Document:

EX-4.4.3

 Exhibit 4.4.3 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

DOW INC. 2019 STOCK INCENTIVE PLAN 
 The
individual (“Grantee”) named in the accompanying award letter for [YEAR] grants (the “Notice”) has been granted restricted stock units with respect to a specified number of shares of Dow Inc. common stock, par value
$0.01 per share (the “Shares”), as set forth in the Notice (the “Units” or this “Award”). The Units are subject to the provisions of the Dow Inc. 2019 Stock Incentive Plan (the
“Plan”), the Notice, and this Restricted Stock Unit Award Agreement (together with the Notice, the “Agreement”). Capitalized terms used in this Agreement and not otherwise defined shall have the meanings assigned to
such terms in the Plan. This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933, as amended. 

1.    Grant of Units. The Company has granted to the Grantee, as of the Date of Grant specified in the Notice, the
number of Units as set forth in the Notice, which represent the right to receive an equal number of shares of the Company’s Common Stock, on the terms set forth in the Plan and in this Agreement. Grantee shall have no right to the delivery of
any Shares until the Units vest in accordance with the Plan and this Agreement. 
 2.    Vesting of Units.
Subject to Sections 3, 4 and 5 below, the Units shall vest in accordance with the vesting schedule set forth in the Notice and shall immediately cease to vest upon the date the Grantee’s Continuous Service is terminated for any or no reason
(such date, the “Termination Date”), with any Units that remain unvested as of the Termination Date to be immediately cancelled and forfeited by the Grantee. 

3.    Termination of Continuous Service. 

a.    Death and Disability. 

i.    Default Rule. In the event Grantee’s Continuous Service terminates due to death or
Disability, the Units, to the extent not already vested, shall become fully vested as of the Termination Date, and shall be settled in accordance with the schedule set forth in Section 6 hereof as if the Grantee had remained in Continuous
Service through the last day of the vesting period set forth in the Notice. 
 ii.    Grants in Year
of Termination. Notwithstanding the foregoing in this Section 3(a), if the Grantee’s Termination Date occurs in the same calendar year as the Date of Grant, the Units shall instead vest on a pro rata basis determined by multiplying the
total number of Units subject to this Award by a fraction, the numerator of which is the number of completed calendar months in such calendar year during which Grantee remained in Continuous Service, and the denominator of which is twelve. The
remaining unvested Units shall be immediately canceled and forfeited without consideration as of the Termination Date. Any Units that vest due to this Section 3(a)(ii) shall be settled in accordance with the schedule set forth in Section 6
hereof as if the Grantee had remained in Continuous Service through the last day of the vesting period set forth in the Notice. 

 b.    Age and Service Requirements. 

i.    Default Rule. In the event Grantee’s Continuous Service terminates after the Grantee has
satisfied the Age and Service Requirements, the Units, to the extent not already vested, shall become fully vested as of the Termination Date, and shall be settled in accordance with the schedule set forth in Section 6 hereof as if the Grantee
had remained in Continuous Service through the last day of the vesting period set forth in the Notice. 

ii.    Grants in Year of Termination. Notwithstanding the foregoing in this Section 3(b), if
the Grantee’s Termination Date occurs in the same calendar year as the Date of Grant and the Grantee has been in Continuous Service for at least six months during such calendar year, the Units shall instead vest on a pro rata basis determined
by multiplying the total number of Units subject to this Award by a fraction, the numerator of which is the number of completed calendar months in such calendar year during which Grantee remained in Continuous Service, and the denominator of which
is twelve. The remaining unvested Units shall be immediately canceled and forfeited without consideration as of the Termination Date. If the Grantee has been in Continuous Service for less than six months during such calendar year, the Units shall
be immediately canceled and forfeited without consideration as of the Termination Date. Any Units that vest due to this Section 3(b)(ii) shall be settled in accordance with the schedule set forth in Section 6 hereof as if the Grantee had
remained in Continuous Service through the last day of the vesting period set forth in the Notice. 

iii.    Involuntary Separation from Service. Notwithstanding anything to the contrary in this
Agreement, and for the avoidance of doubt, in the event a Grantee who has satisfied the Age and Service Requirements terminates employment involuntarily in a manner that makes the Grantee entitled to receive severance benefits pursuant to a
severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including, without limitation, any release condition), then the Units shall be subject to
the treatment set forth in subparagraphs (i)-(ii) above, and not the treatment described in Section 3(c) below. 

c.    Involuntary Separation from Service. 

i.    Default Rule. In the event the Grantee’s Continuous Service terminates in a manner that
makes the Grantee entitled to receive severance benefits pursuant to a severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including, without
limitation, any release condition), the Units shall vest on a pro-rata basis determined by multiplying the total number of Units subject to this Award by a fraction, the numerator of which is equal to the
number 

