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EXHIBIT 10(a)    
    


Executives' Supplemental Retirement Plan



RESTATED AS OF

January 1, 2003

(except as otherwise provided herein)


  PREAMBLES


ESTABLISHMENT OF PLAN  



On
May 14, 1992, The Dow Chemical Company established the Executives' Supplemental Retirement Plan as an unfunded program of deferred compensation for executives, which included Part A
for Non-U.S. Service, Non-Controlled Group Service and/or Non-Covered Controlled Group Service and Part B for a Select Group of Management or Highly
Compensated Employees, Board Members, and Employees whose Benefits are Statutorily Limited. Effective March 1, 1997, The Dow Chemical Company (the "Company") has amended and restated the
Executives' Supplemental Retirement Plan (the "Plan"). The terms of this Plan supersede the terms of the Executives' Supplemental Plan in effect prior to the effective date of this Plan. Effective
January 1, 2003, Part A shall also include other benefits as specifically set forth in Section 3.04 of Part A. Such benefits are in addition to those provided under the Key
Employee Insurance Program for any Chief Executive Officers of the Company who return to executive management at the request of the Board of Directors after a period of service as a
non-executive Chairman of the Board (hereinafter "Return CEOs"). 




PURPOSE  



The
Company desires (a) to provide certain of its executives and a select group of management employees with supplemental retirement benefits that might otherwise be provided by the Dow
Employees' Pension Plan ("DEPP"), but for (i) restrictions of the exclusive benefit rule under Section 401(a) of the Internal Revenue Code (the "Code"); (ii) the inability to
grant past service, under DEPP, to highly compensated Employees without meeting the non-discrimination requirements of Section 401(a)(4) of the Code; and/or (iii) the
inability to credit service to Employees while employed by a controlled group member not covered by the DEPP, and (b) to restore benefits which are reduced under DEPP and The Dow Chemical
Company Employees' Savings Plan ("ESP") due to current and/or future statutory limitations and which are not otherwise provided by any other plan maintained by the Company. Effective January 1,
2003, the Company also desires to provide Returning CEOs with benefits in addition to those currently provided by the Key Employee Insurance Program. 




INTERPRETATION AND GOVERNING LAW  



This
Plan is intended to 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"). In the event ERISA does not preempt state
law, the state law of Michigan applies. 



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PART A  


FOR NON-U.S. SERVICE,

NON-CONTROLLED GROUP SERVICE,

AND/OR NON-COVERED CONTROLLED

GROUP SERVICE  


ARTICLE I

DEFINITIONS  


	1.01
	BENEFICIARY shall mean that person or persons designated by the Participant to receive a distribution of any amounts payable under
this Plan due to the death of the Participant. Effective January 1, 2001, the beneficiary of a Participant shall be deemed to be such Participant's spouse, if married, or their domestic partner
(effective May 1, 2002), if in a domestic partner relationship as approved by the plan administrator, unless such spouse agrees in writing to waive this right (such waiver does not apply to a
domestic partner). If the Participant is not married or in an approved domestic partner relationship and fails to designate a Beneficiary, the amounts payable under this Plan due to the death of the
Participant shall be paid in the following order: (a) to the children of the Participant; (b) to the beneficiary of the Company Paid Life Insurance of the Participant; (c) to the
beneficiary of the Executive Split Dollar Life Insurance of the Participant; (d) to the beneficiary of any Company-sponsored life insurance policy for which the Company pays all or part of the
premium of the Participant; or (e) to the deceased Participant's estate.



	1.02
	COMPANY shall mean The Dow Chemical Company and any other entity authorized to participate under the Plan.



	1.03
	EMPLOYEE shall mean someone who is employed by the Company to perform personal services in an employer-employee relationship who
receives compensation from the Company other than a retirement benefit, severance pay, retainer, or fee under contract.



	1.04
	PARTICIPANT shall mean an Employee who is entitled to a Restricted Benefit under this Plan as determined by the Plan Administrator.



	1.05
	PLAN YEAR shall mean the twelve (12) month period beginning January 1 and ending December 31.



	1.06
	RESTRICTED BENEFIT shall mean benefits restricted under the exclusive benefit rule, the inability to grant past service under DEPP to
highly compensated Employees without meeting the non-discrimination requirements of the Code, and/or the inability to credit service to Employees while employed by a controlled group
member not covered by DEPP as more specifically described in Article III. Effective January 1, 2003, RESTRICTED BENEFIT shall also mean
any additional benefit granted to Returning CEOs as described in Section 3.04 of Article III of this Part A.



	1.07
	RETIREMENT shall mean the date which the Participant commences to receive benefits under DEPP. 



Additional
definitions appear in the Preamble of the Plan. 


ARTICLE II

PARTICIPATION  


	2.01
	ELIGIBILITY AND PARTICIPATION



Each
Employee who is participating in DEPP and is specifically named by the Plan Administrator shall be eligible to participate in the Plan. Provided, however, that any Employee who is eligible for
and elects to participate in the Key Employee Insurance Program is no longer eligible to participate in this Plan and waives all rights to any benefits under this Plan, except for Returning CEOs as
defined herein. Each named Employee shall furnish such information and perform such acts as the Company may require in order to maintain such eligibility. 



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	2.02
	MEANING OF PARTICIPATION



A
Participant in the Plan shall be entitled to receive a Restricted Benefit as provided in Article III. 



	2.03
	TERMINATION OF PARTICIPATION



An
otherwise eligible Employee shall cease to actively participate in the Plan upon the earlier of the Participant's Retirement, death, termination of employment, or receipt of written notification
that he or she is no longer eligible to participate in the Plan. Thereafter, participation shall continue only for the purpose of receiving a distribution of those Restricted Benefits accrued and
vested as of the date the Participant ceased to actively participate in the Plan. 



ARTICLE III

RESTRICTED BENEFITS  


	3.01
	RESTRICTION DUE TO INABILITY TO GRANT PAST SERVICE UNDER DEPP TO HIGHLY COMPENSATED EMPLOYEES WITHOUT MEETING THE NON-DISCRIMINATION REQUIREMENTS
OF §401(a)(4) OF THE CODE
	(a)
	The
amount of retirement benefits payable under DEPP to certain Employees who transfer from a foreign entity to a U.S. entity covered by the DEPP may not include benefits for service
rendered while a non-U.S. Employee. The intent of this Section 3.01 is to provide these Employees, as named by the Plan Administrator, benefits additional to the Employee's DEPP
benefits, the benefits being equal to the value of such Employee's accrued benefits under the foreign plans at the time of transfer, subject to the restrictions in Section 3.01(b).



