Document:

EXHIBIT 10(s)  

Summary Plan Description for:

The Dow Chemical Company

Company-Paid Life Insurance Plan

Employee-Paid Life Insurance Plan

Dependent Life Insurance Plan  

 (Applicable to Active Salaried Employees and Active Hourly Employees Whose Collective Bargaining Unit have Agreed to this Plan)

Amended and Restated: October 1, 2004

For the Plan Year Beginning: January 1, 2005  

This
Summary Plan Description (SPD) is updated annually on the Dow Intranet. 

See
also the Choices enrollment brochures, which are published annually for summaries of the most recent modifications to this SPD. Copies of any of the above can be found on the Dow Intranet or by
requesting a copy from the Human Resources (HR) Service Center, Employee Development Center, Midland, MI 48674, telephone 877-623-8079 or 989-638-8757.
Summaries of modifications may also be published from time to time in Dow's Newsline publication or by separate letter. 

Overview  

        This booklet is the Summary Plan Description (SPD) for The Dow Chemical Company Group Life Insurance Program's Company-Paid Life Insurance Plan
("Company-Paid Life Insurance Plan"). It is also the SPD for The Dow Chemical Company Employee-Paid and Dependent Life Insurance Program's Employee-Paid Life
Insurance Plan ("Employee-Paid Life Insurance Plan") and Dependent Life Insurance Plan ("Dependent Life Insurance Plan"). These plans are collectively referred to in this SPD as "Plans".
Individually, each plan may be referred to as "Plan", in its respective Chapter of this SPD. References to "Dow" refer collectively to The Dow Chemical Company and its subsidiaries and affiliates
authorized to participate in the Plans. 

        Chapter
One applies to the Company-Paid Life Insurance Plan. The Company-Paid Life Insurance Plan is part of The Dow Chemical Company Group Life Insurance Program
(ERISA Plan #507). It provides group term life insurance coverage underwritten by Metropolitan Life Insurance Company ("MetLife"). The premium is paid by Dow. It provides automatic coverage for
eligible Employees. 

        Chapter
Two applies to the Employee-Paid Life Insurance Plan. It is part of The Dow Chemical Company Employee-Paid Life Insurance and Dependent Life Insurance
Program (ERISA Plan #515). It provides group term life insurance coverage underwritten by MetLife. You must enroll for, and pay the premiums for this coverage. 

        Chapter
Three applies to the Dependent Life Insurance Plan. It is part of The Dow Chemical Company Employee-Paid and Dependent Life Insurance Program (ERISA Plan #515). It
provides group term life insurance coverage underwritten by MetLIfe. You must enroll for, and pay the premiums for this coverage. 

        Words
that are capitalized are either defined in this SPD or the applicable Plan Document. The applicable Plan Document for the Company-Paid Life Insurance Plan is The Dow
Chemical Company Group Life Insurance Program Plan Document. The applicable Plan Document for the Employee-Paid Life Insurance and Dependent Life Insurance Plans is The Dow Chemical
Company Employee-Paid Life Insurance and Dependent Life Insurance Program Plan Document. The Plan Documents are available by requesting from the applicable Plan Administrator listed in the  ERISA Information section of this SPD. 

        References
to "Participating Employer" refer to The Dow Chemical Company or any other corporation or business entity The Dow Chemical Company authorizes to participate in the Plans with
respect to its Employees. The terms "Dow" and "Participating Employers" have the same meaning, and may be used interchangeably in this SPD. The term "Employee" means: a person who: 

	a.
	is
employed by a Participating Employer to perform personal services in an employer-employee relationship which is subject to taxation under the Federal Insurance Contribution Act or
similar federal statute; and

	b.
	receives
payment for services performed for the Participating Employer directly from the Company's U.S. Payroll Department, or another Participating Employer's U.S. Payroll Department;
and 

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	c.
	is
either a Salaried individual who is classified by the Participating Employer as having "regular full-time status" or
"less-than-full-time status", or a Bargained-for individual who is classified by the Participating Employer as having "regular full-time
active status", and

	d.
	if
Localized, is Localized in the U.S., and

	e.
	If
on an international assignment, is either a U.S. citizen or Localized in the U.S. 

The
definition of "Employee" does not include an individual who performs services for the benefit of a Participating Employer if his compensation is paid by an entity or source other than the
Company's U.S. Payroll Department or another Participating Employer's U.S. payroll Department. Further, the definition of "Employee" does not include any individual who is characterized by the
Participating Employer as an independent contractor, contingent worker, consultant, contractor, or similar term. These individuals are not "Employees" (with a capital "E") for purposes of the Plan
even if such an individual is determined by a court or regulatory agency to be a "common law employee" of a Participating Employer. 

Chapter One  

 Company-Paid Life Insurance  

Plan Description  

        The Company-Paid Life Insurance Plan provides coverage of either one half times (1/2X) or one times (1X) your base annual salary depending on whether
you are an Hourly Employee or a Salaried Employee. If you are an Hourly Employee, the amount will depend on the applicable collective bargaining agreement. MetLife is the named fiduciary for making
decisions as to whether a Claim for Benefits is payable. 

        As
of January 1, 2005, the following plans have been merged into the Company-Paid Life Insurance Plan: The Dow Chemical Company Group Life Insurance Program's Michigan
Hourly Company-Paid Life Insurance Plan; The Dow Chemical Company Group Life Insurance Program's Hampshire Hourly Company-Paid Life Insurance Plan; and The Dow Chemical Company
Group Life Insurance Program's ANGUS Hourly Company-Paid Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of The Dow Chemical Company Group Life
Insurance Program's Company-Paid Life Insurance Plan. 

        The
Company-Paid Life Insurance Plan is referred to in Chapter One as the "Plan". 

Eligibility  

Salaried Employees  

        Salaried Employees of a Participating Employer with regular, active, Full-Time or Less-Than-Full-Time status are
eligible and are automatically covered under this Plan1, except as follows: 

	1.
	Employees
enrolled in the Key Employee Insurance Program ("KEIP") are not eligible for active Employee or Retiree Company-Paid Life Insurance coverage, except that on the
later of "program completion date" or "retirement" (as those terms are defined in KEIP), if the Employee would otherwise have been eligible for coverage under the Company-Paid Life
Insurance Plan, the Employee may resume eligibility for the Plan; and

	2.
	Employees
who were enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan ("Dow Split Dollar") on September 30, 2002, who have not waived their rights
under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement, are not eligible for coverage under the Company-Paid Life Insurance Plan. 

Hourly Employees  

        Eligibility of Hourly Employees depends on whether the applicable collective bargaining unit and the Participating Employer have agreed to this Plan. With respect
to a collective bargaining agreement that specifically addresses which Employees are eligible or not eligible for this Plan, the terms of such collective bargaining agreement shall govern. If the
terms of the collective bargaining agreement specify that Hourly Employees shall be provided this Plan, but does not specifically address the category of Employees that are eligible or not eligible,
then the Plan will provide eligibility to regular, active Employees with Full Time status who are members of the collective bargaining group. 

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 Employees on a Leave of Absence  

        Employees who are on a family or medical leave of absence approved by a Participating Employer, which leave of absence provides for eligibility for coverage under
the Plan are eligible for coverage as specified by the terms and conditions of the leave of absence. If you are on a "Benefit Protected Leave of Absence", you are also eligible for coverage. A
"Benefit Protected Leave of Absence" is a leave of absence, designated as a "Benefit Protected Leave of Absence", for an Employee or group of Employees that is approved in writing by the Vice
President of Human Resources during which an Employee who is not actively working for Dow may continue coverage under the Plan. Benefit Protected Leaves of Absences automatically expire after three
(3) months, or upon the Employee's return to active work with Dow, whichever occurs first. The Vice President of Human Resources may renew a Benefit Protected Leave of Absence. Such renewal
must be in writing. You may also be eligible if you are approved by the Participating Employer for certain other leaves of absences. Check the Plan Document for more information. 

 Disabled Employees  

        If you are being paid a benefit from The Dow Chemical Company Long Term Disability Income Protection Plan ("LTD"), The Dow Chemical Company Michigan Hourly
Contract Disability Plan, or The Dow Chemical Company Texas Operations Total and Permanent Disability Plan, you may be eligible under the Plan. See the Special Coverage for
Certain Disabled Persons section of this SPD. 

 Plan Administrator Determines Eligibility  

        The Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the
Plan and to make findings of fact. Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. 

        If
you want to file a Claim for a Determination of Eligibility because you are not sure whether you are eligible to participate in the Plan, or have been told that you are not,
see the Claims Procedures Appendix of this SPD. 

Enrollment  

        Completing an enrollment card is necessary only to name your beneficiary. You may waive coverage. If you want to waive coverage, you must provide written
notification to the Dow Benefits Center. 

Employee Contribution  

        Dow provides Company-Paid Life Insurance at no cost to you. 

Amount of Coverage.  

 Maximum Coverage  

        The maximum amount of coverage available is $1.5 million2. 

 Salaried Employees  

        If you are a Salaried Employee, your benefit under this Plan is equal to one times (1X) your base annual salary, rounded up to the next $1,000. Your coverage
automatically is adjusted as your base salary changes. 

 Michigan Operations Hourly Employees  

        If you are an Hourly Employee who is actively employed at Michigan Operations Midland or Ludington facilities, your benefit is equal to one-half times
(1/2X) your annual pay calculated using your base hourly rate, rounded up to the next $1,000. Your coverage automatically is adjusted each January 1 based on your hourly rate on the preceding
December 1. 

 Union Carbide Employees  

        If you are a Union Carbide employee, your benefit will be determined using your annual pay at Union Carbide as of December 31, 2001, as determined under
the provisions of the Union Carbide Basic Life Insurance Plan until your annual base salary calculated under the normal provisions of the Plan exceed such amount. At that time, the Plan will no longer
retain the December 31, 2001 Union Carbide annual pay information and will look solely to the annual base salary calculated under the normal provisions of the Plan to determine the amount of
your coverage. 

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Special Coverage for Certain Disabled Persons  

 The Dow Chemical Company Long Term Disability Income Protection Plan ("LTD")  

Effective January 1, 2006, if your date of Full Disability (as defined under LTD) is on or after January 1, 2006, you are eligible for
coverage when your LTD benefit payments begin. The following applies to you:

If
you have less than ten (10) years of service under DEPP or UCEPP, you are eligible for up to either 12 months or 24 months of company paid life insurance coverage... Coverage
ends prior to the expiration of the 12 month or 24 month period if you no longer qualify for LTD status. The 12 month period applies if you have less than one
(1) year of service under DEPP or UCEPP. The 24 month period applies if you have more than one (1) year of service, but less than ten (10) years of service under DEPP or
UCEPP. Currently, if you have ten (10) or more years of service you are eligible for coverage until you are no longer eligible to receive payments from LTD. 

The
amount of coverage is the same as the amount of coverage you had under the applicable company paid life insurance plan on your last day on the payroll (either 1/2 X or 1X).
Currently, the Company pays the cost of this coverage. 

If your date of Full Disability (as defined under LTD) is prior to January 1, 2006, you are eligible for coverage when your LTD benefit
payments begin. The following applies to you:

You
are eligible for the same amount of coverage you had under the applicable company paid life insurance plan on your last day on the payroll (either 1/2 X or 1X). Currently, the
Company pays the cost of this coverage. Currently, coverage continues until you are no longer eligible to receive payments from LTD. 

You
are also eligible for an additional amount of coverage, which is determined by the amount of Employee-Paid Life coverage you were enrolled in as an active Employee immediately prior to
being approved to receive LTD payments, but not to exceed 1X (For example, if you were enrolled for 6X as an active Employee, your coverage would be reduced to 1X). Currently, the Company pays
the cost of this coverage. Currently, coverage continues until you are no longer eligible to receive payments from LTD. 

        For
salaried employees, base annual salary is used to calculate the life insurance amount. For bargained-for employees, annual pay calculated using your base hourly rate is
used. 

 Texas Total and Permanent Disability  

        If you were enrolled in the Texas Operations Hourly Total and Permanent Disability Plan (T&P Plan) and you were deemed to be "totally and permanently disabled" by
the plan administrator of that plan, you are eligible for additional coverage under the Company-Paid Life Insurance Plan equal to the amount of coverage you were enrolled in under the
Texas Operations Hourly Optional Life Insurance Contributory Plan (Contributory Life) at the time you became totally and permanently disabled. The following provisions apply to you: 

	•
	If
it is determined that you were "totally and permanently disabled" prior to age 60 by the administrator of the T&P Plan, you have 10 years of service, and you have
been off work for nine months due to a disability, you will continue to have the amount of Contributory Life coverage you had in effect when you were an active employee until you are no longer
"totally and permanently disabled", as determined by the plan administrator of the T&P Plan. Currently, this coverage is provided under the Company-Paid Life Insurance Plan at no cost to
you. At age 65, coverage ends. Coverage ends earlier if you are no longer eligible for benefits under the T&P Plan.

	•
	If
it is determined that you were "totally and permanently disabled" by the administrator of the T&P Plan, and you have less than 10 years of service and are disabled
prior to age 60, you will continue to have the amount of Contributory Life coverage you had in effect when you were an active employee until you are no longer "totally and permanently disabled", as
determined by the plan administrator of the T&P Plan. This coverage will be 

145

 

provided
under the Company-Paid Life Insurance Plan at no cost to you. At age 65, coverage ends. Coverage ends earlier if you are no longer eligible for benefits under the T&P Plan. 

	•
	The
T&P Plan administrator may require proof of total and permanent disability annually. If you are no longer totally and permanently disabled under the T&P Plan, or
otherwise eligible for benefits under the T&P Plan, your insurance coverage ends. It is expected that disabled employees will be under the care of a physician. 

 Contract Disability Participants  

        If you have been determined to be "totally and permanently disabled" by the claims administrator of The Dow Chemical Company Michigan Hourly Contract Disability
Plan ("Contract Disability Plan"), and are receiving benefit payments from that plan, the same coverage you had as an active Employee will continue until you are age 65. Eligibility for coverage ends
earlier if you no longer are eligible for benefit payments under the Contract Disability Plan. If you are receiving benefit payments from the Contract Disability Plan and are age 65 or older, your
coverage will be determined by applying the appropriate percentage from the following table to your base annual hourly rate effective the day before you qualified to receive benefit payments under the
Contract Disability Plan, with a minimum of $5,000. 

	Your Age
 
	 	Percentage

	65	 	50 percent
	66	 	30 percent
	67	 	10 percent
	68	 	5 percent

        On
and after your 70th birthday, the amount of your Retiree Company-Paid Life Insurance benefits will be $5,000. Currently, the Company pays the cost of this
coverage. 

Effective Dates of Coverage.  

        Beginning.    Your coverage begins on your first day of active employment
as an Employee of a Participating Employer, unless you were a former participant of The Dow Chemical Company Executive Split Dollar Life Insurance Plan or the Union Carbide Corporation Executive Life
Insurance Plan as described above in the Eligibility section, in which case your coverage begins the first day of the month following the termination of your participation in such executive life
insurance plan. 

        Ending/Conversion.    Coverage ends 31 days after you no longer meet
the eligibility requirements of the Plan. During this 31-day period, you may convert your Company-Paid coverage to an individual non-term life insurance policy
through MetLife without having to prove insurability. You must file a conversion application with MetLife and make the required premium payment to MetLife within 31 days of the date your
Dow coverage is lost or decreases. Contact the Dow HR Service Center to obtain a form for converting your coverage. Once you have obtained the form, contact the MetLife Conversion Group at
1-800-MET-LIFE or 1-800-638-5433 to file your form, or to obtain further information. 

        The
cost of this individual coverage will probably be significantly higher than your group plan. Although not required, providing proof of insurability may help reduce your cost. 

Reporting Imputed Income  

        The Internal Revenue Code requires that the cost of Company-Paid Life Insurance in excess of $50,000 be reported as taxable income ("imputed income".
This imputed income will be reported on your W-2 Form in addition to your other taxable income. Former participants of The Dow Chemical Company Split Dollar Life Insurance Plan and the
Union Carbide Corporation Executive Life Insurance Plan are not eligible for the $50,000 exclusion. 

        The
cost of your Company-Paid Life Insurance in excess of $50,000 is based on a Uniform Premium Table established by the federal government. 

Benefit Payment  

        Naming Your Beneficiary.    You designate your beneficiary on the
Company-Paid Life Beneficiary Designation form, available from the Intranet or the HR Service Center. A contingent beneficiary is recommended. If you fail to name a beneficiary, your
benefit will be paid to your estate. 

        You
may change your beneficiary whenever you choose by completing a beneficiary change form. Beneficiary changes are not effective until the date they are received and processed by the
Dow Benefits Center. You will receive written notification of your beneficiary change. 

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        Payment Options.    In the event of your death, your beneficiary should
contact the HR Service Center. The beneficiary on record must complete and sign a claim form to receive benefits, and a certified death certificate must be provided to MetLife to disburse the life
insurance proceeds. To file a Claim for a Plan Benefit, see Claims Procedures Appendix of this SPD. 

Funding  

        Dow pays the entire premium for the Company-Paid Life Insurance Plan. MetLife pays the benefits under an insurance policy. MetLife may combine the
experience for the policy with other policies held by Dow. This means that the costs of these coverages may be determined on a combined basis, and the costs accumulated from year to year. Favorable
experience under one or more coverages in a particular year may offset unfavorable experience on other coverages in the same year or offset unfavorable experience of coverages in prior years. Policy
dividends declared by MetLife for the Company-Paid Life Insurance Plan are used to reduce Dow's cost for the coverage in the same and prior years. 

Accelerated Benefit Option (ABO)  

        Under the Accelerated Benefit Option, if you have been diagnosed as having a terminal illness, you may receive a portion of your Company-Paid Life
Insurance and Employee-Paid Life Insurance benefits before death. Having access to life proceeds at this important time could help ease
financial and emotional burdens. In order to use ABO, you must be covered for at least $10,000 from your Company-Paid Life Insurance and/or Employee-Paid Life Insurance. You
may receive an accelerated benefit of up to 50 percent (minimum $5000 and maximum $250,000) of your Company-Paid Life Insurance and/or Employee-Paid Life Insurance if,
as a result of an injury or sickness you are diagnosed as terminally ill, with six months or less to live, and from which there is no reasonable prospect of recovery. A claim form can be obtained from
the Dow Benefits Center and must be completed and returned for evaluation and approval by MetLife. 

