Document:

EXHIBIT C 

     

    Form of 4.800% Notes due 2049

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
        “DEPOSITARY”) TO THE DOW CHEMICAL COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR
        SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
        RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE THAT IS [ONE YEAR (IN
        THE CASE OF THE 144A NOTES) OR 40 DAYS (IN THE CASE OF REGULATION S NOTES)] AFTER THE LATER OF THE ISSUANCE OF THE NOTES AND THE LAST DATE ON WHICH THE DOW CHEMICAL COMPANY OR ANY OF ITS AFFILIATES WAS THE OWNER OF THE NOTES OR ANY PREDECESSOR OF
        THE NOTES, OFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE DOW CHEMICAL COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO PERSONS REASONABLY BELIEVED TO BE A
        QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION
        PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
        AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.  PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH 2(C) AND 2(F) ABOVE, THE DOW CHEMICAL COMPANY
        RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE
        STATE SECURITIES LAWS.  AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER SECURITIES ACT.  THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO
        REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTION.

     

    [BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON,
        AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT (FOR REG S NOTES ONLY)]

     

    

    

    
      Ex. C-1

      
        

    

    

    

    THE DOW CHEMICAL COMPANY

     

    4.800% Notes due 2049

     

    CUSIP NO. [260543 CU5 (Rule 144A) / U26054 KK8 (REG S)]

        ISIN NO. [US260543CU55 (Rule 144A) / USU26054KK80 (REG S)]

    
      	
              No. R[144A / REGS]-[•]

            	
               US$[●]

            

    

    

    

    THE DOW CHEMICAL COMPANY, a Delaware corporation (herein called the “Company,” which term includes any successor
        corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [•] MILLION DOLLARS (US$[•]) or such other principal sum set forth on the Schedule
        attached hereto (which shall not exceed $500,000,000) on May 15, 2049, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest and
        Additional Interest , if any, as defined in and payable pursuant to Section 2 of the Registration Rights Agreement referred to below, thereon semi-annually on each May 15 and November 15 (each an “Interest Payment Date”), commencing November 15,
        2019 and at maturity on said principal sum, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, at the rate per annum specified in the title of this
        Security from the May 15 or November 15, as the case may be, next preceding the date of this Security to which interest and Additional Interest, if any, has been paid, unless the date hereof is a date to which interest and Additional Interest, if
        any, has been paid, in which case from the date of this Security, or unless no interest has been paid on this Security, in which case from May 20, 2019, until payment of said principal sum has been made or duly provided for. Payments of such
        principal and interest and Additional Interest, if any, shall be made at the office or agency of the Company in Chicago, Illinois, which, subject to the right of the Company to vary or terminate the appointment of such agency, shall initially be at
        the principal office of The Bank of New York Mellon Trust Company, N.A., Two North LaSalle Street, Chicago, Illinois 60602; provided, that payment of
        interest and Additional Interest, if any, may be made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register; provided, further that so long as CEDE & CO. or another nominee of the Depositary is the registered
        owner of this Security payments of principal and interest and Additional Interest, if any, will be made in immediately available funds through the Depositary’s Same-Day Funds Settlement System. Notwithstanding the foregoing, if the date hereof is
        after May 1 or November 1, as the case may be, and before the following May 15 or November 15, this Security shall bear interest and Additional Interest, if any, from such May 15 or November 15; provided, that if the Company shall default in the payment of interest or Additional Interest, if any, due on such May 15 or November 15, then this Security shall bear interest and Additional Interest, if
        any, from the next preceding May 15 or November 15, to which interest and Additional Interest, if any, has been paid or, if no interest has been paid on this Security, from May 20, 2019. The interest and Additional Interest, if any, payable on any
        May 15 or November 15 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on the May 1 or November 1 (each a
        “Record Date”), as the case may be, next preceding such May 15 or November 15, and the interest and Additional Interest, if any, payable at maturity will be payable to the person to whom the principal hereof shall be payable.

     

    Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions
        shall for all purposes have the same effect as though fully set forth at this place.

     

    This Security shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall
        have been signed by the Trustee under the Indenture referred to on the reverse hereof.

     

    [Remainder of page intentionally left blank
          Signature page follows.]

     

    
      Ex. C-2

      
        

    

    

    

    IN WITNESS WHEREOF, THE DOW CHEMICAL COMPANY has caused this instrument to be signed by facsimile by its duly authorized
        representative.

     

    Dated: May 20, 2019 

    

    

    

    
      	
              Attest:

            	 	
              THE DOW CHEMICAL COMPANY

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
                         

              

            	 	By:	
                        

              

            	 
	 	
              [•]

            	 	 	
              [•]

            	 
	 	
              [•]

            	 	 	
              [•]

            	 
	 	 	 	 	 	 

    

    

    

    

    

    

    

    

    

    
      Signature Page to Notes due 2049 R-•

    

    
      
        

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture.

     

    Dated: May 20, 2019

    

    

    

    

    
      	 	The Bank of New York Mellon Trust Company, NA., as Trustee	 
	 	 	 	 
	 	 	 	 
	 	By:	
                        

              

            	 
	 	 	Authorized Signatory

            	 
	 	 	

            	 
	 	 	 	 

    

     

      

     

      

     

      

  

  
    

      Signature Page to Notes due 2049 R-•

    
      
        

    

    
    THE DOW CHEMICAL COMPANY

     

    4.800% Notes due 2049

     

    Section 1.          General. This Note is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or
        more series under an Indenture, dated as of May 1, 2008 (the “Base Indenture”), between The Dow Chemical Company (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any
        successor trustee under the Indenture) as supplemented by a second supplemental indenture, dated as of May 20, 2019, among the Company, Dow Inc. (“Dow”) and the Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the
        “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, Dow, the Trustee and the Holders of
        the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the Securities of the series designated on the face hereof.

     

    Section 2.          Redemption; Sinking Fund. (a) Except as provided in paragraph (b) below, the Securities are not redeemable prior to maturity.

     

       (b)       The Securities are
        redeemable, at any time in whole or from time to time in part, prior to November 15, 2048, at the option of the Company at a redemption price equal to the greater of:

     

      (i)         100%
        of the principal amount of the Securities to be redeemed on that redemption date; and

     

      (ii)        the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed on that redemption date that would be due if the Securities being redeemed matured on November
        15, 2048 (not including any portion of such payments of interest and Additional Interest, if any, accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
        30-day months) at the Treasury Rate (as defined below), plus 30 basis points,

     

    plus, in each case, accrued and unpaid interest and Additional Interest, if any, thereon to, but excluding, the date of redemption.

     

       On or after November 15, 2048, the Securities will be redeemable, at any time in whole or from time to time in
        part, at the Company’s option at 100% of the principal amount of the Securities to be redeemed on that redemption date plus accrued and unpaid interest and Additional Interest, if any, thereon to but excluding such redemption date.

     

    Notwithstanding the foregoing, installments of interest and Additional Interest, if any, on Securities that are
        due and payable on Interest Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date according to this Security and the
        Indenture.

     

    “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
        maturity comparable to the remaining term (as measured from the date of redemption) of the Securities to be redeemed (assuming for this purpose, that the Securities matured on November 15, 2048) that would be utilized, at the time of selection and
        in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities.

     

    
      Ex. C-5

      
        

    

    “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury
        Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (ii) if the trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations,
        or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.

     

    “Quotation Agent” means any Reference Treasury Dealer appointed by the Company.

     

    “Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and a
        Primary Treasury Dealer selected by MUFG Securities Americas Inc. (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S.
        Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer, and (ii) at least one other Primary Treasury Dealer selected by the Company.

     

    “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption
        date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
        5:00 p.m., New York City time, on the third business day preceding such redemption date.

     

    “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent
        yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

     

    (c)         The
        Securities will not be subject to any sinking fund.

     

    (d)       The Company
        will mail a notice of any redemption at least 15 days but not more than 60 days before the redemption date to each Holder; provided that

        such notice of redemption may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of the Securities. Once notice of redemption is mailed,
        the Securities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the redemption date.

     

    Section 3.          Repurchase at the Option of Holders Upon Change of Control Repurchase Event.

     

    (a)      If a Change
        of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities as provided in Section 2 above, the Company will make an offer to each Holder of Securities to repurchase all or any part (in
        integral multiples of $1,000 and no Security of a principal amount of $2,000 or less will be repurchased in part) of that Holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities repurchased
        plus accrued and unpaid interest and Additional Interest, if any, on the Securities repurchased, to, but excluding, the date of repurchase.

     

    (b)        Within 30
        days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of Control, the Company will mail (or electronically
        deliver) a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Securities on the payment date specified in
        the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to repurchase is
        conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice.

     

    (c)      The Company
        will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in
        connection with the repurchase of the Securities as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 3, the Company will comply with the applicable
        securities laws and regulations and will not be deemed to have breached its obligations under this Section 3 by virtue of such conflict.

