Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

EXTENSION AGREEMENT 
 Dated
as of September 3, 2017 
 for 

U.S. $1,500,000,000 
 CREDIT
AGREEMENT 
 Dated as of September 3, 2015 

Among 
 APPLIED MATERIALS,
INC., 
 as Borrower, 

THE LENDERS FROM TIME TO TIME PARTY THERETO 

and 
 JPMORGAN CHASE BANK,
N.A., 
 as Administrative Agent 
  

 
 CITIGROUP
GLOBAL MARKETS INC. 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

Syndication Agents, 
 BNP
PARIBAS 
 CREDIT SUISSE SECURITIES (USA) LLC 

GOLDMAN SACHS BANK USA 

MIZUHO BANK, LTD. 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION 
 U.S. BANK NATIONAL ASSOCIATION 

Documentation Agents 
 J.P.
MORGAN SECURITIES LLC 
 CITIGROUP GLOBAL MARKETS INC. 

and 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD. 
 Joint Lead Arrangers and Joint Bookrunners 

 EXTENSION AGREEMENT 

EXTENSION AGREEMENT (this “Agreement”), dated as September 3, 2017, for the Credit Agreement, dated as of
September 3, 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Applied Materials, Inc. (the “Borrower”), the lenders from
time to time party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 

The parties hereto agree as follows: 

SECTION 1. Defined Terms. Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement. 
 SECTION 2. Extension. Each of the undersigned Lenders hereby agrees to extend the Termination Date with respect to
such Lender, pursuant to Section 2.20 of the Credit Agreement, to September 3, 2021. 
 SECTION 3. Effectiveness. This
Agreement shall become effective on and as of September 3, 2017 (the “Extension Date”), subject only to: 

(a)    receipt by the Administrative Agent from the Borrower and the Lenders parties hereto, who constitute the Required
Lenders, of a counterpart of this Agreement signed on behalf of such parties; 
 (b)    the conditions precedent set
forth in Section 3.03 of the Credit Agreement being satisfied on and as of the Extension Date; and 

(c)    receipt by the Administrative Agent of fees for the accounts of Lenders as heretofore mutually agreed. 

SECTION 4. Representations and Warranties. The Borrower hereby represents and warrants that the statements set forth in
Section 3.03(a)(i) and Section 3.03(a)(ii) of the Credit Agreement are true and correct on and as of the Extension Date with respect to this Agreement and to the Credit Agreement as amended hereby. 

SECTION 5. Reference to and Effect Upon the Credit Agreement. 

(a)    The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate
as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and as of the Extension Date, this Agreement shall for all
purposes constitute a Loan Document. 

  
 1 

 (b)    On and as of the Extension Date, (i) each reference in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Agreement. 

(c)    The Credit Agreement and each of the other Loan Documents, as specifically amended by this Agreement, are and shall
continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
 SECTION 6. Governing Law. This
Agreement shall be construed in accordance with and governed by the laws of the State of New York. 
 SECTION 7. Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart hereof by facsimile
or electronic transmission (e.g., “pdf” or “tif”) shall be as effective as delivery of a manually executed counterpart hereof. 

[Remainder of page intentionally left blank] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first set forth above. 
  

					
	APPLIED MATERIALS, INC.
		
	By:	 	        /s/ Robert M. Friess

		 	Name:	 	Robert M. Friess
		 	Title:	 	Vice President and Treasurer

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent and a Lender

		
	By:	 	        /s/ Timothy D. Lee

		 	Name:	 	Timothy D. Lee
		 	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 Citibank, N.A.,
 as a
Lender

		
	By:	 	        /s/ Carmen-Christina Kelleher

		 	Name:	 	Carmen-Christina Kelleher
		 	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.,

as a Lender

		
	By:	 	        /s/ Lillian Kim

		 	Name:	 	Lillian Kim
		 	Title:	 	Director

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 BNP Paribas,
 as a
Lender

		
	By:	 	        /s/ Gregory Paul

		 	Name:	 	Gregory Paul
		 	Title:	 	Managing Director
		
	By:	 	        /s/ Liz Cheng

		 	Name:	 	Liz Cheng
		 	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Lender

		
	By:	 	        /s/ Christopher Day

		 	Name:	 	Christopher Day
		 	Title:	 	Authorized Signatory
		
	By:	 	        /s/ Tino Schaufelberger

		 	Name:	 	Tino Schaufelberger
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 GOLDMAN SACHS BANK USA,
 as a
Lender