Your Rights  

        You have certain rights under the Plan and are entitled to certain information by law. Be sure to review the Filing a Claim
section, Appealing a Denial of Claims section, Fraud Against the Plan section,  Grievance
Procedure section, Your Legal Rights section, ERISA
Enforcement section, Welfare Benefits section, The Company's Right to Amend, Modify, and Terminate the
Plans section, Disposition of Plan Assets if the Plan is Terminated section, For More
Information section, Important Note section, and ERISA Information section at
the end of this SPD. 

Chapter Two  

 Employee-Paid Life Insurance  

Plan Description  

        Under the Employee-Paid Life Insurance Plan, you may select the amount of your coverage in multiples of one-half times (1/2X) your base
annual salary up to two and a half times (21/2 X) or six times (6X) your base annual pay, depending on whether you are an Hourly Employee or you are a Salaried Employee. If you
are an Hourly Employee, the amount will depend on the applicable collective bargaining agreement. The Employee-Paid Life Insurance Plan
is a group term life insurance plan. The benefits are insured by a group term life insurance policy underwritten by Metropolitan Life Insurance Company (MetLife). MetLife pays the benefits under the
Plan. In addition, MetLife is the named fiduciary for making decisions as to whether a Claim for Benefits is payable. 

        As
of January 1, 2005, the following plans have been merged into the Employee-Paid Life Insurance Plan: Hampshire Chemical Corporation Hourly Optional Group Life
Insurance Program's Employee-Paid Life Insurance Plan; ANGUS Chemical Company Hourly Optional Group Life Insurance Program's Employee-Paid Life Insurance Plan. Such plans no
longer exist as separate plans, but are now a part of the Employee-Paid Life Insurance Plan. 

        The
Employee-Paid Life Insurance Plan is referred to in Chapter Two as the "Plan". 

Eligibility  

 Salaried Employees  

        Salaried Employees of a Participating Employer with regular, active, Full-Time or Less-Than-Full-Time status are
eligible. 

 Hourly Employees  

        Eligibility of Hourly Employees depends on whether the applicable collective bargaining unit and the Participating Employer have agreed to this Plan. With respect
to a collective bargaining agreement that specifically addresses which Employees are eligible or not eligible for this Plan, the terms of such collective bargaining agreement shall govern. If the 

147

 

terms
of the collective bargaining agreement specify that Hourly Employees shall be provided this Plan, but does not specifically address the category of Employees that are eligible or not eligible,
then the Plan will provide eligibility to regular, active Employees with Full Time status who are members of the collective bargaining group. 

 Employees on a Leave of Absence  

        Employees who are on a family or medical leave of absence approved by a Participating Employer, which leave of absence provides for eligibility for coverage under
the Plan are eligible for coverage as specified by the terms and conditions of the leave of absence. If you take an educational, sabbatical or unpaid ambassador leave of absence that has been approved
by the Participating Employer, you may continue the coverage you had as an active employee up to two times (2X) your base annual salary, for the duration of your leave. 

        If
you are on a "Benefit Protected Leave of Absence", you are also eligible for coverage. A "Benefit Protected Leave of Absence" is a leave of absence, designated as a "Benefit Protected
Leave of Absence", for an Employee or group of Employees that is approved in writing by the Vice President of Human Resources during which an Employee who is not actively working for Dow may continue
coverage under the Plan. Benefit Protected Leaves of Absences automatically expire after three (3) months, or upon the Employee's return to active work with Dow, whichever occurs first. The
Vice President of Human Resources may renew a Benefit Protected Leave of Absence. Such renewal must be in writing. You may also be eligible if you are approved by the Participating Employer for
certain other leaves of absences. Check the Plan Document for more information. 

 Disabled Employees  

        If you are being paid a benefit from The Dow Chemical Company Long Term Disability Income Protection Plan ("LTD") you may be eligible under the Plan. See the
Special Employee Paid Coverage for Certain Disabled Persons section of this SPD. 

 Plan Administrator Determines Eligibility  

        The Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the
Plan and to make findings of fact. Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. 

        If
you want to file a Claim for a Determination of Eligibility because you are not sure whether you are eligible to participate in the Plan, or have been told that you are not,
see the Claims Procedures Appendix of this SPD. 

 Enrollment  

        To obtain Employee-Paid Life Insurance coverage, phone enroll during annual enrollment or complete an enrollment form, available from the HR Service
Center or the Dow Intranet. You may enroll: 

	•
	On
or before your employment date, with coverage to begin on your first day of work if you provide a copy of your birth certificate or other proof of your age that the Plan
Administrator deems appropriate. If you do not provide proof of your age that is satisfactory to the Plan Administrator within the time required by the Plan Administrator, you will not be covered.

	•
	Within
90 days after your first day of active employment with coverage to begin on your enrollment date if you provide a copy of your birth certificate or other proof
of your age that the Plan Administrator deems appropriate. If you do not provide proof of your age that is satisfactory to the Plan Administrator within the time required by the Plan Administrator,
you will not be covered.

	•
	Within
90 days of a change in your personal status such as Marriage/Domestic Partnership a change in your Spouse's/Domestic Partner's employment, or the addition of a
Dependent child, provided you are actively at work. Coverage begins on the date your enrollment form is received by the HR Service Center, or you enroll by calling the HR Service Center, provided the
HR Service Center receives proof of change in status and proof of age that is satisfactory to the Plan Administrator within the time required. If you do not provide the requisite proofs that are
satisfactory to the Plan Administrator within the time required by the Plan Administrator, you will not be covered.

	•
	During
the Choices enrollment period, you will be allowed to increase your coverage by 1 increment (one-half times (1/2X) base annual salary) provided you are
actively at work and you do not exceed the amount you are eligible to enroll in.

	•
	At
any other time you are actively at work, by providing proof of insurability, your coverage begins on the date that MetLife accepts your proof of insurability. You must
pay for a physical examination if one is required to prove insurability. 

148

 

        Failure
to provide the prerequisite proofs will result in cancellation of coverage, including retroactive cancellation, and may require you to reimburse the Plan for any benefits paid by
the Plan. The Plan Administrator may request proof of your age at any time. 

Employee Contribution  

        Your contribution, made through post tax payroll deductions, is based on your annual base salary. In addition, your contribution is based on your age and whether
you are a "non-tobacco-user". As your age and salary change, your deductions will be automatically adjusted. You are considered a "non tobacco-user" by the Plan if
you have not used a tobacco product in the last 12 months. If you quit using tobacco, you are considered a "non-tobacco-user" as of the first day of the month after you
complete 12 non-tobacco-using months. If you are a tobacco user, you are considered a tobacco user as of the first day you use tobacco. Administratively, you will not be adjusted to
tobacco user deductions until the first of the month following the tobacco use. A false or out of date statement regarding tobacco use may result in benefits not being paid. 

        Current
rates are listed in your Choices enrollment brochure. These costs are reviewed and revised periodically. 

        If
you are on a leave of absence approved by the Participating Employer that provides eligibility under this Plan, the Plan Administrator has the full discretion to make special
administrative arrangements as
are necessary, such as deferring Employee contributions on a temporary basis during the leave of absence, and requiring the Employee to repay premiums when the Employee returns to work, or any other
arrangements the Plan Administrator deems appropriate. 

        If
the last payroll period for a Plan Year occurs partly during a current Plan Year and partly during the next Plan Year, the Plan Administrator has the full and complete discretion to
modify the Participant contributions in any way that the Plan Administrator deems administratively efficient, including modifying the Participant contributions for the last payroll period without the
Participant's consent. 

Amount of Coverage  

 Salaried Employees and Hourly Employees of Applicable Collective Bargaining Groups (Not Applicable to Hourly Employees Employed by Michigan Operations)(Also not applicable to Long Term Disability
Participants)  

        You may purchase coverage in increments equal to one-half times (1/2X) your annual base salary, rounded up to the next $1,000. The maximum coverage
allowable is equal to six times (6X) your annual salary up to a $1.5 million limit3. If you are a Union Carbide employee, your benefit will be determined using your annual pay at
Union Carbide as of December 31, 2001, as determined under the provisions of the Union Carbide Basic Life Insurance Plan until your annual base salary calculated under the normal provisions of
the Plan exceed such amount. At that time, the Plan will no longer retain the December 31, 2001, Union Carbide annual pay information and will look solely to the annual base salary calculated
under the normal provisions of the Plan to determine the amount of your coverage. 

 Special Employee Paid Coverage for Certain Disabled Persons  

        You may be eligible for coverage if you are being paid benefits from The Dow Chemical Company Long Term Disability Income Protection Plan ("LTD")
under the following circumstances: 

If your approval for LTD status is on or after January 1, 2006 the following applies to you:

If
you have less than ten (10) years of service under DEPP or UCEPP, you are eligible for up to either 12 months or 24 months of Employee-Paid life insurance coverage
beginning on the effective date of your approval for LTD status. Coverage ends prior to the expiration of the 12 month or 24 month period if you no longer qualify for LTD
status. The 12 month period applies if you have less than one (1) year of service under DEPP or UCEPP. The 24 month period applies if you have more than one (1) year of
service, but less than ten (10) years of service under DEPP or UCEPP. If you have ten (10) or more years of service under DEPP or UCEPP, you are eligible for coverage. Currently,
eligibility for coverage ends if you are no longer eligible to receive payments from LTD. 

The
amount of coverage will depend on the amount of coverage you had on your last day on the payroll. If you had 1/2X, then the coverage amount is 1/2 X. If you had 1X or
more, then the amount is limited to 1X. You will be required to pay the same premiums active employees pay. 

149

   Increasing or Decreasing Coverage  

        You may increase the amount of your coverage (but not above the maximum amount you are eligible for): 

	•
	Within
90 days of a change in your personal status, such as Marriage, Domestic Partnership, a change in your Spouse's/Domestic Partner's employment, or the addition
of a Dependent child, provided you are actively at work and provided the HR Service Center receives proof of change in status that is satisfactory to the Plan Administrator.

	•
	At
any time you are actively at work, by providing proof of insurability to MetLife. You must pay for a physical examination, if one is required to prove insurability.

	•
	During
Choices enrollment you may increase one increment (1/2X) without providing proof of insurability, provided you are actively at work. 

        You
may decrease the amount of your coverage any time by completing an enrollment form, available from the HR Service Center or the Dow Intranet. 

Effective Dates of Coverage  

        Beginning.    Your coverage generally begins on your date of enrollment and
when you meet the enrollment requirements outlined in this booklet. If you are not actively at work, any increase to your life insurance will not be effective until you return to work. 

        Ending/Conversion.    Coverage ends 31 days after you no longer meet
the eligibility requirements of the Plan. During this 31 day period, you may convert your plan coverage to an individual non-term life insurance policy through MetLife without
having to prove insurability. You must file a conversion application with MetLife and make the required premium payment to MetLife within 31 days of the date your Dow coverage is lost or
decreases. Contact the Dow HR Service Center to obtain a form for converting your coverage. Once you have obtained the form, contact the MetLife Conversion Group at
1-800-MET-LIFE or 1-800-638-5433 to file your form, or to obtain further information. 

        The
cost of this individual coverage will probably be significantly higher than your group plan. Although not required, providing proof of insurability may help reduce your cost. 

Benefit Payment  

        Naming Your Beneficiary:    You may elect a beneficiary by completing and
returning an Employee-Paid Life Beneficiary Designation form. Your beneficiary election is not effective until the completed form is received and processed by the Dow Benefits Center. You
will receive written notification of your beneficiary change. You may obtain a beneficiary form from the Dow Intranet or the HR Service Center. If you do not designate a beneficiary, then the default
beneficiary will be the same as the beneficiary on your Company-Paid Life Insurance. If you are not eligible for Company-Paid Life Insurance, and you are enrolled in KEIP or
Post-65 Executive Life, then the default beneficiary is the same as your beneficiary for the 1X Life Insurance Benefit Portion under the Key Employee Insurance Program or
Post-65 Executive Life. 

        If
there is no beneficiary designation or default beneficiary in effect, the life insurance benefit will be paid to the Employee's estate. 

        Payment Options.    In the event of your death, your beneficiary should
contact the HR Service Center. A certified death certificate must be provided to MetLife to disburse the life insurance proceeds. To file a Claim for a Plan
Benefit, see Claims Procedures Appendix of this SPD. 

Funding  

        Employees pay the entire premium for coverage. The benefits under the Employee-Paid Life Insurance Plan and the Dependent Life Insurance Plan are not
combined for experience with the other insurance coverages. Favorable experience under the Employee-Paid Life Insurance Plan and the Dependent Life Insurance Plan in a particular year may
offset unfavorable experience in prior years. It is not anticipated that there will be any dividends declared for the Employee-Paid Life
Insurance Plan and the Dependent Life Insurance Plan based on the manner in which the insurer has determined the premium rates. 

Joint Insurance Arrangement  

        Dorinco Reinsurance Company (Dorinco) and MetLife, Inc. (MetLife) have entered into an arrangement that is allowed by the U.S. Department of Labor pursuant
to Prohibited Transaction Exemption 96-62 and 29 CFR Part 2570, subpart B. [DOL Final Authorization Number 2001-17E (May 14, 2001)]. Under
this arrangement, MetLife has or will write the coverage for the Plan and Dorinco will assume a percentage of the risk. Under the insurance arrangement between MetLife and Dorinco, MetLife and Dorinco
will each be liable to pay the agreed upon percentage of each death benefit claim in respect of a Plan 

150

 

Participant.
When a claim for benefits is approved, Dorinco will transfer its percentage of each death benefit claim to MetLife. MetLife will then pay the full amount of the claim. If MetLife is
financially unable to pay the portion of the claim, Dorinco will be obligated to pay the full amount of the claim directly. Similarly, if Dorinco is financially unable to pay its designated percentage
of a particular claim, MetLife will be obligated to pay the entire amount of the claim. Neither MetLife nor Dorinco will charge the Plan any administrative fees, commissions or other consideration as
a result of the participation of Dorinco. 

Accelerated Benefit Option (ABO)  

        Under the Accelerated Benefit Option, if you have been diagnosed as having a terminal illness, you may receive a portion of your Company-Paid Life
Insurance and Employee-Paid Life Insurance benefits before death. Having access to life proceeds at this important time could help ease
financial and emotional burdens. In order to use ABO, you must be covered for at least $10,000 from your Company-Paid Life Insurance and/or Employee-Paid Life Insurance. You
may receive an accelerated benefit of up to 50 percent (minimum $5000 and maximum $250,000) of your Company-Paid Life Insurance and/or Employee-Paid Life Insurance if,
as a result of an injury or sickness you are diagnosed as terminally ill, with six months or less to live, and from which there is no reasonable prospect of recovery. A claim form can be obtained from
the Dow Benefits Center and must be completed and returned for evaluation and approval by MetLife. 

Your Rights  

        You have certain rights under the Plan and are entitled to certain information by law. Be sure to review the Filing a Claim  section,
Appealing a Denial of Claims section, Fraud Against the Plan section,
Grievance
Procedure section, Your Legal Rights section, ERISA Enforcement section,  Welfare Benefits section, The Company's Right to Amend, Modify, and Terminate the Plans section,  Disposition of Plan Assets if the Plan is Terminated section,
For More Information section,  Important Note section, and ERISA Information section at the end of this SPD.

Chapter Three  

 Dependent Life Insurance  

Plan Description  

        The Dependent Life Insurance Plan provides coverage for your eligible family members at group rates. The benefits are insured by a group term life insurance
policy underwritten by Metropolitan Life Insurance Company (MetLife). MetLife pays the benefits under the Plan. In addition, MetLife is the named fiduciary for making decisions as to whether a Claim
for Benefits is payable. 

        As
of January 1, 2005, the following plans have been merged into the Dependent Life Insurance Plan: Hampshire Chemical Corporation Hourly Optional Group Life Insurance Program's
Dependent Life Insurance Plan; ANGUS Chemical Company Hourly Optional Group Life Insurance Program's Dependent Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of
the Dependent Life Insurance Plan. 

        The
Dependent Life Insurance Plan is referred to in Chapter Three as the "Plan"". 

Eligibility  

 Salaried Employees:  

        Salaried Employees of a Participating Employer with regular, active, Full-Time or Less-Than-Full-Time status are
eligible. 

 Bargained-for Employees:  

        Eligibility of Bargained-for Employees depends on whether the applicable collective bargaining unit and the Participating Employer have agreed to this
Plan. With respect to a collective bargaining agreement that specifically addresses which Employees are eligible or not eligible for this Plan, the terms of such collective bargaining agreement shall
govern. If the terms of the collective bargaining agreement specify that Bargained for Employees shall be provided this Plan, but does not specifically address the category of Employees that are
eligible or not eligible, then the Plan will provide eligibility to regular active Employees with Full Time status who are members of the collective bargaining group. 

 Employees on a Leave of Absence:  

        Eligible Employees on a family or medical leave of absence approved by Dow or a Participating Employer are also eligible to insure eligible Dependents under this
Plan. If both you and your Spouse/Domestic Partner are eligible Employees, each may insure the other, but only one of you may insure your Dependent children. 

        If
you are on a "Benefit Protected Leave of Absence", you are also eligible to insure your eligible Dependent. A "Benefit Protected Leave of Absence" is a leave of absence, designated as
such, for an Employee or group of Employees that is approved in writing by the Vice President of Human Resources during which an Employee who is not actively working for 

151

 

Dow
may continue coverage under the Plan. Benefit Protected Leaves of Absences automatically expire after three (3) months, or upon the Employee's return to active work with Dow, whichever
occurs first. The Vice President of Human Resources may renew a Benefit Protected Leave of Absence. Such renewal must be in writing. 

        You
may also be eligible to insure an eligible Dependent if you are approved by the Participating Employer for certain other leaves of absences. Check the Plan Document for more
information. 

 Plan Administrator Determines Eligibility  

        The Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the
Plan and to make findings of fact. Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. If you want to file a Claim for a Determination
of Eligibility because you are not sure whether you are eligible to participate in the Plan, or have been told that you are not, see the Claims Procedures
Appendix of this SPD. 

        Run-out
claims under ERISA Plan #505 (which was terminated effective 12-31-99) for covered claims that were incurred but not yet paid under that plan,
will be paid from this Plan. 

Dependent Eligibility  

        You may insure your Spouse/Domestic Partner. In addition, you may insure your Dependent child(ren). To be eligible for coverage, a Dependent child (age
15 days to 25 years) must be principally supported by you and may be: 

	•
	A
natural or legally-adopted child.