     

    
      Ex. C-6

      
        

    

    (d)         On the
        Change of Control Repurchase Event payment date, the Company will, to the extent lawful:

     

      (i)          accept for payment all Securities or
        portions of Securities (in a minimum principal amount of $2,000 and integral multiples of $1,000 above that amount) properly tendered pursuant to the aforementioned offer;

     

      (ii)      deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Securities or portions of Securities properly tendered; and

     

      (iii)       deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of Securities being repurchased by the Company.

     

       (e)        The paying agent will
        promptly mail to each Holder of Securities properly tendered the repurchase price for the Securities, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Security equal in principal
        amount to any unpurchased portion of any Securities surrendered; provided, that each new Security will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 above that amount.

     

    (f)         The
        Company will not be required to make an offer to repurchase the Securities upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer
        made by the Company and such third party purchases all Securities properly tendered and not withdrawn under its offer.

     

    (g)         The
        following terms for purposes of this Section 3 shall have the respective meanings specified below:

     

    “Below Investment Grade Rating Event” means the rating on the Securities is lowered by each of the Rating Agencies
        and the Securities are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice
        of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect
        of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if any of the Rating Agencies making the reduction in rating to
        which this definition would otherwise apply does not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a
        result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

     

    “Business Separations” has the meaning provided in the Company’s offering memorandum dated May 16, 2019 relating
        to the offering of the Securities.

     

    “Change of Control” means the occurrence of any of the following:

     

      (1)         the
        direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and those of its
        subsidiaries taken as a whole to any “person” or “group” (as those terms are used for purposes of Section 13(d)(3) of the Exchange Act), other than the Company, Dow or one or more of wholly-owned subsidiaries of Dow;

     

    
      Ex. C-7

      
        

    

      (2)     the
        consummation of any transaction or series of related transactions (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used for purposes of Section 13(d)(3) of the
        Exchange Act), other than Dow or one or more wholly-owned subsidiaries of Dow, becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding shares of the Voting Stock of Dow or the Company, measured by voting power
        rather than number of shares;

     

      (3)        the Company or Dow
        consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company or Dow, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company, Dow or such
        other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company or Dow outstanding immediately prior to such transaction constitute, or are
        converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any direct or indirect parent company of the surviving Person immediately after giving effect to such transaction;

     

      (4)        the
        first day on which a majority of the members of the board of directors of the Company or the board of directors of Dow are not Continuing Directors; or

     

      (5)         the adoption of a plan
        relating to the liquidation or dissolution of the Company or Dow.

     

    Notwithstanding the foregoing, none of the transactions relating to the Business Separations shall be considered a Change of Control.

     

    Notwithstanding the foregoing, a transaction will not be considered to be a Change of Control under clause (2) above if (a) the Company or Dow
        becomes a direct or indirect wholly-owned subsidiary of a holding company and (b) (y) immediately following that transaction, the direct or indirect holders of the Voting Stock of the holding company are substantially the same as the holders of
        Dow’s Voting Stock immediately prior to that transaction or (z) immediately following that transaction, no person (as that term is used in Section 13(d) (3) of the Exchange Act) is the beneficial owner, directly or indirectly, of more than 50% of
        the Voting Stock of the holding company.  Furthermore, neither the formation of an intermediate holding company of the Company that is 100% owned by Dow (directly or indirectly) or any business combination between the Company and Dow or any
        wholly-owned subsidiaries of Dow will constitute a Change of Control.

     

    “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade
        Rating Event.

     

    “Continuing Directors” means, as of any date of determination, (a) with respect to any member of the board of
        directors of Dow, any such member who (1) was a member of such board of directors on the date of the issuance of the Securities; or (2) was nominated for election or elected to such board of directors with the approval of a majority of the
        Continuing Directors who were members of such board of directors at the time of such nomination or election (either by a specific vote or by approval of our proxy statement in which such member was named as a nominee for election as a director) and
        (b) with respect to any member of the board of directors of the Company, any such member who (1) was a member of such board of directors on the date of the issuance of the Securities; or (2) was appointed, nominated for election or elected to such
        board of directors by Dow.

     

    “Fitch” means Fitch Ratings, Inc.

     

    “Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating
        categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or the equivalent
        investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company.

     

    “Moody’s” means Moody’s Investors Services Inc.

     

    “Rating Agency” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases
        to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” registered pursuant to Section 15E of the Exchange Act,
        selected by the Company as a replacement agency for Fitch, Moody’s or S&P, as the case may be.

     

    
      Ex. C-8

      
        

    

    “S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its successors.

     

    “Voting Stock” means, with respect to any person, capital stock of any class or kind the holders of which are
        ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended by the happening of such a contingency.

     

    Section 4.          Events of Default. If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
        may be declared due and payable in the manner and with the effect provided in the Indenture.

     

    Section 5.          Modifications and Waivers; Obligation of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
        modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a
        majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the
        time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or
        waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
        whether or not notation of such consent or waiver is made upon this Security.

     

    No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair
        the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest and Additional Interest, if any, on this Security at the times, places and rate, and in the coin or currency, herein prescribed.

     

    Section 6.          Authorized Denominations. The Securities are issuable in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in
        excess thereof. As provided in the Indenture, and subject to certain limitations therein set forth and to the limitations described below, if applicable, Securities of this series are exchangeable for a like aggregate principal amount of Securities
        of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

     

    Section 7.          Registration of Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
        Security register upon surrender of this Security for registration of transfer at the office or agency of the Company maintained for that purpose in the City of Chicago, duly endorsed by, or accompanied by a written instrument of transfer in form
        satisfactory to the Company and the securities registrar (which shall initially be the Trustee, Two North LaSalle Street, Chicago, Illinois 60602 (Attention: Corporate Trust Department) or at such other address as it may designate as its principal
        corporate trust office in the City of Chicago), duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same
        aggregate principal amount, will be issued to the designated transferee or transferees.

     

    This Security is exchangeable for a certificated Security only if (x) the Depositary notifies
        the Company that it is no longer willing or able to act as a Depositary for this Security or the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and the Company has not appointed a
        successor depositary within 90 days of that notice or becoming aware that the Depositary is no longer so registered or (y) the Company in its sole discretion determines that this Security shall be exchangeable for certificated Securities in
        registered form or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing, and the Depositary requested the issuance of certificated Securities, provided that the definitive Securities so issued in
        exchange for this permanent Security shall be in denominations of $2,000 and any integral multiple of $1,000 in excess thereof and be of like aggregate principal amount and tenor as the portion of this permanent Security to be exchanged, and
        provided further that, unless the Company agrees otherwise, Securities of this series in certificated registered form will be issued in exchange for this permanent Security, or any portion hereof, only if such Securities in certificated registered
        form were requested by written notice to the Trustee or the Securities Registrar by or on behalf of a person who is beneficial owner of an interest hereof given through the Holder hereof. Except as provided above, owners of beneficial interests in
        this permanent Security will not be entitled to receive physical delivery of Securities in certificated registered form and will not be considered the Holders thereof for any purpose under the Indenture.

     

    
      Ex. C-9

      
        

    

    No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of
        a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

     

    Section 8.          Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
        the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

     

    Section 9.          No

        Recourse Against Certain Persons. No recourse for the payment of the principal or interest or Additional Interest, if any, on this Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation,
        covenant or agreement of the Company in the Indenture or any Supplemental Indenture thereto or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or
        director, as such, past, present or future, of the Company or of any successor corporation of either of them, either directly or through the Company or any successor corporation of either of them, whether by virtue of any constitution, statute or
        rule or law or by the enforcement of any assessment or penalty or otherwise, all such liability being by the acceptance hereof and as a condition of and as part of the consideration for the issue hereof, expressly waived and released.

     

    Section 10.       Defeasance. The Indenture with respect to any series will be discharged and cancelled except for certain Sections thereof, subject to the terms of the Indenture,
        upon payment of all of the Securities of such series or upon the irrevocable deposit with the Trustee of cash or U.S. Government Obligations (or a combination thereof) sufficient for such payment in accordance with Article Ten of the Indenture.

     

    Section 11.          Registration Rights Agreement. Holders of the Securities issued on the date hereof will have all the rights set forth in the Registration Rights Agreement, dated
        as of May , 2019, among the Company and the other parties named in Schedule I thereto (the “Registration Rights Agreement”). The Company will furnish to any holder of Securities upon request and without charge a copy of the Registration Rights
        Agreement.

     

    Section 12.        Governing Law; Jurisdiction. The Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York.

     

    Section 13.         Defined Terms. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

     

    

    

    
      Ex. C-10

      
        

    

    CERTIFICATE TO BE DELIVERED UPON EXCHANGE

    OR REGISTRATION OF TRANSFER OF SECURITIES

     

    This Certificate relates to $_____________ principal amount of Securities held in (check applicable space) ___
        book-entry form by _________________________ (the “Transferor”).