		
	By:	 	        /s/ Rebecca Kratz

		 	Name:	 	Rebecca Kratz
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 MIZUHO BANK, LTD.,
 as a
Lender

		
	By:	 	        /s/ Daniel Guevara

		 	Name:	 	Daniel Guevara
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	        /s/ Matt S. Scullin

		 	Name:	 	Matt S. Scullin
		 	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 Wells Fargo Bank, N.A.,
 as a
Lender

		
	By:	 	        /s/ Dhiren Desai

		 	Name:	 	Dhiren Desai
		 	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 THE BANK OF NEW YORK MELLON,
 as a
Lender

		
	By:	 	        /s/ John T. Smathers

		 	Name:	 	John T. Smathers
		 	Title:	 	Director

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)] 

 
					
	 KEYBANK NATIONAL ASSOCIATION,
 as a
Lender

		
	By:	 	        /s/ Geoff Smith

		 	Name:	 	Geoff Smith
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Extension Agreement – Applied Materials (2017)]EX-4.1

 Exhibit 4.1 
  

 
 The Dow Chemical Company 

Elective Deferral Plan 

(Post 2004) 
 Restated and
Effective September 1, 2017 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
		
	ARTICLE I PURPOSE AND EFFECTIVE DATE	  	 	1	 
		
	ARTICLE II DEFINITIONS	  	 	2	 
				
		  	 2.01.
	  	 Administrator
	  	 	2	 
		  	 2.02.
	  	 Appeals Administrator
	  	 	2	 
		  	 2.03.
	  	 Base Salary
	  	 	2	 
		  	 2.04.
	  	 Base Salary Deferral
	  	 	2	 
		  	 2.05.
	  	 Beneficiary
	  	 	2	 
		  	 2.06.
	  	 Board
	  	 	2	 
		  	 2.07.
	  	 Cadre Employee
	  	 	3	 
		  	 2.08.
	  	 Change of Control
	  	 	3	 
		  	 2.09.
	  	 Code
	  	 	4	 
		  	 2.10.
	  	 Common Stock
	  	 	4	 
		  	 2.11.
	  	 Company
	  	 	4	 
		  	 2.12.
	  	 Deferral Account
	  	 	4	 
		  	 2.13.
	  	 Deferred Amount
	  	 	5	 
		  	 2.14.
	  	 Disabled
	  	 	5	 
		  	 2.15.
	  	 Discretionary Company Contribution
	  	 	5	 
		  	 2.16.
	  	 Domestic Partner
	  	 	5	 
		  	 2.17.
	  	 Domestic Partnership
	  	 	5	 
		  	 2.18.
	  	 Eligible Compensation
	  	 	5	 
		  	 2.19.
	  	 Eligible Employee
	  	 	5	 
		  	 2.20.
	  	 ERISA
	  	 	6	 
		  	 2.21.
	  	 Executive Life Insurance
	  	 	6	 
		  	 2.22.
	  	 Fair Market Value
	  	 	6	 
		  	 2.23.
	  	 Form of Payment
	  	 	6	 
		  	 2.24.
	  	 Hardship Withdrawal
	  	 	6	 
		  	 2.25.
	  	 Hypothetical Investment Benchmark
	  	 	7	 
		  	 2.26.
	  	 Initial Claims Reviewer
	  	 	7	 
		  	 2.27.
	  	 Key Employee
	  	 	7	 
		  	 2.28.
	  	 Matching Contribution
	  	 	7	 
		  	 2.29.
	  	 Participant
	  	 	7	 
		  	 2.30.
	  	 Participation Agreement
	  	 	7	 
		  	 2.31.
	  	 Performance Awards
	  	 	7	 
		  	 2.32.
	  	 Performance Deferral
	  	 	7	 
		  	 2.33.
	  	 Phantom Share Units
	  	 	7	 
		  	 2.34.
	  	 Plan
	  	 	8	 
		  	 2.35.
	  	 Plan Year
	  	 	8	 
		  	 2.36.
	  	 Savings Plan
	  	 	8	 
		  	 2.37.
	  	 Section 16 Participant
	  	 	8	 
		  	 2.38.
	  	 Separation from Service
	  	 	8	 
		  	 2.39.
	  	 Unforeseeable Emergency
	  	 	8	 
		  	 2.40.
	  	 Valuation Date
	  	 	8	 
		  	 2.41.
	  	 VPHR
	  	 	9	 