  
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of completed calendar months worked during the vesting period, and the denominator of which is equal to the number of months in the vesting period. The remaining unvested portion of the Units (if
any) shall be immediately cancelled and forfeited without consideration as of the Termination Date. Any Units that vest due to this Section 3(c)(i) shall be settled in accordance with the schedule set forth in Section 6 hereof as if the
Grantee had remained in Continuous Service through the last day of the vesting period set forth in the Notice. 

ii.    Grants in Year of Termination. Notwithstanding the foregoing in this Section 3(c), if
the Grantee’s Termination Date occurs in the same calendar year as the Date of Grant and the Grantee has been in Continuous Service for at least six months during such calendar year, the Units shall instead vest on a pro rata basis determined
by multiplying the total number of Units subject to this Award by a fraction, the numerator of which is the number of completed calendar months in such calendar year during which Grantee remained in Continuous Service, and the denominator of which
is the number of months in the vesting period. The remaining unvested Units shall be immediately canceled and forfeited without consideration as of the Termination Date. If the Grantee has been in Continuous Service for less than six months during
such calendar year, the Units shall be immediately canceled and forfeited without consideration as of the Termination Date. Any Units that vest due to this Section 3(c)(ii) shall be settled in accordance with the schedule set forth in
Section 6 hereof as if the Grantee had remained in Continuous Service through the last day of the vesting period set forth in the Notice. 

iii.    Special Circumstances. If the Grantee’s Continuous Service terminates in a manner that
does not entitle the Grantee to receive any severance benefits from a severance plan maintained by the Company or a Subsidiary, the Units may be treated in the manner set forth in Section 3(c)(i), but only if the Grantee and the Company have
executed a written separation agreement providing that the Units shall receive such treatment. 

d.    Divestitures and Transfers. 

i.    Termination Due to Divestiture – Hired by Purchaser. If the Grantee’s Continuous
Service terminates in connection with a divestiture, sale, or other transaction, and the Grantee either (A) continues in employment with the divested entity following the closing of a stock transaction, or (B) is offered and accepts
employment with the purchaser in connection with an asset transaction, then the Units shall be treated in the same manner as if the Grantee’s Continuous Service had terminated due to death or Disability, as set forth in Section 3(a) above.

 ii.    Termination Due to Divestiture – Offer Declined. If the Grantee’s Continuous
Service terminates in connection with a divestiture, sale, or other transaction, and the Grantee is offered but declines employment with the purchaser in such transaction, then the Units shall be immediately canceled and forfeited without
consideration as of the Grantee’s Termination Date. 

  
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 iii.    Transfer to Joint Venture – Less Than
50% Company Ownership. If the Grantee’s Continuous Service terminates because of his or her transfer to a joint venture in which the Company and its Subsidiaries own less than fifty percent (50%) of the outstanding voting securities of the
joint venture entity, then the Units shall be treated in the same manner as if the Grantee’s Continuous Service had terminated due to death or Disability, as set forth in Section 3(a) above. For the avoidance of doubt, a secondment of the
Grantee to a joint venture is not a termination for purposes of this Section 3(d)(iii). 

iv.    Transfer to a Joint Venture or Subsidiary – 50% or Greater Company Ownership. If the
Grantee transfers employment to a joint venture or other entity in which the Company and its Subsidiaries own fifty percent (50%) or more of the outstanding voting securities of such entity, then the Units shall continue in effect in accordance with
and subject to the terms and conditions set forth in this Agreement. For the avoidance of doubt, a secondment of the Grantee to a joint venture is not a transfer for purposes of this Section 3(d)(iv). 

e.    Cause. If the Grantee’s Continuous Service is terminated due to Cause, then this
Award (including both any vested or non-vested Units) shall be immediately canceled and forfeited without consideration as of the Termination Date. 

4.    Change in Control. In the event of a Change in Control, the Committee may determine the treatment of the
Units subject to and in accordance with the provisions of the Plan. 
 5.    Forfeiture; Recoupment. 

a.    Event of Restatement. If the Committee determines that Grantee’s acts or omissions
contributed to the need to restate any previously issued financial statements, the Committee may require the Grantee to reimburse or repay to the Company, or the Company may reduce the amount of this Award, by up to the amount of any
“gain” the Grantee received. For purposes of this Section 5(a), “gain” shall mean the amount that the Grantee received in connection with this Award (including the proceeds of any sale of Common Stock after this Award has
been settled), less the amount that the Grantee should have received based upon the restated financial results. The Company may recover amounts due under this Section 5(a) by all means available, including obtaining direct repayment from
the Grantee, withholding such amount from other amounts owed by the Company or an Affiliate to the Grantee (or with respect to the Grantee), and/or causing the cancellation of any outstanding incentive award due to the Grantee under the Plan or
otherwise. This Section 5(a) shall not affect the Company’s ability to pursue any other available rights and remedies under applicable law. 

