s) in the event of an Unforeseeable Emergency, in accordance with this Section 7.05. A distribution pursuant to this Section 7.05 may only be made to
the extent reasonably needed to satisfy the Unforeseeable Emergency need, and may not be made if such need is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the
Participant’s assets to the extent such liquidation would not itself cause severe financial hardship, or (iii) by cessation of participation in the Plan. An application for an early payment under this Section 7.05 shall be made to the
Administrator in such form and in accordance with such procedures as the Administrator shall determine from time to time. The determination of whether and in what amount a distribution will be permitted pursuant to this Section 7.05 shall be
made by the Administrator. Upon such an early payment under this Section 7.05 in a Plan Year, the Participant’s deferral election pursuant to Section 4.02 shall be cancelled with respect to any Deferred Amounts that would otherwise be
deferred for the remainder of such Plan Year. 
  

	7.06.	 Change of Control 



In accordance with the Company’s procedures and to the extent permitted by Code section 409A, a Participant may elect in a Participation
Agreement that, if a Change of Control occurs, the Participant shall receive a lump sum payment of the balance of the Participant’s applicable Deferral Account within thirty (30) days after the Change of Control. Certain Participants were
provided with transition elections during the Code section 409A transition period to have their 2005-2008 Deferral Accounts, if any, paid in a lump sum within thirty (30) days after a Change of Control. In the event a Participant did not elect
to have his 2005-2008 Deferral Accounts, if any, paid in a lump sum upon a Change of Control, such 2005-2008 Deferral Accounts, if any, will be distributed in accordance with the Participant’s Distribution elections in the relevant
Participation Agreements. 
  

	7.07.	 Matching Contribution 



Each Eligible Employee who elects to make deferrals of Eligible Compensation to the Plan will be credited with a Matching Contribution
utilizing the same formula authorized under the Savings Plan for employer matching contributions. For purposes of calculating the 

  
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match under this Plan, The Dow Chemical Company will assume each Participant is contributing the maximum allowable amount to the Savings Plan and receiving a match thereon. The Matching
Contribution calculated under provisions of this Plan will be reduced by this assumed match from the Savings Plan. The amount of the Matching Contribution may be based on a formula that takes into account a Participant’s overall compensation
and may be subject to maximum or minimum limitations. The Matching Contribution shall be credited to the Deferral Account as soon as administratively feasible within the first 60 days of the following Plan Year. The Matching Contribution shall be
invested among the same Hypothetical Investment Benchmarks as defined in Section 6.02 in the same proportion as the elections made by the Participant governing the Eligible Compensation deferrals of the Participant at such time. The Matching
Contribution for a Plan Year shall be distributed to the Participant at the same time and in the same Form of Payment as the Participant’s Deferred Amount (and earnings thereon) for such Plan Year in accordance with this Article VII, and will
vest one hundred percent (100%) on the date credited to the Participant’s account. In the event a Participant has elected one time and Form of Payment with respect to his or her Base Salary Deferral for such Plan Year and another time and Form
of Payment with respect to his or her Performance Deferral for such Plan Year, the Matching Contribution (and earnings thereon) for such Plan Year shall be distributed in accordance with the time and Form of Payment applicable to the
Participant’s Base Salary Deferral for such Plan Year. A Cadre Employee is not eligible for a Matching Contribution. 
 If a Participant
is employed by a Company, other than The Dow Chemical Company, an amount equal to all Matching Contributions credited to Participants of such Company shall be paid or transferred in full by such Company to The Dow Chemical Company as of the date
such Matching Contribution is credited to a Participant’s Deferral Account. The Dow Chemical Company shall hold such amounts as part of the general assets of The Dow Chemical Company. 