									
	 	  	 	  	 	  	Page	 
		
	ARTICLE III ADMINISTRATION	  	 	10	 
				
		  	 3.01.
	  	 Duties and Powers of the Administrator
	  	 	10	 
		  	 3.02.
	  	 Designation of Additional Administrators and Delegation of Administrative
Responsibilities
	  	 	10	 
		  	 3.03.
	  	 Decisions of Administrators
	  	 	11	 
		  	 3.04.
	  	 Indemnification of Administrators
	  	 	11	 
		  	 3.05.
	  	 Claim Procedure
	  	 	11	 
		  	 3.06.
	  	 Commencement of Legal Action
	  	 	12	 
		  	 3.07.
	  	 Forum Selection
	  	 	13	 
		
	ARTICLE IV PARTICIPATION	  	 	14	 
				
		  	 4.01.
	  	 Participation
	  	 	14	 
		  	 4.02.
	  	 Contents of Participation Agreement
	  	 	14	 
		  	 4.03.
	  	 Modification or Revocation of Election by Participant
	  	 	15	 
		
	ARTICLE V DEFERRED COMPENSATION	  	 	16	 
				
		  	 5.01.
	  	 Elective Deferred Compensation
	  	 	16	 
		  	 5.02.
	  	 Vesting of Deferral Account
	  	 	16	 
		
	ARTICLE VI MAINTENANCE AND INVESTMENT OF ACCOUNTS	  	 	17	 
				
		  	 6.01.
	  	 Maintenance of Accounts
	  	 	17	 
		  	 6.02.
	  	 Hypothetical Investment Benchmarks
	  	 	17	 
		  	 6.03.
	  	 Statement of Accounts
	  	 	18	 
		
	ARTICLE VII BENEFITS	  	 	19	 
				
		  	 7.01.
	  	 Time and Form of Payment
	  	 	19	 
		  	 7.02.
	  	 Changing Time or Form of Benefit
	  	 	21	 
		  	 7.03.
	  	 Survivor Benefit
	  	 	21	 
		  	 7.04.
	  	 Disability
	  	 	22	 
		  	 7.05.
	  	 Hardship Withdrawals
	  	 	22	 
		  	 7.06.
	  	 Change of Control
	  	 	22	 
		  	 7.07.
	  	 Matching Contribution
	  	 	23	 
		  	 7.08.
	  	 Discretionary Company Contributions
	  	 	23	 
		  	 7.09.
	  	 Special Cadre Plan Contributions
	  	 	24	 
		  	 7.10.
	  	 Withholding of Taxes
	  	 	24	 
		  	 7.11.
	  	 Distribution Upon Inclusion in Income
	  	 	25	 
		
	ARTICLE VIII BENEFICIARY DESIGNATION	  	 	26	 
				
		  	 8.01.
	  	 Beneficiary Designation
	  	 	26	 
		  	 8.02.
	  	 No Beneficiary Designation
	  	 	26	 
		
	ARTICLE IX AMENDMENT AND TERMINATION OF PLAN	  	 	27	 
				
		  	 9.01.
	  	 Amendment
	  	 	27	 
		  	 9.02.
	  	 Company’s Right to Terminate
	  	 	27	 
		  	 9.03.
	  	 Effect of Amendment or Termination
	  	 	27	 
		
	ARTICLE X MISCELLANEOUS	  	 	29	 
				
		  	 10.01.
	  	 Unfunded Plan
	  	 	29	 
		  	 10.02.
	  	 Nonassignability
	  	 	29	 
		  	 10.03.
	  	 Validity and Severability
	  	 	29	 
		  	 10.04.
	  	 Governing Law
	  	 	30	 

  
 - ii - 

									
	 	  	 	  	 	  	Page	 
		  	 10.05.
	  	 Employment Status
	  	 	30	 
		  	 10.06.
	  	 Underlying Incentive Plans and Programs
	  	 	30	 
		  	 10.07.
	  	 Successors of the Company
	  	 	30	 
		  	 10.08.
	  	 Waiver of Breach
	  	 	30	 
		  	 10.09.
	  	 Notice
	  	 	30	 
		  	 10.10.
	  	 Successor Titles or Positions
	  	 	30	 
		