b.    Unfair Competition. If the Committee determines that Grantee has engaged in
“unfair competition”, the Grantee shall (i) immediately forfeit the Units (whether vested or unvested) as of the date Grantee first engaged in such unfair competition, as determined by the Committee, and (ii) promptly pay to the
Company the Fair Market Value of any Shares issued pursuant to this Award within the three years preceding such date. For purposes of this Section 5(b), “unfair competition” means any act or omission by Grantee that (x) competes,
or is intended to compete, with the Company, or (y) is or may be harmful to the interests of the Company. For purposes of this Section 5(b), “Company” shall mean the Company and/or any Subsidiary or Affiliate that has employed
the Grantee, retained the Grantee’s services or to which the Grantee provided services. This Section 5(b) shall not affect the Company’s ability to pursue any other available rights and remedies under applicable law. 

  
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 c.    Unpaid Leave of Absence. In the
event Grantee takes an unpaid leave of absence from the Company or any Subsidiary, the Committee may in its discretion take any action that is consistent with the terms of the Plan and applicable law, including but not limited to suspending vesting
of the Award during the period of leave, or causing Grantee to forfeit any unvested portion of this Award. 

d.    Acceptance of Award Terms. If the Grantee fails to accept the terms of the Award before
the deadline set forth in the Notice, such Award shall be forfeited in its entirety, unless otherwise provided by the Committee. 

6.    Settlement in Common Stock. The Units shall be settled in actual shares of Common Stock within 30 days
following the end of the vesting period set forth in the Notice, irrespective of whether such Units become vested at an earlier time under Section 3 hereof. If the Units become vested in connection with a Change in Control under Section 4,
such Units shall be settled at the time and in the manner provided under the Plan.  
 7.    Dividend
Equivalents. Grantee shall be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on the Shares underlying this Award during the period beginning on the Date of Grant and ending, with respect to each Share
subject to this Award, on the earlier of the date on which this Award is settled or the date on which it expires or is otherwise forfeited. Such Dividend Equivalents shall be paid to Grantee on the date the corresponding cash dividend is paid to
shareholders of the Company’s Common Stock (or as soon as practicable thereafter). If such Dividend Equivalents are paid in cash, Grantees who are located outside of the U.S. will receive payment of their Dividend Equivalents in local currency,
with such amount to be converted from U.S. dollars based on the Company’s inter-company trading rate in effect at the time of delivery (or such other method as the Committee may determine in its sole discretion). Notwithstanding the foregoing,
if the Notice provides that Dividend Equivalents will be accumulated during the vesting period set forth in the Notice and paid in Common Stock, such Dividend Equivalents shall be subject to the same time and form of payment, and the same vesting
and forfeiture conditions, as the remainder of the Award. No interest shall be earned or paid with respect to such Dividend Equivalents. 

8.    Beneficiary Designation. To the extent permitted by the Committee, Grantee may designate a beneficiary
(including a trust beneficiary) to receive any Common Stock issued with respect to the Units following Grantee’s death by identifying a beneficiary in writing in a manner designated by the Committee. Any such designation shall be effective
upon receipt by the Company at any time prior to Grantee’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights hereunder is subject to all terms and conditions of this Agreement and the Plan and to
any additional restrictions deemed necessary or appropriate by the Committee. Subject to the foregoing, a beneficiary designation may be changed or revoked by Grantee at any time, provided that the change or revocation is filed with and
received by the Company prior to the Grantee’s death. No beneficiary designation, change, or revocation will be effective unless it is in writing in a manner designated by the Committee and received by the Company before Grantee’s
death. In the event the Grantee fails or is not permitted to designate a beneficiary, or if for any reason the designation is legally ineffective, or if no designated beneficiary survives to the date that distribution is payable, any amount due
under the Plan to the Grantee shall be payable, in the following order: (1) to the Grantee’s legal spouse or Domestic Partner; (2) to the Grantee’s surviving Children in equal shares; or (3) to the Grantee’s estate.
Upon the divorce of the Grantee, a prior designation of a legal spouse as a beneficiary shall be automatically null and void, and the Plan shall not be liable to the former spouse. 

  
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 9.    No Shareholder Rights. Neither this Award nor the Shares
underlying this Award confers to Grantee or Grantee’s beneficiary any rights of a shareholder of the Company, including a right to receive any dividends, Dividend Equivalents (except as provided in Section 7), or other distributions with
respect to the Common Stock underlying the Units, unless and until shares of Common Stock are issued to such person pursuant to this Award.

10.    No Right to Continued Service. Nothing in this Agreement shall interfere with, limit, or affect in any way,
the right of the Company or any Affiliate to terminate Grantee’s employment or service at any time, nor confer upon Grantee any right to continue in the employment or service of the Company or any Affiliate. 