 

	7.08.	 Discretionary Company Contributions 



Any Company may at any time contribute a discretionary Company contribution. This discretionary Company contribution may be for payments
including, but not limited to, signing or retention bonuses. The amount of the discretionary Company contribution may vary from payroll period to payroll period throughout the Plan Year, may be based on a formula which takes into account a
Participant’s overall compensation, and otherwise may be subject to maximum or minimum limitations. The discretionary Company contribution shall be credited to the Deferral Account as soon as administratively feasible following the end of the
payroll period. The discretionary contribution shall be invested among the same Hypothetical Investment Benchmarks as defined in Section 6.02 in the same proportion as the elections made by the Participant governing the deferrals of the
Participant at the time, or if none, BGI LifePath (according to age). Subject to the other provisions contained in this Article VII, if no distribution election is made, any vested discretionary contribution (and earnings thereon) shall be
distributed to the Participant in cash in a lump sum within 60 days following the Participant’s Separation from Service. Any vesting schedule shall be determined by the Administrator at the time the discretionary Company contribution is made. A
Cadre Employee is not eligible for a discretionary Company contribution.  
 If a Participant is employed at a Company other than The
Dow Chemical Company, such Company shall pay or transfer to The Dow Chemical Company any amounts designated as discretionary Company contributions for all such Participants as of the date such discretionary Company contributions are credited to a
Participant’s Deferral Account. The Dow Chemical Company shall hold such amounts as part of the general assets of The Dow Chemical Company. 

  
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	7.09.	 Special Cadre Plan Contributions 



Each Cadre Employee will be credited with a nondiscretionary Company contribution equal to (1) 4% of the Cadre Employee’s monthly Base
Salary for each month while he is an eligible to participate in the Plan, and (2) 12% of the Cadre Employee’s Performance Awards received annually while he is eligible to participate in the Plan. The Company contribution shall be credited to
the Deferral Account as soon as administratively feasible following the end of the applicable period. The Company contribution shall be invested among the same Hypothetical Investment Benchmarks as defined in Section 6.02 in the same proportion
as the elections made by the Participant governing the deferrals of the Participant at the time, or if none, BGI LifePath (according to age). Subject to the other provisions contained in this Article VII, the Company contribution shall be
distributed to the Participant at the same time and in the same form as the Participant’s deferrals for the Plan Year in which the nondiscretionary Company contribution is made in accordance with this Article VII. In the event a Participant has
elected one time and Form of Payment with respect to his or her Base Salary Deferral for such year and another time and Form of Payment with respect to his or her Performance Deferral for such year, the Company contribution (and earnings thereon)
for such year shall be distributed in accordance with the time and Form of Payment applicable to the Participant’s Base Salary Deferral for such year. If no base salary deferral election is made by the Participant, the nondiscretionary Company
contribution distribution will be made via lump sum at separation per Section 7.01. The nondiscretionary Company contributions will vest one hundred percent (100%) on the date the Participant is eligible to participate in the Plan. 

If a Participant is employed by a Company other than The Dow Chemical Company, an amount equal to all nondiscretionary Company contributions
credited to Participants of such Company shall be paid or transferred in full by such Company to The Dow Chemical Company as of the date such contribution is credited to a Participant’s Deferral Account. The Dow Chemical Company shall hold such
amounts as part of the general assets of The Dow Chemical Company. 
  

	7.10.	 Withholding of Taxes 



Notwithstanding any other provision of this Plan, any Company shall withhold from payments made hereunder any amounts required to be so
withheld by any applicable law or regulation. The Company may also accelerate and pay a portion of a Participant’s benefits in a lump sum equal to the Federal Insurance Contributions Act (“FICA”) tax imposed and the income tax
withholding related to such FICA amounts. 
  

	7.11.	 Distribution Upon Inclusion in Income 



Notwithstanding the foregoing, if a portion of the Participant’s Deferral Account balance is includible in income under Code section 409A,
such portion shall be distributed immediately to the Participant. 

  
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 ARTICLE VIII 

BENEFICIARY DESIGNATION 
  

	8.01.	 Beneficiary Designation 



Each Participant shall have the right, at any time, to designate any person, persons or entity as his or her Beneficiary or Beneficiaries. A
Beneficiary designation shall be made, and may be amended, by the Participant by filing a written designation with the Administrator, on such form and in accordance with such procedures as the Administrator shall establish from time to time. 