     

    The Transferor (check one box below):

     

    
      
        	[  ]	
                has requested the Trustee by written order to deliver in exchange for its beneficial interest in the global Security held by the Depositary a Security of
                    authorized denominations in an aggregate principal amount equal to its beneficial interest in such global Security (or the portion thereof indicated above); or

              

      

    

     

    
      
        	[   ]	
                has requested the Trustee by written order to exchange or register the transfer of a Security or Securities.

              

      

    

     

    In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the
        expiration of the period referred to in Rule 144(d) under the Securities Act of 1933, the undersigned confirms that such Securities are being transferred in accordance with its terms:

     

    CHECK ONE BOX BELOW

     

    
      
        	

              	
                (1)          

              	[_]          	to the Company; or

      

    

     

    
      
        	

              	
                (2)          

              	[_]          	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the
                  Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance
                  with Rule 144A under the Securities Act of 1933; or

      

    

     

    
      
        	

              	
                (3)          

              	[_]          	outside the United States in an offshore transaction within the meaning of Regulation S under the
                  Securities Act in compliance with Rule 904 under the Securities Act of 1933; or

      

    

     

    
      
        	

              	
                (4)          

              	[_]          	pursuant to another available exemption from registration provided by Rule 144 under the
                  Securities Act of 1933; or

      

    

     

    
      
        	

              	
                (5)          

              	[_]          	pursuant to an effective registration statement under the Securities Act of 1933; or

      

    

     

    
      
        	

              	
                (6)          

              	[_]          	pursuant to any other available exemption from the registration requirements under the Securities
                  Act of 1933.

      

    

     

    Prior to the expiration of the period referred to in Rule 144(d), unless one of the boxes is checked, the Trustee
        will refuse to register any of the Securities evidenced by this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (2), (3), (4) or (6) is checked, the Trustee may require, prior to
        registering any such transfer of the Securities, such legal opinions, certifications and other information satisfactory to the Company and the Trustee to confirm that such transfer is being made pursuant to an exemption from, or in a transaction
        not subject to, the registration requirements of the Securities Act of 1933.

    

    

      	
               

            	
               

            	
               

            
	 	
              [INSERT NAME
                  OF TRANSFEROR]

            	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Dated:

            	  

            	 	By:

            	 	 

    

     

      

    
      Ex. C-11

      
        

    

    SCHEDULE OF EXCHANGES

     

    The following exchanges of a part of this Security have been made:

     

    	
            Date of Exchange

          	
            Amount of decrease in Principal Amount of this Security

          	
            Amount of increase in Principal Amount of this Security

          	
            Principal Amount of this Security following such decrease (or increase)

          	
            Signature of authorized signatory of Trustee

          
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

     

    

    

    
      Ex. C-12

      
        

    

     

    ABBREVIATIONS

     

    The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as
        though they were written out in full according to applicable laws or regulations:

     

      

    
      	TEN COM - as tenants in common	
               

            
	

            	
               

            
	
              TEN ENT - as tenants by the entireties 

              

            	
               

            
	
               

            	
               

            
	JT TEN - as joint tenants with right of survivorship and not as tenants in common
	
               

            	
               

            
	UNIF GIFT MIN ACT - 

            	 

            
	
               

            	(Minor)
	 	 
	Custodian

            	 

            
	 	(Cust)
	 	 
	Under Uniform Gifts to Minors Act          

            	 
	 	 (State)
	 	 
	 	 	 	 

       

     

    Additional abbreviations may also be used though not in the above list.

     

    

    

    
      Ex. C-13

      
        

    

    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

     

    PLEASE INSERT SOCIAL SECURITY OR

     

    OTHER IDENTIFYING NUMBER OF ASSIGNEE

     

      

     

    
      
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

     

    
      

      

      

      
           

    
      

              

    

    the within Security and all rights thereunder, hereby irrevocably constituting and appointing _______________________ attorney to
        transfer said Security on the books of the Company, with full power of substitution in the premises.

        

    

    
      	Dated:

            	
                

              

            	
               

            
	
               

            	
               

            	
               

            
	Signature:

            	
               

            	
               

            

               

    
      
        	NOTICE:	
                THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR
                    ENLARGEMENT OR ANY CHANGE WHATEVER.

              

      

    

     

    

    

    
      Ex. C-14

      
        

    

    
     

    EXHIBIT D

     

    FORM OF SUPPLEMENTAL INDENTURE

     

    THIS [•] SUPPLEMENTAL INDENTURE, dated as of [•] (the “[•] Supplemental Indenture”), among THE DOW CHEMICAL COMPANY, a
        Delaware corporation (the “Company”), DOW INC., a Delaware corporation (“Dow”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”).

     

    RECITALS OF THE COMPANY:

     

    WHEREAS, the Company and the Trustee have heretofore executed and delivered an indenture, dated as of May 1, 2008 (the
        “Base Indenture”), to provide for the issuance by the Company from time to time of Securities to be issued in one or more Series as provided in the Indenture, which Base Indenture was supplemented by a first supplemental indenture, dated as of
        November 30, 2018, between the Company, Dow and the Trustee;

     

    WHEREAS, the Company, Dow and the Trustee executed and delivered a Second Supplemental Indenture, dated as of May 20, 2019
        (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) providing for the entry of this [•] Supplemental Indenture substantially concurrently with the issuance by Dow of a guarantee in respect of outstanding or
        committed indebtedness under the Revolving Credit Facility Agreement.

     

    WHEREAS, on the date hereof, Dow has guaranteed outstanding or committed indebtedness under the Revolving Credit Facility
        Agreement.

     

    WHEREAS, Section 8.1(b), (c) and (d) of the Indenture permit the Company and the Trustee to enter into indentures
        supplemental to the Indenture for the purposes of adding another corporation to the Company to assume the covenants, agreements and obligations of the Company, to add covenants for the protection of Holders of the Securities outstanding from time
        to time under the Indenture and to make such other provisions in regard to matters or questions arising under the Indenture as the Board of Directors may deem necessary or desirable and which shall not materially and adversely affect the interests
        of the Holders of the Securities; and

     

    WHEREAS, all the conditions and requirements necessary to make this [•] Supplemental Indenture, when duly executed and
        delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled.

     

    NOW THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

     

    The Company, Dow and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective
        Holders of the Securities of each Series outstanding from time to time under the Indenture as follows:

     

    ARTICLE ONE

        RELATION TO INDENTURE; RULES OF CONSTRUCTION

     

    SECTION 1.1      Relation to
        Indenture.  This [•] Supplemental Indenture constitutes an integral part of the Indenture.

     

    SECTION 1.2      Rules of
        Construction.  For all purposes of this [•] Supplemental Indenture:

     

    (a)          capitalized terms used
        herein without definition shall have the meanings specified in the Indenture;

     

    (b)        all references herein to
        Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this [•] Supplemental Indenture;

     

    
      Ex. D-1

      
        

    

    (c)          the terms “herein,”
        “hereof,” “hereunder” and other words of similar import refer to this [•] Supplemental Indenture; and

     

    (d)         in the event of a
        conflict with the definition of terms in the Indenture, the definitions in this [•] Supplemental Indenture shall control.

     

    ARTICLE TWO

        DEFINITIONS

     

    SECTION 2.1          For the benefit
        of the Holders of Securities outstanding from time to time under the Indenture, for so long as the Dow Guarantee is effective, the definitions of “Dow Consolidated Net Tangible Assets,” “Dow Exempted Indebtedness,” “Dow intangible assets,” “Dow
        Guarantee,” “Dow Principal Property,” “Dow Subsidiary,” “Revolving Credit Facility Agreement,” and “Revolving Credit Facility Guarantee” in Section 1.1 of the Indenture shall be added in their proper alphabetical location:

     

    “Dow Consolidated Net Tangible Assets” means the total assets of Dow and its consolidated subsidiaries as
        shown on or reflected in its balance sheet less (a) all current liabilities (excluding current liabilities which could be classified as long-term debt in conformity with generally accepted accounting principles and current liabilities which are by
        their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed), (b) advances to entities accounted for on the equity method of accounting, and
        (c) Dow intangible assets. “Dow intangible assets” means the aggregate value (net of any applicable reserves), as shown on or reflected in such balance sheet, of: (i) all trade names, trademarks, licenses, patents, copyrights and goodwill; (ii)
        organizational and development costs; (iii) deferred charges (other than prepaid items such as insurance, taxes, interest, commissions, rents and similar items and tangible assets being amortized); and (iv) unamortized debt discount and expense,
        less unamortized premium.