11.    Payment of Taxes. Grantee will, no later than the date as of which any amount related to the Units first
becomes taxable, pay to the Company, or make other arrangements satisfactory to the Committee regarding payment of, any federal, state, local, or non-U.S. taxes of any kind that the Company determines is
sufficient to satisfy such withholding tax requirements. If Grantee fails to do so, then the Company shall withhold Units as may be necessary to cover such tax obligations. 

12.    Section 409A. This Agreement and payments hereunder shall be interpreted to be compliant with or exempt from
the requirements of Section 409A of the Code. 
 13.    Governing Law. This Award and this Agreement shall
be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of choice or conflict of laws that would otherwise refer to the laws of another jurisdiction. 

14.    Plan Controls. The terms contained in the Plan are hereby incorporated into and made a part of this
Agreement, and this Agreement shall be governed by and construed in accordance with the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, or as to matters as to which this Agreement is
silent, the provisions of the Plan shall be controlling and determinative. 

  
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 15.    Entire Agreement. Subject to the following sentence, this
Agreement and the Plan constitute the entire agreement between the parties and supersede all prior agreements and understandings relating to the subject matter of this Agreement and the Plan. Notwithstanding the foregoing sentence, this Agreement
does not supersede any agreement between Grantee and the Company and/or its Affiliates that imposes non-competition, non-disclosure,
non-solicitation, or other obligations on the Grantee. The terms of any such agreement described in the preceding sentence shall remain in full force and shall not be affected by the terms of this Agreement.

 16.    Severability. If any one or more provisions of this Agreement are determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions of this Agreement shall nevertheless be binding and enforceable. 

17.    Waiver. The waiver by the Company with respect to Grantee’s compliance of any provision of this
Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Grantee of such provision of this Agreement. 

18.    Reformation. It is the intention of Grantee and the Company that if any of the restrictions, limitations, or
obligations of the Grantee set forth in this Agreement are found by a court of competent jurisdiction to be overly broad, unreasonable, or otherwise unenforceable then these restrictions, limitations, or obligations shall be modified and enforced to
the greatest extent that the court deems permissible. 
 19.    Successors and Third-Party Beneficiaries. This
Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan. Each of the Company’s Affiliates shall be deemed to be a third-party beneficiary under this Agreement. The provisions of
this Agreement extend to these third-party beneficiaries. 
 20.    Notice. Notices and communications under this
Agreement must be in writing (and in the case of notices by the Company, any such notice must be made by an individual authorized by the Committee to communicate regarding the subject of the notice) and unless provided otherwise in this Agreement or
by the Committee, either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to: General Counsel, Dow Inc., 2211 H.H. Dow Way, Midland,
MI 48674, or any other address designated by the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written
notice to the Company. 
 21.    Whistleblower Protections. Nothing in this Agreement, any other agreement, or
policy of the Company or its Affiliates is intended, or should be interpreted, to prohibit the Grantee from (1) reporting possible violations of federal law or regulation to any government agency or entity, (2) making any disclosures that
are protected under the whistleblower provisions of federal law or regulation, or (3) otherwise cooperating with any government inquiry, in each case without advance approval by, or prior, contemporaneous, or subsequent notice to, anyone in the
Company of its Affiliates. 
 22.    Data Privacy. The Grantee acknowledges and agrees that the Company and its
Affiliates will process and retain certain personal data for the purposes of (1) calculating Awards, (2) monitoring Award terms and conditions, and (3) otherwise administering the Plan and Awards made under it. Such personal data may
include, among other things, the Grantee’s address, email address, social security number, pay data, job title, and employment dates. The Grantee consents to such processing, and to the sharing of such personal data with the Company, its
Affiliates, its agents, its advisers, its regulators, and tax authorities, wherever appropriate. 

  
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 23.    Electronic Delivery and Acceptance. The Company may, in
its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan
through an online or electronic system established and maintained by the Company or a third party designated by the Company. The Grantee also agrees that all online acknowledgements shall have the same force and effect as a written signature. 

24.    Addendum. Notwithstanding the provisions in this Agreement, if the Grantee resides and/or works outside the
United States, this Award shall be subject to the special terms and conditions set forth in the addendum to this Agreement (the “Addendum”). Moreover, if the Grantee relocates to one of the jurisdictions included in the Addendum,
the special terms and conditions for such jurisdiction will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Addendum
constitutes a part of this Agreement. 

  
 8EX-4.4.4

 Exhibit 4.4.4 

STOCK APPRECIATION RIGHT AWARD AGREEMENT 

DOW INC. 2019 STOCK INCENTIVE PLAN 
 The
individual (“Grantee”) named in the accompanying award letter for [YEAR] grants (the “Notice”) has been granted a stock appreciation right (this “SAR” or this “Award”) with respect
to a specified number of shares of Dow Inc. common stock, par value $0.01 per share (the “Shares”), as set forth in the Notice. This SAR is subject to the provisions of the Dow Inc. 2019 Stock Incentive Plan (the
“Plan”), the Notice, and the Stock Appreciation Right Award Agreement (together with the Notice, the “Agreement”). Capitalized terms used in this Agreement and not otherwise defined shall have the meanings assigned
to such terms in the Plan. This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933, as amended. 