 

	8.02.	 No Beneficiary Designation 



If a Participant or Beneficiary fails to designate a Beneficiary as provided above or if all designated Beneficiaries predecease the
Participant or his or her Beneficiary, then the Participant’s Beneficiary shall be deemed to be, in the following order: 
  

	 	a.	 the spouse or Domestic Partner of such person, if any; 



 

	 	b.	 the children of such person, if any; 



 

	 	c.	 the beneficiary of any company paid life insurance of such person, if any; 



 

	 	d.	 the beneficiary of the Executive Life Insurance of such person, if any; 



 

	 	e.	 the beneficiary of any Company-sponsored life insurance policy for which any Company pays all or part of the
premium of such person, if any; or 


  

	 	f.	 the deceased person’s estate. 



  
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 ARTICLE IX 

AMENDMENT AND TERMINATION OF PLAN 
  

	9.01.	 Amendment 



The Board or its delegate may amend or modify the Plan at any time, and the President, Chief Financial Officer, VPHR, the Benefits Governance
and Finance Committee of The Dow Chemical Company, or Global Benefits Director, each acting individually, may amend or modify the Plan at any time, provided, however, that no amendment shall be effective to decrease the balance in any Deferral
Account as accrued at the time of such amendment, nor shall any amendment otherwise have a retroactive effect. 
 Notwithstanding the
foregoing: (i) an amendment that affects only Section 16(b) Participants shall not be valid unless it is adopted or approved by the Board; and (ii) no amendment of the Plan shall apply to amounts that were earned and vested (within
the meaning of Code section 409A and regulations thereunder) under the Plan prior to 2005, unless the amendment specifically provides that it applies to such amounts. The purpose of this restriction is to prevent a Plan amendment from resulting in
an inadvertent “material modification” to amounts that are “grandfathered” and exempt from the requirements of Code section 409A. 

The authority of the President, Chief Financial Officer, VPHR, the Benefits Governance and Finance Committee of The Dow Chemical Company, and
Global Benefits Director to amend or modify the Plan under this Section 9.01 may not be delegated. 
  

	9.02.	 Company’s Right to Terminate 



The Board may at any time terminate the Plan with respect to future Participation Agreements. The Board may also terminate the Plan in its
entirety at any time for any reason, including without limitation if, in its judgment, the continuance of the Plan, the tax, accounting, or other effects thereof, or potential payments thereunder would not be in the best interests of Dow Inc. or The
Dow Chemical Company. Any plan termination made pursuant to this Section 9.02 shall be performed in a manner consistent with the requirements of Code section 409A and any regulations or other applicable guidance issued thereunder. In the event
a Participant is employed by a Company other than The Dow Chemical Company at the time distributions are made as a result of the plan termination and such Company makes the required payments to the Participant, The Dow Chemical Company shall
transfer to such Company an amount equal to the amount paid to the Participant on account of termination of the Plan. Any Company may cease participation in the Plan for any reason by notifying Dow Inc. in writing at least 30 days prior to such
Company’s cessation of participation. Payments to Participants by any such Company will commence in accordance with the terms of the Plan and the Company’s cessation of participation will otherwise comply with Code section 409A. 


  
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	9.03.	 Effect of Amendment or Termination 



Except as provided in the next sentence, no amendment or termination of the Plan shall adversely affect the rights of any Participant to
amounts credited to his Deferral Accounts as of the effective date of such amendment or termination. Upon termination of the Plan, distribution of balances in Deferral Accounts shall be made to Participants and beneficiaries in the manner and at the
time described in Article VII, unless Dow Inc. determines in its sole discretion that all such amounts shall be distributed upon termination in accordance with the requirements under Code section 409A. Upon termination of the Plan, no further
deferrals of Eligible Compensation shall be permitted; however, earnings, gains and losses shall continue to be credited to Deferral Account balances in accordance with Article VI until the Deferral Account balances are fully distributed. 