     

    “Dow Exempted Indebtedness” means the sum of (i) all outstanding indebtedness of Dow and each of its
        Restricted Subsidiaries incurred after the date of this Indenture and secured by liens proscribed in paragraph (a) of Section 3.6, and (ii) the aggregate of present values (discounted at a rate per annum equal to the average interest borne by all
        Outstanding Securities determined on a weighted average basis and compounded semi-annually) of the obligations of Dow or any Restricted Subsidiaries for rental payments during the remaining term of all leases (including any period for which any
        such lease has been extended or may, at the option of the lessor, be extended) of all Dow Principal Property other than those leases expressly permitted by paragraph (a) of Section 3.7. The net amount of rent required to be paid under any such
        lease for any such term shall be the amount of the rent payable by the lessee with respect to such period, after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar
        charges and contingent rents such as those based on sales. In the case of any such lease which is terminable by the lessee upon the payment of a penalty, such net amount shall also include the amount of such penalty, but no rent shall be considered
        as required to be paid under such lease subsequent to the first date upon which it may be so terminated.

     

    “Dow Guarantee” means the irrevocable guarantee of Securities outstanding from time to time hereunder, on
        a senior unsecured basis and in accordance with the terms set forth in the [•] Supplemental Indenture.

     

    “Dow Principal Property” means any manufacturing facility owned by Dow or any of its Restricted
        Subsidiaries and located within the United States (excluding its territories and possessions and the Commonwealth of Puerto Rico) the gross book value (without deduction of any depreciation reserves) of which on the date as of which the
        determination is being made exceeds one percent of Dow Consolidated Net Tangible Assets, other than any such facility or portion thereof which the board of directors of the Company or Dow, as the case may be, reasonably determines is not material
        to the business conducted by Dow and its Dow Subsidiaries as a whole.

     

    
      Ex. D-2

      
        

    

    “Dow Subsidiary” means any corporation, of which at least a majority of the Voting Stock is at the time
        owned directly or indirectly by Dow or by Dow and its other Dow Subsidiaries. The term “Voting Stock” means outstanding shares of stock having voting power for the election of directors, whether at all times or only so long as no senior class of
        stock has such voting power because of default in dividends or some other default.

     

    “Revolving Credit Facility Agreement” means that certain $5,000,000,000 Five Year Competitive Advance and
        Revolving Credit Facility Agreement, dated as of October 30, 2018, among the Company, the banks from time to time party thereto and Citibank, N.A., as administrative agent as amended, modified, restated, renewed, refunded, replaced or refinanced
        from time to time, including any agreement extending the maturity of, refinancing, replacing or otherwise restructuring all of or substantially all of the indebtedness under such agreement or any such successor or replacement agreement and whether
        by the same or any other agent, lender or group of lenders (or other institutions).

     

    “Revolving Credit Facility Guarantee” means the guarantee in respect of outstanding or committed
        indebtedness under the Revolving Credit Facility Agreement giving rise to the execution of the [•] Supplemental Indenture.

     

    ARTICLE THREE

        GUARANTEE

     

    SECTION 3.1     Dow hereby irrevocably
        (except if terminated in accordance with the terms hereof), fully and unconditionally guarantees to the Trustee, for the benefit of the Trustee and for each Holder of Securities of each Series outstanding under the Indenture from time to time and
        their respective successors and assigns, (a) the full and punctual payment of the principal of and interest (and premium, if any) on the Securities of each Series outstanding under the Indenture from time to time when due, whether at maturity, by
        acceleration, by redemption or otherwise, and (b) the full and punctual performance within applicable grace periods of all other monetary obligations of the Company due and payable under the Indenture and the Securities of each Series outstanding
        under the Indenture from time to time (the Indenture and the Securities being hereinafter collectively called the “Guaranteed Obligations”).  In case of the failure of the Company punctually to pay any Guaranteed Obligations, Dow hereby agrees to
        cause any such payment to be made punctually when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, and as if payment were made by the Company.

     

    SECTION 3.2   Dow hereby agrees that
        its obligations hereunder shall be as principal and not merely as surety, and shall be absolute, irrevocable (except if terminated in accordance with the terms hereof) and unconditional, irrespective of, and shall be unaffected by, any invalidity,
        irregularity or unenforceability of any Security, this [•] Supplemental Indenture or the Indenture, any failure to enforce the provisions of any Security, this [•] Supplemental Indenture or the Indenture, or any waiver, modification or consent
        granted with respect thereto by the Holder of such Security or the Trustee, the recovery of any judgment against the Company or any action to enforce the same, or any other circumstances which may otherwise constitute a legal or equitable discharge
        of a surety or guarantor.

     

    As a separate and alternative stipulation, Dow unconditionally and irrevocably agrees that any sum expressed to be payable by
        the Company under the Guaranteed Obligations but which is for any reason (whether or not now known or becoming known to the Company, Dow, the Trustee or any Holder of any Guaranteed Obligation) not recoverable from Dow on the basis of a guarantee
        will nevertheless be recoverable from it as if it were the sole principal debtor and will be paid by it to the Trustee on demand. This indemnity constitutes a separate and independent obligation from the other obligations in this [•] Supplemental
        Indenture, gives rise to a separate and independent cause of action and will apply irrespective of any indulgence granted by the Trustee or any Holder of any Guaranteed Obligation.

     

    
      Ex. D-3

      
        

    

    SECTION 3.3      Dow hereby waives
        diligence, presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment, filing of claims with any court in the event of merger insolvency or bankruptcy of
        the Company, any right to require a proceeding first against the Company, (ii) Dow waives notice of any default under the Securities or the Guaranteed Obligations, and (iii) the obligations of Dow hereunder shall not be affected by (a) the failure
        of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under the Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal of any
        thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture or the Securities; (d) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the
        Guaranteed Obligations; or (e) any change in the ownership of Dow.

     

    SECTION 3.4     Dow further agrees
        that the Dow Guarantee constitutes a guarantee of payment, and of performance and compliance with all payment obligations when due (and not a guarantee of collection), and waives any right to require that any resort be had by any Holder or the
        Trustee to any security held for payment of the Guaranteed Obligations.

     

    SECTION 3.5      The obligations of
        Dow hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim,
        recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, but without prejudice to the terms of the first
        paragraph of this Section 3.5, the obligations of Dow herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the
        Trustee to assert any claim or demand or to enforce any remedy under the Indenture or the Securities, by any waiver or modification of any term thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations,
        or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of Dow or would otherwise operate as a discharge of Dow as a matter of law or equity.

     

    SECTION 3.6      Dow further agrees
        that the Dow Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by
        any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

     

    SECTION 3.7      Dow agrees that it
        shall not be entitled to any right of subrogation in respect of any Guaranteed Obligations guaranteed hereby until payment in full in cash of all Guaranteed Obligations, at which time Dow shall be fully subrogated to the rights of the Holders.
        Without prejudice to the terms of the Section 3.1, Dow further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other
        hand, (x) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated for the purposes of the Dow Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed
        Obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by Dow for the purposes of
        this Section. Dow agrees that any right of indemnity, subrogation or contribution it may have under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Guaranteed Obligations.

     

    SECTION 3.8   Dow also agrees to pay
        any and all reasonable out of pocket and documented costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under the Dow Guarantee.

     

    SECTION 3.9    The Dow Guarantee
        provided for in this Article Three shall terminate and shall be of no further force or effect upon any termination of the Revolving Credit Facility Guarantee provided
        if the Dow Guarantee has been terminated in accordance with this Section 3.9 and subsequent to such termination, the Revolving Credit Facility Guarantee
        shall have been subsequently provided by Dow, the Dow Guarantee shall be deemed reinstated and in force in all respects.

     

    
      Ex. D-4

      
        

    

    ARTICLE FOUR

        AMENDMENTS TO THE INDENTURE

     

    SECTION 4.1     For the benefit of
        the Holders of Securities of each Series outstanding under the Indenture from time to time, a new Section 3.9 of the Indenture is added as follows:

     

    “SECTION 3.9 Limitation
            on Liens. (a) So long as any of the Securities remain outstanding and unpaid, Dow will not create, assume or suffer to exist and will cause, suffer or permit any of its Restricted Subsidiaries to create, assume or suffer to exist,
        any mortgage, pledge or lien of or upon any Dow Principal Property or additions thereto or shares of capital stock of any Restricted Subsidiary, whether owned at the date of this Indenture or thereafter acquired, without making effective provision,
        and Dow covenants that in any such case Dow will make or cause to be made effective provision, whereby the Securities then Outstanding shall be secured by such mortgage, pledge or lien equally and ratably with any and all other obligations and
        indebtedness thereby secured so long as such indebtedness is so secured; provided that the foregoing covenant shall not apply to any mortgage, pledge or
        lien (hereinafter in this Section 3.6 referred to as “liens”) of the following character:

     

    (i) liens on Dow Principal Property existing at the time of acquisition of such Dow Principal Property or
        to secure the payment of all or any part of the purchase price of such Dow Principal Property or any addition thereto or to secure any indebtedness incurred at the time of, or within 120 days after, the acquisition of such Dow Principal Property or
        any addition thereto for the purpose of financing all or any part of the purchase price thereof (provided such liens are limited to such Dow Principal Property or additions thereto);

     

    (ii) liens existing on the date of this Indenture;

     