1.    Grant of SAR. The Company has granted to the Grantee, as of the Date of Grant specified in the Notice, a
stock appreciation right with respect to the number of Shares set forth in the Notice, which is a right to receive, for each such Share, a cash payment based on the appreciation between the Exercise Price specified in the Notice and the Fair Market
Value of a Share on the exercise date, subject to the provisions of the Plan and this Agreement. 
 2.    Vesting and
Exercisability. Subject to Sections 3, 4, and 6 below, this SAR shall vest and become exercisable in accordance with the vesting schedule set forth in the Notice and shall immediately cease to vest or become exercisable upon the date the
Grantee’s Continuous Service is terminated for any or no reason (such date, the “Termination Date”), with (a) any vested portion of this SAR that remains unexercised as of the ninetieth (90th) day after the Termination
Date to be immediately cancelled and forfeited by the Grantee as of such date (or, if earlier, the Date of Expiration set forth in the Notice) and (b) any unvested portion of this SAR to be immediately cancelled and forfeited by the Grantee as
of the Termination Date. Upon exercise of this SAR, the related stock option to purchase Shares (if any) shall be canceled automatically to the extent of the number of Shares covered by such exercise. Conversely, if a related stock option to
purchase Shares is exercised, this SAR shall be cancelled automatically to the extent of the number of shares covered by such option exercise. 

3.    Termination of Continuous Service. 

a.    Death and Disability. 

i.    Default Rule. In the event Grantee’s Continuous Service terminates due to death or
Disability, this SAR shall continue to vest and become exercisable in accordance with the vesting schedule set forth in the Notice, as if the Grantee had remained in Continuous Service through the last day of the vesting period set forth in the
Notice. 
 ii.    Grants in Year of Termination. Notwithstanding the foregoing in this
Section 3(a), if the Grantee’s Termination Date occurs in the same calendar year as the Date of Grant, this SAR shall instead vest and become exercisable only with respect to the number of Shares determined by multiplying the total number
of Shares subject to this SAR by a fraction, the numerator of which is the number of completed calendar months in such calendar year during which Grantee remained in Continuous Service, and the denominator of which is twelve. Such prorated portion
shall vest and become exercisable ratably in accordance with the vesting schedule set forth in the Notice. The remaining unvested portion of this SAR (if any) shall be immediately canceled and forfeited without consideration. 

 iii.    Exercisability. The vested and
exercisable portion of this SAR (including any portion that vests and becomes exercisable following the termination of Continuous Service pursuant to this Section 3(a)), shall remain exercisable until the Date of Expiration set forth in the
Notice. 
 b.    Age and Service Requirements. 

i.    Default Rule. In the event Grantee’s Continuous Service terminates after the Grantee has
satisfied the Age and Service Requirements, this SAR shall become exercisable in accordance with the vesting schedule set forth in the Notice, as if the Grantee had remained in Continuous Service through the last day of the vesting period set forth
in the Notice. 
 ii.    Grants in Year of Termination. Notwithstanding the foregoing in this
Section 3(b), if the Grantee’s Termination Date occurs in the same calendar year as the Date of Grant and the Grantee has been in Continuous Service for at least six months during such calendar year, this SAR shall instead vest and become
exercisable only with respect to the number of Shares determined by multiplying the total number of Shares subject to this SAR by a fraction, the numerator of which is the number of completed calendar months in such calendar year during which
Grantee remained in Continuous Service, and the denominator of which is twelve. Such prorated portion shall vest and become exercisable ratably in accordance with the vesting schedule set forth in the Notice. The remaining unvested portion of this
SAR (if any) shall be immediately canceled and forfeited without consideration. If the Grantee has been in Continuous Service for less than six months during such calendar year, this SAR shall be immediately canceled and forfeited without
consideration as of the Termination Date. 
 iii.    Exercisability. The vested and
exercisable portion of this SAR (including any portion that vests and becomes exercisable following the termination of Continuous Service pursuant to this Section 3(b)), shall remain exercisable until the Date of Expiration set forth in the
Notice. 
 iv.    Involuntary Separation from Service. Notwithstanding anything to the contrary in
this Agreement, and for the avoidance of doubt, in the event a Grantee who has satisfied the Age and Service Requirements terminates employment involuntarily in a manner that makes the Grantee entitled to receive severance benefits pursuant to a
severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including, without limitation, any release condition), then this SAR shall be subject to
the treatment set forth in subparagraphs (i)-(iii) above, and not the treatment described in Section 3(c) below. 