	(b)
	The
Restricted Benefits payable under Subsection (a) above are subject to the following:



	(i)
	Restricted
Benefits shall be calculated under the terms of DEPP in effect on the earlier of (A) termination, (B) Retirement, or (C) death, with the
exception of credited service. Credited service shall be determined according to a method determined by the Plan Administrator.



	(ii)
	If
legally permissible, Participants hereunder shall be required to waive any retirement benefits payable under any foreign plan. If such a waiver is not legally
permissible, the value of any retirement benefits received under the foreign plans shall be deducted from any Restricted Benefits payable hereunder. Such value shall be calculated according to a
method determined by the Plan Administrator.



	(iii)
	A
Participant's vested interest in his or her Restricted Benefit calculated under this Section 3.01 (i.e.,
vesting percentage) shall be determined in accordance with the vesting schedule in their current foreign plan. Such vested interest shall be determined by aggregating service earned under the foreign
plan and DEPP. In the event a Participant forfeits by waiving all or a portion of his or her Restricted Benefit due to the provisions of this Section 3.01, no other Participant shall acquire
any right to such forfeited amount except as the Company in its discretion shall provide.









	3.02
	RESTRICTION DUE TO THE EXCLUSIVE BENEFIT RULE UNDER §401(a) OF THE CODE
	(a)
	The
amount of credited service and compensation used to calculate retirement benefits under DEPP is limited to the credited service and compensation earned while an Employee of the
Company (including all members of the controlled group that have adopted DEPP). The Company, however, transfers Employees to entities that are not members of the controlled group but with which it is
affiliated. The Company also hires persons from entities that are not affiliated with the Company. The intent of this Section 3.02 is to provide Employees, as named by the Plan Administrator,
with additional benefits equal to the benefits such Employee would have earned under DEPP for his or her full period of employment with controlled group and non-controlled group entities
and, if applicable, any such service with a non-affiliated company as may be determined by the Plan Administrator, subject to Section 3.02(b).



	(b)
	The
Restricted Benefits payable under Subsection (a) above are subject to the following: 





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	(i)
	Restricted
Benefits shall be calculated under the DEPP formula in effect on the earlier of (A) termination or (B) Retirement or (C) death, using the
aggregated credited service and compensation earned while an Employee at both controlled and non-controlled group entities. This amount shall be reduced by both the benefit payable under
DEPP and the value of any retirement benefits payable under any plan of a non-controlled group employer.



	(ii)
	The
value of any retirement benefits payable under any plan of a non-controlled group employer shall be calculated according to a method determined by the
Plan Administrator.







	3.03
	RESTRICTION DUE TO EMPLOYMENT BY A MEMBER OF THE CONTROLLED GROUP NOT COVERED BY DEPP
	(a)
	The
amount of credited service and compensation used to calculate retirement benefits under DEPP is limited to the credited service and compensation earned while an Employee of the
Company (including all members of the controlled group that have adopted DEPP). However, Employees may be transferred to entities that are members of the controlled group not covered by DEPP. The
intent of this Section 3.03 is to provide such Employees, as named by the Plan Administrator, with additional benefits equal to the benefits such Employee would have earned under DEPP for his
or her full period of employment with both the Company and the member of the controlled group not covered by DEPP, subject to the restrictions in Section 3.03(b).



	(b)
	The
Restricted Benefits payable under Subsection (a) above are subject to the following:



	(i)
	Restricted
Benefits shall be calculated under the DEPP formula in effect on the earlier of (A) termination, (B) Retirement, or (C) death, using the
aggregated credited service and compensation earned while an Employee at both the Company and the member of the controlled group not covered by DEPP. This amount shall be reduced by both the benefit
payable under DEPP and the value of any retirement benefits payable under any plan of the member of the controlled group not covered by DEPP.



	(ii)
	The
value of any retirement benefits payable under any plan of the controlled group member not covered by DEPP shall be calculated according to a method determined by
the Plan Administrator.









	3.04
	ADDITIONAL RESTRICTED BENEFITS TO RETURNING CEOS
	(a)
	The
amount of the additional Restricted Benefit for Returning CEOs is (i) minus (ii) calculated as follows:



	(i)
	The
amount of benefit calculated under the terms of the Key Employee Insurance Program, modified as follows:



	(A)
	using
the highest three years of compensation, whether or not consecutive; and



	(B)
	compensation
for the calendar years 2003 and 2004 shall be the total of (1) the percentage established as of March 1 for the Executive Performance Plan target bonus
multiplied by the amount determined under (2) and (2) the base salary paid in 2003 and 2004 for the Returning CEOs. For the purposes of this Subsection (A), base salary paid in 2003 and
2004, respectively, is the total of the monthly rates for Returning CEOs in effect each month for the period from January 1 through December 31, 2003 and 2004, respectively, as posted in
Dow's Global Human Resources Information System; and



	(C)
	compensation
for the following calendar years shall be the total of the rate established as of March 1 for both (1) the Executive Performance Plan target bonus and
(2) the monthly base salary multiplied by twelve; 














provided
that the Returning CEOs do not leave the positions of President and CEO without the prior concurrence of the Board of Directors, if such departure occurs prior to December 31, 2004. 


MINUS 





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	(ii)
	The
amount of benefit calculated under the terms of the Key Employee Insurance Program without modification.






	(b)
	The
additional benefit calculated under the terms of this Section 3.04 must be taken in the same form of payment as benefits payable under the Key Employee Insurance Program. 



ARTICLE IV

DISTRIBUTION OF RESTRICTED BENEFITS  


	4.01
	PAYMENT OF RESTRICTED BENEFITS



	(a)
	Form of Payment







Benefits
under the Plan are payable in any of the following forms, as elected by the Participant: 


	(i)
	Standard Option







The
Participant's benefit under the Standard Option is payable in the same optional form as the Participant's DEPP benefit. The Standard Option benefit is determined and paid pursuant to the
provisions of DEPP. 