	APPENDIX A: Hypothetical Investment Benchmarks	  	 	32	 

  
 - iii - 

 ARTICLE I 

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

The Plan is intended to (1) constitute an unfunded program maintained primarily for the purpose of providing deferred compensation for a select group of
management or highly compensated Employees consistent with the requirements of sections 201(2), 301 (a)(3) and 401 (a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and (2) comply with section 409A
of the Internal Revenue Code of 1986 (“Code”) and official guidance issued thereunder. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these
intentions.     
 The Plan shall be effective for deferrals made hereunder on or after January 1, 2005. Amendments were made to
the Plan on January 10, 2005 and March 11, 2005 to comply with the provisions of Code section 409A, and a minor amendment was made to the Plan on January 23, 2006. On September 1, 2006, the Plan was amended to further comply with
the provisions of Code section 409A and, effective September 1, 2006 and January 1, 2007, to change the Hypothetical Investment Benchmarks. On November 1, 2006, the Plan was amended for Change of Control language. On December 31,
2008, the Plan was amended and restated to comply with the requirements of Code section 409A and the final regulations thereunder, effective January 1, 2009. On January 1, 2010, minor amendments to the Plan were made via a Plan restatement
to change the Hypothetical Investment Benchmarks, to clarify the valuation date used for the calculation of installment payments, and to eliminate the small balance distribution. On April 14, 2010, the Plan was amended and restated to make
certain changes to the administrative provisions of the Plan. 
 For rules that apply to the distribution of amounts that were earned and vested prior to
2005 (and earnings thereon) and are exempt from the requirements of Code section 409A, refer to the plan document in effect on October 3, 2004. For rules that apply to the distribution of amounts that were earned and vested prior to
January 1, 2010 (and earnings thereon) refer to the plan document in effect on January 1, 2009 unless such distributions have been further modified by a participant election per section 7.02 below. 

On January 19, 2017, the Plan was amended to add provisions regarding participation by employees of Dow Corning Corporation and certain subsidiaries. On
September 1, 2017, the Plan was amended and restated to make certain changes to the definitions of Key Employee and Change of Control in a manner compliant with Code section 409A. 

 ARTICLE II 

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

	2.01.	Administrator 

 “Administrator” shall mean each of the Global Benefits Director
and the North America Retirement Programs Leader, their delegees, and such other person, group of persons or entity which may be designated by The Dow Chemical Company in accordance with Section 3.02. For purposes of Sections 3.01, 3.03 and
3.04, the Administrator shall also include the Appeals Administrator (if the Appeals Administrator is not the Global Benefits Director) and the Initial Claims Reviewer (if the Initial Claims Reviewer is not the North America Retirement Programs
Leader). 
  

	2.02.	Appeals Administrator 

 “Appeals Administrator” shall mean the Global Benefits
Director or his delegee and such other person, group of persons or entity which may be designated by the Dow Chemical Company in accordance with Section 3.02. 
  

	2.03.	Base Salary 

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

	2.04.	Base Salary Deferral 

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

 

	2.05.	Beneficiary 

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

	2.06.	Board 

 “Board” shall mean the board of directors of The Dow Chemical Company.

  
 - 2 - 

	2.07.	Cadre Employee 

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

	2.08.	Change of Control 

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

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

  

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

  

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

 

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

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

  
 - 3 - 

 
in preparation for or in connection with a Business Separation; (iii) a change in the membership of the Board that occurs in preparation for or in connection with a Business Separation; or
(iv) any other event, action or transaction involving, or with respect to, The Dow Chemical Company or any of its affiliates or subsidiaries that would otherwise be described in Section 2.08(a) through (d) that occurs in preparation
for or in connection with a Business Separation. A “Business Separation” is (A) any event, action or transaction described in or contemplated by (1) “The Intended Business Separations” section of the final proxy
statement/prospectus filed by DowDupont Inc. (formerly known as Diamond-Orion HoldCo, Inc.) with the Securities and Exchange Commission on June 10, 2016 regarding the separation of the agriculture businesses, specialty products businesses and
material sciences businesses into three independent, publicly traded companies following the completion of the Orion Merger, or (2) Section 9.3 and Article X of the bylaws of DowDuPont Inc. as adopted upon the completion of the Orion
Merger, and (B) any similar business separation, including any similar event, action or transaction involving the spin-off or split-out of entities or assets from
the DowDuPont Inc. controlled group. 
 The “Agreement and Plan of Merger” for this purpose means the Agreement and Plan of Merger
dated as of December 11, 2015 by and among Diamond-Orion HoldCo, Inc., The Dow Chemical Company, Diamond Merger Sub, Inc., Orion Merger Sub, Inc. and E.I. du Pont de Nemours and Company. 