  
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 c.    Involuntary Separation from Service.

 i.    Default Rule. In the event the Grantee’s Continuous Service terminates in a manner
that makes the Grantee entitled to receive severance benefits pursuant to a severance plan maintained by the Company or a Subsidiary, and provided that the Grantee satisfies all conditions applicable to the payment of such severance (including,
without limitation, any release condition), this SAR shall vest on a pro-rata basis determined by multiplying the number of Shares subject to this SAR by a fraction, the numerator of which is the number of
completed calendar months worked during the vesting period, and the denominator of which is equal to the number of months in the vesting period. The remaining unvested portion of this SAR (if any) shall be immediately cancelled and forfeited without
consideration as of the Termination Date. 
 ii.    Grants in Year of Termination. Notwithstanding
the foregoing in this Section 3(c), if the Grantee’s Termination Date occurs in the same calendar year as the Date of Grant and the Grantee has been in Continuous Service for at least six months during such calendar year, this SAR shall
instead vest and become exercisable only with respect to the number of Shares determined by multiplying the total number of Shares subject to this SAR by a fraction, the numerator of which is the number of completed calendar months in such calendar
year during which Grantee remained in Continuous Service, and the denominator of which is equal to the number of months in the vesting period. Such prorated portion shall vest and become exercisable ratably in accordance with the vesting schedule
set forth in the Notice. The remaining unvested portion of this SAR (if any) shall be immediately canceled and forfeited without consideration. If the Grantee has been in Continuous Service for less than six months during such calendar year,
this SAR shall be immediately canceled and forfeited without consideration as of the Termination Date. 

iii.    Exercisability. The vested and exercisable portion of this SAR (including any portion
that vests and becomes exercisable following the termination of Continuous Service pursuant to this Section 3(c)), shall remain exercisable until the Date of Expiration set forth in the Notice. 

iv.    Special Circumstances. If the Grantee’s Continuous Service terminates in a manner that
does not entitle the Grantee to receive any severance benefits from a severance plan maintained by the Company or a Subsidiary, this SAR may be treated in the manner set forth in Section 3(c)(i), but only if the Grantee and the Company have
executed a written separation agreement providing that this SAR shall receive such treatment. 

  
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 d.    Divestitures and Transfers. 

 

	 	i.	 Termination Due to Divestiture – Hired by Purchaser. If the Grantee’s Continuous Service
terminates in connection with a divestiture, sale, or other transaction, and the Grantee either (A) continues in employment with the divested entity following the closing of a stock transaction, or (B) is offered and accepts employment
with the purchaser in connection with an asset transaction, then this SAR shall be treated in the same manner as if the Grantee’s Continuous Service had terminated due to death or Disability, as set forth in Section 3(a) above.

  

	 	ii.	 Termination Due to Divestiture – Offer Declined. If the Grantee’s Continuous Service
terminates in connection with a divestiture, sale, or other transaction, and the Grantee is offered but declines employment with the purchaser in such transaction, then this SAR shall be immediately canceled and forfeited without consideration as of
the Grantee’s Termination Date. 

  

	 	iii.	 Transfer to Joint Venture – Less Than 50% Company Ownership. If the Grantee’s Continuous
Service terminates because of his or her transfer to a joint venture in which the Company and its Subsidiaries own less than fifty percent (50%) of the outstanding voting securities of the joint venture entity, then this SAR shall be treated in the
same manner as if the Grantee’s Continuous Service had terminated due to death or Disability, as set forth in Section 3(a) above. For the avoidance of doubt, a secondment of the Grantee to the joint venture is not a termination for
purposes of this Section 3(d)(iii). 

  

	 	iv.	 Transfer to a Joint Venture or Subsidiary – 50% or Greater Company Ownership. If the Grantee
transfers employment to a joint venture or other entity in which the Company and its Subsidiaries own fifty percent (50%) or more of the outstanding voting securities of such entity, then this SAR shall continue in effect in accordance with and
subject to the terms and conditions set forth in this Agreement. For the avoidance of doubt, a secondment of the Grantee to the joint venture is not a transfer for purposes of this Section 3(d)(iv). 

e.    Cause. If the Grantee’s Continuous Service is terminated due to Cause, then this
SAR (including both any vested or non-vested portions) shall be immediately canceled and forfeited without consideration as of the Termination Date. 

4.    Change in Control. In the event of a Change in Control, the Committee may determine the treatment of this SAR
subject to and in accordance with the provisions of the Plan. If this SAR vests in connection with a Change in Control, the SAR shall become exercisable at the time and in the manner provided under the Plan. 

5.    Exercise of SAR. This SAR may be exercised, in whole or in part, to the extent vested at any time prior to
the Date of Expiration (or, if earlier, the time this SAR is cancelled and forfeited by the Grantee in accordance with Sections 2, 3, 4 or 6) by giving written notice of 

  
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exercise to the Company in a manner designated by the Committee that specifies the number of shares of Common Stock subject to such exercise. Prior to such notice of exercise, and prior to the
delivery of any payment pursuant to such exercise, Grantee (or Grantee’s beneficiary) shall make arrangements satisfactory to the Company for the payment of any taxes required to be withheld in connection with the exercise of this SAR under all
applicable laws and regulations of any governmental authority, whether federal, state or local and whether domestic or foreign. The cash payment for the Shares subject to the exercise of this SAR shall be delivered to Grantee as soon as
administratively practicable following the Company’s receipt of Grantee’s notice of exercise. 