	(ii)
	Optional Forms of Benefit Payment









Subject
to Paragraph (d) of this Section 4.01, the following Optional Forms of Benefit Payment are available to Participants named by the Plan Administrator. The benefits of such
Participants are payable in any of the following Optional Forms of Benefit Payment, as elected by the Participant. 


	(A)
	Lump Sum Option







Under
the Lump Sum Option, the Participant's benefit hereunder is payable in a single lump sum payment. The amount of the Lump Sum Option benefit shall be equal to the greater of: 


	(1)
	the
present value of the Restricted Benefit if paid immediately using the G83U mortality table and an interest rate of eight percent (8%); or



	(2)
	the
present value of the Restricted Benefit deferred to age sixty-five (65) using the G83U mortality table and an interest rate equal to the yield rate for thirty
(30) year Treasury constant maturity securities in the Federal Reserve Statistical Release effective for the August prior to the Plan Year of distribution.






	(B)
	Monthly Installment Option









Under
the Monthly Installment Option, the Participant's benefit hereunder is payable in monthly installments over five (5), ten (10), fifteen (15), or twenty (20) years as elected by the
Participant. The amount of such monthly installment is calculated by converting the Restricted Benefit to a single lump sum payment, as described in (A) above. Each monthly installment shall be
paid in a level amount that will amortize the value of the single lump sum payment over the period of time such monthly installments are to be paid, taking into consideration distributions during such
period and post-retirement earnings as set forth in Section 4.01(d)(vi). For purposes of the calculations of the monthly installments, the value of the single lump sum payment shall
be re-determined as of the November 30th of each year and the subsequent installments will be adjusted for the next Plan Year according to procedures established by
the Plan Administrator. 






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	(C)
	Blended Option











Under
the Blended Option, a portion of the Participant's benefit, twenty-five percent (25%), fifty percent (50%), or seventy-five percent (75%), as elected by the Participant,
is payable under the Lump Sum Option and the remainder is payable under the Monthly Installment Option. The amount of the Blended Option is calculated pursuant to the provisions of (A) and
(B) above. 





	(b)
	Date of Payment



	(i)
	Standard Option









Under
the Standard Option, the Participant's benefit hereunder is payable in the same month as the Participant's DEPP benefit. 



	(ii)
	Optional Forms of Benefit Payment





Under
any Optional Form of Benefit Payment that is properly elected by the participant under Section 4.10(a)(ii), the Participant's benefit hereunder is payable in the January of the year
following the year of the Participant's Retirement. 




	(c)
	Benefit Payments Payable Upon Death



	(i)
	Death Before Retirement









If
a Participant makes an election while an active Employee, or a terminated Participant makes an election prior to Retirement, and dies, such Participant's election shall revert to the Standard
Option. 


Under
the Standard Option, the survivor benefit hereunder is determined and paid pursuant to the provisions of DEPP. 



	(ii)
	Death After Retirement







In
the event the Participant dies after the Participant has started to receive benefit payments under this Plan, the type and amount of survivor benefits will vary depending upon the form of benefit
election made by the Participant under Subsection 4.01(a) of the Plan. 


	(A)
	Standard Option







Under
the Standard Option, the survivor benefit hereunder is determined and paid pursuant to the provisions of DEPP. 



	(B)
	Optional Forms of Payment



	(1)
	Lump Sum Option













Under
the Lump Sum Option, if the Participant has received the single lump sum payment, no other benefits are payable hereunder. If the Participant dies prior to receiving such single lump sum
payment, the single lump sum payment will be made to the Participant's Beneficiary. 



	(2)
	Monthly Installment Option











Under
the Monthly Installment Option, if the Participant dies prior to receiving benefit payments for the period elected, then benefits will continue to the Participant's Beneficiary for the remainder
of the period elected. However, if the remaining account balance is to be paid to an estate, it will be paid out in a lump sum. 







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	(3)
	Blended Option











Under
the Blended Option, the Participant's Beneficiary would receive any benefits which have not been paid to the Participant prior to such Participant's death. If the portion elected as a single
lump sum payment was not paid to the Participant prior to death, such portion would be paid as a single lump sum payment to the Participant's Beneficiary, and if the Participant dies prior to
receiving monthly installment benefit payments for the period elected, then monthly installment benefits will continue to the Participant's Beneficiary for the remainder of the period elected.
However, if the remaining account balance is to be paid to an estate, it will be paid out in a lump sum. 






	(d)
	Miscellaneous



	(i)
	No election







Participants
entitled to a benefit under the Plan who do not make an election of an Optional Form of Benefit Payment in writing prior to termination from employment, Retirement, or death, shall be
deemed to have elected the Standard Option, except as subject to d(ii)(A). 



	(ii)
	Small Benefits



	(A)
	Effective
July 1, 1999, at the time of Retirement, if the present value of a Participant's Restricted Benefits, as determined under this Section 4.01(a)(ii)(A) above, is
equal to or less than twenty-five thousand dollars ($25,000), the benefits will be paid under the Lump Sum Option.



	(B)
	At
the time of Retirement, if a Participant elects the Monthly Installment Option and the monthly payment is less than three hundred dollars ($300) per month, the Company, in its sole
discretion, may shorten the elected payment period in five-year increments.






	(iii)
	Thirteen (13) Month Election Period







Participants
entitled to a benefit under the Plan must elect in writing, at least thirteen (13) months prior to Retirement, the Optional Form of Benefit Payment. 


	(A)
	Election made less than thirteen (13) months prior to Retirement.—If election of an Optional Form of Benefit Payment
is not made at least thirteen (13) months prior to Retirement, the Participant may:



	(1)
	defer
Retirement sufficiently so that Plan payments do not begin until the subsequent January and at least thirteen (13) months after the written election; or



	(2)
	receive
payment in accordance with the election of an Optional Form of Benefit Payment at the date of payment indicated in Subsection (b)(ii) of this Section 4.01
subject to a ten- percent (10%) penalty.






	(B)
	The
preceding Subsection (A) shall not apply:



	(1)
	if
the Participant's Retirement is within thirteen (13) months after the initial 1997 spring enrollment,



	(2)
	if
the Participant's termination of employment is involuntary, or



	(3)
	upon
the Participant's death. 








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	(iv)
	Changing an Election







This Section 4.01(d)(iv) only applies to Participants who are eligible for the Optional Forms of Benefit.