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

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

	2.09.	Code 

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

 

	2.10.	Common Stock 

 “Common Stock” shall mean the common stock of The Dow Chemical
Company. 
  

	2.11.	Company 

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

	2.12.	Deferral Account 

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

  
 - 4 - 

	2.13.	Deferred Amount 

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

	2.14.	Disabled 

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

	2.15.	Discretionary Company Contribution 

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

	2.16.	Domestic Partner 

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

	2.17.	Domestic Partnership 

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

	2.18.	Eligible Compensation 

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

	2.19.	Eligible Employee 

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

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

  

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

  

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

  

	 	d.	is eligible for participation in the Savings Plan, 

  

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

  
 - 5 - 

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

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

 

	 	a.	is a United States employee, 

  

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

 

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

  

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

  

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

  

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

  

	2.20.	ERISA

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

	2.21.	Executive Life Insurance 

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

	2.22.	Fair Market Value 

 “Fair Market Value” of a share of Common Stock shall mean
the closing price of The Dow Chemical Company’s Common Stock on the New York Stock Exchange on the most recent day on which the Common Stock was so traded that precedes the date the Fair Market Value is to be determined. The definition of Fair
Market Value in this Section shall be exclusively used to determine the values of a Participant’s interest in The Dow Chemical Company Stock Index Fund (defined in Section 6.02(b)) for all relevant purposes under the Plan. 

 

	2.23.	Form of Payment 

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

	2.24.	Hardship Withdrawal 

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

  
 - 6 - 

	2.25.	Hypothetical Investment Benchmark 

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

	2.26.	Initial Claims Reviewer 

 “Initial Claims Reviewer” shall mean the person,
group of persons or entity responsible for deciding benefit claims under the Plan, as described in DOL Reg. s. 2560.503-1(e) (i.e., first level claims for benefits). The Initial Claims Reviewer is the
North America Retirement Programs Leader or such other person, group of persons or entity who may be designated by the Dow Chemical Company in accordance with Section 3.02. 

 

	2.27.	Key Employee 

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

	2.28.	Matching Contribution 

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

	2.29.	Participant 

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

	2.30.	Participation Agreement 

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

	2.31.	Performance Awards 

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

	2.32.	Performance Deferral 

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

 

	2.33.	Phantom Share Units 

 “Phantom Share Units” shall mean units of deemed
investment in shares of The Dow Chemical Company Common Stock so determined under Section 6.02(b). 

  
 - 7 - 

	2.34.	Plan 

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

	2.35.	Plan Year 

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

	2.36.	Savings Plan 

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

	2.37.	Section 16 Participant 

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

 

	2.38.	Separation from Service 

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

	2.39.	Unforeseeable Emergency 

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

 

	2.40.	Valuation Date 

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

  
 - 8 - 

	2.41.	VPHR 

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

  
 - 9 - 

 ARTICLE III 

ADMINISTRATION 
  

	3.01.	Duties and Powers of the Administrator 

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

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

 

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

  

	 	c.	To decide all questions concerning the Plan; 

  

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

 

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

  

	3.02.	Designation of Additional Administrators and Delegation of Administrative Responsibilities 

The Dow Chemical Company may designate one or more persons or entities to serve as an Administrator of the Plan, in addition to or in lieu of
the Administrator named in the plan document, through an action of the Board or through a written designation signed by the VPHR, the Global Benefits Director, each acting individually, or such other person as the Board shall designate. Any such
designation of additional Administrators shall set forth in general or specific terms such person’s or entity’s responsibilities and authority. 

In addition, each Administrator may designate other persons to carry out its responsibilities under the Plan in a writing that sets forth the
responsibilities assigned to the delegee and, if applicable, the period for which such delegation shall be in effect. 