	•
	A
stepchild permanently residing in your household.

	•
	A
child for whom you or your Spouse/Domestic Partner is the legal guardian, supported solely by you and permanently residing in your household. 

        Generally,
your child is not eligible if he or she is: 

	•
	Already
covered as a dependent of another Dow employee. All covered children in a family must be enrolled by the same parent.

	•
	Married
or ever has been married.

	•
	Employed
full-time.

	•
	Age
25 years or older, unless the dependent relationship continues because of a physical or mental handicap. Contact the HR Service Center if this applies to you. 

        A
Dependent Spouse, Domestic Partner or child is also not eligible if he or she resides outside the United States and Canada or is in the military. 

Enrollment  

        To enroll for Dependent Life Insurance coverage, enroll through the annual Choices enrollment period or complete an enrollment form, available from the Intranet
or the HR Service Center as described below. You may enroll: 

	•
	On
or before your date of hire, with coverage to begin on your first day of work if you complete the enrollment form and submitted proof of Dependent eligibility and proof
of age. Failure to provide the required proofs satisfactory to the Plan Administrator within the time required will result in no coverage.

	•
	Within
90 days after your first day of active employment, with coverage to begin on your submission of the completed enrollment form and proof of Dependent
eligibility and proof of age. Failure to provide the required proofs satisfactory to the Plan Administrator within the time required will result in no coverage.

	•
	Within
90 days of a change in your personal status such as Marriage, Domestic Partnership, or the addition of a Dependent child, provided you are actively at work.
Coverage begins on the date that the HR Service Center receives your enrollment form or you enroll by calling the HR Service Center. Failure to provide the required proofs satisfactory to the Plan
Administrator within the time required will result in no coverage.

	•
	During
the Choices Enrollment period, provided you are actively at work. You will be allowed to increase your Dependent Spouse/Domestic Partner coverage by one increment.
There is no incremental limit on increased coverage for Dependent child(ren) during Choices Enrollment.

	•
	At
any other time you are actively at work, by providing proof of insurability. Your coverage begins on the date that MetLife accepts your proof of insurability. You must
pay for a physical examination, if one is required to prove insurability. 

152

 

        The
Plan Administrator may request proof of Dependent eligibility and proof of age at any time. Proof may consist of a birth certificate, passport, adoption papers, marriage license,
statement of Domestic Partnership or any other proof that the Plan Administrator deems appropriate. Failure to provide proof of Dependent eligibility and proof of age within the time period required
will result in no Dependent coverage. 

        If
you enrolled for coverage for your Dependent(s) and fail to provide proof of Dependent eligibility or proof of age satisfactory to the Plan Administrator within the time period
required, and the Plan determines that your Dependent(s) is or are not covered, the Plan reserves the right not to refund the premiums you paid, and to cancel coverage of your Dependent(s) retroactive
to the date you enrolled your Dependent(s). 

Amount of Coverage  

 Salaried Employees and Collective Bargaining Groups that Agreed to this Plan (Not Applicable to Hourly Employees Employed by Michigan Operations)  

        You may select coverage for your Spouse/Domestic Partner and Dependent children based on the following options. 

	•
	Spouse/Domestic
Partner insurance coverage ranges from a minimum of $10,000 to a maximum of $100,000 in increments of $10,000. The monthly cost is based on your
Spouse's/Domestic Partner's age, the amount of insurance and whether your Spouse/Domestic Partner is a "non-tobacco user".

	•
	For
eligible Dependent child(ren) there are three levels of coverage: $2,000, $5,000 or $10,000. 

Increasing or Decreasing Coverage  

        You may increase the amount of coverage (but not above the maximum amount you are eligible for): 

	•
	At
any time you are actively at work, by providing proof of insurability to MetLife. You must pay for a physical examination, if one is required.

	•
	Within
90 days of a change in your personal status, such as Marriage, Domestic Partnership, divorce, Termination of Domestic Partnership or the addition of a
Dependent child, provided you are actively at work and provided the HR Service Center receives proof of the change in status that is satisfactory to the Plan Administrator.

	•
	During
Choices enrollment, if you are actively at work, you may increase your Spouse's/Domestic Partner's coverage one increment without showing proof of insurability. 

        You
may decrease the amount of your coverage at any time by completing an enrollment card, available from the Dow Intranet or the HR Service Center. 

Effective Dates of Coverage  

        Beginning.    Your coverage generally begins on your date of enrollment and
when you meet the enrollment requirements outlined in this booklet. 

        Ending/Conversion.    Dependent Life Insurance Plan coverage ends
31 days after the earlier of: the date you no longer meet the eligibility requirements of the Plan, or the date your Dependent no longer meets the eligibility requirements of the Plan. During
the 31 day period, coverage may be converted to an individual non-term policy through MetLife without having to prove insurability. A conversion application must be filed and the
required premium payment made to MetLife within 31 days of loss of coverage. You or your Dependent must contact the Dow HR Service Center to obtain a form for converting the coverage. Once the
form has been obtained, you or your Dependent should contact the MetLife Conversion Group at 1-800-MET-LIFE or 1-800-638-5433. 

        The
cost of this individual coverage will probably be significantly higher than the group plan. Although not required, providing proof of insurability may help reduce the cost. 

Employee Contribution  

        The Employee pays for Dependent Life Insurance coverage. Your contribution, made through post tax payroll deductions, is based on the coverage option that you
choose. For coverage on your Spouse's/Domestic Partner's life, your contribution will also depend on whether your Spouse/Domestic Partner is a "non-tobacco-user". Your
Spouse/Domestic Partner is considered a "non-tobacco-user" by the Plan if your Spouse/Domestic Partner has not used a tobacco product in the last 12 months. If your
Spouse/Domestic Partner quits using tobacco, your Spouse/Domestic Partner is considered a "non-tobacco- 

153

 

user"
as of the first day of the month after your Spouse/Domestic Partner completes 12 non-tobacco-using months. If your Spouse/Domestic Partner is a
"non-tobacco-user", your Spouse/Domestic Partner is considered a tobacco-user as of the first day your Spouse/Domestic Partner uses tobacco. A false or
out-of-date statement regarding tobacco use may result in benefits not being paid. For your portion of the monthly costs, refer to the Choices enrollment materials provided
during annual enrollment. 

        If
you are on a Benefit Protected Leave of Absence, the Plan Administrator has the full discretion to make special administrative arrangements as are necessary, such as deferring
Employee contributions on a temporary basis during the leave of absence, and requiring the Employee to repay premiums when the Employee returns to work, or any other arrangements the Plan
Administrator deems appropriate. 

Benefit Payment  

 Beneficiary Designation.  

        You are the beneficiary of your Dependent Life Insurance Plan. 

        The
benefits will be paid to you if you survive the Dependent. The benefits will be paid to your estate if: 

	a.
	that
Dependent dies at the same time your death occurs; or

	b.
	that
Dependent dies within 24 hours of your death. 

In
any other instance where you do not survive your Dependent, the benefits will be paid to the Dependent's estate. 

        Payment.    You should contact the HR Service Center to report a
Dependent's death. A certified death certificate must be provided to MetLife to disburse the life insurance proceeds. To file a claim, see  Claims Procedures Appendix of this SPD. 

Funding  

        Employees pay the entire premium for coverage. The benefits under the Employee-Paid Life Insurance Plan and the Dependent Life Insurance Plan are not
combined for experience with the other insurance coverages. Favorable experience under this insurance coverage in a particular year may offset unfavorable experience in prior years. It is not
anticipated that there will be any dividends declared for the Employee-Paid Life Insurance Plan and the Dependent Life Insurance Plan based on the manner in which the insurer has
determined the premium rates. 

Joint Insurance Arrangement  

        Dorinco Reinsurance Company (Dorinco) and MetLife, Inc. (MetLife) have entered into an arrangement that is allowed by the U.S. Department of Labor pursuant
to Prohibited Transaction Exemption 96-62 and 29 CFR Part 2570, subpart B. [DOL Final Authorization Number 2001-17E (May 14, 2001)]. Under
this arrangement, MetLife has or will write the coverage for the Plan and Dorinco will assume a percentage of the risk. Under the insurance arrangement between MetLife and Dorinco, MetLife and Dorinco
will each be liable to pay the agreed upon percentage of each death benefit claim in respect of a Plan Participant. When a claim for benefits is approved, Dorinco will transfer its percentage of each
death benefit claim to MetLife. MetLife will then pay the full amount of the claim. If MetLife is financially unable to pay the portion of the claim, Dorinco will be obligated to pay the full amount
of the claim directly. Similarly, if Dorinco is financially unable to pay its designated percentage of a particular claim, MetLife will be obligated to pay the entire amount of the claim. Neither
MetLife nor Dorinco will charge the Plan any administrative fees, commissions or other
consideration as a result of the participation of Dorinco. This joint insurance arrangement is not applicable to coverage for Hourly Employees employed by Michigan Operations, or their Dependents. 

Accelerated Benefit Option (ABO) for Spouses/Domestic Partners Only  

        Under the Accelerated Benefit Option, if your Spouse/Domestic Partner is covered under Dependent Life Insurance and has been diagnosed as having a terminal
illness, you may receive a portion of his or her Dependent Life Insurance before death. Having access to life proceeds at this important time could help
ease financial and emotional burdens. In order to use ABO, your Spouse/Domestic Partner must be covered for at least $10,000 from Dependent Life Insurance. You may receive an accelerated benefit of up
to 50 percent (minimum $5000 and maximum $50,000) of Dependent Life if, as a result of an injury or sickness he or she is diagnosed as terminally ill, with six months or less to live, and from
which there is no reasonable prospect of recovery. A claim form can be obtained from the Dow Benefits Center and must be completed and returned for evaluation and approval by MetLife. 

154

 

Your Rights  

        You have certain rights under the Plan and are entitled to certain information by law. Be sure to review the Filing a Claim  section,
Appealing a Denial of Claims section, Fraud Against the Plan section,  Grievance Procedure section,
Your Legal Rights section, ERISA
Enforcement section, Welfare Benefits section, The Company's Right to Amend, Modify, and Terminate the
Plans section, Disposition of Plan Assets if the Plan is Terminated section, For More
Information section, Important Note section, and ERISA Information section at
the end of this SPD. 

Filing a Claim  

        See the Claims Procedures Appendix of this SPD. 

Appealing a Denial of Claim  

        See the Claims Procedures Appendix of this SPD. 

Fraud Against the Plan  

        Any Plan Participant who intentionally misrepresents information to the Plan or knowingly misinforms, deceives or misleads the Plan or knowingly withholds
relevant information may have his/her coverage cancelled retroactively to the date deemed appropriate by the Plan Administrator. Further, such Plan Participant may be required to reimburse the Plan
for Claims paid by the Plan. The employer may determine that termination of employment is appropriate and the employer and/or the Plan may choose to pursue civil and/or criminal action. The Plan
Administrator may determine that the Participant is no longer eligible for coverage under the Plan because of his or her actions. 

Grievance Procedure  

        If you want to appeal the denial of a claim for benefits, see the Claims Procedures Appendix of this SPD. 

        If
you feel that anyone is discriminating against you for exercising your rights under these Plans, or if you feel that someone has interfered with the attainment of any right to which
you feel you are entitled under these Plans, or if you feel that the Plan Administrator has denied you any right you feel that you have under these Plans, you must notify the Plan Administrator
(listed in the "ERISA Information" section of this SPD) in writing within 90 days of the date of the alleged wrongdoing. The Plan Administrator
will investigate the allegation and respond to you in writing within 120 days. If the Plan Administrator determines that your allegation has merit, the Plan Administrator will either correct
the wrong (if it was the Plan which did the wrong), or will make a recommendation to the Participating Employer if any of them have been alleged to be responsible for the wrongdoing. If the Plan
Administrator determines that your allegation is without merit, you may appeal the Plan Administrator's decision. You must submit written notice of your appeal to the Plan Administrator within
60 days of receipt of the Plan Administrator's decision. Your appeal will be reviewed and you will receive a written response within 60 days, unless special circumstances require an
extension of time. The Plan Administrator will give you written notice and reason for the extension. In no event should the decision take longer than 120 days after receipt of your appeal. If
you are not satisfied with the Plan Administrator's response to your appeal, you may file suit in court. If you file a lawsuit, you must do so within 120 days
from the date of the Plan Administrator's written response to your appeal. Failure to file a lawsuit within the 120 day period will result in your waiver of your right to file a
lawsuit.

Your Legal Rights  

        When you are a participant in the Company-Paid, Employee-Paid or Dependent Life Insurance Plans, you are entitled to certain rights and
protections under the Employee Retirement Security Act of 1974 (ERISA). This law requires that all Plan participants must be able to: 

	•
	Examine,
without charge, at the Plan Administrator's office and at other specified locations, the Plan Documents and the latest annual reports filed with the U.S. Department
of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration.

	•
	Obtain,
upon written request to the Plan Administrator, copies of the Plan Documents and Summary Plan Descriptions. The Administrator may charge a reasonable fee for the
copies.

	•
	Receive
a summary of each Plan's annual financial report. The Plan Administrator is required by law to furnish each Participant with a copy of this summary annual report. 

        In
addition to creating rights for you and all other Plan Participants, ERISA imposes duties on the people who are responsible for operating an employee benefit plan. The people who
operate the Plans, called "fiduciaries" of the Plans, have a duty to act prudently and in the interest of you and other Plan Participants and beneficiaries. 

        No
one, including your employer or any other person, may discharge you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit, or from exercising
your rights under ERISA. If you have a claim for benefits 

155

 

that
is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within
certain time schedules. 

        Under
ERISA, there are steps you can take to enforce the legal rights described above. For instance, if you request materials from one of the Plans and do not receive them within
30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the
materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you must
file a written appeal within the time period specified in the Plan's Claims Procedures. Failure to comply with the Plan's claims procedures may significantly jeopardize your rights to benefits.
If you are not satisfied with the final appellate decision, you may file suit in Federal court. If you file a lawsuit, you must do so within 120 days from the
date of the Claims Administrator's or the Plan Administrator's final written decision (or the deadline the Claims Administrator or Plan Administrator had to notify you of a decision). Failure to
file a lawsuit within the 120 day period will result in your waiver of your right to file a lawsuit. The court will decide who should pay court costs and
legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds
your claim is frivolous. 

        If
it should happen that plan fiduciaries misuse one of the Plan's money, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court.  If you file a lawsuit, you must do so within
120 days from the date of the alleged misuse. Failure to file a lawsuit within the 120 day period will
result in your waiver of your right to file a lawsuit.

        If
you feel that anyone is discriminating against you for exercising your rights under this benefit plan, or if you feel that someone has interfered with the attainment of any right to
which you feel you are entitled under any of the Plans, you must notify the Plan Administrator listed in the "ERISA Information" section of this SPD in
writing within 120 days of the date of the alleged wrongdoing. The Plan Administrator will investigate the allegation and respond to you in writing within 120 days. If the Plan
Administrator determines that your allegation has merit, the Plan Administrator will either correct the wrong, if it was the Plan which did the wrong, or will make a recommendation to the Plan Sponsor
or Participating Employer if any of them have been alleged to be responsible for the wrongdoing. If the Plan Administrator determines that your allegation is without merit, you may appeal the Plan
Administrator's decision. You must submit written notice of your appeal to the Plan Administrator within 60 days of receipt of the Plan Administrator's decision. Your appeal will be reviewed
and you will receive a written response within 60 days. If you are not satisfied with the Plan Administrator's response to your appeal, you may file suit in Federal court.  If you file a lawsuit, you must do so within
120 days from the date of the Plan Administrator's written response to your appeal. Failure to file a lawsuit
within the 120 day period will result in your waiver of your right to file a lawsuit.

        If
you have any questions about the Program, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, you should
contact the nearest Office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries,
Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and
responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration. 

Welfare Benefits  

        Welfare benefits, such as the Company-Paid Life Insurance Plan, Employee-Paid Life Insurance Plan and Dependent Life Insurance Plan, are
not required to be guaranteed by a government agency. 

Company's Right to Amend, Modify, and Terminate the Plans  

        The Company reserves the right to amend, modify or terminate the Company-Paid Life Insurance Plan, Employee-Paid Life Insurance Plan and
Dependent Life Insurance Plan at any time at its sole discretion. Amendments, modifications, or termination of any of the Plans that have a financial impact of U.S. $10 million or more to The
Dow Chemical Company (Company) in any single year require the approval of the Board of Directors of the Company or any committee of the Company that the Board may authorize to act on its behalf.
Amendments, modifications, or termination of any of the Plans that have a financial impact of less than U.S. $10 million to the Company in any single year must be signed by the President or a
Vice President of the Company and reviewed by the applicable Plan Administrator and an attorney in the Company's Legal Department. Certain modifications or amendments of the Plans which the Company
deems necessary or appropriate to conform the Plans to, or satisfy the conditions of, any law, governmental regulation or ruling, and to permit the Plans to meet the requirements of the Internal
Revenue Code may be made retroactively if necessary. Other amendments or modifications may also be made retroactively effective. 

156

 

Disposition of Plan Assets if the Plans are Terminated  

        The Company may terminate any of the Plans at any time at its sole discretion. If the Company terminates a Plan, the assets of the Plan, if any, shall not be used
by the Company, but may be used in any of the following ways: 

	1)
	to
provide benefits for Participants in accordance with the Plan, and/or

	2)
	to
pay third parties to provide such benefits, and/or

	3)
	to
pay expenses of the Plan and/or the Trust holding the Plan's assets, and/or

	4)
	to
provide cash for Participants, as long as the cash is not provided disproportionately to officers, shareholders, or Highly Compensated Employees. 

For More Information  

        If you have questions, phone the HR Service Center at (989) 638-8757 or 877-623-8079. They can provide more details
about this benefit Plan. 

Important Note  

        This
booklet is the summary plan description (SPD) for The Dow Chemical Company Group Life Insurance Program's Company-Paid Life Insurance Plan, Employee-Paid
Life Insurance Plan and Dependent Life Insurance Plan. However, it is not all-inclusive and it is not intended to take the place of each Plan's legal documents. In case of conflict between
this SPD and the applicable Plan Document, the applicable Plan Document will govern. 