A
Participant may change his or her election at any time. However, subject to subsection 4.01(d)(iii)(B), changes made as follows will subject the benefits payable hereunder to a ten percent (10%)
penalty: 


	(A)
	any
change made less than thirteen (13) months prior to the date of payment as set forth in Section 4.01(b); or



	(B)
	any
change made after benefits payments have commenced; however, if an Optional Form of Benefit was elected, it cannot be changed to the Standard Option. 






The
ten percent (10%) penalty will be retained by the Company. 



	(v)
	Withdrawal







Participants
who elect the Monthly Installment Option or the Blended Option may withdraw up to one hundred percent (100%) of the value of their benefit at any time after payment begins subject to the
following: 


	(A)
	The
value of the Participant's benefit immediately prior to withdrawal is subject to the ten percent (10%) penalty set forth in (d)(iv) above;



	(B)
	Only
one (1) withdrawal may be made in a Plan Year; and



	(C)
	All
withdrawals are paid as single lump sum payments.






	(vi)
	Post-Retirement Earnings







A
Participant who elects the Lump Sum Option, the Monthly Installment Option, or the Blended Option shall have earnings credited on the value of his or her benefit from the later of: 


	(A)
	the
date of the Participant's Retirement; or



	(B)
	the
date which is thirteen (13) months after the Participant's most recent option election under the Plan 










through
the date of full distribution. Subsection (B) above shall not apply if the Participant's Retirement or voluntary termination of employment is within thirteen (13) months after
the initial 1997 spring enrollment. 


Earnings
shall be credited at an effective annual rate equal to one hundred twenty-five percent (125%) of the one hundred twenty (120) month rolling average of the ten
(10) year U.S. Treasury Notes. The rate will change each January 1 based on such average as of the preceding September 30th, subject to a minimum rate of eight
percent (8%). 





	4.02
	CHANGE IN CONTROL



Change
in Control shall mean a change in control of the Company of a nature that would be required to be reported in response to Item 5(f) of Schedule 14A of Regulation 14A promulgated
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), whether or not the Company is then subject to such reporting requirement, provided that, without limitation, a Change in
Control shall be deemed to have occurred if: 



56







 

	(a)
	any
individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, or any syndicate or group deemed to be a person under
Section 14(d)(2) of the Exchange Act, is or becomes the "beneficial owner" (as defined in Rule 13d-3 of the General Rules and Regulations under the Exchange Act), directly or
indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company's then outstanding securities entitled to vote in the election of directors of the
Company; or



	(b)
	during
any period of two (2) consecutive years (not including any period prior to the execution of this Plan), individuals who at the beginning of such period constitute the
Board of Directors and any new directors, whose election by the Board of Directors or nomination for election by the Company's stockholders was approved by a vote of at least three quarters
(3/4) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for
any reason to constitute a majority thereof. A change in control shall not be deemed to be a Change in Control for purposes of this Plan if the Board of Directors has approved such change in control
prior to either:



	(i)
	the
occurrence of any of the events described in the foregoing clauses (a) and (b), or



	(ii)
	the
commencement by any person other than the Company of a tender offer for the Common Stock. 







In
the event of such Change in Control, the vested Restricted Benefits under Sections 3.01, 3.02 and 3.03 shall become payable immediately and shall be paid as a single lump sum payment within ninety
(90) days of the Change in Control. The value of such single lump sum payment shall be the present value of the monthly Restricted Benefit as of the date of Change in Control calculated
pursuant to Section 4.01(a)(ii)(A). 



ARTICLE V

RESTRICTED BENEFITS FUND  


	5.01
	FINANCING OF RESTRICTED BENEFITS



The
entire cost of providing benefits under the Plan shall be paid by the Company out of its current operating budget, and the Company shall not be required under any circumstances to fund its
obligations under the Plan. Notwithstanding the foregoing, the Company may, at its sole option, informally fund its obligations under the Plan in whole or in part by the creation of book reserves, the
establishment of a grantor trust, the purchase of insurance and other assets, or by other means. In no event shall any Participant or Beneficiary have any incidents of ownership to any such insurance
contracts or other assets. In addition, no Participant or Beneficiary shall be named a beneficiary under any such insurance contract. If the Company informally funds the Plan, in whole or in part, the
manner of such informal funding and the continuance or discontinuance of such informal funding shall be the sole decision of the Company. 



	5.02
	GENERAL CREDITOR



The
Participant, and/or Beneficiary, shall be regarded as an unsecured general creditor of the Company with respect to any rights derived by the Participant, and/or Beneficiary, from the existence of
this Plan. Title to and beneficial ownership of any Company assets (including any assets that may be held in trust) which may be used to satisfy the Company's obligation for payment of Restricted
Benefits shall remain solely the property of the Company. 



	5.03
	LIABILITY OF COMPANY



Nothing
in this Plan shall constitute the creation of a trust or other fiduciary relationship between the Company, its agents, representatives or other Employees dealing with the Plan and the
Participant, Beneficiary or any other person. The obligations of the Company under the Plan shall be an unfunded and unsecured promise to pay. 



	5.04
	ASSIGNMENT



No
rights under this Plan may be assigned, transferred, pledged or encumbered by any Participant or Beneficiary. The obligations and rights of the Company under this Plan may be encumbered in the
event of the Company's insolvency. 



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ARTICLE VI

MISCELLANEOUS  


	6.01
	PLAN IS BINDING



This
Plan shall be binding upon and inure to the benefit of the Company, participating Employees and their respective successors, assigns, heirs, personal representatives, executors, administrators,
Beneficiaries, and legatees. 



	6.02
	ENTIRE PLAN



This
document constitutes the entire Plan and no representations or other actions by a Company Employee or representative may modify the rights and obligations set forth in the Plan. 



	6.03
	NO GUARANTEE OF EMPLOYMENT



Nothing
in this Plan shall be construed as an employment contract or as a guarantee of employment for any period of time. 



	6.04
	GOVERNING LAW





In
the event that ERISA does not preempt state law, the state law of Michigan applies. 



	6.05
	TERMINATION



The
Company reserves the right to terminate the Plan completely subject to the conditions set forth below. Such termination shall have prospective application only and shall not reduce or impair a
Participant's right to Restricted Benefits accrued and vested as of the date of termination. Each Participant shall receive written note of the termination of the Plan describing the action taken in
detail. 