    (iii) liens on property or shares of capital stock, or arising out of any indebtedness of any corporation
        existing at the time such corporation became or was merged into Dow or a Restricted Subsidiary of Dow;

     

    (iv) liens executed by any Restricted Subsidiary of Dow and exclusively securing indebtedness or evidences
        of indebtedness incurred or issued by such Restricted Subsidiary either to Dow or to any Dow Subsidiary;

     

    (v) liens arising from assignments of money due and to become due under contracts between Dow or any of
        its Restricted Subsidiaries and the United States or any State, or any department, agency or political subdivision thereof;

     

    (vi) liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of
        business for sums not yet due or being contested in good faith;

     

    (vii) liens arising by reason of any judgment, decree or order of any court, so long as any appropriate
        legal proceedings which may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or so long as the period within which such proceedings may be initiated shall not have expired; or pledges
        or deposits to secure payment of workmen’s compensation or other insurance, good faith deposits in connection with tenders, contracts (other than contracts for the payment of money) or leases, deposits to secure public or statutory obligations,
        deposits to secure public or statutory obligations, deposits to secure or in lieu of surety or appeal bonds, or deposits as security for the payment of taxes;

     

    (viii) liens in connection with the issuance of tax-exempt industrial development or pollution control
        bonds or other similar bonds issued pursuant to Section 103(b) of the Internal Revenue Code of 1986, as amended, or as hereafter amended, to finance all or any part of the purchase price of or the cost of constructing, equipping or improving
        property; provided that such liens shall be limited to such property acquired (including personal property) or constructed or such improvement and to
        thereto substantially unimproved real property on which such construction or improvement is located; and provided, further that Dow or any of its Restricted Subsidiaries may further secure all or any part of such purchase price or the cost of construction of such improvements and personal property
        by an interest in additional property of Dow and its Restricted Subsidiaries only to the extent necessary for the construction, maintenance and operation of, and access to, such property so acquired or constructed or such improvement;

     

    
      Ex. D-5

      
        

    

    (ix) liens in favor of any customer arising in respect of partial, progress, advance or other payments
        made by or on behalf of such customer for goods produced for or services rendered to such customer in the ordinary course of business not exceeding the amount of such payments;

     

    (x) extensions, renewals or replacements, in whole or in part, of any lien referred to in the foregoing
        clauses (i) to (ix), inclusive, provided that the principal amount of indebtedness secured thereby shall not exceed the principal amount of indebtedness so secured at the time of such extension, renewal or replacement and that such extension,
        renewal or replacement shall be limited to all or any part of the same property that secured the lien extended, renewed or replaced (plus improvements on such property); and

     

    (xi) liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which
        can thereafter be paid without penalty, or which are being contested in good faith by appropriate proceedings; landlord’s liens on property held under lease, and tenants’ rights under leases; easements; and any other liens of a nature similar to
        those hereinabove described in this clause (xi) which do not, in the opinion of Dow, materially impair the use of such property in the operation of the business of Dow or any of its Restricted Subsidiaries or the value of such property for the
        purposes of such business.

     

    (b)         Notwithstanding the provisions of paragraph (a) of this Section 3.6, Dow or any Restricted
        Subsidiary of Dow may create or assume liens; provided that at the time of such creation or assumption, and after giving effect thereto, Dow Exempted
        Indebtedness does not exceed 15 percent of Dow Consolidated Net Tangible Assets at such time.”

     

    SECTION 4.2     For the benefit of
        the Holders of Securities of each Series outstanding under the Indenture from time to time, a new Section 3.10 of the Indenture is added as follows:

     

    “SECTION 3.10   Limitation

            on Sale and Lease-Back Transactions. (a) Dow will not, nor will Dow permit any of its Restricted Subsidiaries to, enter into any arrangement providing for the leasing by Dow or any Restricted Subsidiary of Dow of any Dow Principal
        Property (except for temporary leases for a term, including any renewal thereof, of not more than three years and except for leases between Dow and a Dow Subsidiary or between Dow Subsidiaries), which Dow Principal Property has been or is to be
        sold or transferred by Dow or such Restricted Subsidiary (herein referred to as a “Sale and Lease-Back Transaction”) unless the net proceeds of such sale are at least equal to the fair value (as determined by the board of directors of Dow) of such
        property.

     

    (b) Notwithstanding the provisions of paragraph (a) of this Section 3.7, Dow or any Restricted Subsidiary
        of Dow may enter into Sale and Lease-Back Transactions, provided that at the time of such entering into, and after giving effect thereto, Dow Exempted
        Indebtedness does not exceed 15 percent of Dow Consolidated Net Tangible Assets at such time.”

     

    SECTION 4.3          For the benefit
        of the Holders of Securities of each Series outstanding under the Indenture from time to time, a paragraph (h) to Section 5.1 of the Indenture is added as follows:

     

    “(h)          the Dow
        Guarantee shall for any reason cease to be in full force and effect (except as contemplated by the terms of this Indenture) or be declared null and void or any senior officer of Dow denies in writing that it has any further liability under such
        guarantee or gives written notice to such effect, other than by reason of the termination of this Indenture or the release of the Dow Guarantee in accordance with this Indenture.”

     

    
      Ex. D-6

      
        

    

    SECTION 4.4     For the benefit of
        the Holders of Securities of each Series outstanding under the Indenture from time to time, paragraphs (d), (e) and (f) of Section 5.1 of the Indenture are amended and restated as follows:

     

    “(d) default in the performance, or breach, of any covenant or warranty of the Company or Dow in respect
        of the Securities of such Series (other than a covenant or warranty in respect of the Securities of such Series a default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or
        breach for a period of 90 days after notice thereof has been received by Company or Dow, as applicable, from the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities of such Series affected thereby, a written
        notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

     

    (e) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the
        Company or Dow in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the
        Company or Dow or for any substantial part of its property or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

     

    (f) the Company or Dow shall commence a voluntary case under any applicable bankruptcy, insolvency or
        other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee or
        sequestrator (or similar official) of the Company or Dow or for any substantial part of its property, or make any general assignment for the benefit of creditors; or”

     

    SECTION 4.5      For the benefit of
        the Holders of Securities of each Series outstanding under the Indenture from time to time, Section 9.1 and Section 9.2 of the Indenture are amended and restated as follows:

     

    “SECTION 9.1   The
            Company or Dow May Consolidate, etc., on Certain Terms. Each of the Company and Dow covenants that it will not merge or consolidate with any other corporation or sell or convey all or substantially all of its assets to any Person,
        unless (a) either (i) either the Company or Dow, as the case may be, shall be the continuing corporation, or the successor corporation or the Person (if other than the Company or Dow) which acquires by sale or conveyance substantially all the
        assets of the Company or Dow, as the case may be, shall be a corporation organized under the laws of the United States of America or any State thereof and shall expressly assume the obligations of the Company or Dow, as applicable, under this
        Indenture, including, the due and punctual payment of the principal of and interest on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be
        performed or observed by the Company or Dow, as applicable, by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such corporation or (ii) in the case of consolidation or merger of Dow with the Company, Dow
        confirms in writing in a form reasonably satisfactory to the Trustee, that as a result of such consolidation or merger Dow has become the primary obligor on the Securities and assumed the Company’s obligations under the Securities and under this
        Indenture and (b) the Company or Dow or such successor corporation, as the case may be, shall not, immediately after such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition.

     

    SECTION 9.2   Successor
            Corporation Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Company or
        Dow, as applicable, with the same effect as if it had been named herein. In the case of a consolidation, merger, sale or conveyance of the Company only, such successor corporation may cause to be signed, and may issue either in its own name or in
        the name of the Company prior to such succession, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, if applicable, in the case of a consolidation, merger,
        sale or conveyance of the Company only, upon the Company Order of such successor corporation instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall
        deliver any Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to
        the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as
        though all of such Securities had been issued at the date of the execution hereof.

     

    
      Ex. D-7

      
        

    

    In case of any such consolidation, merger, sale, lease or conveyance such changes in phraseology and form (but not in
        substance) may be made in the Securities to be issued or the [•] Supplemental Indenture as may be appropriate.

     

    In the event of any such sale or conveyance (other than a conveyance by way of lease) of the Company or Dow or any successor
        corporation which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Indenture, the Securities and the Dow Guarantee, as the case may be, and may be
        liquidated and dissolved.”

     

    SECTION 4.6          For the benefit
        of the Holders of Securities of each Series outstanding under the Indenture from time to time, a paragraph (e) to Section 4.3 of the Indenture is added as follows:

     

    “(e) For the avoidance of doubt, if, for any reason, the Company may cease filing separate periodic reports pursuant to
        Section 13 or Section 15(d) under the Securities Exchange Act of 1934 in virtue of the fact that the Company is a wholly owned subsidiary of Dow or based on the Dow Guarantee, then the delivery by Dow to the Trustee of annual reports and
        information, documents and other reports Dow is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 or any other information required by this Section 4.3 will be deemed to satisfy the
        Company’s obligations under this Section 4.3, if applicable.”