        The
Plan Administrator and the Claims Administrator are Plan fiduciaries. The Plan Administrator has the full and complete discretion to interpret and construe all of the provisions of
the Plans for all purposes except to make Claims for Plan Benefits determinations, which discretion is reserved for the Claims Administrator. The Plan Administrator's interpretations shall be final,
conclusive and binding. The Plan Administrator also has the full and complete discretion to make findings of fact for all purposes except to make Claim for Plan Benefits determinations, which
discretion is reserved for the Claims Administrator. The Plan Administrator has the full authority to apply those findings of fact to the provisions of the applicable Plan. All findings of fact made
by the Plan Administrator shall be final, conclusive and binding. The Plan Administrator has the full and complete discretion to decide whether or not it is making a Claim for Plan Benefit
determination. For a detailed description of the Plan Administrator's authority, see the applicable Plan Document. 

        For
the purpose of making Claim for Plan Benefits determinations, the Claims Administrator has the full and complete discretion to interpret and construe the provisions of the Plans, and
such interpretation shall be final, conclusive and binding. For the purpose of making Claim for Plan Benefits determinations, the Claims Administrator also has the full and complete discretion to make
findings of fact and to apply those findings of fact to the provisions of the Plans. All findings of fact made by the Claims Administrator shall be final, conclusive and binding. For a detailed
description of the Claims Administrator's authority, see the applicable Plan Document. 

        The
Company reserves the right to amend, modify or terminate the Plans at any time at its sole discretion. The procedures for amending each of the Plans are contained in the applicable
Plan Document. 

        The
Plan Documents can be made available for your review upon written request to the Plan Administrator (listed in the ERISA Information
section of this Summary Plan Description). 

        This
Summary Plan Description (SPD) and the benefits described do not constitute a contract of employment. Your employer retains the right to terminate your employment or otherwise deal
with your employment as if this SPD and the Plans had never existed. 

157

   ERISA Information

The Dow Chemical Company Group Life Insurance Program

Company-Paid Life Insurance Plan

(A Welfare Benefit Plan)  

	 
	 	 

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

507
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD.
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD.
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

Corporate Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administration:	
 	

Metropolitan Life Insurance Company administers claims under a group policy issued to The Dow Chemical Company

MetLife, Inc.

Group Life Claims

Onedia County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

The Plan's fiscal records are kept on a plan year beginning January 1 and ending December 31
	

Funding:	
 	

Dow pays the entire premium for the Plan. Benefits are funded through a group insurance contract with MetLife, Inc The assets of the "Program" may be used at the discretion of the Plan Administrator to pay for any benefits provided under the
"Program", as the "Program" may be amended from time to time, as well as to pay for any expenses of the "Program". Such expenses may include, and are not limited to, consulting fees, actuarial fees, attorney fees, third party administrator fees and
other administrative expenses.

158

 
ERISA Information

The Dow Chemical Company

Employee-Paid and Dependent Life Insurance Plans

(Welfare Benefit Plans)  

	 
	 	 

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

515
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD.
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD.
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

Corporate Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administration:	
 	

Metropolitan Life Insurance Company administers claims under a group policy issued to The Dow Chemical Company.

MetLife, Inc.

Group Life Claims

Onedia County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

The Plan's fiscal records are kept on a plan year beginning January 1 and ending December 31
	

Funding:	
 	

Employees pay the premiums. Benefits are funded through a group insurance contract with MetLife, Inc. The assets of the "Program" may be used at the discretion of the Plan Administrator to pay for any benefits provided under the "Program", as
the "Program" may be amended from time to time, as well as to pay for any expenses of the "Program". Such expenses may include, and are not limited to, consulting fees, actuarial fees, attorney fees, third party administrator fees, and other
administrative expenses.

159

 

	 
	 	 

	Joint Insurance Arrangement:	 	Dorinco and MetLife have entered an arrangement approved by the U.S. Department of Labor (DOL Advisory Opinion Letter 97-24A) in which if MetLife is insolvent, the entire life insurance benefit will be paid by Dorinco. If
Dorinco is insolvent, the entire life insurance benefit will be paid by Metropolitan.
	

 	
 	

Dorinco's address is:
	

 	
 	

Dorinco Reinsurance Company

1320 Waldo Avenue

Dorinco Building

Midland, MI 48642

CLAIMS PROCEDURES APPENDIX

For the Summary Plan Descriptions of the Life Insurance Plans Sponsored by

The Dow Chemical Company  

You Must File a Claim in Accordance with These Claims Procedures  

A
"Claim" is a written request by a claimant for a Plan benefit or an Eligibility
Determination. There are two kinds of Claims: 

A
Claim for Plan Benefits is a request for benefits covered under the Plan. 

An
Eligibility Determination is a kind of Claim. It is a request for a determination as to whether a claimant is eligible to be a Participant or covered
Dependent under the Plan. 

You
must follow the claims procedures for either CLAIMS FOR PLAN BENEFITS or CLAIMS FOR AN ELIGIBILITY DETERMINATION, whichever applies to your
situation. See the applicable sections below entitled CLAIMS FOR PLAN BENEFITS and CLAIMS FOR ELIGIBILITY
DETERMINATIONS.

Who Will Decide Whether to Approve or Deny My Claim?  

        The Dow Chemical Company will approve or deny a Claim for an Eligibility Determination. The initial determination is made by the Dow Benefits Center. If you
appeal, the appellate decision is made by the Director of Global Benefits. 

        MetLife
will approve or deny a Claim for Plan Benefits. MetLife is the Claims Administrator for both the initial determination and (if there is an appeal), the appellate determination. 

An Authorized Representative May Act on Your Behalf  

        An Authorized Representative may submit a Claim on behalf of a Plan Participant. The Plan will recognize a person as a Plan Participant's "Authorized
Representative" if such person submits a notarized document signed by the Participant stating that the Authorized Representative is authorized to act on behalf of such Participant. A court order
stating that a person is authorized to submit Claims on behalf of a Participant will also be recognized by the Plan. 

Authority of the Administrators and Your Rights Under ERISA  

        The Administrators have the full, complete, and final discretion to interpret the provisions of the Plan and to make findings of fact in order to carry out their
respective Claims decision-making responsibilities. 

        Interpretations
and claims decisions by the Administrators are final and binding on Participants. If you are not satisfied with an Administrator's final appellate decision, you may
file a civil action against the Plan under s. 502 of the Employee Retirement Income Security Act (ERISA) in a federal court. If you file a lawsuit, you must do so
within 120 days from the date of the Administrator's final written decision. Failure to file a lawsuit within the 120 day period will result in your waiver of your right to
file a lawsuit.

160

 

CLAIMS FOR PLAN BENEFITS  

Information Required In Order to Be a "Claim":  

        For Claims that are requests for Plan benefits, the claimant must complete a MetLife claims form. Call the HR Service Center at
1-877/623-8079 to obtain a form. (Retirees should call the Retiree Service Center to obtain a form at 1-800/344-0661). In addition, you must attach a
certified death certificate (must be certified by the government authority, as exhibited by a "raised seal" on the certificate). You may request assistance from the Dow
Benefits Center (1-989/636-9556) if you need help completing the MetLife claims form. 

Once
you have completed the MetLife claims form, you must send it and the certified death certificate to: 

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

Attention: Administrator for the life insurance plans 

The
Dow Benefits Center will review and sign your completed MetLife claims form and forward the form and certified death certificate to: 

Metropolitan
Life Insurance Company

Group Life Claims

P.O. Box 6115

Utica, NY 13504-6115 

CLAIMS FOR DETERMINATION OF ELIGIBILITY  

Information Required In Order to Be a "Claim":  

        For Claims that are requests for Eligibility Determinations, the Claims must be in writing and contain the
following information: 

	•
	State
the name of the Employee, and also the name of the person (Employee, Spouse/Domestic Partner, Dependent child, as applicable) for whom the  Eligibility Determination is being requested

	•
	Name
the benefit plan for which the Eligibility Determination is being requested

	•
	If
the Eligibility Determination is for the Employee's Dependent, describe the relationship for whom an  Eligibility Determination is being requested to the
Employee (e.g. Spouse/Domestic Partner, child, etc.)

	•
	Provide
documentation of such relationship (e.g. marriage certificate, Statement of Domestic Partnership, birth certificate, etc) 

Claims for Eligibility Determinations must be filed with: 

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

Attention: Administrator for the life insurance plans

                   (Eligibility Determination) 

INITIAL DETERMINATIONS  

        If you submit a Claim for Plan Benefits or a Claim for Eligibility
Determination to the applicable Administrator, the applicable Administrator will review your Claim and notify you of its decision to approve or deny your Claim. Such
notification will be provided to you in writing within a reasonable period, not to exceed 90 days of the date you submitted your claim; except that under special circumstances, the
Administrator may have up to an additional 90 days to provide you such written notification. If the Administrator needs such an extension, it will notify you prior to the expiration of the
initial 90 day period, state the reason why such an extension is needed, and indicate when it will make its determination. If the applicable Administrator denies the Claim, the written
notification of the Claims decision will state the reason(s) why the Claim was denied and refer to the pertinent Plan provision(s). If the Claim was denied because you did not file a complete
Claim or because the Administrator needed additional information, the Claims decision will state that as the reason for denying the Claim and will explain why such information was necessary. 

161

 

APPEALING THE INITIAL DETERMINATION  

        If the applicable Administrator has denied your Claim for Plan Benefits or Claim for
Eligibility Determination, you may appeal the decision. If you appeal the Administrator's decision, you must do so in writing within 60 days of receipt of the
Administrator's determination, assuming that there are no extenuating circumstances, as determined by the applicable Administrator. Your written appeal must include the following information: 

	•
	Name
of Employee

	•
	Name
of Dependent or beneficiary, if the Dependent or beneficiary is the person who is appealing the Administrator's decision

	•
	Name
of the benefit Plan

	•
	Reference
to the Initial Determination

	•
	Explain
reason why you are appealing the Initial Determination 

Send
appeals of Eligibility Determinations to: 

Director
of Global Benefits

The Dow Chemical Company

2020 Dow Center

Midland, MI 48674

Attention: Administrator for the life insurance plans

                   (Appeal of Eligibility Determination) 

Send
appeals of benefit denials to: 

Metropolitan
Life Insurance Company

Group Life Claims—The Dow Chemical Company

Oneida County Industrial Park

Utica, NY 13504-6115

Attention: Claims Administrator

                   (Appellate Review) 

        You
may submit any additional information to the applicable Administrator when you submit your request for appeal. You may also request that the Administrator provide you copies of
documents,
records and other information that is relevant to your Claim, as determined by the applicable Administrator under applicable federal regulations. Your request must be in writing. Such information will
be provided at no cost to you. 

        After
the applicable Administrator receives your written request to appeal the initial determination, the Administrator will review your Claim. Deference will not be given to the initial
adverse decision, and the appellate reviewer will look at the Claim anew. The person who will review your appeal will not be the same person as the person who made the initial decision to deny the
Claim. In addition, the person who is reviewing the appeal will not be a subordinate who reports to the person who made the initial decision to deny the Claim. The Administrator will notify you in
writing of its final decision. Such notification will be provided within a reasonable period, not to exceed 60 days of the written request for appellate review, except that under special
circumstances, the Administrator may have up to an additional 60 days to provide written notification of the final decision. If the Administrator needs such an extension, it will notify you
prior to the expiration of the initial 60 day period, state the reason why such an extension is needed, and indicate when it will make its determination. If the Administrator determines that it
does not have sufficient information to make a decision on the Claim prior to the expiration of the initial 60 day period, it will notify you. It will describe any additional material or
information necessary to submit to the Plan, and provide you with the deadline for submitting such information. The initial 60 day time period for the Administrator to make a final written
decision, plus the 60 day extension period (if applicable) are tolled from the date the notification of insufficiency is sent to you until the date on which it receives your response. ("Tolled"
means the "clock or time is stopped or suspended". In other words, the deadline for the Administrator to make its decision is "put on hold" until it receives the requested information). The tolling
period ends when the Administrator receives your response, regardless of the adequacy of your response. 

        If
the Administrator has determined to that its final decision is to deny your Claim, the written notification of the decision will state the reason(s) for the denial and refer to the
pertinent Plan provision(s). 

162

 

	1
	If
you were enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan on September 30, 2002, and you signed a waiver of all your rights under The Dow
Chemical Company Executive Split Dollar Life Insurance Agreement between you and The Dow Chemical Company, you are eligible until you no longer have active Employee status, or until you elect to waive
coverage. In addition, if you were enrolled in the Union Carbide Corporation Executive Life Insurance Plan ("UCC Executive Life") on October 31, 2002, and had active Employee status on the date that
your Agreement and Collateral Assignment between you and Union Carbide Corporation were terminated, you are eligible until you no longer have active Employee status, or until you elect to waive
coverage. Once coverage is waived, you will not be allowed to re-enroll in the future.

	2
	This
maximum is waived if you are an Employee who was enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan on September 30, 2002, and you signed
a waiver of all your rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between you and The Dow Chemical Company. This maximum is also waived if you were enrolled in
the Union Carbide Corporation Executive Life Insurance Plan on October 31, 2002, and you were an active Employee on the date that your Agreement and Collateral Assignment between you and Union Carbide
Corporation were terminated. This maximum is also waived if you are an executive who is V5 or above and have written approval from the Director of Global Compensation and Benefits for The Dow Chemical
Company to receive this level of benefit.

	3
	You
are eligible for an additional 1x of coverage over and above the 6x or $1.5 million maximum if (1) you are an Employee who was enrolled in The Dow Chemical Company
Executive Split Dollar Life Insurance Plan on September 30, 2002, and you signed a waiver of all your rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between you
and The Dow Chemical Company who elected to purchase the additional 1x coverage effective October 1, 2003, or (2) you are an Employee who was enrolled in the Union Carbide Corporation Executive Life
Insurance Plan on October 31, 2002, and you were an active Employee on the date your Agreement and Collateral Assignment between you and Union Carbide Corporation were terminated and you elected to
purchase the additional 1x coverage effective November 1, 2003, or (3) you are an executive who is V5 or above who has written approval from the Director of Global Compensation and Benefits for The
Dow Chemical Company to receive such a benefit. If you waive the additional 1x coverage, you are not eligible to enroll for such coverage in the future. Further, you are no longer eligible for any
coverage under the Plan when you no longer have active Employee status. 

163EXHIBIT 10(t)  

The Dow Chemical Company

Retiree Life Insurance Plans

for Salaried Retirees and Retirees of Certain Hourly Groups

Summary Plan Description for:  

Retiree Company-Paid Life Insurance Plan

Retiree Optional Life Insurance Plan

Retiree Dependent Life Insurance Plan 

Amended and Restated November 23, 2004

For the Plan Year Beginning January 1, 2005  

This Summary Plan Description (SPD) is updated from time to time on the Dow Intranet:  

See
also the DowFriends edition that contains Choices enrollment brochures, which are published annually, for summaries of the most recent modifications to this SPD. Copies of updated SPDs can be
found at the Dow Intranet address above, or by requesting a copy from the Retiree Service Center, Employee Development Center, Midland, MI 48674, telephone 800-344-0661 or
989-636-0977. Summaries of modifications may also be published from time to time in DowFriends or by separate letter. 

Overview  

        Three life insurance benefit plans are available to eligible Retirees and their families: Retiree Company-Paid Life Insurance Plan, Retiree Optional
Life Insurance Plan and Retiree Dependent Life Insurance Plan (hereafter collectively referred to as the "Plans" or individually as "Plan"). This is the Summary Plan Description (SPD) for these plans.
Different eligibility and coverage levels will apply depending on whether you are a Retired Salaried Employee or a Retired Hourly Employee. Also, there are differences among the various Hourly groups.
Special rules also apply to Retired Split Dollar Participants, Post-65 Executive Life Participants and Disability Retirees. 

        Chapter
One applies to The Dow Chemical Company Group Life Insurance Program's Retiree Company-Paid Life Insurance Plan ("Retiree Company-Paid Life Insurance
Plan"). The Retiree Company-Paid Life Insurance Plan is sponsored and administered by The Dow Chemical Company. It is part of The Dow Chemical Company Group Life Insurance Program (ERISA
Plan #507). It provides group term life insurance underwritten by Metropolitan Life Insurance Company ("MetLife"). 

        Chapter
Two applies to The Dow Chemical Company Employee-Paid and Dependent Life Insurance Program's Retiree Optional Life Insurance Plan ("Retiree Optional Life Insurance
Plan"). The Retiree Optional Life Insurance Plan is sponsored and administered by The Dow Chemical Company. Premiums are paid by the Retiree. It is part of The Dow Chemical Company
Employee-Paid and Dependent Life Insurance Program (ERISA Plan #515). It provides group term life insurance underwritten by MetLife. 

        Chapter
Three applies to The Dow Chemical Company Employee-Paid and Dependent Life Insurance Program's Retiree Dependent Life Insurance Plan ("Retiree Dependent Life
Insurance Plan"). The Retiree Dependent Life Insurance Plan is sponsored and administered by The Dow Chemical Company. It is part of The Dow Chemical Company Employee-Paid and Dependent
Life Insurance Program. It provides group term life insurance underwritten by MetLife. The premium is paid by the Retiree. Coverage may be provided for eligible Dependents 

        Please
review the information in this SPD carefully to become familiar with your benefit plans, guidelines, rights and responsibilities. Words that are capitalized are either defined in
this SPD or in the Plan Documents for The Dow Chemical Company Group Insurance Program (for the Retiree Company-Paid Life Insurance Plan) and The Dow Chemical Company Employee Paid and
Dependent Life Insurance Program (for the Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan). The Plan Documents include the applicable insurance policies and
insurance certificates. The Plan Documents are available upon request. Contact the Plan Administrator listed in the ERISA Information section. 

        References
to "Dow" and "Participating Employers" are used interchangeably, and both refer collectively to The Dow Chemical Company and the subsidiaries and affiliates of The Dow
Chemical Company that are authorized to participate in the Plans. The "Company" means The Dow Chemical Company. 

164

 
Chapter One:

The Retiree Company-Paid Life Insurance Plan  

        As of January 1, 2005, the following plans of The Dow Chemical Company Group Life Insurance Program were merged into The Dow Chemical Company Group Life
Insurance Program's Retiree Company-Paid Life Insurance Plan: Michigan Hourly Retiree Company-Paid Life Insurance Plan; Texas Operations Hourly Basic Life Insurance Plan;
Hampshire Hourly Retiree Company-Paid Life Insurance Plan; Hampshire Chemical Corporation Hourly Retiree Company-Paid Life Insurance Plan for Retirees Who Retired Between
March 1, 1988 and January 1, 1999; Hampshire Chemical Corporation Hourly Retiree Company-Paid Life Insurance Plan (Waterloo); and ANGUS Hourly Retiree
Company-Paid Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of the Retiree Company-Paid Life Insurance Plan. 

