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EXHIBIT 10.23.1    
  

Service Addendum No. 1 to Service Agreement  

        Per Article 3 of the Service Agreement (the "Agreement") between The Dow Chemical Company ("TDCC") and Union Carbide Corporation ("UCC"), with an Effective
Date of 6 February 2001, this Service Addendum specifies services which TDCC (or its designated Affiliate) is to perform pursuant to the terms and conditions of the Agreement. 

Services:

	•
	Market
Research

	•
	Information
System Services

	•
	Marketing
Communication

	•
	Sales
Administration

	•
	General
Administration

	•
	Insurance

	•
	Internal
Auditing

	•
	Accounting
Services

	•
	Human
Resources

	•
	Strategic
Planning

	•
	Customer
Financial Services

	•
	Treasury

	•
	Investor
Relations

	•
	Portfolio
Investment

	•
	Engineering

	•
	Research
and Development

	•
	Legal
(including Patent, Trademark and Copyright)

	•
	EH&S

	•
	Tax
Administration

	•
	Supply
Chain Administration

	•
	Manufacturing
Administration

	•
	R&D
Administration

	•
	Purchasing

	•
	Export
Control/NAFTA compliance/chemical weapons convention support 

	

THE DOW CHEMICAL COMPANY	
 	

UNION CARBIDE CORPORATION
	

By:	

  
	
 	

By:	

  

	Name:	Arnold A. Allemang	 	Name:	James J. McIlvenny
	Title:	Executive Vice-President	 	Title:	President
	Date:	February 6, 2001	 	Date:	February 6, 2001

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EXHIBIT 10.23.2    
  

Service Addendum No. 2 to Service Agreement  

        Per Article 3 of the Service Agreement (the "Agreement") between The Dow Chemical Company ("TDCC") and Union Carbide Corporation ("UCC"), with an Effective
Date of 6 February 2001, this Service Addendum specifies services and licenses which TDCC (or its designated Affiliate or contractor) is to perform pursuant to the terms and conditions of the
Agreement. 

	1.
	Services and Use Rights. TDCC agrees, either directly or through Affiliates or contractors, to provide to UCC the services and use
rights necessary for UCC to perform its obligations under the Service and Complementary Assets Agreement between UCC and Union Polymers SDN. BHD. ("UPSB"), an Affiliate of UCC dated August 1,
2001 (UPSB Agreement), including Addendum 1 (Information Systems Services), Addendum 2 (License of Complementary Assets), and Addendum 3 (Miscellaneous Administrative and Support
Services) copies of which have been provided to TDCC.

	2.
	Cost and Payment.

	2.1
	In
respect to Implementation Services (as defined in Service Addendum 1 of the UPSB Agreement), UCC shall pay TDCC the amount specified in Paragraph 3a of Addendum 1 of the
UPSB Agreement or shall authorize TDCC to invoice UPSB directly for this amount.

	2.2
	In
respect to ongoing Information Systems Services (as defined in Service Addendum 1 of the UPSB Agreement), UCC shall pay TDCC monthly fees calculated in accordance with
Section 5.1 of the Agreement or shall authorize TDCC to invoice UPSB directly for such fees. To the extent mutually agreeable between the Parties, certain projects may also be done on a fixed
fee basis.

	2.3
	In
respect to Complementary Assets (as defined in Service Addendum 2 of the UPSB Agreement), UCC shall pay TDCC on a quarterly basis as described in Service Addendum 2 of the UPSB
Agreement or shall authorize TDCC to invoice UPSB directly for such fees.

	2.4
	In
respect to all other services, UCC shall pay TDCC monthly fees calculated in accordance with Section 5.1 of the Agreement or shall authorize TDCC to invoice UPSB directly
for such fees.

	2.5
	UCC
shall remain responsible for the above referenced payments in the event that UPSB fails to pay any invoice issued directly UPSB by TDCC. 

	3.
	Term and Termination. TDCC may terminate any service or license relating to the UPSB Agreement upon thirty (30) days written
notice to UCC in the event UCC has not made timely payment to TDCC or UCC is in material breach of any other provision under the Agreement.

	4.
	Relation between Service Addendum and Agreement. Except to the extent modified by this Service Addendum in respect to services and
licenses for UPSB, the terms of the Agreement shall remain in full force and effect. 

	

THE DOW CHEMICAL COMPANY	
 	

UNION CARBIDE CORPORATION
	

By:	

  
	
 	

By:	

  

	Name:	David E. Kepler II	 	Name:	Duncan A. Stuart
	Title:	Corporate Vice President, Electronic Business

and Chief Information Officer	 	Title:	Vice President and General Counsel

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EXHIBIT 10.24    
  

Amended and Restated Sales Promotion Agreement  

        This Amended and Restated Sales Promotion Agreement ("Agreement") is effective as of September 13, 2002 by and between Union Carbide Corporation, a
corporation duly organized and existing under the laws of the State of New York, having its principal place of business at 39 Old Ridgebury Road, Danbury, Connecticut 06817 (hereinafter referred to as
"UCC") and The Dow Chemical Company, a corporation duly organized and existing under the laws of the State of Delaware, having its principal offices at 2030 Dow Center, Midland, Michigan (hereinafter
referred to as "Dow"). 