     

    ARTICLE FIVE

        MISCELLANEOUS PROVISIONS

     

    SECTION 5.1    Ratification.  The
        Indenture, as supplemented and amended by this [•] Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

     

    SECTION 5.2    Counterparts.  This
        [•] Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original, and all such counterparts shall together constitute but one and the same instrument.

     

    SECTION 5.3     Governing Law.  THIS
        [•] SUPPLEMENTAL INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CHOICE OF LAW PRINCIPLES THEREOF.

     

    SECTION 5.4      Trustee.  The
        Trustee makes no representations as to the validity or sufficiency of this [•] Supplemental Indenture. The recitals herein are deemed to be those of the Company and Dow and not of the Trustee.

     

    [signature page follows]

     

     

    

     

    

    
      Ex. D-8

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this [•] Supplemental Indenture to be duly executed as of the day and
        year first above written.

     

     

      

     

    
    	
             

          	THE DOW CHEMICAL COMPANY	
             

          
	
             

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
             

          	By:

          	
             

          	
             

          
	
             

          	Name:

          	
             

          	
             

          
	
             

          	Title:

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
             

          	DOW INC.	
             

          
	
             

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
             

          	By:

          	
             

          	
             

          
	 	Name:

          	 	 
	 	Title:

          	 	 
	 	 	 	 
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

              as Trustee	 
	 	 	 	 
	 	 	 	 
	 	By:

          	 	 
	 	Name:

          	 	 
	 	Title:

          	 	 

     

    

    

    

    

    

    

    

  

  Ex. D-9Exhibit 4.5

    REGISTRATION RIGHTS AGREEMENT

     

    THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into on May 20, 2019, among The Dow Chemical Company (the “Company”) and Citigroup
        Global Markets Inc., HSBC Securities (USA) Inc. and MUFG Securities Americas Inc., acting as representatives (the “Representatives”) of the
        several initial purchasers listed on Schedule I hereto (the “Initial Purchasers”).

     

    This Agreement is made pursuant to the Purchase Agreement dated May 16, 2019, among the Company and the Representatives on
        behalf of the Initial Purchasers (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000
        aggregate principal amount of its 3.150% Notes due 2024 (the “2024 Notes”), $750,000,000 aggregate principal amount of its 3.625% Notes due 2026
        (the “2026 Notes”) and $750,000,000 aggregate principal amount of its 4.800% Notes due 2049 (the “2049 Notes” and, together with the 2024 Notes and 2026 Notes, the “Securities”).

     

    In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the
        Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement.  The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

     

    In consideration of the foregoing, the parties hereto agree as follows:

     

    1.          Definitions.

     

    As used in this Agreement, the following capitalized defined terms shall have the following meanings:

     

    “1933
          Act” shall mean the Securities Act of 1933, as amended from time to time.

     

    “1934
          Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

     

    “Closing

          Date” shall mean the Closing Date as defined in the Purchase Agreement.

     

    “Company”
        shall have the meaning set forth in the preamble and shall also include the Company’s successors.

     

    “Exchange

          Offer” shall mean the exchange offer by the Company of Exchange Securities of each series for Registrable Securities of such series pursuant to Section 2(a) hereof.

     

    “Exchange

          Offer Registration” shall mean a registration under the 1933 Act effected pursuant to Section 2(a) hereof.

     

    “Exchange

          Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the
        Prospectus contained therein or deemed a part thereof, all exhibits thereto and all material incorporated by reference therein.

     

    “Exchange

          Securities” shall mean notes of a series issued by the Company under the Indenture containing terms identical to the applicable series of Securities (except that (i) interest thereon shall accrue from the last date on which interest was
        paid on the Securities or, if no such interest has been paid, from May 20, 2019 and (ii) the Exchange Securities will not contain restrictions on transfer) and to be offered to Holders of Securities of such series in exchange for securities
        pursuant to the Exchange Offer for such series.

     

    “FINRA”
        shall mean the Financial Industry Regulatory Authority, Inc.

     

    
      
        

    

    “Free
          Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the
        Exchange Securities.

     

    “Holder”
        shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their respective successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture;
        provided that for purposes of Sections 4 and 5 of this Agreement, the term “Holder” shall include Participating Broker-Dealers (as defined in
        Section 4(a)).

     

    “Indenture”
        shall mean the Indenture relating to the Securities dated May 1, 2008, as amended or supplemented, among the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

     

    “Initial

          Purchasers” shall have the meaning set forth in the preamble.

     

    “Majority

          Holders” shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable Securities; provided that
        whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act)
        (other than the Initial Purchasers or subsequent Holders of Registrable Securities if such subsequent holders are deemed to be such affiliates solely by reason of their holding of such Registrable Securities) shall not be counted in determining
        whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities, other than Securities issued in transactions registered under the
        1933 Act, under the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be
        treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained.

     

    “Participating

          Broker-Dealer” shall have the meaning set forth in Section 4(a).

     

    “Person”
        shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof.

     

    “Prospectus”
        shall mean the prospectus included in (or, pursuant to the rules and regulations of the 1933 Act, deemed a part of) a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
        supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in
        each case including all material incorporated or deemed by the securities laws to be incorporated by reference therein.

     

    “Purchase

          Agreement” shall have the meaning set forth in the preamble.

     

    “Registrable

          Securities” shall mean the Securities; provided, however, that the Securities shall cease to be Registrable Securities (i) when a Registration Statement with respect to such Securities shall have been declared effective under the 1933 Act and such Securities are
        exchanged for Exchange Securities in the Exchange Offer, (ii) when a Shelf Registration Statement with respect to such Securities shall have been declared effective under the 1933 Act and such Securities shall have been disposed of pursuant to such
        Registration Statement, (iii) when such Securities have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the 1933 Act or (iv) when such Securities shall have ceased to be outstanding.

     

    
      2

      
        

    

    “Registration

          Expenses” shall mean any and all properly documented out-of-pocket fees and expenses incident to performance of or compliance by the Company with this Agreement, including without limitation:  (i) all SEC, stock exchange or FINRA
        registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any underwriters or Holders in connection with blue
        sky qualification of any of the Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any
        Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all
        fees and disbursements relating to the qualification of the Indenture under applicable securities laws, if applicable, (vi) the fees and disbursements of the Trustee and its counsel and any depositary for book entry Securities, (vii) the fees and
        disbursements of counsel for the Company and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders and reasonably satisfactory to the
        Company (which counsel may also be counsel for the Initial Purchasers)) and (viii) the fees and disbursements of the independent public accountants of the Company (and, if necessary, any other certified public accountant of any subsidiary of the
        Company, or of any business acquired by the Company for which financial statements and financial data are or are required to be included in the Registration Statement), including the expenses of any special audits or “comfort” letters required by
        or incident to such performance and compliance, but excluding fees and expenses of counsel to the underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions and transfer
        taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.

     

    “Registration

          Statement” shall mean any registration statement of the Company that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such Registration
        Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed by securities laws to be incorporated by reference therein.

     

    “SEC”
        shall mean the Securities and Exchange Commission.

     

    “Shelf
          Registration” shall mean a registration effected pursuant to Section 2(b) hereof.

     

    “Shelf
          Registration Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions of Section 2(b) of this Agreement which covers all of the Registrable Securities (but no other securities unless approved by the
        Holders whose Registrable Securities are covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such
        registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed by securities laws to be incorporated by reference therein.

     

    “Staff”
        shall have the meaning set forth in Section 2(a) hereof.

     

    “TIA”
        shall have the meaning set forth in Section 3 hereof.

     

    “Trustee”
        shall mean the trustee with respect to the Securities under the Indenture.

     

    “Underwriter”
        shall have the meaning set forth in Section 3 hereof.

     

    “Underwritten

          Registration” or “Underwritten Offering” shall mean a registration in which Registrable Securities are sold to an Underwriter for
        reoffering to the public.

     

    
      3

      
        

    

    2.          Registration

        Under the 1933 Act.