	6.06
	WITHHOLDING TAXES



The
Company shall have the right to withhold taxes from any payments made pursuant to the Plan, or make such other provisions as it deems necessary or appropriate to satisfy its obligations to
withhold federal, state, local or foreign income or other taxes incurred by reason of payments pursuant to the Plan. In lieu thereof, the Company shall have the right, to the extent permitted by law,
to withhold the amount of such taxes from any other sums due or to become due from the Company to the Participant or any Beneficiary upon such terms and conditions as the Company may prescribe. 



	6.07
	OVERPAYMENTS



If
any overpayment of benefits is made under this Plan, the amount of the overpayment may be set-off against future amounts payable to or on account of the person who received the
overpayment until the overpayment has been recovered. The foregoing remedy is not intended to be exclusive. 



ARTICLE VII

PLAN ADMINISTRATION  


	7.01
	ADMINISTRATION



This
Plan is administered by the Compensation Committee of the Board of Directors of the Company who may delegate any or all of its responsibilities to a Plan Administrator. The Plan Administrator is
authorized to amend the Plan, construe and interpret all Plan provisions, to adopt rules concerning the implementation of Plan provisions, and to make any determinations necessary or appropriate
hereunder which shall be binding and conclusive on all parties except as otherwise provided by the Plan Administrator. Any amendment shall have prospective application only and shall not reduce or
impair a Participant's right to Restricted Benefits accrued and vested as of the date such amendment is made. Each Participant shall receive written notice of the amendment or termination of the Plan
describing the action taken in detail. 



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	7.02
	CLAIMS SUBMISSION AND REVIEW PROCEDURE



Any
disputed claim for benefits must be submitted in writing to the Company. In the event that any claim for benefits hereunder is denied (in whole or in part), the claimant shall receive from the
Company, within 90 days after its receipt of the benefit claim, a written notice setting forth the specific reasons for denial, with specific reference to pertinent provisions of this Plan,
unless special circumstances require an extension of time for processing the claim. The notice shall be written in a manner calculated to be understood by the claimant. If an extension of time is
required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. In no event shall such extension exceed a period of
90 days from the end of the initial period. The claimant may make a written request for review of any such denial by the Company within 60 days following the date of such denial. The
claimant shall be entitled to submit such issues or comments, in writing, as he or she shall consider relevant to a determination of the claim. The Plan Administrator shall notify the claimant of its
decision in writing no later than 60 days following receipt of the claimant's request, unless specific circumstances require an extension of time for processing, in which case the Plan
Administrator's decision shall be rendered no later than 120 days after receipt of such request for review. The interpretations and construction of the Plan by the Plan Administrator shall be
binding and conclusive on all persons and for all purposes. Notwithstanding the above, any disagreement may be submitted to the Board of Directors or the Plan Administrator for resolution provided
that all interested parties agree to be bound by the decision. No member of the Board of Directors, Company management or the Plan Administrator shall be liable to any person for any action taken
hereunder except for those actions undertaken with lack of good faith. 




PART B



FOR A SELECT GROUP OF MANAGEMENT OR

HIGHLY COMPENSATED EMPLOYEES, BOARD MEMBERS,

AND EMPLOYEES WHOSE BENEFITS ARE STATUTORILY LIMITED  


  
  ARTICLE I
  DEFINITIONS    
    


	1.01
	BENEFICIARY shall mean that person or persons designated by the Participant to receive a distribution of any amounts payable under
this Plan due to the death of the Participant. Effective January 1, 2001, the beneficiary of a Participant shall be deemed to be such Participant's spouse, if married, or their domestic partner
(effective May 1, 2002), if in a domestic partner relationship as approved by the plan administrator, unless such spouse agrees in writing to waive this right (such waiver does not apply to a
domestic partner). If the Participant is not married or in an approved domestic partner relationship and fails to designate a Beneficiary, the amounts payable under this Plan due to the death of the
Participant shall be paid in the following order: (a) to the children of the Participant; (b) to the beneficiary of the Company Paid Life Insurance of the Participant; (c) to the
beneficiary of the Executive Split Dollar Life Insurance of the Participant; (d) to the beneficiary of any Company-sponsored life insurance policy for which the Company pays all or part of the
premium of the Participant; or (e) to the deceased Participant's estate.



	1.02
	COMPANY shall mean The Dow Chemical Company and any other entity authorized to participate under the Plan.



	1.03
	COMPENSATION shall mean:



	(a)
	compensation
as defined under DEPP without regard to Code limitations,



	(b)
	compensation,
if any, granted by the Compensation Committee recognized for supplemental pension purposes but excluded under DEPP, which shall include deferred compensation, and/or



	(c)
	non-covered
compensation,, if any, as shall be deemed by the Compensation Committee, such as deferred compensation, the value of deferred stock, dividend units, and/or
restricted stock awarded under circumstances other than those described in Subsection (b) of this Section 1.03 and which do not constitute compensation for purposes of DEPP. 





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	1.04
	EMPLOYEE shall mean someone who is employed by the Company.



	1.05
	PARTICIPANT shall mean an Employee:



	(a)
	who
is a Board member who is an officer or Employee of the Company and who may relinquish line responsibility,



	(b)
	whose
benefits under DEPP are limited by the Employee Retirement Income Security Act of 1974 (ERISA), or



	(c)
	who
is in a select group of management or is a highly compensated employee, as determined by the Plan Administrator, who receives forms of compensation that do not constitute
compensation as defined in DEPP.






	1.06
	PLAN YEAR shall mean the twelve (12) month period beginning January 1 and ending December 31.



	1.07
	RETIREMENT shall mean the date which the Participant commences to receive benefits under DEPP.



	1.08
	SUPPLEMENTAL RETIREMENT BENEFITS shall mean benefits which are reduced under DEPP and ESP due to current and/or future statutory
limitations and which are not otherwise provided by any other plan maintained by the Company. 



        Additional
definitions appear in the Preamble of the Plan. 


 
  ARTICLE II
  PARTICIPATION    
    


	2.01
	ELIGIBILITY AND PARTICIPATION



Each
Employee who is specifically named by the Plan Administrator shall be eligible to participate in the Plan. Provided, however, that any Employee who is eligible for and elects to participate in
the Key Employee Insurance Program is no longer eligible to participate in this Plan and waives all rights to any benefits under this Plan. Each named Employee shall furnish such information and
perform such acts as the Company may require in order to maintain such eligibility. 