  
 - 10 - 

	3.03.	Decisions of Administrators 

  

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

 

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

  

	3.04.	Indemnification of Administrators 

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

	3.05.	Claim Procedure 

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

	 	a.	 All initial claims for benefits under this Plan shall be sent to the Initial Claims Reviewer. If the Initial
Claims Reviewer determines that any individual who has claimed a right to receive benefits, or different benefits, under this Plan is not entitled to receive all or any part of the benefits claimed, the Initial Claims Reviewer shall inform the
claimant in writing of such determination and the reasons therefore in terms calculated to be understood by the claimant. The notice shall be sent within 90 days of receipt of the claim unless the Initial Claims Reviewer determines that additional
time, not exceeding 90 additional days, is needed and so notifies the claimant in writing before the expiration of the initial 90 day period. Any written notice of extension for review shall include the circumstances requiring extension and date by
which a decision is expected to be rendered. A written notice of denial of benefits shall (i) state specific reasons for the denial, (ii) make specific reference to the pertinent Plan provisions on which the denial is based,
(iii) describe any additional material or information that is necessary to support the claimant’s claim and an explanation of why such material or information is necessary, and (iv) include a statement that the claimant is entitled to
receive, upon request and free of charge, reasonable 

  
 - 11 - 

	 	
access to, and copies of all documents, records or other information relevant (as defined by Department of Labor Regulation section 2560.503-1(m)) to the
claim. Such notice shall, in addition, inform the claimant of the procedure that the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim, including
the right to bring a civil action under section 502(a) of ERISA following exhaustion of review procedures set forth herein. 

  

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

  

	3.06.	Commencement of Legal Action 

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

  
 - 12 - 

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

  

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

  

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

  

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

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

 

	3.07.	Forum Selection 

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

  
 - 13 - 

 ARTICLE IV 

PARTICIPATION 
  

	4.01.	Participation 

  

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

 

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

  

	4.02.	Contents of Participation Agreement 

  

	 	a.	 Eligible Employees. Subject to Article VII, each Participation Agreement shall set forth the amount of
Eligible Compensation for the Plan Year to which the Participation Agreement relates that is to be deferred under the Plan (the “Deferred Amount”), expressed as either a dollar amount or a whole percentage of the Base Salary and
Performance Awards for such Plan Year; provided that the minimum and maximum Deferred Amounts for any Plan Year shall be the 

  
 - 14 - 

	 	
minimum and maximum Deferred Amounts, respectively, established by the Administrator and set forth in the Participation Agreement for such Plan Year, and further provided that for deferrals
earned on or after January 1, 2010, the maximum Deferred Amount for any Plan Year shall not exceed 75% of Base Salary and 100% of Performance Award. In accordance with the provisions contained in Article VII, each Participation Agreement shall
also set forth a time and Form of Payment of a Deferred Amount. Participation Agreements are to be completed in a format specified by the Administrator. Notwithstanding the foregoing, if a Participant shall have failed to designate properly the form
of payment of the Participant’s benefit under the Plan, such payment will be in a lump sum. 

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

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

 

	4.03.	Modification or Revocation of Election by Participant 

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

  
 - 15 - 

 ARTICLE V 

DEFERRED COMPENSATION 
  

	5.01.	Elective Deferred Compensation 

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

	5.02.	Vesting of Deferral Account 

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

  
 - 16 - 

 ARTICLE VI 

MAINTENANCE AND INVESTMENT OF ACCOUNTS 
  

	6.01.	Maintenance of Accounts 

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

 

	6.02.	Hypothetical Investment Benchmarks 

  

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

 

	 	b.	Dow Chemical Stock Index Fund. 

  

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

  
 - 17 - 

	 	
Common Stock with record dates during the period beginning on the day after the most recent preceding Valuation Date and ending on such Valuation Date. 

 

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

 

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

Section 16 Participants may not elect to direct their Deferral Amount into the Hypothetical Investment Benchmark of The Dow Chemical
Company Stock Index Fund. 
  

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

  

	6.03.	Statement of Accounts 

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

  
 - 18 - 

 ARTICLE VII 

BENEFITS 
  

	7.01.	Time and Form of Payment 

  

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

  

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

  

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

  
 -19 - 

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

  

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

  

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

  

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

  

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

  
 - 20 - 

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

  

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

  

	7.02.	Changing Time or Form of Benefit 

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

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

  

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

 

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

 

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

  

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

  

	7.03.	Survivor Benefit 

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

  
 - 21 - 

	7.04.	Disability 

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

	7.05.	Hardship Withdrawals 

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

	7.06.	Change of Control 

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

  
 - 22 - 

	7.07.	Matching Contribution 

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

	7.08.	Discretionary Company Contributions 

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

  
 - 23 - 

 If a Participant is employed at a Company other than The Dow Chemical Company, such Company shall
pay or transfer to The Dow Chemical Company any amounts designated as discretionary Company contributions for all such Participants as of the date such discretionary Company contributions are credited to a Participant’s Deferral Account. The
Dow Chemical Company shall hold such amounts as part of the general assets of The Dow Chemical Company. 
  