6.    Expiration; Forfeiture; Recoupment. 

a.    Expiration. Notwithstanding anything in this Agreement to the contrary, this SAR (whether
vested or unvested) shall expire and cease to be exercisable as of the Date of Expiration. 

b.    Event of Restatement. If the Committee determines that Grantee’s acts or omissions
contributed to the need to restate any previously issued financial statements, the Committee may require the Grantee to reimburse or repay to the Company, or the Company may reduce the amount of this Award, by up to the amount of any
“gain” the Grantee received. For purposes of this Section 6(b), “gain” shall mean the amount that the Grantee received in connection with this Award, less the amount that the Grantee should have received based upon
the restated financial results. The Company may recover amounts due under this Section 6(b) by all means available, including obtaining direct repayment from the Grantee, withholding such amount from other amounts owed by the Company or an
Affiliate to the Grantee (or with respect to the Grantee), and/or causing the cancellation of any outstanding incentive award due to the Grantee under the Plan or otherwise. This Section 6(b) shall not affect the Company’s ability to
pursue any other available rights and remedies under applicable law. 
 c.    Unfair Competition.
If the Committee determines that Grantee has engaged in “unfair competition”, the Grantee shall (i) immediately forfeit this SAR (whether vested or unvested) as of the date Grantee first engaged in such unfair competition, as
determined by the Committee, and (ii) promptly pay to the Company the cash payment received for all Shares exercised pursuant to this Award within the three years preceding such date. For purposes of this Section 6(c), “unfair
competition” means any act or omission by Grantee that (x) competes, or is intended to compete, with the Company, or (y) is or may be harmful to the interests of the Company. For purposes of this Section 6(c), “Company”
shall mean the Company and/or any Subsidiary or Affiliate that has employed the Grantee, retained the Grantee’s services or to which the Grantee provided services. This Section 6(c) shall not affect the Company’s ability to pursue any
other available rights and remedies under applicable law. 
 d.    Termination by Grantee. If the
Grantee terminates his or her employment with the Company and its Subsidiaries for any reason other than death, Disability or following the satisfaction of the Age and Service Requirements within the one-year
period after this SAR is exercised, the Grantee shall pay to the Company the cash payment received for all Shares subject to such exercise. This requirement shall be waived only if the Company (or its duly appointed agent(s)) determines in its sole
discretion that such waiver is in the best interests of the Company and its Subsidiaries. 

  
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 e.    Unpaid Leave of Absence. In the event
Grantee takes an unpaid leave of absence from the Company or any Subsidiary, the Committee may in its discretion take any action that is consistent with the terms of the Plan and applicable law, including but not limited to suspending vesting of the
Award during the period of leave, or causing Grantee to forfeit any unvested portion of this Award. 

f.    Acceptance of Award Terms. If the Grantee fails to accept the terms of the Award before the
deadline set forth in the Notice, such Award shall be forfeited in its entirety, unless otherwise provided by the Committee. 

7.    Beneficiary Designation. To the extent permitted by the Committee, Grantee may designate a beneficiary
(including a trust beneficiary) to receive any payment pursuant to the exercise of unexercised Shares following Grantee’s death by identifying a beneficiary in writing in a manner designated by the Committee. Any such designation shall be
effective upon receipt by the Company at any time prior to Grantee’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights hereunder is subject to all terms and conditions of this Agreement and the Plan
and to any additional restrictions deemed necessary or appropriate by the Committee. Subject to the foregoing, a beneficiary designation may be changed or revoked by Grantee at any time, provided that the change or revocation is filed with and
received by the Company prior to the Grantee’s death. No beneficiary designation, change, or revocation will be effective unless it is in writing in a manner designated by the Committee and received by the Company before Grantee’s
death. In the event the Grantee fails or is not permitted to designate a beneficiary, or if for any reason the designation is legally ineffective, or if no designated beneficiary survives to the date that distribution is payable, any amount due
under the Plan to the Grantee shall be payable, in the following order: (1) to the Grantee’s legal spouse or Domestic Partner; (2) to the Grantee’s surviving Children in equal shares; or (3) to the Grantee’s estate.
Upon the divorce of the Grantee, a prior designation of a legal spouse as a beneficiary shall be automatically null and void, and the Plan shall not be liable to the former spouse. 

8.    No Shareholder Rights. Neither this Award nor the Shares underlying this Award confers to Grantee or
Grantee’s beneficiary any rights of a shareholder of the Company, including a right to receive any dividends, Dividend Equivalents, or other distributions with respect to the Common Stock underlying this SAR.