	2.02
	MEANING OF PARTICIPATION



A
Participant in the Plan shall be entitled to receive a Supplemental Retirement Benefit as provided in Article III. 



	2.03
	TERMINATION OF PARTICIPATION



An
otherwise eligible Employee shall cease to actively participate in the Plan upon the earlier of the Participant's Retirement, death, termination of employment, or receipt of written notification
that he or she is no longer eligible to participate in the Plan. Thereafter, participation shall continue only for the purpose of receiving a distribution of those benefits accrued and vested as of
the date the Participant ceased to actively participate in the Plan. 



 
  ARTICLE III
  SUPPLEMENTAL RETIREMENT BENEFITS    
    


	3.01
	SUPPLEMENTAL RETIREMENT BENEFITS



The
amount of Supplemental Retirement Benefits payable to a Participant under Part B of this Plan equals the benefit which would be payable to or on behalf of the Participant under DEPP if
Compensation as defined in Section 1.03 of the Plan were substituted for compensation as defined in DEPP and the provisions of DEPP providing for the limitation of benefits in accordance with
Sections 415 and 401(a)(17) of the Internal Revenue Code were inapplicable, less the benefit actually payable to or on behalf of the Participant under DEPP (and of the benefits under any other private
retirement plan deducted there from pursuant to Section 9 of Article IV of DEPP). 



60







 

If
a Participant in this Plan is not a Participant in DEPP, but is covered by another retirement plan or plans maintained by the Company or a subsidiary, a Supplemental Retirement Benefit may be
computed and paid based as near as practicable upon the principles set forth in this Section 3.01 as shall be determined by the Plan Administrator. 


A
Participant's vested interest in his or her Supplemental Retirement Benefit calculated under this Section 3.01 (i.e., vesting percentage) shall
be determined in accordance with the vesting schedule in DEPP. 



 
  ARTICLE IV
  DISTRIBUTION AND FORM OF
  SUPPLEMENTAL RETIREMENT BENEFITS    
    


	4.01
	PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFITS



	(a)
	Form of Payment







Benefits
under the Plan are payable in any of the following forms, as elected by the Participant: 


	(i)
	Standard Option





The
Participant's benefit under the Standard Option is payable in the same optional form as the Participant's DEPP benefit. The Standard Option benefit is determined and paid pursuant to the
provisions of DEPP. 



	(ii)
	Optional Forms of Benefit Payment







Subject
to Paragraph (d) of this Section 4.01, the following Optional Forms of Benefit Payment are available to Participants named by the Plan Administrator. The benefits of such
Participants are payable in any of the following Optional Forms of Benefit Payment, as elected by the Participant. 


	(A)
	Lump Sum Option











Under
the Lump Sum Option, the Participant's benefit hereunder is payable in a single lump sum payment. The amount of the Lump Sum Option benefit shall be equal to the greater of: 


	(1)
	the
present value of the Restricted Benefit if paid immediately using the G83U mortality table and an interest rate of eight percent (8%); or



	(2)
	the
present value of the Restricted Benefit deferred to age sixty-five (65) using the G83U mortality table and an interest rate equal to the yield rate for thirty
(30) year Treasury constant maturity securities in the Federal Reserve Statistical Release effective for the August prior to the Plan Year of distribution.






	(B)
	Monthly Installment Option









Under
the Monthly Installment Option, the Participant's benefit hereunder is payable in monthly installments over five (5), ten (10), fifteen (15), or twenty (20) years as elected by the
Participant. The amount of such monthly installment is calculated by converting the Restricted Benefit to a single lump sum payment, as described in (A) above. Each monthly installment shall be
paid in a level amount that will amortize the value of the single lump sum payment over the period of time such monthly installments are to be paid, taking into consideration distributions during such
period and post-retirement earnings as set forth in Section 4.01(d)(vi). For purposes of the calculations of the monthly installments, the value of the single lump sum payment shall
be re-determined as of the November 30th of each year and the subsequent installments will be adjusted for the next Plan Year according to procedures established by
the Plan Administrator. 






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	(C)
	Blended Option









Under
the Blended Option, a portion of the Participant's benefit, twenty-five percent (25%), fifty percent (50%), or seventy-five percent (75%), as elected by the Participant,
is payable under the Lump Sum Option and the remainder is payable under the Monthly Installment Option. The amount of the Blended Option is calculated pursuant to the provisions of (A) and
(B) above. 





	(b)
	Date of Payment



	(i)
	Standard Option









Under
the Standard Option, the Participant's benefit hereunder is payable in the same month as the Participant's DEPP benefit. 



	(ii)
	Optional Forms of Benefit Payment





Under
any Optional Form of Benefit Payment that is properly elected by the Participant under Section 4.01(a)(ii), the Participant's benefit hereunder is payable in the January of the year
following the year of the Participant's Retirement. 




	(c)
	Benefit Payments Payable Upon Death



	(i)
	Death Before Retirement









If
a Participant makes an election while an active Employee, or a terminated Participant makes an election prior to Retirement, and dies, the Participant's election shall revert to the Standard
Option. 


Under
the Standard Option, the survivor benefit hereunder is determined and paid pursuant to the provisions of DEPP. 



	(ii)
	Death After Retirement







In
the event the Participant dies after the Participant has started to receive benefit payments under this Plan, the type and amount of survivor benefits will vary depending upon the form of benefit
election made by the Participant under Subsection 4.01(a) of the Plan. 


	(A)
	Standard Option











Under
the Standard Option, the survivor benefit hereunder is determined and paid pursuant to the provisions of DEPP. 



	(B)
	Optional Forms of Payment



	(1)
	Lump Sum Option













Under
the Lump Sum Option, if the Participant has received the single lump sum payment, no other benefits are payable hereunder. If the Participant dies prior to receiving such single lump sum
payment, the single lump sum payment will be made to the Participant's Beneficiary. 



	(2)
	Monthly Installment Option











Under
the Monthly Installment Option, if the Participant dies prior to receiving benefit payments for the period elected, then benefits will continue to the Participant's 







62







 





Beneficiary
for the remainder of the period elected. However, if the remaining account balance is to be paid to an estate, it will be paid out in a lump sum. 