  
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 ARTICLE X 

MISCELLANEOUS 
  

	10.01.	 Unfunded Plan 



This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of
management or highly compensated employees, within the meaning of sections 201, 301 and 401 of ERISA and therefore meant to be exempt from Parts 2, 3 and 4 of Title I of ERISA. All payments pursuant to the Plan shall first be made from the general
assets of The Dow Chemical Company, as the entity primarily liable for such payments, and no special or separate fund shall be established or other segregation of assets made to assure payment. As described above, if a Participant is employed at a
Company other than The Dow Chemical Company, such Company shall pay such Participant’s Deferral Account balance to such Participant according to the terms of the Plan, and The Dow Chemical Company shall reimburse such Company for the amount of
the payment. In the event The Dow Chemical Company is insolvent or is otherwise unable to make any required payment or reimbursement to a Participant or a Company, the Company (other than The Dow Chemical Company) that employed such Participant
shall be secondarily liable for such payments from the general assets of such Company. In the event such Company is also insolvent or is otherwise unable to make any required payment, Dow Inc. shall be liable for such payments from the general
assets of Dow Inc. and its consolidated subsidiaries, taken as a whole. No Participant or other person shall have under any circumstances any interest in any particular property or assets of Dow Inc., The Dow Chemical Company or any other Company as
a result of participating in the Plan. Notwithstanding the foregoing, The Dow Chemical Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of The Dow Chemical Company’s
creditors, to assist it in accumulating funds to pay its obligations. 
  

	10.02.	 Nonassignability 



Except as specifically set forth in the Plan with respect to the designation of Beneficiaries, neither a Participant nor any other person shall
have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, 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. 

 

	10.03.	 Validity and Severability 



The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this
Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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	10.04.	 Governing Law 



The validity, interpretation, construction and performance of this Plan shall in all respects be governed by the laws of the State of Delaware,
without reference to principles of conflict of law, except to the extent preempted by federal law. 
  

	10.05.	 Employment Status 



This Plan does not constitute a contract of employment or impose on the Participant or any Company any obligation for the Participant to remain
an employee of such Company or change the status of the Participant’s employment or the policies of such Company and its affiliates regarding termination of employment. 
  

	10.06.	 Underlying Incentive Plans and Programs 



Nothing in this Plan shall prevent any Company from modifying, amending or terminating the compensation or the incentive plans and programs
pursuant to which Performance Awards are earned and which are deferred under this Plan. 
  

	10.07.	 Successors of Dow Inc. and the Company 



The rights and obligations of Dow Inc. and The Dow Chemical Company shall inure to the benefit of, and shall be binding upon, the successors
and assigns of Dow Inc. and The Dow Chemical Company, respectively. 
  

	10.08.	 Waiver of Breach 



The waiver by Dow Inc. or The Dow Chemical Company of any breach of any provision of the Plan by the Participant shall not operate or be
construed as a waiver of any subsequent breach by the Participant. 
  

	10.09.	 Notice 



Any notice or filing required or permitted to be given to Dow Inc. or The Dow Chemical Company under the Plan shall be sufficient if in writing
and hand-delivered, or sent by first class mail to the principal office of Dow Inc. or The Dow Chemical Company, as applicable, directed to the attention of the Administrator. Such notice shall be deemed given as of the date of delivery, or, if
delivery is made by mail, as of the date shown on the postmark. 
  

	10.10.	 Successor Titles or Positions 



The title of any person or entity who is assigned responsibilities under the Plan shall include any successor title to such position as such
title may be changed from time to time. 

  
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 IN WITNESS WHEREOF, Dow Inc. has caused this amended and restated Plan document to be
executed in its name and on its behalf by its officers duly authorized on this 1st day of April, 2019. 
  

			
	DOW INC.
		
	By:	 	 /s/ Karen S. Carter

	Its:	 	 Chief Human Resources Officer




  
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 APPENDIX A: Hypothetical Investment Benchmarks 

The funds offered in the Savings Plan are also offered in this plan. 

Ten Year U.S. Treasury Notes Plus Fund 
 The Angus Cash Fund is
grandfathered to existing participants. No new contributions are allowed. 

  
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