        The
Retiree Company-Paid Life Insurance Plan is referred to in Chapter One as the "Plan". 

Section 1
applies to Retired Salaried Employees and Certain Retired Hourly Employees 

Section 2
applies to Retired Michigan Operations Hourly Employees 

Section 3
applies to Retired Texas Operations Hourly Employees who retired during a specified period 

Section 4
applies to Retired Hampshire Waterloo Hourly Employees who retired during a specified period 

Section 5
applies to Retired Hampshire Owensboro and Nashua Hourly Employees who retired during a specified period 

Section 6
applies to Disability Retirees 

Section 7
applies to Retired Split Dollar Participants 

Section 8
applies to Post-65 Executive Life Insurance Participants 

Section 9
applies to Certain Union Carbide Retirees who retired prior to February 7, 2003 

Section 10
through to the remaining sections of Chapter One apply to all persons eligible for coverage under the Plan 

Section 1.    Retired Salaried Employees and Certain Retired Hourly
Employees    

 Eligibility  

        Section 1 of Chapter One of this SPD does NOT apply to: 

	•
	Hourly
Employees who retired from Michigan Operations;

	•
	Hampshire
Hourly Employees who retired from the Waterloo, NY facility on or after March 1, 1988 through December 31, 1999;

	•
	Hampshire
Hourly Employees who retired from the Owensboro, KY or Nashua, NH facilities on or after March 1, 1988 through December 31, 1998;

	•
	Texas
Operations Employees who retired prior to prior to January 1, 2003;

	•
	Retired
Split Dollar Participants;

	•
	Post-65
Executive Life Insurance Participants; and

	•
	Union
Carbide Employees who retired prior to February 7, 2003. 

        Except
for those populations identified above, if you are a Retiree who, on the day preceding your Retirement, was enrolled for coverage under a Company-Paid Life Insurance
Plan offered under The Dow Chemical Company Group Life Insurance Program, you are eligible for the coverage described below in Coverage Amounts for Eligible Salaried and Hourly
Retirees. In order to be a "Retiree", you must have been at least 50 years old with 10 or more years of Service at the time your employment with Dow terminated. 

 Enrollment  

        Upon Retirement, you may complete an enrollment card, with coverage effective immediately. If you want to be covered under Plan Option I at age 65, you must
complete an enrollment form and return it to the Dow Benefits Center within 31 days of your Retirement.  Failure to return the form within 31 days of your
Retirement will result in automatic enrollment in pre-age 65 coverage and Plan Option II at
age 65. 

        Note:    At a later date, you may decrease your coverage option by switching from Plan Option I to Plan Option II; however, you
will not be permitted to upgrade your coverage by switching from Plan Option II to Plan Option I, even with proof of insurability. 

        You
may waive coverage. If you want to waive coverage, you must provide written notification to the Dow Benefits Center. 

165

 

 Coverage Amounts for Eligible Salaried and Hourly Retirees  

 Coverage Prior to Age 65  

        Until you reach age 65, you will be provided with coverage equal to one times (1x) your base annual salary at time of Retirement, rounded up to the next $1000,
plus $5000. Currently, the Company pays the cost of this coverage. 

 Coverage Age 65 or older  

        There are two plan options available to Retirees age 65 and older. Plan Option I requires a monthly Retiree contribution. Currently, Plan Option II is provided at
no cost to you. 

        Plan Option I:    Beginning on the first of the month following your 65th birthday, your life insurance will equal 1x your base
annual salary, rounded up to the next $1,000. At age 66, your coverage amount is reduced 20 percent (of the original amount) each year until age 68. At age 68 and beyond, your coverage amount
is equal to one-half your base annual salary at time of Retirement, with minimum coverage of $10,000. The following chart summarizes the insurance coverage for Retirees electing Plan
Option I: 

	Age
 
	 	Coverage Amount
 

	65	 	1x base salary at time of Retirement ($10,000 minimum)
	66	 	80% of benefit at Retirement ($10,000 minimum)
	67	 	60% of benefit at Retirement ($10,000 minimum)
	68+	 	50% of benefit at Retirement ($10,000 minimum)

        Plan Option II:    Beginning on the first of the month following your 65th birthday, your life insurance will equal 1x your base
annual salary, rounded up to the next $1,000. At age 66, your coverage amount is reduced 20 percent (of the original amount) each year until you reach age 70. At age 70 and beyond, Dow will
provide coverage of $5,000. The following chart summarizes the insurance coverage for Retirees electing Plan Option II. 

	Age
 
	 	Coverage Amount
 

	65	 	1x base salary at time of Retirement ($5,000 minimum)
	66	 	80% of benefit at Retirement ($5,000 minimum)
	67	 	60% of benefit at Retirement ($5,000 minimum)
	68	 	40% of benefit at Retirement ($5,000 minimum)
	69	 	20% of benefit at Retirement ($5,000 minimum)
	70+	 	$5,000

 Cost  

 Prior to Age 65  

Currently,
Retiree Company-Paid Life Insurance coverage is provided at no cost to you. 

 Age 65 and Older  

Plan Option I: You share the cost of coverage with Dow. Your cost is based on a rate per $1,000 of coverage and is subject to change based on plan
experience. Your premium payment is deducted, post-tax, from your monthly pension check. Premiums may vary from year to year. Check the Fall DowFriends issue for premium information. If
you elect not to have your premium deducted from your pension check, you must pay your premium within 31 days of your bill. If your payment is not postmarked within
31 days of your bill, your coverage will be canceled. 

Plan Option II: Currently, coverage is provided at no cost to you. 

166

 

Section 2.    Retired Michigan Operations Hourly Employees    

 Eligibility  

        If you are a Retired Michigan Operations Hourly Employee who Retired on or after June 1, 1990, and you were covered under the Company-Paid Life
Insurance Plan on the day preceding your Retirement, you are eligible for the coverage described below under "Coverage Amounts for Eligible Midland/Ludington Hourly
Retirees".

 Coverage Amounts for Eligible Midland/Ludington Hourly Retirees  

 Prior to Age 65  

        Until you reach age 65, you will be provided with coverage equal to the amount of coverage you had as an active Hourly Employee under the Company-Paid
Life Insurance on the day preceding the date of your Retirement. 

 Age 65 or older  

        On or after your 65th birthday, your Retiree Company-Paid Life Insurance benefits will be determined by applying the appropriate percentage from the
following table to the amount of your Retiree Company-Paid Life Insurance in effect the date preceding your 65th birthday, with a minimum of $5,000. 

	Age
 
	 	Coverage Amount
 

	65	 	 1/2 × annual pay at time of Retirement ($5,000 minimum)
	66	 	80% of benefit at Retirement ($5,000 minimum)
	67	 	60% of benefit at Retirement ($5,000 minimum)
	68	 	40% of benefit at Retirement ($5,000 minimum)
	69	 	20% of benefit at Retirement ($5,000 minimum)
	70+	 	$5,000

 Cost  

        Currently, the Company pays the cost of this coverage. 

Section 3.    Retired Texas Operations Employees    

        Texas
Operations Hourly Employees who Retired on or after October 1, 1992 through December 31, 2002, and had Non-Contributory coverage under The Dow Chemical
Company Texas Operations Hourly Optional Life Insurance Program are eligible for $10,000 of coverage until age 65. Coverage is reduced to $5000 at age 65. Currently, the Company pays the cost of this
coverage. 

        Texas
Operations Hourly Employees who Retired prior to October 1, 1992, have $5000 of coverage. Currently, the Company pays the cost of this coverage. 

Section 4.    Retired Hampshire Waterloo Hourly Employees    

        If
you retired from Hampshire Chemical Corp. on or after March 1, 1988,through December 31, 1999, at age 62 or older and were represented while an active employee by the
United Steelworkers of America
AFL-CIO Local Union #7110, a bargaining unit of Hampshire Chemical Corp.'s Waterloo, NY facility,you have $5000 of coverage.    Currently, the Company pays the cost of this
coverage. 

Section 5.    Retired Hampshire Owensboro and Nashua Hourly Employees    

        If
you Retired from Hampshire Chemical Corp. between March 1, 1988, and January 1, 1999, and had five or more years of service with W.R. Grace Company and/or Hampshire
Chemical Corp. and were represented while an active employee by either the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers (AFL-CIO) Local
Lodge 727 (a bargaining unit at Hampshire Chemical Corp.'s Owensboro, Kentucky facility) or the International Chemical Workers Union Council/UFCW, Local No. 952-C (a bargaining unit
at Hampshire Chemical Corp.'s Nashua, New Hampshire facility), you are eligible for the coverage described below in Coverage Amounts for Eligible Hampshire Owensboro and Nashua
Hourly Retirees.

167

 

 Coverage Amounts for Eligible Hampshire Owensboro and Nashua Hourly Retirees.  

        If you are an eligible Retiree who was represented by the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers
(AFL-CIO) Local Lodge 727 (a bargaining unit at Hampshire Chemical Corp.'s Owensboro, Kentucky facility) while you were an active Employee, your coverage is $6000. 

        If
you are an eligible Retiree who was represented by the International Chemical Workers Union Council/UFCW, Local No. 952-C (a bargaining unit at Hampshire Chemical
Corp.'s Nashua, New Hampshire facility) while you were an active Employee, your coverage is $5000. 

 Cost  

        Currently, the Company pays the cost of this coverage. 

Section 6.    Disability Retirees    

        If
you are receiving a "disability retirement benefit" from the Dow Employees' Pension Plan ("DEPP"), as defined under DEPP, and are not a former Texas Operations Hourly Employee who
retired prior to January 1, 2003, and you were covered under The Dow Chemical Company Employee-Paid Life Insurance Plan on the day preceding your Retirement, you are eligible for
the coverage described below in Coverage
Amounts for Disability Retirees. If you are receiving disability retirement payments from the Union Carbide Employees' Pension Plan ("UCEPP") and retired on or after
February 7, 2003, you are also eligible for the coverage described below in Coverage Amounts for Disability Retirees.

        If
you are a former Texas Operations Hourly Employee who retired prior to January 1, 2003 receiving a "disability retirement benefit" from the Dow Employees' Pension Plan
("DEPP"), as defined under DEPP, and you were covered under the Texas Operations Hourly Contributory Optional Life Insurance Plan coverage on the day preceding your Retirement, you are eligible for
coverage as described below in Coverage Amounts for Texas Operations Hourly Disability Retirees. 

 Coverage Amounts for Disability Retirees  

        Pre-65 coverage.    If you are a Retiree who is receiving a "disability retirement benefit" from DEPP, as defined
under DEPP, coverage is provided until age 65 equal to 1/2 × or 1x your base annual pay at Retirement, rounded up to the next $1000, if you were previously
enrolled for at least that amount of coverage as an employee. Coverage is contingent on you continuing to meet the requirements to receive disability retirement benefits from DEPP or UCEPP. Currently,
this coverage is provided at no cost to you. This coverage is also available to a Retiree who began receiving a "disability retirement benefit" from UCEPP on or after February 7, 2003. 

 Age 65 and older.  

        Effective January 1, 2006, if you are a disability retiree under DEPP or UCEPP, and your disability retirement effective date is on or after
January 1, 2006, you may enroll in either Option I or Option II at time of Retirement. If you enroll for Option I, you must pay the applicable premiums. 

        If
you are: (1) a disability retiree under DEPP or UCEPP, and (2) your DEPP disability retirement effective date is prior to January 1,
2006 (or your UCEPP disability retirement effective date is on or after February 7, 2003 and prior to January 1, 2006), and (3) you are not a Texas
Operations Hourly Employee who began receiving Disability Retirement from DEPP prior to January 1, 2003, and (4) you were covered under the Dow Employee-Paid Life Insurance
Plan on the day preceding your Retirement, then you are covered under Plan Option I if you enrolled for Option I at time of Retirement. Coverage is contingent on you continuing to meet the
requirements to receive disability retirement benefits from DEPP or UCEPP. Currently, this coverage is provided at no cost to you 

 Coverage Amounts for Texas Operations Hourly Disability Retirees  

        If you are a former Texas Operations Hourly Employee who began receiving a "disability retirement benefit" prior to January 1, 2003 from the DEPP, as
defined under DEPP, you will be provided the following coverage, provided you were enrolled in an amount equal to or greater than $30,000 under the Texas Operations Hourly Contributory Optional Life
Insurance Plan on the day preceding your Retirement. Currently, this coverage is provided at no cost to you. 

168

 

	Age
 
	 	Coverage Amount
 

	Prior to age 65	 	$30,000
	65	 	$25,000
	66	 	$20,000
	67	 	$15,000
	68+	 	$10,000

Section 7.    Retired Split Dollar Participants    

        A
"Retired Split Dollar Participant" is eligible for the coverage described below in Coverage Amount for Eligible Split Dollar Retirees. A
"Retired Split Dollar Participant" is defined as a person who meets the requirements of one of the following: 

	i.
	A
person who: (a) was a Retiree on or before September 30, 2003, and (b) was enrolled in The Dow Chemical Company Executive Split Dollar Life
Insurance Plan on or before September 30, 2003, and (c) signed a waiver of all his or her rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between
him or her and The Dow Chemical Company; or

	ii.
	A
person who: (a) was a Retiree on or before October 31, 2002, and (b) was enrolled in the Union Carbide Corporation Executive Life Insurance Plan
on October 31, 2002, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about October 31, 2002; or

	iii.
	A
person who: (a) was a Retiree on or before October 31, 2003, and (b) was enrolled in the Union Carbide Corporation Executive Life Insurance Plan
on October 31, 2003, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about October 31, 2003, and
(d) whose coverage level under the Union Carbide Executive Life Insurance Plan just prior to termination of the Agreement and Collateral Assignment was two times his or her annual salary, for
which he or she had to pay a premium; or

	iv.
	A
person who: (a) was an active Employee on September 30, 2002, and (b) was enrolled in The Dow Chemical Company Executive Split Dollar Life
Insurance Plan on September 30, 2002, and (c) signed a waiver of all his or her rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between him or her
and The Dow Chemical Company, and (d) on the day preceding his or her Retirement, was covered under the Company-Paid Life Insurance Plan component of The Dow Chemical Company Group
Life Insurance Program that is available to active Employees, and (e) is now a Retiree; or

	v.
	A
person who: (a) was an active Employee on or before October 31, 2002, and (b) was enrolled in the Union Carbide Corporation Executive Life
Insurance Plan on October 31, 2002, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about
October 31, 2002, and (d) on the day preceding his or her Retirement, was covered under the Company-Paid Life Insurance Plan component of The Dow Chemical Company Group Life
Insurance Program that is available to active Employees, and (e) is now a Retiree; or

	vi.
	A
person who: (a) was an active Employee on October 31, 2003, and (b) was enrolled in the Union Carbide Corporation Executive Life Insurance Plan on
October 31, 2003, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about October 31, 2003, and
(d) whose coverage level under the Union Carbide Executive Life Insurance Plan just prior to termination of the Agreement and Collateral Assignment was two times his or her annual salary, for
which he or she had to pay a premium, and (e) on the day preceding his or her Retirement, was covered under the Company-Paid Life Insurance Plan component of The Dow Chemical
Company Group Life Insurance Program that is available to active Employees, and (f) is now a Retiree; or

	vii.
	A
person who: (a) is V5 or above, and (b) is now a Retiree, and (c) for whom the Director of Global Benefits of The Dow Chemical Company has, on a
date after January 1, 2004, approved to receive the same Retiree Company-Paid Life Insurance Plan benefits as those persons described in (i) through (vi) above: or 

169

 

 Enrollment  

        Retired Split Dollar Participants who were active Employees at the time their split dollar agreement was terminated, are required to submit an enrollment form at
the time they Retire. Failure to return the form within 31 days of Retirement will result in automatic enrollment at the same coverage level you had as an active Employee under
Company-Paid Life Insurance (1x coverage). 

 Coverage Amount for Eligible Split Dollar Retirees  

        A Retired Split Dollar Participant has the same coverage level that he or she had as an active employee under the Company-Paid Life Insurance Plan (1x
coverage), which will continue until death. However, if you elect to waive this special 1x coverage, you will not be allowed to re-enroll in the future. 

 Cost  

        Currently, the Company pays the cost of this coverage. 

Section 8.    Post-65 Executive Life Insurance Participants    

        A
"Post-65 Executive Life Insurance Participant" is a person who: (a) Retired prior to October 1, 1991 and (b) enrolled for Post-65 Executive
Life Insurance coverage prior to October 1, 1991, and (c) did not later enroll in The Dow Chemical Company Executive Split Dollar Life Insurance Plan. 

 Enrollment  

        Post-65 Executive Life Insurance Coverage is closed to new enrollments. 

 Coverage Amount for Post-65 Executive Life Insurance Participants  

        Effective with their 65th birthday, a Post-65 Executive Life Insurance Participant has coverage equal to two times (2x) their final pay up to a
maximum of two million dollars. This coverage will continue until death, as long as the required premiums are paid. 

 Cost  

        Currently, the cost of this coverage is shared by the Retiree and the Company. The Retiree's contribution, which is based on 1x of coverage is currently $1.62 per
thousand. Premiums are subject to change. If your premiums are not automatically deducted from payments from the Dow Employees' Pension Plan ("DEPP"), you must pay your premium within 31 days
of your bill. If your payment is not postmarked within 31 days of your bill, your coverage will be canceled. 

 End of Coverage  

        You will retain a one-time option to discontinue coverage under this program and obtain coverage applicable to a Retiree of like age under the Retiree
Company-Paid Life Insurance Plan described under Section 1. However, there will be no refund of premiums paid under the Post-65 Executive Life Insurance program. 

Section 9.    Retired Union Carbide Employees    

        If
you Retired prior to February 7, 2003, you are covered under The Dow Chemical Company Group Life Insurance Program's Union Carbide Subsidiary Basic Life Insurance Plan. You are
not eligible for coverage under The Dow Chemical Company Group Life Insurance Program's Company-Paid Life Insurance Plan. 

Section 10.    General Eligibility Information    

        Check
the Plan Document, which addresses unusual situations, such as mergers and acquisitions, for additional eligible retiree populations. 

        The
Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the Plan and to make findings
of fact. Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. 