RECITALS  

        WHEREAS, UCC is engaged in the manufacture and sale of a variety of chemical, plastic and other products; 

        WHEREAS,
effective February 6, 2001 UCC became a wholly owned subsidiary of Dow; 

        WHEREAS,
effective February 6, 2001 UCC and Dow entered into Distributor Agreements that allow either entity to sell the products of the other as a distributor; 

        WHEREAS,
in order to effectively realize the synergies of Dow's acquisition of UCC, Dow and UCC have decided upon a business model where, generally, UCC will sell products to Dow and Dow
will be the market-facing entity for Dow's products and for the products manufactured by UCC for Dow; 

        WHEREAS,
in addition to UCC selling products to Dow, Dow will be selling raw materials or intermediate products to UCC for use by UCC; 

        WHEREAS,
UCC, in general, as a result of the acquisition by Dow and the business model selected to realize the synergies, does not have a significant sales or marketing presence in the
United States; 

        WHEREAS,
UCC and Dow entered into a Sales Promotion Agreement effective November 1, 2001 (the "SPA"); and 

        WHEREAS,
UCC and Dow desire for this Agreement to amend and replace the SPA in its entirety. 

NOW,
THEREFORE, THE PARTIES AGREE AS FOLLOWS: 

	1.
	Dow
shall pay UCC for products manufactured by UCC for Dow in accordance with the terms identified in the Dow Inter-Company Pricing Policy then in existence. Title and risk of loss
will transfer F.O.B. UCC's manufacturing facility. The products when shipped will be fit for the ordinary uses of such products and will be manufactured according to the specifications for such
products. UCC will convey the products with good title, free from any lawful lien or encumbrance. UCC will invoice Dow and Dow will pay UCC as soon as is practical for each of the product sales, but
Dow will pay UCC no later than net 60 days of invoice.

	2.
	UCC
shall pay Dow for products or materials manufactured by Dow for UCC in accordance with the terms identified in the Dow Inter-Company Pricing Policy then in existence. Title and
risk of loss will transfer F.O.B. Dow's manufacturing facility. The products when shipped will be fit for the ordinary uses of such products. Dow will convey the products with good title, free from
any lawful lien or encumbrance and will be manufactured according to the specifications for such products. Dow will invoice UCC and UCC will pay Dow as soon as is practical for each of the product
sales, but UCC will pay Dow no later than net 60 days of invoice.

	3.
	Dow
and UCC each have an unrestricted right of set-off against each other for amounts owing under this Agreement or as a result of any other transaction between Dow and
UCC. Also, UCC acknowledges that Dow has a right of set-off against UCC for any amounts that UCC may owe a Dow wholly owned subsidiary (other than UCC) and Dow acknowledges that UCC has a
right of set-off against Dow for any amounts that Dow may owe a UCC wholly owned subsidiary. Such rights of set-off may be exercised at any time for all amounts owed under this
Agreement, or any other transaction between Dow and UCC or between Dow and UCC's wholly owned subsidiaries or between UCC and Dow's wholly owned subsidiaries (other than UCC), even if such amounts are
not then due. Any party exercising a right of set-off shall promptly notify the other party after making such exercise, provided that failure to give such notice shall not affect the
validity of the set-off. 

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	4.
	The
effective date of this Agreement is September 13, 2002. This Agreement will be in effect until September 12, 2003, and it will automatically renew from year to year
thereafter. Either party may terminate this Agreement at any time by giving the other party sixty (60) days prior written notice.

	5.
	THE COMMITMENTS IN PARAGRAPHS 1 AND 2 OF THIS AGREEMENT ARE DOW'S AND UCC'S SOLE WARRANTIES RESPECTING THE PRODUCTS AND ARE MADE EXPRESSLY IN LIEU OF AND
EXCLUDE ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND ALL OTHER EXPRESS OR IMPLIED REPRESENTATIONS AND WARRANTIES PROVIDED BY STATUTE OR COMMON LAW.

 
	6.
	 NEITHER PARTY WILL BE LIABLE TO THE OTHER FOR CONSEQUENTIAL, PUNITIVE, SPECIAL, EXEMPLARY OR INCIDENTAL DAMAGES. EACH PARTY'S EXCLUSIVE REMEDY FOR CLAIMS (INCLUDING
BREACH OF WARRANTY,
NEGLIGENCE AND STRICT LIABILITY) IS LIMITED TO THAT PARTY HAVING THE OPTION OF REPLACEMENT OR REPAYMENT OF THE PURCHASE PRICE PAID FOR THE PRODUCTS WHICH ARE THE SUBJECT OF THE CLAIM.

 
	7.
	 EACH PARTY WILL INFORM THE OTHER PARTY IN WRITING OF ANY CLAIM WHICH A PARTY HAS WITHIN 60 DAYS AFTER THAT PARTY LEARNS, OR SHOULD REASONABLY HAVE LEARNED, OF THE
CLAIM OR THE CLAIM IS
WAIVED.

	8.
	This
Agreement is governed by the laws of the State of Michigan. Dow and UCC consent to the exclusive jurisdiction and forum of the courts of Midland County in the State of Michigan or
the Eastern District of Michigan Federal Court to resolve any litigation between the parties pertaining to this Agreement.

	9.
	This
Agreement amends and replaces the SPA in its entirety. Both Distributor Agreements between Dow and UCC effective February 6, 2001 are terminated effective with this
Agreement. 

The
Parties' respective authorized representatives executed this Agreement on the dates below their respective signatures, but effective as of September 13, 2002. 

	

The Dow Chemical Company	
 	

Union Carbide Corporation
	

By:	

  
	
 	

By:	

  

	Name:	Charles J. Hahn	 	Name:	Duncan A. Stuart
	Title:	Authorized Representative	 	Title:	Vice President
	Date:	  
	 	Date:	  

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EXHIBIT 10.24

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