	7.09.	Special Cadre Plan Contributions 

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

	7.10.	Withholding of Taxes 

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

  
 - 24 - 

	7.11.	Distribution Upon Inclusion in Income 

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

  
 - 25 - 

 ARTICLE VIII 

BENEFICIARY DESIGNATION 
  

	8.01.	Beneficiary Designation 

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

	8.02.	No Beneficiary Designation 

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

 

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

  

	 	b.	the children of such person, if any; 

  

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

  

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

  

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

 

	 	f.	the deceased person’s estate. 

  
 - 26 - 

 ARTICLE IX 

AMENDMENT AND TERMINATION OF PLAN 
  

	9.01.	Amendment 

 The Board or its delegate may amend or modify the Plan at any time, and the
President, Chief Financial Officer, VPHR, the Benefits Governance and Finance Committee of The Dow Chemical Company, or Global Benefits Director, each acting individually, may amend or modify the Plan at any time, provided, however, that no
amendment shall be effective to decrease the balance in any Deferral Account as accrued at the time of such amendment, nor shall any amendment otherwise have a retroactive effect. 

Notwithstanding the foregoing: (i) an amendment that affects only Section 16(b) Participants shall not be valid unless it is adopted
or approved by the Board; and (ii) no amendment of the Plan shall apply to amounts that were earned and vested (within the meaning of Code section 409A and regulations thereunder) under the Plan prior to 2005, unless the amendment specifically
provides that it applies to such amounts. The purpose of this restriction is to prevent a Plan amendment from resulting in an inadvertent “material modification” to amounts that are “grandfathered” and exempt from the
requirements of Code section 409A. 
 The authority of the President, Chief Financial Officer, VPHR, the Benefits Governance and Finance
Committee of The Dow Chemical Company, and Global Benefits Director to amend or modify the Plan under this Section 9.01 may not be delegated. 
  

	9.02.	Company’s Right to Terminate 

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

	9.03.	Effect of Amendment or Termination 

 Except as provided in the next sentence, no
amendment or termination of the Plan shall adversely affect the rights of any Participant to amounts credited to his Deferral Accounts as of the effective date of such amendment or termination. Upon termination of the Plan, distribution of balances
in Deferral Accounts shall be made to Participants 

  
 - 27 - 

 
and beneficiaries in the manner and at the time described in Article VII, unless the Company determines in its sole discretion that all such amounts shall be distributed upon termination in
accordance with the requirements under Code section 409A. Upon termination of the Plan, no further deferrals of Eligible Compensation shall be permitted; however, earnings, gains and losses shall continue to be credited to Deferral Account balances
in accordance with Article VI until the Deferral Account balances are fully distributed.  

  
 - 28 - 

 ARTICLE X 

MISCELLANEOUS 
  

	10.01.	Unfunded Plan 

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

	10.02.	Nonassignability 

 Except as specifically set forth in the Plan with respect to the
designation of Beneficiaries, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the
amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and non-transferable. No part of the amounts payable shall, prior to
actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s
or any other person’s bankruptcy or insolvency. 
  

	10.03.	Validity and Severability 

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

  
 - 29 - 

	10.04.	Governing Law 

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

	10.05.	Employment Status 

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

  

	10.06.	Underlying Incentive Plans and Programs 

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

 

	10.07.	Successors of the Company 

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

	10.08.	Waiver of Breach 

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

	10.09.	Notice 

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

	10.10.	Successor Titles or Positions 

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

  
 - 30 - 

 IN WITNESS WHEREOF, the Company has caused this amended and restated Plan document to be
executed in its name and on its behalf by its officers duly authorized on this 30th day of August, 2017. 
  

			
	THE DOW CHEMICAL COMPANY
		
	 By:
	 	 /s/ Bryan Jendretzke

		
	 Its:
	 	 Global Benefits Director

  
 - 31 - 

 APPENDIX A: Hypothetical Investment Benchmarks 

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

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

  
 - 32 -

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