        If
you want to file a Claim for a Determination of Eligibility because you are not sure whether you are eligible to participate in the Plan or have been told that you are not, see
the Claims Procedures Appendix of this SPD. 

170

 

Section 11.    Reporting Imputed Income    

        Except
for Retired Split Dollar Participants and Post-65 Executive Life Insurance Participants, the Internal Revenue Code allows the cost for the first $50,000 of Retiree
Company-Paid Life Insurance Plan coverage to be excluded from taxable income. Any imputed income resulting from your life insurance coverage will be reported to the IRS along with your
annual pension income information. 

        The
imputed income is determined based on a Uniform Premium Table established by the federal government. 

Section 12.    Naming Your Beneficiary    

        You
designate your beneficiary when you Retire by completing the beneficiary designation section of your enrollment card. If you wish to name more than one beneficiary, you must also
indicate the percentage of your benefit that each beneficiary is to receive. 

        If
you do not name a beneficiary, your Retiree Company-Paid Life Insurance benefit will be paid to the person you designated under the active employee
Company-Paid Life Insurance Plan. If there is no beneficiary designated under that plan, the default beneficiary is your estate. Your failure to designate a beneficiary may delay the
payment of funds. 

        If
you wish to change your beneficiary designation, complete a new beneficiary form, available from the Dow Benefits Center. A life event (such as marriage/domestic partnership,
divorce/termination of domestic partnership, etc.) may signal a need to change your beneficiary. Beneficiary changes are not effective until the date received by the Dow Benefits Center. 

Section 13.    Benefit Payment    

        In
the event of your death, your beneficiary should contact the Retiree Service Center and present a certified copy of your death certificate. See Claims
Procedures Appendix of this SPD. 

Section 14.    Accelerated Benefit Option (ABO)    

        Under
the Accelerated Benefit Option, if you have been diagnosed as having a terminal illness, you may receive a portion of your Retiree Company-Paid Life Insurance and
Retiree Optional Life Insurance benefits before death. Having access to life proceeds at this important time could help ease financial and emotional
burdens. In order to use ABO, you must be covered for at least $10,000 from your Retiree Company-Paid Life Insurance and/or Retiree Optional Life Insurance. You may receive an accelerated
benefit of up to 50 percent (minimum $5,000 and maximum $250,000) of your Retiree Company-Paid Life Insurance and/or Retiree Optional Life Insurance if, as a result of an injury or
sickness you are diagnosed as terminally ill, with six months or less to live, and from which there is no reasonable prospect of recovery. A claim form can be obtained from the Dow Benefits Center and
must be completed and returned for evaluation and approval by MetLife. 

Section 15.    Funding    

        The
Plan is funded by an insurance policy underwritten by Metropolitan Life Insurance Company ("MetLife"). 

        Except
for Plan Option I, the Participating Employers currently pay the entire cost of the Retiree Company-Paid Life Insurance Plan. For Plan Option I, the Retiree and the
Participating Employer share the cost. The insurance carrier underwriting the Plans may combine the experience for the policy with other policies held by Dow. This means that the costs of these
coverages may be determined on a combined basis, and the costs accumulated from year to year. Favorable experience under one ore more coverages in a particular year may offset unfavorable experience
on other coverages in the same year or offset unfavorable experience of coverages in prior years. Policy dividends declared by the insurer for the Retiree Company-Paid Life Insurance Plan
attributable to Dow's premiums are used to reduce Dow's cost for the coverage in the same and prior years. 

Section 16.    Your Rights    

        You
have certain rights under the Plan and are entitled to certain information by law. Be sure to review the Filing a Claimsection,  Appealing a Denial of Claims section, Fraud Against the Plan section, Grievance
Proceduresection, Your Legal Rights section, Welfare Benefits section,  the Company's Right to Amend, Modify
and Terminate the Plans section, Disposition of Plan Assets if the Plan is
Terminated section, For More Informationsection, Important Note section and  ERISA
Information section at the end of this SPD. 

171

 

Section 17.    Converting to an Individual Policy    

        Whenever
your coverage decreases under this Plan, you are eligible to convert the amount of coverage you are losing to an individual non-term life insurance policy through
MetLife, Inc. without proof of insurability. You must file a conversion application with MetLife and make the required premium payment to MetLife within 31 days of the date your
Dow coverage is lost or decreases. Contact the Dow Retiree Service Center to obtain a form for converting your coverage. Once you have obtained the form, contact the MetLife Conversion Group at
1-800-MET-LIFE or 1-800-638-5433 to file your form, or to obtain further information. 

        The
cost of this individual coverage will probably be significantly higher than your group plan. Although not required, providing proof of insurability may help reduce your cost. 

Chapter Two: Retiree Optional Life Insurance Plan  

        As of January 1, 2005, the following plans were merged into the Retiree Optional Life Insurance Plan: The Dow Chemical Company Texas Operations Hourly
Optional Life Insurance Program's Retiree Optional Life Insurance Plan; Hampshire Chemical Corporation Hourly Optional Group Life Insurance Program's Pre-65 Retiree Optional Life Insurance
Plan; Hampshire Chemical Corporation Hourly Optional Group Life Insurance Program's Retiree Optional Life Insurance plan (Waterloo); and ANGUS Chemical Company Hourly Optional Group Life Insurance
Program's Pre-65 Retiree Optional Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of the Retiree Optional Life Insurance Plan. 

        The
Retiree Optional Life Insurance Plan is referred to in Chapter Two as the "Plan". 

Section 1
applies to Retired Salaried Employees and Certain Retired Hourly Employees 

Section 2
applies to Retired Texas Operations Hourly Employees who retired during a specified period 

Section 3
applies to Retired Hampshire Waterloo Hourly Employees who retired during a specified period 

Section 4
applies to Disability Retirees 

Section 5
applies to Retired Split Dollar Participants 

Section 6
applies to Certain Union Carbide Retirees who retired prior to February 7, 2003 

Section 7
through to the remaining sections of Chapter Two apply to all persons eligible for coverage under the Plan 

Section 1.    Retired Salaried Employees and Certain Retired Hourly
Employees    

 Eligibility  

        Section 1 of Chapter Two of this SPD does NOT apply to: 

	•
	Hourly
Employees who retired from Michigan Operations;

	•
	Hampshire
Hourly Employees who retired from the Waterloo, NY facility on or after March 1, 1988 through December 31, 1999;

	•
	Hampshire
Hourly Employees who retired from the Owensboro, KY or Nashua, NH facilities on or after March 1, 1988 through December 31, 1998;

	•
	Texas
Operations Employees who retired prior to prior to January 1, 2003;

	•
	Retired
Split Dollar Participants;

	•
	Union
Carbide Employees who retired prior to February 7, 2003. 

        Except
for those populations identified above, if you are a Retiree who is less than age 65 and, on the day preceding your Retirement, you were enrolled for coverage under an
Employee-Paid Life Insurance Plan sponsored by a Participating Employer, you are eligible for the coverage described below in Optional Coverage Amounts for Eligible
Salaried and Hourly Retirees without proof of insurability. If you were not previously enrolled, proof of insurability is required. In order to be a "Retiree", you must have
had at least 50 years old with 10 or more years of Service at the time your employment with Dow terminated. 

172

  

 Enrollment  

        If you were previously enrolled for Employee-Paid Life Insurance as an active Employee, you may complete an enrollment form upon Retirement, with
coverage effective immediately under the Retiree Optional Coverage. You must complete an enrollment form and return it to the Retiree Service Center within
31 days of your Retirement. Failure to return the form within 31 days of your Retirement will result in
waiver of your coverage. 

        If
you were not previously enrolled, you must provide proof of insurability. This proof may require a physical examination, at your expense. 

        You
may decrease or cancel your coverage at any time by completing a new enrollment card and returning it to the Retiree Service Center office. 

        If
you wish to enroll at a later date or increase your coverage amount, proof of insurability will be required. 

Optional Coverage Amounts and Costs for Eligible Salaried and Hourly Retirees  

        You may purchase coverage equal to either 1/2x or 1x your base annual salary at Retirement, rounded up to the next $1,000, if you were previously enrolled for at
least that amount of coverage as an active employee. Pre-65 Retiree Optional rates are age-related rates. Premium information is communicated in the annual Choices U.S. Retiree
Benefits Enrollment Booklet, and periodically in DowFriends. Premiums are subject to change. If your premiums are not automatically deducted from payments from the Dow Employees' Pension Plan ("DEPP")
or the Union Carbide Employees' Pension Plan ("UCEPP"), you must pay your premium within 31 days of your bill. If your payment is not postmarked within 31 days of
your bill, your coverage will be canceled. 

        If
you were previously enrolled for a lesser amount, proof of insurability will be required. In any case, the maximum coverage available is 1x, rounded up to the next $1,000. 

End of Coverage  

        Coverage ends at the end of the month in which you reach age 65. Coverage ends earlier than age 65 if you cancel coverage or fail to pay the required premiums. 

Section 2.    Retired Texas Operations Employees    

 Retired October 1, 1992 through December 31, 2002  

        Texas Operations Hourly Employees who Retired on or after October 1, 1992 through December 31, 2002, and were enrolled on the day preceding their
Retirement in the Optional Life Insurance Plan of The Dow Chemical Company Texas Operations Hourly Optional Life Insurance Program are eligible for the coverage. Coverage may be purchased if you
carried an amount equal to or greater than $30,000 prior to age 65. You have the option of purchasing $25,000 beginning on the first of the month following your 65th birthday. The amount of insurance
is reduced each year with the minimum amount at age 68 of $10,000. 

	Age 65	 	$25,000
	Age 66	 	$20,000
	Age 67	 	$15,000
	Age 68 & After	 	$10,000

        Your
premium for Retiree Optional Life Insurance is based on the amount of coverage you select. Your premiums are deducted post-tax from your monthly pension check. Premiums
are subject to change. Premium changes are published in DowFriends. If your premiums are not automatically deducted from pension payments from the Dow Employees' Pension Plan (DEPP), formerly known as
the Dow Employee Retirement Plan (ERP), you must pay your premium within 31 days of your bill. If your payment is not postmarked within 31 days of your bill, your
coverage will be cancelled.

 Retired May 18, 1984 through November 30, 1991  

        Texas Operations Hourly Employees who Retired on or after May 18, 1984 through November 30, 1991, and were enrolled, on the day preceding their
Retirement, in the Optional Life Insurance Plan of The Dow Chemical Company Texas Operations Hourly Optional Life Insurance Program are eligible for the coverage. Coverage may be purchased for half
the amount of coverage you had as an active Employee under the Optional Contributory plan, up to $25,000 until age 65. Eligibility for coverage ends at age 65, and is subject to continuous coverage. 

        Your
premium for Retiree Optional Life Insurance is based on the amount of coverage you select. Your premiums are deducted post-tax from your monthly pension check. Premiums
are subject to change. Premium changes are published in DowFriends. If your premiums are not automatically deducted from pension payments from the Dow Employees' Pension Plan (DEPP), formerly known as
the Dow Employee Retirement Plan (ERP), you must pay your premium within 31 days of your bill. If your payment is not postmarked within 31 days of your bill, your
coverage will be cancelled.

173

 

Section 3.    Retired Hampshire Waterloo Hourly Employees    

        If
you retired from Hampshire Chemical Corp. on or after March 1, 1988, through December 31, 1999, at age 55 or older and were represented while an active employee by the
United Steelworkers of America AFL-CIO Local Union #7110, a bargaining unit of Hampshire Chemical Corp.'s Waterloo, NY facility, and you were enrolled in Hampshire Chemical Corp.
supplemental employee paid life insurance coverage on the day preceding your retirement, you are eligible for the amount of optional life insurance you had on the day preceding your retirement, ie.,
$2500, $5000, $7500, or $13,000. You are required to pay the premiums. Premiums are subject to change. Changes to premiums are published in DowFriends. If your premiums are not automatically deducted
from payments from your pension, you must pay your premium within 31 days of your bill. If your payment is not postmarked within 31 days of your bill, your
coverage will be cancelled.

Section 4.    Disability Retirees    

        If
you are receiving a "disability retirement benefit" from DEPP, as defined under DEPP, and you are not a former Texas Operations Hourly Employee, and you were covered under The Dow
Chemical Company Employee-Paid Life Insurance Plan on the day preceding your Retirement, you are eligible for the coverage described below in Coverage Amounts for
Disability Retirees. 

        If
you are receiving a "disability retirement benefit" from UCEPP, as defined under UCEPP, on or after February 7, 2003, and you were covered under The Dow Chemical Company
Employee-Paid Life Insurance Plan on the day preceding your Retirement, you are also eligible for the coverage described below in Coverage Amounts for Disability
Retirees. 

        If
you are a former Texas Operations Hourly Employee receiving a "disability retirement benefit" from the Dow Employees' Pension Plan ("DEPP"), as defined under DEPP, and you were
covered under the Texas Operations Hourly Contributory Optional Life Insurance Plan coverage on the day preceding your Retirement, you are eligible for coverage as described below in  Coverage Amounts for Texas Operations
Hourly Disability Retirees. 

 Coverage Amounts for Disability Retirees  

        Pre-65 coverage.    Effective January 1, 2006, if you are a disability retiree under DEPP or UCEPP, and your
disability retirement effective date is on or after January 1, 2006, your eligibility, coverage amounts and costs are the same as Retirees who are not receiving a "disability retirement
benefit" under DEPP or UCEPP. 

        If
you are: (1) a disability retiree under DEPP or UCEPP, and (2) your DEPP disability retirement effective date is prior to January 1, 2006 (or your UCEPP
disability retirement effective date is between February 6, 2003 and January 1, 2006), and (3) you were covered under the Dow Employee-paid Life Insurance Plan on the
day preceding your Retirement, and (4) you are not a Texas Operations Hourly Employee who began receiving Disability Retirement payments from DEPP prior to January 1, 2003, you will be
provided coverage until age 65 equal to 1/2 × or 1x your base annual hourly rate at Retirement, rounded up to the next $1000, if you were previously enrolled
for at least that amount of coverage as an employee. Currently, this coverage is provided at no cost to you. Coverage is contingent on you continuing to meet the requirements to receive disability
retirement benefits from DEPP. 

        Age 65 and older.    Effective January 1, 2006, if you are a disability retiree under DEPP or UCEPP, and your disability
retirement effective date is on or after January 1, 2006, your eligibility, coverage amounts and costs are the same as Retirees who are not receiving a Disability Retirement under DEPP or
UCEPP. 

        If
you are: (1) a disability retiree under DEPP or UCEPP, and (2) your DEPP disability retirement effective date is prior to January 1, 2006 (or your UCEPP
disability retirement effective date is between February 6, 2003 and January 1, 2006, and (3) you were covered under the Dow Employee-paid Life Insurance Plan on the
day preceding your Retirement, and (4) you are not a Texas Operations Hourly Employee who began receiving Disability Retirement payments from DEPP prior to January 1, 2003, you are
covered under Plan Option 1. Currently, this coverage is provided at no cost to you. Coverage is contingent on you continuing to meet the requirements to receive disability retirement benefits from
DEPP or UCEPP. 

174

 

 Coverage Amounts for Texas Operations Hourly Disability Retirees  

        If you are a former Texas Operations Hourly Employee who began receiving a "disability retirement benefit" prior to January 1, 2003 from the DEPP, as
defined under DEPP, you will be provided the following coverage, provided you were enrolled in an amount equal to or greater than $30,000 under the Texas Operations Hourly Contributory Optional Life
Insurance Plan on the day preceding your Retirement. Currently, this coverage is provided at no cost to you. 

	Age
 
	 	Coverage Amount
 

	Prior to age 65	 	$30,000
	65	 	$25,000
	66	 	$20,000
	67	 	$15,000
	68+	 	$10,000

Section 5.    Retired Split Dollar Participants    

        Retired
Split Dollar Participants are eligible for 1x Split Dollar Equivalent Coverage if they elected to purchase the 1x Employee-paid or Retiree-paid split
dollar replacement coverage ("1x Split Dollar Equivalent Coverage") at the time it was offered to them when their split dollar agreements were terminated, and they continue to pay the premiums for
that coverage. For the definition of "Retired Split Dollar Participants" see Chapter One of this SPD, Section 7 entitled Retired Split Dollar
Participants. 

        The
Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the Plan and to make findings
of fact. Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. 

        If
you want to file a Claim for a Determination of Eligibility because you are not sure whether you are eligible to participate in the Plan or have been told that you are not, see the  Claims Procedures Appendix of this SPD. 

 Enrollment  

        If you are a Retired Split Dollar Participant who was an active Employee at the time your split dollar agreement was terminated, and you are paying premiums for
the 1x Split Dollar Equivalent Coverage, you are required to submit an enrollment form at the time you Retire if you wish to continue the 1x Split Dollar Equivalent Coverage as a Retiree.  Failure to return the form within
31 days of your Retirement will result in automatic enrollment in the 1x Split Dollar Equivalent Coverage. If
you waived the 1x Split Dollar Equivalent Coverage at the time your split dollar agreement was terminated, or if such coverage was waived or cancelled after your split dollar agreement was terminated,
you may not subsequently enroll for such coverage at any time. 

 Costs  

        You pay the premium for coverage. The cost for coverage is subject to change, according to Plan experience. Premiums are subject to change. If your premiums are
not automatically deducted from payments from the Dow Employees' Pension Plan ("DEPP") or the Union Carbide Employees' Pension Plan ("UCEPP"), you must pay your premium within 31 days of your
bill. If your payment is not postmarked within 31 days of your bill, your coverage will be canceled. 

 Coverage Levels  

        Coverage is 1x of your final annual salary rounded up to the next $1,000. 

End of Coverage  

        1x Split Dollar Equivalent Coverage ends if you cancel coverage or fail to pay the required premiums. 

Section 6.    Retired Union Carbide Employees    

        If
you Retired prior to February 7, 2003, you are covered under The Dow Chemical Company Group Life Insurance Program's Union Carbide Subsidiary Basic Life Insurance Plan. You are
not eligible for coverage under the Retiree Optional Life Insurance Plan. 

Section 7.    General Eligibility Information    

        Check
the Plan Document, which addresses unusual situations, such as mergers and acquisitions, for additional eligible retiree populations. 

175

 

        The
Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the Plan and to make findings
of fact. Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. 

        If
you want to file a Claim for a Determination of Eligibility because you are not sure whether you are eligible to participate in the Plan or have been told that you are not, see
the Claims Procedures Appendix of this SPD. 