     

    (a)       To the
        extent not prohibited by any applicable law or applicable interpretation of the Staff of the SEC (the “Staff”), the Company shall use
        commercially reasonable efforts to cause to be filed an Exchange Offer Registration Statement covering the offer by the Company to the Holders to exchange all of the Registrable Securities for Exchange Securities and to have such Registration
        Statement remain effective until the closing of the Exchange Offer.  The Company shall commence the Exchange Offer for each series promptly after the Exchange Offer Registration Statement has been declared effective by the SEC and use its
        commercially reasonable efforts to have the Exchange Offer for such series consummated not later than 90 days after such effective date.  The Company shall commence the Exchange Offer for each series by sending the related exchange offer Prospectus
        and accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law:

     

    (i)        that the Exchange Offer is being made pursuant to this Registration Rights Agreement and that all Registrable Securities of such series validly tendered will be accepted for exchange;

     

    (ii)          the dates of acceptance for exchange (which shall be a period of at least 20 business days from the date such notice is sent, or longer if required by applicable law) (the “Exchange
          Dates”);

     

    (iii)        that any Registrable Security not tendered will remain outstanding and continue to accrue interest, but will not retain any rights under this Registration Rights Agreement;

     

    (iv)        that Holders electing to have a Registrable Security of a series exchanged pursuant to the Exchange Offer for such series will be required to surrender such Registrable Security, together with the enclosed letters of transmittal, to
        the institution and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice prior to the close of business on the last Exchange Date; provided, however, that, if any of the Registrable Securities are in book-entry form, such Prospectus and
        accompanying documents shall also specify how the surrender is to be effected in accordance with applicable book-entry procedures; and

     

    (v)          that Holders will be entitled to withdraw their election, not later than the close of business on the last Exchange Date, by sending to the institution and at the address (located in the Borough of Manhattan, The City of New York)
        specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing his election
        to have such Securities exchanged.

     

    As soon as practicable after the last Exchange Date with respect to an Exchange Offer for Registrable Securities of a
        series, the Company shall:

     

    (1)        accept
        for exchange Registrable Securities of such series or portions thereof tendered and not validly withdrawn pursuant to the Exchange Offer; and

     

    (2)         deliver,

        or cause to be delivered, to the Trustee for cancellation all Registrable Securities of such series or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and mail to each Holder, an
        Exchange Security of such series equal in principal amount to the principal amount of the Registrable Securities of such series surrendered by such Holder; provided that if any of the Registrable Securities are in book-entry form, the Company shall, in cooperation with the Trustee, effect the exchange of Registrable Securities in accordance with applicable book-entry procedures.

     

    The Company shall use its commercially reasonable efforts to complete the Exchange Offer as provided above and shall
        comply with the applicable requirements of the 1933 Act, the 1934 Act and other applicable laws and regulations in connection with the Exchange Offer.  The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer
        does not violate applicable law or any applicable interpretation of the Staff of the SEC.  Upon request by the Initial Purchasers, the Company shall inform the Initial Purchasers of the names and addresses of the Holders to whom the Exchange Offer
        is made, and the Initial Purchasers shall have the right, subject to applicable law, to contact such Holders and otherwise facilitate the tender of Registrable Securities in the Exchange Offer.

     

    
      4

      
        

    

    Each Holder that participates in the Exchange Offer, as a condition to participation in the Exchange Offer, will be
        required to represent to the Company in writing (which may be contained in the applicable letter of transmittal) that at the time of consummation of the Exchange Offer:  (i) any Exchange Securities received in exchange for Registrable Securities
        tendered are being acquired in the ordinary course of business of the Person receiving such Exchange Securities; (ii) such Holder has no arrangements or understandings with any Person to participate in the distribution (within the meaning of the
        1933 Act) of the Exchange Securities within the meaning of the 1933 Act; (iii) such Holder is not an “affiliate” (as defined in Rule 405 of the 1933 Act) of the Company; (iv) if such Holder is not a broker-dealer, that it is not engaged in, and
        does not intend to engage in a distribution of the Exchange Securities; and (v) if such Holder is a Participating Broker-Dealer, such Holder will receive Exchange Securities for its own account in exchange for Securities that were acquired as a
        result of market-making activities or other trading activities and that it will comply with the applicable provisions of the 1933 Act (including, but not limited to, the prospectus delivery requirements thereunder).

     

    (b)       In the
        event that (i) the Company determines that the Exchange Offer Registration provided for in Section 2(a) above is not available or may not be consummated as soon as practicable after the last Exchange Date because it would violate applicable law or
        the applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason consummated on or prior to the 365th day following the Closing Date (or if such 365th day is not a business day, the next succeeding business day) or
        (iii) any Holder of Registrable Securities of the applicable series notifies the Company prior to the 20th day following the consummation of the Exchange Offer that (A) it is prohibited by law or SEC policy from participating in the Exchange Offer,
        (B) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such
        resales, or (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, then the Company shall use its commercially reasonable efforts to cause to be filed as soon as practicable after such
        determination, date or notice is given to the Company, as the case may be, a Shelf Registration Statement providing for the sale by the Holders of all of the Registrable Securities of such series (other than those who fail to comply with the
        immediately preceding paragraph and Section 3(b) hereof) and to have such Shelf Registration Statement declared effective by the SEC promptly.  In the event the Company is required to file a Shelf Registration Statement solely as a result of the
        matters referred to in clause (iii) of the preceding sentence, the Company shall use its commercially reasonable efforts to file and have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to Section 2(a) with
        respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial
        Purchasers after completion of the Exchange Offer.  The Company agrees to use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until two years from the Closing Date or such shorter period that will
        terminate when all of the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be Registrable Securities within the meaning of this Agreement (the “Shelf Registration Period”).  The Company further agrees to supplement or amend the Shelf Registration Statement and any Free Writing Prospectus if
        required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the 1933 Act or by any other rules and regulations thereunder for shelf registration or if
        reasonably requested by a Holder with respect to information relating to such Holder, and to use its commercially reasonable efforts to cause any such amendment to become effective and such Shelf Registration Statement or Free Writing Prospectus to
        become usable as soon as thereafter practicable.  The Company agrees to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC; provided that the Company shall be deemed to have furnished such amendment or supplement if it shall have timely made such amendment or supplement available on “EDGAR.”

     

    (c)        The
        Company shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) and Section 2(b).  Each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or
        disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement and any other expenses incurred by it that are not Registration Expenses.

     

    
      5

      
        

    

    (d)        An
        Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or become effective
        automatically upon filing; provided, however,
        that if after it has been declared effective, the offering of Registrable Securities pursuant to a Shelf Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental
        agency or court, such Registration Statement will be deemed not to have been effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume.  In the event (1)
        the Exchange Offer is not consummated on or prior to the 365th day following the Closing Date, (2) the Shelf Registration Statement, if required pursuant to Section 2(b), is not declared effective on or prior to the 365th day following the Closing
        Date, or (3) in the case of a Shelf Registration Statement, it becomes effective and thereafter ceases to be effective or usable (x) at any time during the Shelf Registration Period and such failure to remain effective or usable exists for more
        than 30 days (whether or not consecutive) in any 12-month period or (y) on more than two occasions in any 12-month period during the Shelf Registration Period (each such event referred to in clauses (1), (2) and (3), a “Registration Default”), then with respect to the first 90-day period immediately following the occurrence of such Registration Default, the interest rate on the
        Registrable Securities of the applicable series will be increased by 0.25% per annum and will increase by an additional 0.25% per annum on the principal amount of Securities with respect to each subsequent 90-day period, up to maximum amount of
        additional interest of 0.50% per annum (“Additional Interest”).  Additional Interest, if any, will be paid by the Company on each interest
        payment date to Holders in the same manner as payments of interest on the Securities.  A Registration Default ends when the Securities cease to be Registrable Securities or, if earlier, (i) in the case of a Registration Default under clause (1) of
        the definition thereof, when the Exchange Offer for such series is completed or the Shelf Registration Statement covering such Registrable Securities becomes effective, (ii) in the case of a Registration Default under clause (2) of the definition
        thereof, when the Shelf Registration Statement becomes effective or (iii) in the case of a Registration Default under clause (3) of the definition thereof, when the Shelf Registration Statement again becomes effective and usable.  If at any time
        more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration
        Default that begins on the date that the earliest such Registration Default occurred and ends on such next date on which there is no Registration Default. A Holder of Registrable Securities or Exchange Securities who is not entitled to the benefits
        of the Shelf Registration Statement (including because such Holder has failed to comply with the paragraph immediately preceding clause (b) of Section 2 and Section 3(b) hereof) shall not be entitled to Additional Interest with respect to a
        Registration Default that pertains to the Shelf Registration Statement.

     

    (e)         Without
        limiting the remedies available to the Initial Purchasers and the Holders, the Company acknowledges that any failure by the Company to comply with its obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury
        to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may
        obtain such relief as may be required to specifically enforce the Company’s obligations under Section 2(a) and Section 2(b) hereof.