	(3)
	Blended Option











Under
the Blended Option, the Participant's Beneficiary would receive any benefits which have not been paid to the Participant prior to such Participant's death. If the portion elected as a single
lump sum payment was not paid to the Participant prior to death, such portion would be paid as a single lump sum payment to the Participant's Beneficiary, and if the Participant dies prior to
receiving benefit payments for the period elected, then monthly installment benefits will continue to the Participant's Beneficiary for the remainder of the period elected. However, if the remaining
account balance is to be paid to an estate, it will be paid out in a lump sum. 






	(d)
	Miscellaneous



	(i)
	No election







Participants
entitled to a benefit under the Plan who do not make an election of an Optional Form of Benefit Payment in writing prior to their termination from employment, Retirement, or death, shall
be deemed to have elected the Standard Option, except as subject to d(ii)(A). 



	(ii)
	Small Benefits



	(A)
	Effective
July 1, 1999, at the time of Retirement, if the present value of a Participant's Restricted Benefits, as determined under this Section 4.01(a)(ii)(A) above, is
equal to or less than twenty-five thousand dollars ($25,000), the benefits will be paid under the Lump Sum Option.



	(B)
	At
the time of Retirement, if a Participant elects the Monthly Installment Option and the monthly payment is less than three hundred dollars ($300) per month, the Company, in its sole
discretion, may shorten the elected payment period in five-year increments.






	(iii)
	Thirteen (13) Month Election Period







Participants
entitled to a benefit under the Plan must elect in writing, at least thirteen (13) months prior to Retirement, the Optional Form of Benefit Payment. 


	(A)
	Election made less than thirteen (13) months prior to Retirement.—If election of an Optional Form of Benefit Payment
is not made at least thirteen (13) months prior to Retirement, the Participant may:



	(1)
	defer
Retirement sufficiently so that Plan payments do not begin until the subsequent January and at least thirteen (13) months after the written election; or



	(2)
	receive
payment in accordance with the election of an Optional Form of Benefit Payment at the date of payment indicated in Subsection (b)(ii) of this Section 4.01
subject to a ten percent (10%) penalty.






	(B)
	The
preceding Subsection (A) shall not apply:



	(1)
	if
the Participant's Retirement is within thirteen (13) months after the initial 1997 spring enrollment,



	(2)
	if
the Participant's termination of employment is involuntary, or



	(3)
	upon
the Participant's death. 








63







 






	(iv)
	Changing an Election







This Section 4.01(d)(iv) only applies to Participants who are eligible for the Optional Forms of Benefit.



A
Participant may change his or her election at any time. However, subject to subsection 4.01(d)(iii)(B), changes made as follows will subject the benefits payable hereunder to a ten percent (10%)
penalty: 


	(A)
	any
change made less than thirteen (13) months prior to the date of payment as set forth in Section 4.01(b); or



	(B)
	any
change made after benefits payments have commenced; however, if an Optional Form of Benefit was elected, it cannot be changed to the Standard Option. 






The
ten percent (10%) penalty will be retained by the Company. 



	(v)
	Withdrawal







Participants
who elect the Monthly Installment Option or the Blended Option may withdraw up to one hundred percent (100%) of the value of their benefit at any time after payment begins subject to the
following: 


	(A)
	The
value of the Participant's benefit immediately prior to withdrawal is subject to the ten percent (10%) penalty set forth in (d)(iv) above;



	(B)
	Only
one (1) withdrawal may be made in a Plan Year; and



	(C)
	All
withdrawals are paid as single lump sum payments.






	(vi)
	Post-Retirement Earnings







A
Participant who elects the Lump Sum Option, the Monthly Installment Option, or the Blended Option shall have earnings credited on the value of his or her benefit from the later of: 


	(A)
	the
date of the Participant's Retirement; or



	(B)
	the
date which is thirteen (13) months after the Participant's most recent option election under the Plan 








through
the date of full distribution. Subsection (B) above shall not apply if the Participant's Retirement or voluntary termination of employment is within thirteen (13) months after
the initial 1997 spring enrollment 


Earnings
shall be credited at an effective annual rate equal to one-hundred twenty-five percent (125%) of the one-hundred twenty (120) month rolling average
of the ten (10) year U.S. Treasury Notes. The rate will change each January 1 based on such average as of the preceding September 30th, subject to a minimum rate of
eight percent (8%). 





64







 




	4.02
	CHANGE IN CONTROL



Change
in Control shall mean a change in control of the Company of a nature that would be required to be reported in response to Item 5(f) of Schedule 14A of Regulation 14A promulgated
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), whether or not the Company is then subject to such reporting requirement, provided that, without limitation, a Change in
Control shall be deemed to have occurred if: 


	(a)
	any
individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, or any syndicate or group deemed to be a person under
Section 14(d)(2) of the Exchange Act, is or becomes the "beneficial owner" (as defined in Rule 13d-3 of the General Rules and Regulations under the Exchange Act), directly or
indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company's then outstanding securities entitled to vote in the election of directors of the
Company; or



	(b)
	during
any period of two (2) consecutive years (not including any period prior to the execution of this Plan), individuals who at the beginning of such period constitute the
Board of Directors and any new directors, whose election by the Board of Directors or nomination for election by the Company's stockholders was approved by a vote of at least three quarters
(3/4) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for
any reason to constitute a majority thereof. A change in control shall not be deemed to be a Change in Control for purposes of this Plan if the Board of Directors has approved such change in control
prior to either:



	(i)
	the
occurrence of any of the events described in the foregoing clauses (a) and (b), or



	(ii)
	the
commencement by any person other than the Company of a tender offer for the Common Stock. 







In
the event of such Change in Control, the vested Restricted Benefits under Section 3.01, 3.02 and 3.03 shall become payable immediately and shall be paid as a single lump sum payment within
ninety (90) days of the Change in Control. The value of such single lump sum payment shall be the present value of the monthly Restricted Benefit as of the date of Change in Control calculated
pursuant to Section 4.01(a)(ii)(A). 