Section 8.    Naming Your Beneficiary    

        You
designate your beneficiary when you Retire by completing the beneficiary designation section of your enrollment card. If you wish to name more than one beneficiary, you must also
indicate the percentage of your benefit that each beneficiary is to receive. 

        If
you do not name a beneficiary, your Retiree Optional Life Insurance benefit will be paid to the beneficiary you designated when you were an active Employee under the
Employee-Paid Life Insurance Plan. If you did not designate a beneficiary under the Employee-Paid Life Insurance Plan, then the Retiree Optional Life Insurance benefit will be
paid to the beneficiary you designated under the Retiree Company-Paid Life Insurance Plan. If you did not name a beneficiary under the Retiree Company-Paid Life Insurance Plan,
your Retiree Optional Life Insurance benefit will be paid to the beneficiary you designated under the active employee Company-Paid Life Insurance Plan. If you did not name a beneficiary
under the active employee Company-Paid Life Insurance Plan, the default beneficiary designation is your estate. Your failure to designate a beneficiary may delay the payment of funds. 

        If
you wish to change your beneficiary designation, complete a new beneficiary form, available from your Retiree Service Center office. A life event (such as Marriage/Domestic
Partnership, divorce/termination of Domestic Partnership, etc.) may signal a need to change your beneficiary. Beneficiary changes are not effective until the date received by the Retiree Service
Center. 

Section 9.    Benefit Payment    

        In
the event of your death, your beneficiary should contact the Retiree Service Center. A certified death certificate must be provided to MetLife to disburse the life insurance proceeds.
See Claims Procedures Appendix of this SPD. Contact the Retiree Service Center at 1-800-344-0661. 

Section 10.    Accelerated Benefit Option (ABO)    

        Under
the Accelerated Benefit Option, if you have been diagnosed as having a terminal illness, you may receive a portion of your Retiree Company-Paid Life Insurance and
Retiree Optional Life Insurance benefits before death. Having access to life proceeds at this important time could help ease financial and emotional
burdens. In order to use ABO, you must be covered for at least $10,000 from your Retiree Company-Paid Life Insurance and/or Retiree Optional Life Insurance. You may receive an accelerated
benefit of up to 50 percent (minimum $5,000 and maximum $250,000) of your Retiree Company-Paid Life Insurance and/or Retiree Optional Life Insurance if, as a result of an injury or
sickness you are diagnosed as terminally ill, with six months or less to live, and from which there is no reasonable prospect of recovery. A claim form can be obtained from the Retiree Service Center
and must be completed and returned for evaluation and approval by MetLife. 

Section 11.    Funding    

        The
Plan is funded by an insurance policy underwritten by Metropolitan Life Insurance Company ("MetLife"). 

        Retirees
pay the entire premium for coverage. The benefits under the Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan are not combined for experience
with the other insurance coverages. Favorable experience under this insurance coverage in a particular year may offset unfavorable experience in prior years. It is not anticipated that there will be
any future dividends declared for the Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan based on the manner in which the insurer has determined the premium rates. 

 Joint Insurance Arrangement  

        Dorinco Reinsurance Company (Dorinco) and MetLife have entered into an arrangement that has been approved by the U.S. Department of Labor in DOL Opinion Letter
97-24A. Under this arrangement, MetLife has or will write the coverage for the Plan, and Dorinco will assume a percentage of the risk. Under the insurance arrangement between MetLife and
Dorinco, MetLife and Dorinco will each be liable to pay the agreed upon percentage of each death benefit claim in respect of a Plan Participant. When a claim for benefits is approved, Dorinco will
transfer its percentage of each death benefit claim to Metropolitan. MetLife will then pay the full amount of the claim. If MetLife is financially unable to pay the portion of the claim, Dorinco will
be obligated to pay the full amount of the claim directly. Similarly, if Dorinco is financially unable to pay its designated percentage of a particular claim, MetLife will be obligated to pay the
entire amount of the claim. Neither MetLife nor Dorinco will charge the Plan any administrative fees, commissions or other consideration as a result of the participation of Dorinco. This joint
insurance arrangement does not apply to coverage for Retired Hourly Employees who were employed at Michigan Operations. 

176

 

Section 12.    Your Rights    

        You
have certain rights under the Retiree Optional Life Insurance Plan and are entitled to certain information by law. Be sure to review the Filing a
Claim section, Appealing a Denial of Claims section, Fraud Against the Plan
section, Grievance Procedure section, Your Legal Rights section, Welfare
Benefits section, Company's Right to Amend, Modify, and Terminate the Plans section, Disposition of Plan
Assets if the Plan is Terminated section, For More Information section, Important
Note section and ERISA Information section at the end of this SPD. 

Section 13.    Converting to an Individual Policy    

        Whenever
your coverage decreases under this Plan, you are eligible to convert the amount of coverage you are losing to an individual non-term life insurance policy through
MetLife, Inc. without proof of insurability. You must file a conversion application with MetLife and make the required premium payment to MetLife within 31 days of the date your
Dow coverage is lost or decreases. Contact the Dow Retiree Service Center to obtain a form for converting your coverage. Once you have obtained the form, contact the MetLife Conversion Group at
1-800-MET-LIFE or 1-800-638-5433 to file your form, or to obtain further information. 

        The
cost of this individual coverage will probably be significantly higher than your group plan. Although not required, providing proof of insurability may help reduce your cost. 

Chapter Three: Retiree Dependent Life Insurance Plan  

        As of January 1, 2005, the following plans were merged into the Retiree Dependent Life Insurance Plan: The Dow Chemical Company Texas Operations Hourly
Optional Life Insurance Program's Retiree Dependent Life Insurance Plan; Hampshire Chemical Corporation Hourly Optional Group Life Insurance Program's Retiree Dependent Life Insurance Plan; and ANGUS
Chemical Company Hourly Optional Group Life Insurance Program's Retiree Dependent Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of the Retiree Dependent Life
Insurance Plan. 

        The
Retiree Dependent Life Insurance Plan is referred to in Chapter Three as the "Plan". 

Section 1
applies to Retired Salaried Employees and Certain Retired Hourly Employees 

Section 2
through to the remaining sections of Chapter Three apply to all persons eligible for coverage under the Plan 

Section 1.    Retired Salaried Employees and Certain Retired Hourly
Employees    

 Eligibility  

        Section 1 of Chapter Two of this SPD does NOT apply to: 

	•
	Hampshire
Hourly Employees who retired from the Waterloo, NY facility on or after March 1, 1988 through December 31, 1999;

	•
	Hampshire
Hourly Employees who retired from the Owensboro, KY or Nashua, NH facilities on or after March 1, 1988 through December 31, 1998;

	•
	Hourly
Employees who retired from Michigan Operations;

	•
	Texas
Hourly Employees who retired prior to October 1, 1989; and

	•
	Union
Carbide Employees who retired prior to February 7, 2003. 

        Except
for those populations identified above, if you are a Retiree who, on the day preceding Retirement, was enrolled as an active Employee in a Dependent Life Insurance Plan sponsored
by a Participating Employer, you are eligible for continued coverage for your Spouse of Record/Domestic Partner of Record and/or Dependent children who were covered under the active employee plan. In
order to be a "Retiree", you must have been at least 50 years old with 10 or more years of Service at the time your employment with Dow terminated. 

        If
your Spouse of Record/Domestic Partner of Record is eligible to participate in any dependent life insurance plan sponsored by a Participating Employer, either as a Dow Employee or
Retiree, each of you may insure the other but only one of you may enroll for coverage for your dependent children. Double coverage is not allowed. 

        See
Section 3 entitled Dependent Eligibility for who may be covered as a Dependent. 

177

 

 Enrollment  

        If you were previously enrolled for Dependent Life Insurance, complete the Dependent Life Insurance section of the Retiree enrollment form. Your continuation
coverage will be effective immediately. You must complete the enrollment form and return it to the Retiree Service Center within
31 days of your Retirement. Failure to return the form within 31 days of your Retirement will result in
waiver of coverage.

        If
you waive coverage when you Retire, you waive all future rights to participate in the Retiree Dependent Life Insurance Plan. 

 Dependent Coverage Amounts for Eligible Salaried and Hourly Retirees  

        Spouse of Record/Domestic Partner of Record:    If your Spouse of Record/Domestic Partner of Record was covered under your
Dependent Life Insurance Plan on the day preceding your Retirement, you may continue coverage equal to $5,000. 

        Dependent Children:    For any Dependent child who was covered under your Dependent Life Insurance Plan on the day preceding
your Retirement, you may continue coverage equal to $1,000, as long as he or she continues to meet eligibility requirements. 

 Cost  

        You pay the premium for coverage. Your premium for Retiree Dependent Life Insurance is based on the option that you select. The cost for coverage is subject to
change, according to Plan experience. Premiums are subject to change. If your premiums are not automatically deducted from payments from the Dow Employees' Pension Plan (DEPP) or the Union Carbide
Employees' Pension Plan ("UCEPP"), you must pay your premium within 31days of your bill. If your payment is not postmarked within 31 days of your bill, your coverage
will be cancelled. 

Section 2.    General Eligibility Information    

        If
you do not meet the above eligibility criteria, check the Plan Document for additional eligible retiree populations. 

        The
Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the Plan and to make findings
of fact. Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. 

        If
you want to file a Claim for a Determination of Eligibility because you are not sure whether you are eligible to participate in the Plan or have been told that you are not, see the  Claims Procedures Appendix of this SPD. 

Section 3.    Dependent Eligibility    

        You
may purchase coverage on the life of your Spouse of Record/Domestic Partner of Record and/or the life of your Dependent child or Dependent children. A Dependent child is defined as a
child that is principally supported by you, is at least 15 days of age, and is: 

	•
	A
natural or legally adopted child;

	•
	A
child of your Spouse or Domestic Partner permanently residing in your household; or

	•
	A
child for whom you or your Spouse of Record/Domestic Partner of Record are the legal guardian, supported solely by you and permanently residing in your household. 

        Generally,
a child is NOT a Dependent if he or she is: 

	•
	Married.
Coverage as a Dependent child ends on the date of Marriage/Domestic Partnership and may not be reinstated even if the Marriage/Domestic Partnership is terminated.

	•
	Age
25 years or older, unless the dependent relationship continues because of a physical or mental handicapping condition. Contact your Retiree Service Center office
if this applies to you.

	•
	Employed
full-time.

	•
	Already
covered as a dependent of another Dow Employee or Dow Retiree. 

        A
Dependent Spouse, Domestic Partner, or child is not eligible if he or she resides outside the United States and Canada, or is in the military. 

178

 

Section 4.    Beneficiary Designation    

        You
are the beneficiary of the Retiree Dependent Life Insurance Plan. This cannot be changed. 

        The
benefits will be paid to you if you survive the Dependent. The benefits will be paid to your estate if: 

	a.
	that
Dependent dies at the same time your death occurs; or

	b.
	that
Dependent dies within 24 hours of your death. 

        In
any other instance where you do not survive your Dependent, the benefits will be paid to the Dependent's estate. 

Section 5.    Benefit Payment    

        In
the event of the death of your Spouse of Record/Domestic Partner of Record or Dependent child, contact the Retiree Service Center and present a certified copy of your death
certificate of your Dependent. See Claims Procedures Appendix of this SPD. Your benefit will be paid in a lump sum. 

Section 6.    Funding    

        Retirees
pay the entire premium for coverage. The benefits under the Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan are not combined for experience
with the other insurance coverages. Favorable experience under this insurance coverage in a particular year may offset unfavorable experience in prior years. It is not anticipated that there will be
any future dividends declared for the Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan based on the manner in which the insurer has determined the premium rates. 

Section 7.    Joint Insurance Arrangement    

        Dorinco
Reinsurance Company (Dorinco) and MetLife have entered into an arrangement that has been approved by the U.S. Department of Labor in DOL Opinion Letter 97-24A. Under
this arrangement, MetLife has or will write the coverage for the Plan, and Dorinco will assume a percentage of the risk. Under the insurance arrangement between MetLife and Dorinco, MetLife and
Dorinco will each be liable to pay the agreed upon percentage of each death benefit claim in respect of a Plan Participant. When a claim for benefits is approved, Dorinco will transfer its percentage
of each death benefit claim to MetLife. MetLife will then pay the full amount of the claim. If MetLife is financially unable to pay the portion of the claim, Dorinco will be obligated to pay the full
amount of the claim directly. Similarly, if Dorinco is financially unable to pay its designated percentage of a particular claim, MetLife will be obligated to pay the entire amount of the claim.
Neither MetLife nor Dorinco will charge the Plan any administrative fees, commissions or other consideration as a result of the participation of Dorinco. This joint insurance arrangement does not
apply to coverage for Retired Hourly Employees who were employed at Michigan Operations. 

Section 8.    Your Rights    

        You
have certain rights under the Retiree Dependent Insurance Plan and are entitled to certain information by law. Be sure to review the Filing a
Claim section, Appealing a Denial of Claims section, Fraud Against the Plan
section, Grievance Procedure section, Your Legal Rights section, Welfare
Benefits section, Company's Right to Amend, Modify, and Terminate the Plans section, Disposition of Plan
Assets if the Plan is Terminated section, For More Information section, Important
Note section and ERISA Information section at the end of this SPD. 

Section 9.    End of Coverage    

        You
may choose to cancel your coverage at any time by completing a new enrollment form and returning it to your Retiree Service Center office. Otherwise, coverage ends: 

	•
	In
the event of your death.

	•
	For
your Spouse of Record/Domestic Partner of Record or Dependent child, when he or she is no longer eligible according to the terms of the Plan. In this case, complete a
new enrollment form in order to receive a reduction in your monthly premium. 

        If
you cancel coverage, you may not re-enroll in the future. 

179

 

Section 10.    Converting to an Individual Policy    

        If
your Spouse of Record/Domestic Partner of Record or Dependent child loses coverage because of your death or because he or she no longer meets eligibility requirements, their coverage
may be converted to an individual non-term policy through MetLife, Inc.. (In the case of minor children, the parent or legal guardian may act on their behalf.) 

        A
conversion application must be filed and the required premium payment made to MetLife within 31 days of loss of coverage. Your Spouse of Record/Domestic Partner of Record or
Dependent child's guardian should contact the Dow Retiree Service Center to obtain a form for converting the coverage. Once the form has been obtained, he or she should contact the MetLife Conversion
Group at 1-800-MET-LIFE or 1-800-638-5433. 

        The
cost of this individual coverage will probably be significantly higher than the group plan. Although not required, providing proof of insurability may help reduce the cost. 

Section 11.    Filing a Claim    

        See
Claims Procedures Appendix of this SPD. 

Section 12.    Appealing a Denial of Claim    

        See
Claims Procedures Appendix of this SPD. 

Section 13.    Fraud Against the Plan    

        Any
Plan Participant who intentionally misrepresents information to the Plan or knowingly misinforms, deceives or misleads the Plan or knowingly withholds relevant information may have
his/her coverage cancelled retroactively to the date deemed appropriate by the Plan Administrator. Further, such Plan Participant may be required to reimburse the Plan for Claims paid by the Plan. The
employer may determine that termination of employment is appropriate and the employer and/or the Plan may choose to puruse civil and/or criminal action. The Plan Administrator may determine that the
Participant is no longer eligible for coverage under the Plan because of his or her actions. 

Section 14.    Grievance Procedure    

        If
you want to appeal the denial of a claim for benefits, see Claims Procedures Appendix of this SPD. 

        If
you feel that anyone is discriminating against you for exercising your rights under these Plans, or if you feel that someone has interfered with the attainment of any right to which
you feel you are entitled under these Plans, or if you you feel that the Plan Administrator has denied you any right you feel that you have under these Plans, you must notify the Plan Administrator
(listed in the "ERISA Information" section of this SPD) in writing within 90 days of the date of the alleged wrongdoing. The Plan Administrator
will investigate the allegation and respond to you in writing within 120 days. If the Plan Administrator determines that your allegation has merit, the Plan Administrator will either correct
the wrong (if it was the Plan which did the wrong), or will make a recommendation to the Plan Sponsor or Participating Employer if any of them have been alleged to be responsible for the wrongdoing.
If the Plan Administrator determines that your allegation is without merit, you may appeal the Plan Administrator's decision. You must submit written notice of your appeal to the Plan 

        Administrator
within 60 days of receipt of the Plan Administrator's decision. Your appeal will be reviewed and you will receive a written response within 60 days, unless
special circumstances require an extension of time. (The Plan Administrator will give you written notice and reason for the extension.) In no event should the decision take longer than 120 days
after receipt of your appeal. If you are not satisfied with the Plan Administrator's response to your appeal, you may file suit in court. If you file a lawsuit, you must
do so within 120 days from the date of the Plan Administrator's written response to your appeal. Failure to file a lawsuit within the 120 day period will result in your waiver of
your right to file a lawsuit.

Section 15.    Your Legal Rights    

        When
you are a Participant in the Retiree Company-Paid, Retiree Optional or Retiree Dependent Life Insurance Plans, you are entitled to certain rights and protections under
the Employee Retirement Income Security Act of 1974 (ERISA). This law requires that all Plan Participants must be able to: 

	•
	Examine,
without charge, at the Plan Administrator's office and at other specified locations, the Plan Documents and the latest annual reports filed with the U.S. Department
of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration.

	•
	Obtain,
upon written request to the Plan Administrator, copies of the Plan Documents and Summary Plan Descriptions. The Administrator may charge a reasonable fee for the
copies.

	•
	Receive
a summary of each Plan's annual financial report. The Plan Administrator is required by law to furnish each Participant with a copy of this summary annual report. 

180

 

        In
addition to creating rights for you and all other Plan Participants, ERISA imposes duties on the people who are responsible for operating an employee benefit plan. The people who
operate the Plans, called "fiduciaries" of the Plans, have a duty to act prudently and in the interest of you and other Plan Participants and beneficiaries. 

        No
one, including your employer or any other person, may discharge you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit, or from exercising
your rights under ERISA. If you have a claim for benefits that is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the
decision without charge, and to appeal any denial, all within certain time schedules. 