9.    No Right to Continued Service. Nothing in this Agreement shall interfere with, limit, or affect in any way,
the right of the Company or any Affiliate to terminate Grantee’s employment or service at any time, nor confer upon Grantee any right to continue in the employment or service of the Company or any Affiliate. 

10.    Payment of Taxes. Grantee will, no later than the date of exercise of this SAR, pay to the Company, or make
other arrangements satisfactory to the Committee regarding payment of, any federal, state, local, or non-U.S. taxes of any kind that the Company determines is sufficient to satisfy such withholding tax
requirements with respect to the Shares subject to such exercise. If Grantee fails to do so, then the Company shall withhold from the cash payment deliverable upon exercise as may be necessary to cover such tax obligations. 

  
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 11.    Section 409A. This Agreement and payments hereunder shall
be interpreted to be exempt from the requirements of Section 409A of the Code pursuant to Section 1.409A-1(b)(5)(i) of the Treasury regulations promulgated under Section 409A of the Code. 

12.    Governing Law. This Award and this Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware, without reference to principles of choice or conflict of laws that would otherwise refer to the laws of another jurisdiction. 

13.    Plan Controls. The terms contained in the Plan are hereby incorporated into and made a part of this
Agreement, and this Agreement shall be governed by and construed in accordance with the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, or as to matters as to which this Agreement is
silent, the provisions of the Plan shall be controlling and determinative. 
 14.    Entire Agreement. Subject to
the following sentence, this Agreement and the Plan constitute the entire agreement between the parties and supersede all prior agreements and understandings relating to the subject matter of this Agreement and the Plan. Notwithstanding the
foregoing sentence, this Agreement does not supersede any agreement between Grantee and the Company and/or its Affiliates that imposes non-competition, non-disclosure, non-solicitation, or other obligations on the Grantee. The terms of any such agreement described in the preceding sentence shall remain in full force and shall not be affected by the terms of this Agreement. 

15.    Severability. If any one or more provisions of this Agreement are determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions of this Agreement shall nevertheless be binding and enforceable. 

16.    Waiver. The waiver by the Company with respect to Grantee’s compliance of any provision of this
Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Grantee of such provision of this Agreement. 

17.    Reformation. It is the intention of Grantee and the Company that if any of the restrictions, limitations, or
obligations of the Grantee set forth in this Agreement are found by a court of competent jurisdiction to be overly broad, unreasonable, or otherwise unenforceable then these restrictions, limitations, or obligations shall be modified and enforced to
the greatest extent that the court deems permissible. 
 18.    Successors and Third-Party Beneficiaries. This
Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan. Each of the Company’s Affiliates shall be deemed to be a third-party beneficiary under this Agreement. The provisions of
this Agreement extend to these third-party beneficiaries. 
 19.    Notice. Notices and communications under this
Agreement must be in writing (and in the case of notices by the Company, any such notice must be made by an individual authorized by the Committee to communicate regarding the subject of the notice) and unless provided otherwise in this Agreement or
by the Committee, either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to: General Counsel, Dow Inc., 2211 H.H. Dow Way, Midland,
MI 48674, or any other address designated by the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written
notice to the Company. 

  
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 20.    Whistleblower Protections. Nothing in this Agreement, any
other agreement, or policy of the Company or its Affiliates is intended, or should be interpreted, to prohibit the Grantee from (1) reporting possible violations of federal law or regulation to any government agency or entity, (2) making
any disclosures that are protected under the whistleblower provisions of federal law or regulation, or (3) otherwise cooperating with any government inquiry, in each case without advance approval by, or prior, contemporaneous, or subsequent
notice to, anyone in the Company of its Affiliates. 
 21.    Data Privacy. The Grantee acknowledges and agrees
that the Company and its Affiliates will process and retain certain personal data for the purposes of (1) calculating Awards, (2) monitoring Award terms and conditions, and (3) otherwise administering the Plan and Awards made under
it. Such personal data may include, among other things, the Grantee’s address, email address, social security number, pay data, job title, and employment dates. The Grantee consents to such processing, and to the sharing of such personal data
with the Company, its Affiliates, its agents, its advisers, its regulators, and tax authorities, wherever appropriate. 

22.    Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents
related to current or future participation in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and
maintained by the Company or a third party designated by the Company. The Grantee also agrees that all online acknowledgements shall have the same force and effect as a written signature. 

23.    Addendum. Notwithstanding the provisions in this Agreement, if the Grantee resides and/or works outside the
United States, this SAR shall be subject to the special terms and conditions set forth in the addendum to this Agreement (the “Addendum”). Moreover, if the Grantee relocates to one of the jurisdictions included in the Addendum, the
special terms and conditions for such jurisdiction will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Addendum
constitutes a part of this Agreement. 

  
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