 
 

ARTICLE V
  SUPPLEMENTAL RETIREMENT BENEFITS FUND    
    


	5.01
	FINANCING OF SUPPLEMENTAL RETIREMENT BENEFITS



The
entire cost of providing benefits under the Plan shall be paid by the Company out of its current operating budget, and the Company shall not be required under any circumstances to fund its
obligations under the Plan. Notwithstanding the foregoing, the Company may, at its sole option, informally fund its obligations under the Plan in whole or in part by the creation of book reserves, the
establishment of grantor trust, the purchase of insurance and other assets, or by other means. In no event shall any Participant or Beneficiary have any incidents of ownership to any such insurance
contracts or other assets. In addition, no Participant or Beneficiary shall be named a beneficiary under any such insurance contract. If the Company informally funds the Plan, in whole or in part, the
manner of such informal funding and the continuance or discontinuance of such informal funding shall be the sole decision of the Company. 



	5.02
	GENERAL CREDITOR



The
Participant and/or Beneficiary shall be regarded as an unsecured general creditor of the Company with respect to any rights derived by the Participant and/or Beneficiary, from the existence of
this Plan. Title to and beneficial ownership of any Company assets (including any assets that may be held in trust) which may be used to satisfy the Company's obligation for payment of Restricted
Benefits shall remain solely the property of the Company. 



	5.03
	LIABILITY OF COMPANY



Nothing
in this Plan shall constitute the creation of a trust or other fiduciary relationship between the Company, its agents, representatives or other Employees dealing with the Plan and the
Participant, Beneficiary or any other person. The obligations of the Company under the Plan shall be an unfunded and unsecured promise to pay. 



65







 
	5.04
	ASSIGNMENT



No
rights under this Plan may be assigned, transferred, pledged or encumbered by any Participant or Beneficiary. The obligations and rights of the Company under this Plan may be encumbered in the
event of the Company's insolvency. 



 
 

ARTICLE VI
  MISCELLANEOUS    
    


	6.01
	PLAN IS BINDING



This
Plan shall be binding upon and inure to the benefit of the Company, participating Employees and their respective successors, assigns, heirs, personal representatives, executors, administrators,
Beneficiaries and legatees. 



	6.02
	ENTIRE PLAN



This
document constitutes the entire Plan and no representations or other actions by a Company Employee or representative may modify the rights and obligations set forth in the Plan. 



	6.03
	NO GUARANTEE OF EMPLOYMENT



Nothing
in this Plan shall be construed as an employment contract or as a guarantee of employment for any period of time. 



	6.04
	GOVERNING LAW



In
the event that ERISA does not preempt state law, the state law of Michigan applies. 



	6.05
	TERMINATION



The
Company reserves the right to terminate the Plan completely subject to the conditions set forth below. Such termination shall have prospective application only and shall not reduce or impair a
Participant's right to Supplemental Retirement Benefits accrued and vested as of the date of termination. Each Participant shall receive written note of the termination of the Plan describing the
action taken in detail. 



	6.06
	WITHHOLDING TAXES



The
Company shall have the right to withhold taxes from any payments made pursuant to the Plan, or make such other provisions as it deems necessary or appropriate to satisfy its obligations to
withhold federal, state, local or foreign income or other taxes incurred by reason of payments pursuant to the Plan. In lieu thereof, the Company shall have the right, to the extent permitted by law,
to withhold the amount of such taxes from any other sums due or to become due from the Company to the Participant or any Beneficiary upon such terms and conditions as the Company may prescribe. 



	6.07
	OVERPAYMENTS



If
any overpayment of benefits is made under this Plan, the amount of the overpayment may be set-off against future amounts payable to or on account of the person who received the
overpayment until the overpayment has been recovered. The foregoing remedy is not intended to be exclusive. 



66







 
ARTICLE VII

PLAN ADMINISTRATION  


	7.01
	ADMINISTRATION AND AMENDMENT



This
Plan is administered by the Compensation Committee of the Board of Directors of the Company who may delegate any or all of its responsibilities to a Plan Administrator. The Plan Administrator is
authorized to amend the Plan, construe and interpret all Plan provisions, to adopt rules concerning the implementation of Plan provisions, and to make any determinations necessary or appropriate
hereunder which shall be binding and conclusive on all parties except as otherwise provided by the Plan Administrator. Any amendment shall have prospective application only and shall not reduce or
impair a Participant's right to Supplemental Retirement Benefits accrued and vested as of the date such amendment is made. Each Participant shall receive written notice of the amendment or termination
of the Plan describing the action taken in detail. 



	7.02
	CLAIMS SUBMISSION AND REVIEW PROCEDURE



Any
disputed claim for benefits must be submitted in writing to the Company. In the event that any claim for benefits hereunder is denied (in whole or in part), the claimant shall receive from the
Company, within 90 days after its receipt of the benefit claim, a written notice setting forth the specific reasons for denial, with specific reference to pertinent provisions of this Plan,
unless special circumstances require an extension of time for processing the claim. The notice shall be written in a manner calculated to be understood by the claimant. If an extension of time is
required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. In no event shall such extension exceed a period of
90 days from the end of the initial period. The claimant may make a written request for review of any such denial by the Company within 60 days following the date of such denial. The
claimant shall be entitled to submit such issues or comments, in writing, as he or she shall consider relevant to a determination of the claim. The Plan Administrator shall notify the claimant of its
decision in writing no later than 60 days following receipt of the claimant's request, unless specific circumstances require an extension of time for processing, in which case the Plan
Administrator's decision shall be rendered no later than 120 days after receipt of such request for review. The interpretations and construction of the Plan by the Plan Administrator shall be
binding and conclusive on all persons and for all purposes. Notwithstanding the above, any disagreement may be submitted to the Board of Directors or the Plan Administrator for resolution provided
that all interested parties agree to be bound by the decision. No member of the Board of Directors, Company management, or the Plan Administrator shall be liable to any person for any action taken
hereunder except for those actions undertaken with lack of good faith. 



67











QuickLinks



EXHIBIT 10(a)



ARTICLE I DEFINITIONS

ARTICLE II PARTICIPATION

ARTICLE III SUPPLEMENTAL RETIREMENT BENEFITS

ARTICLE IV DISTRIBUTION AND FORM OF SUPPLEMENTAL RETIREMENT BENEFITS

ARTICLE V SUPPLEMENTAL RETIREMENT BENEFITS FUND

ARTICLE VI MISCELLANEOUS