        Under
ERISA, there are steps you can take to enforce the legal rights described above. For instance, if you request materials from one of the Plans and do not receive them within
30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the
materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you must
file a written appeal within the time period specified in the Plan's Claims Procedures. Failure to comply with the Plan's claims procedures may significantly jeopardize your rights to benefits. If you
are not satisfied with the final appellate decision, you may file suit in Federal court. If you file a lawsuit, you must do so within 120 days from the date of the
Claims Administrator's or the Plan Administrator's final written decision (or the deadline the Claims Administrator or Plan Administrator had to notify you of a decision). Failure to file a lawsuit
within the 120 day period will result in your waiver of your right to file a lawsuit. The court will decide who should pay court costs and legal fees. If you are
successful the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

        If
it should happen that plan fiduciaries misuse one of the Plan's money, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court.  If you file a lawsuit, you must do so within
120 days from the date of the alleged misuse. Failure to file a lawsuit within the 120 day period will result in your
waiver of your right to file a lawsuit.

        If
you feel that anyone is discriminating against you for exercising your rights under this benefit plan, or if you feel that someone has interfered with the attainment of any right to
which you feel you are entitled under any of the Plans, you must notify the Plan Administrator listed in the "ERISA Information" section of this SPD in writing within 120 days of the date of
the alleged wrongdoing. The Plan Administrator will investigate the allegation and respond to you in writing within 120 days. If the Plan Administrator determines that your allegation has
merit, the Plan Administrator will either correct the wrong, if it was the Plan which did the wrong, or will make a recommendation to the Plan Sponsor or Participating Employer if any of them have
been alleged to be responsible for the wrongdoing. If the Plan Administrator determines that your allegation is without merit, you may appeal the Plan Administrator's decision. You must submit written
notice of your appeal to the Plan Administrator within 60 days of receipt of the Plan Administrator's decision. Your appeal will be reviewed and you will receive a written response within
60 days. If you are not satisfied with the Plan Administrator's response to your appeal, you may file suit in Federal court. If you file a lawsuit, you must do so within
120 days from the date of the Plan Administrator's written response to your appeal. Failure to file a lawsuit within the 120 day period will result in your waiver of your right to file a
lawsuit.

        If
you have any questions about the Program, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, you should
contact the nearest Office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries,
Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and
responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration. 

Section 16.    Welfare Benefits    

        Welfare
benefits, such as the Retiree Company-Paid Life Insurance Plan, Retiree Optional Life Insurance Plan and Retiree Dependent Life Insurance Plan, are not required to be
guaranteed by a government agency. 

181

 

Section 17.    The Company's Right to Amend, Modify, and Terminate the
Plans    

        The
Company reserves the right to amend, modify or terminate the Retiree Company-Paid Life Insurance Plan, Retiree Optional Life Insurance Plan and Retiree Dependent Life
Insurance Plan at any time at its sole discretion. Amendments, modifications, or termination of the any of the Plans that have a financial impact of U.S. $10 million or more to The Dow Chemical
Company (Company) in any single year require the approval of the Board of Directors of the Company or any committee of the Company that the Board may authorize to act on its behalf. Amendments,
modifications, or termination of any of the Plans that have a financial impact of less than U.S. $10 million to the Company in any single year must be signed by the President or a Vice
President of the Company and reviewed by the applicable Plan Administrator and an attorney in the Company's Legal Department. Certain modifications or amendments of the Plans which the Company deems
necessary or appropriate to conform the Plans to, or satisfy the conditions of, any law, governmental regulation or ruling, and to permit the Plans to meet the requirements of the Internal Revenue
Code may be made retroactively if necessary. Other amendments or modifications may also be made retroactively effective. 

Section 18.    Disposition of Plan Assets if the Plans are Terminated    

The
Company may terminate any of the Plans at any time at its sole discretion. If the Company terminates a Plan, the assets of the Plan, if any, shall not be used by the Company, but may be used in
any of the following ways: 

	1)
	to
provide benefits for Participants in accordance with the Plan, and/or

	2)
	to
pay third parties to provide such benefits, and/or

	3)
	to
pay expenses of the Plan and/or the Trust holding the Plan's assets, and/or

	4)
	to
provide cash for Participants, as long as the cash is not provided disproportionately to officers, shareholders, or Highly Compensated Employees. 

Section 19.    For More Information    

        If
you have questions, contact the Retiree Service Center, The Dow Chemical Company, Employee Development Center, Midland, Michigan 48674; Phone (800) 344-0661. 

Section 20.    Important Note    

        This
booklet is the summary plan description (SPD) for The Dow Chemical Company Group Life Insurance Program's Retiree Company-Paid Life Insurance Plan, The Dow Chemical
Company Employee-Paid and Dependent Life Insurance Program's Retiree Optional Life Insurance Plan, and The Dow Chemical Company Employee-Paid and Dependent Life Insurance
Program's Retiree Dependent Life Insurance Plan. However, it is not all-inclusive and it is not intended to take the place of each Plan's legal documents. In case of conflict between this
SPD and the applicable Plan Document, the applicable Plan Document will govern. 

        The
Plan Administrator and the Claims Administrator are Plan fiduciaries. The Plan Administrator has the full and complete discretion to interpret and construe all of the provisions of
the Plans for all purposes except to make Claims for Plan Benefits determinations, which discretion is reserved for the Claims Administrator, and such interpretation shall be final, conclusive and
binding. The Plan Administrator also has the full and complete discretion to make findings of fact for all purposes except to make Claims for Plan Benefits determinations, which discretion is reserved
for the Claims Administrator, and the Plan Administrator has the full authority to apply those findings of fact to the provisions of the Plans. All findings of fact made by the Plan Administrators
shall be final, conclusive and binding. The Plan Administrator has the full and complete discretion to decide whether or not it is making a Claims for Plan Benefits determination. For a detailed
description of the Plan Administrator's authority, see the applicable Plan Document. 

        For
the purpose of making Claims for Plan Benefits determinations, the Claims Administrator has the full and complete discretion to interpret and construe the provisions of the Plans,
and such interpretation shall be final, conclusive and binding. For the purpose of making Claims for Plan Benefits determinations, the Claims Administrator also has the full and complete discretion to
make findings of fact and to apply those findings of fact to the provisions of the Plans. All findings of fact made by the Claims Administrator shall be final, conclusive and binding. For a detailed
description of the Claims Administrator's authority, see the applicable Plan Document. 

182

   ERISA INFORMATION

The Dow Chemical Company Group Life Insurance Program's

Retiree Company-Paid Life Insurance Plan

(A Welfare Benefit Plan)  

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

507
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator and Fiduciary:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

c/o HR Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administrator and Fiduciary:	
 	

Metropolitan Life Insurance Company administers claims under a group policy issued to The Dow Chemical Company

Metropolitan Life Insurance Company

Group Life Claims

Onedia County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

The Plan's fiscal records are kept on a plan year beginning January 1 and ending December 31.
	

Funding:	
 	

Except for Plan Option I, the Participating Employers pay the entire premium for the Plan. For Plan Option I, the Retiree and the Participating Employer share the premiums. Benefits are funded through a group insurance contract with Metropolitan Life
Insurance Company. The assets of the Plans may be used at the discretion of the Plan Administrator to pay for any benefits provided under the Plans, as the Plans may be amended from time to time, as well as to pay for any expenses of the Plans. Such
expenses may include, and are not limited to, consulting fees, actuarial fees, attorney's fees, third party administrator fees, and other administrative expenses.

183

 
ERISA Information

The Dow Chemical Company

Employee-Paid and Dependent Life Insurance Program's

Retiree Optional Life Insurance Plan

(Welfare Benefit Plans)  

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

515
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator and Fiduciary:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination:	
 	

See Claims Procedures Appendix to this SPD
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

c/o HR Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administrator and Fiduciary:	
 	

Metropolitan Life Insurance Company administers claims under a group policy issued to The Dow Chemical Company.

Metropolitan Life Insurance Company

Group Life Claims

Onedia County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

The Plan's fiscal records are kept on a plan year beginning January 1 and ending December 31.
	

Funding:	
 	

Retirees pay the entire premium for the Plan. Benefits are funded through a group insurance contract with Metropolitan Life Insurance Company. The assets of the Plan may be used at the discretion of the Plan Administrator to pay for any benefits
provided under the Plan, as the Plan may be amended from time to time, as well as to pay for any expenses of the Plan. Such expenses may include, and are not limited to, consulting fees, actuarial fees, attorneys fees, third party administrator fees,
and other administrative expenses.
	 	 	 

184

 

	

Joint Insurance Arrangement:	

 	

Dorinco and MetLife have entered an arrangement approved by the U.S. Department of Labor (DOL Advisory Opinion Letter 97-24A) in which if MetLife is insolvent, the entire life insurance benefit will be paid by Dorinco. If Dorinco is insolvent, the
entire life insurance benefit will be paid by Metropolitan.
	

 	
 	

Dorinco's address is:

    Dorinco Reinsurance Company

    1320 Waldo Avenue

    Dorinco Building

    Midland, MI 48642

185

 
ERISA Information

The Dow Chemical Company

Employee-Paid and Dependent Life Insurance Program's

Retiree Dependent Life Insurance Plan

(Welfare Benefit Plans)  

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-800-336-4456
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

515
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator and Fiduciary:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination:	
 	

See Claims Procedures Appendix to this SPD
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

c/o HR Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administrator and Fiduciary:	
 	

Metropolitan Life Insurance Company administers claims under a group policy issued to The Dow Chemical Company.

Metropolitan Life Insurance Company

Group Life Claims

Onedia County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

The Plan's fiscal records are kept on a plan year beginning January 1 and ending December 31.
	

Funding:	
 	

Retirees pay the entire premium for the Plan. Benefits are funded through a group insurance contract with Metropolitan Life Insurance Company. The assets of the Plan may be used at the discretion of the Plan Administrator to pay for any benefits
provided under the Plan, as the Plan may be amended from time to time, as well as to pay for any expenses of the Plan. Such expenses may include, and are not limited to, consulting fees, actuarial fees, attorneys fees, third party administrator fees,
and other administrative expenses.
	 	 	 

186

 

	

Joint Insurance Arrangement:	
 	

Dorinco and MetLifehave entered an arrangement approved by the U.S. Department of Labor (DOL Advisory Opinion Letter 97-24A) in which if MetLife is insolvent, the entire life insurance benefit will be paid by Dorinco. If Dorinco is insolvent, the
entire life insurance benefit will be paid by Metropolitan.
	

 	
 	

Dorinco's address is:

    Dorinco Reinsurance Company

    1320 Waldo Avenue

    Dorinco Building

    Midland, MI 48642

CLAIMS PROCEDURES APPENDIX

Summary Plan Descriptions of the life insurance plans sponsored by

The Dow Chemical Company  

You Must File a Claim in Accordance with These Claims Procedures  

        A "Claim" is a written request by a claimant for a Plan benefit or an  Eligibility
Determination. There are two kinds of Claims: 

A  Claim for Plan Benefits is a request for benefits covered under the Plan. 

An
Eligibility Determination is a kind of Claim. It is a request for a determination as to whether a claimant is eligible to be a Participant or covered
Dependent under the Plan. 

        You
must follow the claims procedures for either CLAIMS FOR PLAN BENEFITS or CLAIMS FOR AN ELIGIBILITY DETERMINATION, whichever applies to
your situation. See applicable sections below entitled CLAIMS FOR PLAN BENEFITS and CLAIMS FOR ELIGIBILITY
DETERMINATIONS.

Who Will Decide Whether to Approve or Deny My Claim?  

        The Dow Chemical Company will approve or deny a Claim for an Eligibility Determination. The initial determination is made by the Dow Benefit Center. If you
appeal, the appellate decision is made by the Director of Global Benefits. 

        MetLife
will approve or deny a Claim for Plan Benefits. MetLife is the Claims Administrator for both the initial determination and (if there is an appeal), the appellate determination. 

An Authorized Representative May Act on Your Behalf  

        An Authorized Representative may submit a Claim on behalf of a Plan Participant. The Plan will recognize a person as a Plan Participant's "Authorized
Representative" if such person submits a notarized writing signed by the Participant stating that the Authorized Representative is authorized to act on behalf of such Participant. A court order
stating that a person is authorized to submit Claims on behalf of a Participant will also be recognized by the Plan. 

Authority of the Administrators and Your Rights Under ERISA  

        The Administrators have the full, complete, and final discretion to interpret the provisions of the Plan and to make findings of fact in order to carry out their
respective Claims decision-making responsibilities. 

        Interpretations
and claims decisions by the Administrators are final and binding on Participants. If you are not satisfied with an Administrator's final appellate decision, you may
file a civil action against the Plan under s. 502 of the Employee Retirement Income Security Act (ERISA) in a federal court. If you file a lawsuit, you must do so
within 120 days from the date of the Administrator's final written decision. Failure to file a lawsuit within the 120 day period will result in your waiver of your right to
file a lawsuit.

CLAIMS FOR PLAN BENEFITS  

Information Required In Order to Be a "Claim":  

        For Claims that are requests for Plan benefits, the claimant must complete a MetLife claims form. Call the Retiree Service Center to obtain a
form 1-800/344-0661. In addition, you must attach a certified death certificate (must be certified by the government authority, as exhibited by a "raised seal" on the
certificate). You may request assistance from the Dow Benefits Center (1-989/636-9556) if you need help completing the MetLife claims form. 

187

 

        Once
you have completed the MetLife claims form, you must send it and the certified death certificate to: 

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

Attention: Administrator for the life insurance plans of The Dow Chemical Company and certain of its subsidiaries. 

        The
Dow Benefits Center will review and sign your completed MetLife claims form and forward the form and death certificate to: 

Metropolitan
Life Insurance Company

Group Life Claims

Oneida Country Industrial Park

Utica, NY 13504-6115

Attention: Claims Administrator for the life insurance plans of The Dow Chemical Company and certain of its subsidiaries. 

CLAIMS FOR DETERMINATION OF ELIGIBILITY  

Information Required In Order to Be a "Claim":  

        For Claims that are requests for Eligibility Determinations, the Claims must be in writing and contain the
following information: 

	•
	State
the name of the Employee, and also the name of the person (Employee, Spouse of Record/Domestic Partner of Record, Dependent child, as applicable) for whom the  Eligibility Determination is being
requested

	•
	Name
the benefit plan for which the Eligibility Determination is being requested

	•
	If
the Eligibility Determination is for the Employee's Dependent, describe the relationship for whom an  Eligibility Determination is being requested to the
Employee (eg. Spouse of Record/Domestic Partner of Record, Dependent child, etc.)

	•
	Provide
documentation of such relationship (eg. marriage certificate/statement of Domestic Partnership, birth certificate, etc) 

Claims for Eligibility Determinations must be filed with: 

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

Attention: Administrator for the life insurance plans of The Dow Chemical Company and certain of its subsidiaries. (Eligibility Determination) 

INITIAL DETERMINATIONS  

        If you submit a Claim for Plan Benefits or a Claim for Eligibility
Determination to the applicable Administrator, the applicable Administrator will review your Claim and you notify you of its decision to approve or deny your Claim. Such
notification will be provided to you in writing within a reasonable period,
not to exceed 90 days of the date you submitted your claim; except that under special circumstances, the Administrator may have up to an additional 90 days to provide you such written
notification. If the Administrator needs such an extension, it will notify you prior to the expiration of the initial 90 day period, state the reason why such an extension is needed, and
indicate when it will make its determination. If the applicable Administrator denies the Claim, the written notification of the Claims decision will state the reason(s) why the Claim was denied and
refer to the pertinent Plan provision(s). If the Claim was denied because you did not file a complete Claim or because the Administrator needed additional information, the Claims decision will
state that as the reason for denying the Claim and will explain why such information was necessary. 

188

 

APPEALING THE INITIAL DETERMINATION  

        If the applicable Administrator has denied your Claim for Plan Benefits or Claim for
Eligibility Determination, you may appeal the decision. If you appeal the Administrator's decision, you must do so in writing within 60 days of receipt of the
Administrator's determination, assuming that there are no extenuating circumstances, as determined by the applicable Administrator. Your written appeal must include the following information: 

	•
	Name
of Employee

	•
	Name
of Dependent or beneficiary, if the Dependent or beneficiary is the person who is appealing the Administrator's decision

	•
	Name
of the benefit Plan

	•
	Reference
to the Initial Determination

	•
	Explain
reason why you are appealing the Initial Determination 

Send
appeals of Eligibility Determinations to: 

Director
of Global Benefits

The Dow Chemical Company

2020 Dow Center

Midland, MI 48674

Attention: Administrator for the life insurance plans of The Dow Chemical Company and certain of its subsidiaries. (Appeal of Eligibility Determination) 

Send
appeals of benefit denials to: 

Metropolitan
Life Insurance Company

Group Life Claims

Oneida County Industrial Park

Utica, NY 13504-6115

Attention: Claims Administrator for the life insurance plans of The Dow Chemical Company and certain of its subsidiaries. (Appellate Review) 

        You
may submit any additional information to the applicable Administrator when you submit your request for appeal. You may also request that the Administrator provide you copies of
documents, records and other information that is relevant to your Claim, as determined by the applicable Administrator under applicable federal regulations. Your request must be in writing. Such
information will be provided at no cost to you. 

        After
the applicable Administrator receives your written request to appeal the initial determination, the Administrator will review your Claim. Deference will not be given to the initial
adverse decision, and the appellate reviewer will look at the Claim anew. The person who will review your appeal will not be the same person as the person who made the initial decision to deny the
Claim. In addition, the person who is reviewing the appeal will not be a subordinate who reports to the person who made the initial decision to deny the Claim. The Administrator will notify you in
writing of its final decision. Such notification will be provided within a reasonable period, not to exceed 60 days of the written request for appellate review, except that under special
circumstances, the Administrator may have up to an additional 60 days to provide written notification of the final decision. If the Administrator needs such an extension, it will notify you
prior to the expiration of the initial 60 day period, state the reason why such an extension is needed, and indicate when it will make its determination. If the Administrator determines that it
does not have sufficient information to make a decision on the Claim prior to the expiration of the initial 60 day period, it will notify you. It will describe any additional material or
information necessary to submit to the Plan, and provide you with the deadline for submitting such information. The initial 60 day time period for the Administrator to make a final written
decision, plus the 60 day extension period (if applicable) are tolled from the date the notification of insufficiency is sent to you until the date on which it receives your response. ("Tolled"
means the "clock or time is stopped or suspended". In other words, the deadline for the Administrator to make its decision is "put on hold" until it receives the requested information). The tolling
period ends when the Administrator receives your response, regardless of the adequacy of your response. 

        If
the Administrator has determined to that its final decision is to deny your Claim, the written notification of the decision will state the reason(s) for the denial and refer to the
pertinent Plan provision(s). 

189

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