     

    3.          Registration Procedures.

     

    (a)          In
        connection with the obligations of the Company with respect to the Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the Company shall:

     

    (i)          prepare and file with the SEC a Registration Statement on the appropriate form under the 1933 Act, which form (x) shall be selected by the Company and (y) shall, in the case of a Shelf Registration, be available for the sale of the
        Registrable Securities by the selling Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith, and use its
        commercially reasonable efforts to cause such Registration Statement to become effective and remain effective in accordance with Section 2 hereof;

     

    (ii)         prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period and cause each Prospectus to be
        supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to keep each Prospectus current during the period described under Section 4(a)(3) and Rule 174 under the 1933 Act that
        is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities;

     

    
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    (iii)      in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Initial Purchasers, to counsel for the Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any,
        without charge, as many copies of each Prospectus, including each preliminary or Free Writing Prospectus, and any amendment or supplement thereto and such other documents as such Holder, counsel or Underwriter may reasonably request, in order to
        facilitate the public sale or other disposition of the Registrable Securities; and the Company consents to the use of such Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the selling Holders of
        Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus or any amendment or supplement thereto in accordance with applicable
        law;

     

    (iv)       use its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration
        Statement shall reasonably request in writing by the time the applicable Registration Statement is declared effective by the SEC, to cooperate with such Holders in connection with any filings required to be made with FINRA and do any and all other
        acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to (i) qualify as a foreign
        corporation (or otherwise qualify to do business) or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(a)(iv), (ii) file any general consent to service of process or (iii)
        subject itself to taxation in any such jurisdiction if it is not so subject;

     

    (v)          in the case of a Shelf Registration, notify each Holder of Registrable Securities, counsel for the Holders and counsel for the Initial Purchasers promptly and, if requested by any such Holder or counsel, confirm such notice in
        writing (A) when a Registration Statement has become effective and when any post-effective amendment thereto has been filed and becomes effective, or when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus
        or any Free Writing Prospectus has been filed, (B) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after
        the Registration Statement has become effective, (C) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose,
        including any notice of objection of the SEC to the use of a Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g) under the 1933 Act, (D) if, between the effective date of a Registration Statement and the closing
        of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to the offering cease to be
        true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such
        purpose, (E) of the happening of any event during the period a Shelf Registration Statement is effective which makes any statement made in such Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any
        material respect or which requires the making of any changes in such Registration Statement or Prospectus or Free Writing Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not
        misleading and (F) of any determination by the Company that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate;

     

    (vi)       use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or the resolution of any objection of the SEC pursuant to Rule 401(g) under the 1933 Act as promptly as
        practicable and provide immediate notice to each Holder of the withdrawal of any such order or such resolution;

     

    (vii)      in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without documents incorporated
        therein by reference or exhibits thereto, unless requested); provided, that the Company shall be deemed to have furnished such Registration
        Statement and any post-effective amendment if it shall have timely made such Registration Statement or post-effective amendment available on “EDGAR”;

     

    
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    (viii)       in the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any
        restrictive legends and enable such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and registered in such names as the selling Holders may reasonably request at least three business days prior
        to the closing of any sale of Registrable Securities;

     

    (ix)         upon the occurrence of any event contemplated by Section 3(a)(v)(E) hereof, use its commercially reasonable efforts to prepare and file with the SEC a supplement or post-effective amendment to a Registration Statement, the related
        Prospectus, any Free Writing Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus or Free Writing
        Prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The Company agrees to
        notify the Holders and any Participating Broker-Dealers and to suspend use of the Prospectus or any Free Writing Prospectus, as applicable, as promptly as practicable after the occurrence of such an event, and the Holders hereby agree to suspend
        use of the Prospectus or Free Writing Prospectus, as the case may be, until the Company has amended or supplemented the Prospectus or the Free Writing Prospectus to correct such misstatement or omission;

     

    (x)          at a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or Free Writing Prospectus or
        any document which is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their
        counsel (and, in the case of a Shelf Registration Statement, the Holders and their counsel) and make such of the representatives of the Company as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf
        Registration Statement, the Holders or their counsel) and consistent with past practice of the Company, available for discussion of such document, and shall not at any time file or make any amendment to the Registration Statement, any Prospectus,
        any Free Writing Prospectus or any amendment of or supplement to a Registration Statement, a Prospectus, any Free Writing Prospectus or any document which is to be incorporated by reference into a Registration Statement or a Prospectus or Free
        Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers
        or their counsel (and, in the case of a Shelf Registration Statement, the Holders or their counsel) shall object, except for any amendment or supplement or document (a copy of which has been previously furnished to the Initial Purchasers and their
        counsel (and, in the case of a Shelf Registration Statement, the Holders and their counsel)) which counsel to the Company shall advise the Company in writing is required in order to comply with applicable law;

     

    (xi)          obtain a CUSIP number for all Exchange Securities of each series or Registrable Securities of each series, as the case may be, not later than the effective date of a Registration Statement;

     

    (xii)        if applicable, cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended (the “TIA”), in connection
        with the registration of the Exchange Securities or Registrable Securities, as the case may be, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance
        with the terms of the TIA and execute, and use its commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to
        enable the Indenture to be so qualified in a timely manner;

     

    
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    (xiii)       in the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable Securities, any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, and
        attorneys and accountants designated by the Majority Holders, at reasonable times and in a reasonable manner, all financial and other records, pertinent documents and properties of the Company relevant thereto, and cause the officers, directors and
        employees of the Company to supply all information, in each case, reasonably requested by any such representative, Underwriter, attorney or accountant in connection with a Shelf Registration Statement;

     

    (xiv)       in the case of a Shelf Registration, use its commercially reasonable efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation system on which the Securities are then listed if
        requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements;

     

    (xv)        use its commercially reasonable efforts to cause the Exchange Securities or Registrable Securities, as the case may be, to be rated by two nationally recognized statistical rating organizations (as such term is defined in Section
        3(a)(62) of the 1934 Act), to the extent such agencies rate the Securities;

     

    (xvi)      if reasonably requested by any Holder of Registrable Securities covered by a Shelf Registration Statement, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such
        Holder reasonably requests to be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be
        incorporated in such filing;

     

    (xvii)       to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company with the SEC in accordance with the Securities Act and to retain (in accordance with the
        requirements of the Securities Act) any Free Writing Prospectus not required to be filed; and

     

    (xviii)    in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith as may be reasonably requested or required (including those requested by the Holders of a majority of the
        Registrable Securities being sold) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (i) to the extent possible, make such
        representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries, the Registration Statement, Prospectus, Free Writing Prospectus and documents
        incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by the Company and its predecessors in underwritten offerings and confirm the same if and when requested, (ii)
        obtain customary opinions and negative assurance statements of counsel to the Company (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their respective counsel)
        addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (iii) obtain “comfort” letters from the independent certified public accountants
        of the Company (and, if necessary, any other certified public accountant of any subsidiary of the Company, or of any business acquired or to be acquired by the Company for which financial statements and financial data are or are required to be
        included in the Registration Statement) addressed to each selling Holder and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters in connection with
        underwritten offerings, and (iv) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily
        delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in an underwriting
        agreement.

     

    
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    (b)        In the
        case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company such information regarding the Holder and the proposed distribution by such Holder of such Registrable Securities as the
        Company may from time to time reasonably request in writing. No Holder of Registrable Securities may include its Registrable Securities in such Shelf Registration Statement unless and until such Holder furnishes such information to the Company.
        Each Holder including Registrable Securities in a Shelf Registration Statement shall agree to furnish promptly to the Company all information regarding such Holder and the proposed distribution by such Holder of such Registrable Securities required
        to make the information previously furnished to the Company by such Holder not materially misleading.

     

    (c)        In the
        case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(a)(v)(E) hereof, such Holder will forthwith discontinue disposition of
        Registrable Securities pursuant to a Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus or Free Writing Prospectus contemplated by Section 3(a)(ix) hereof, and, if so directed by the Company,
        such Holder will deliver to the Company (at its expense) all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities current
        at the time of receipt of such notice.  If the Company shall give any notice in accordance with this Agreement to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company shall extend the period during
        which the Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders shall have
        received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions.  The Company may give any such notice only upon reasonable determination that such suspension is appropriate in light of
        the event giving rise to such suspension and shall use commercially reasonable efforts to file such amendments or supplements or take other steps necessary to resume dispositions as soon as reasonably practicable, in the Company’s determination.

     

    (d)         The
        Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering.  In any such Underwritten Offering, the investment banker or investment bankers and
        manager or managers (the “Underwriters”) that will administer the offering will be selected by the Majority Holders of the Registrable Securities
        included in such offering and shall be reasonably acceptable to the Company.

     

    (e)          No Holder
        of Registrable Securities may participate in any Underwritten Offering hereunder unless such Holder (i) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled
        hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.

     

    4.          Participation

        of Broker-Dealers in Exchange Offer.

     

    (a)          The Staff
        has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities
        (a “Participating Broker-Dealer”), may be deemed to be an “underwriter” within the meaning of the 1933 Act and must deliver a prospectus meeting
        the requirements of the 1933 Act in connection with any resale of such Exchange Securities.

     

    The Company understands that it is the Staff’s position that if the Prospectus contained in the Exchange Offer
        Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying
        the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the 1933 Act in connection with resales of Exchange Securities for their own
        accounts, so long as the Prospectus otherwise meets the requirements of the 1933 Act.

     

    
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    (b)         In light
        of the above, and notwithstanding the other provisions of this Agreement, the Company agrees to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date
        (as such period may be extended pursuant to Section 3(c)), if requested by one or more Participating Broker-Dealer, in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the
        positions of the Staff recited in Section 4(a) above.  The Company further agrees that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection
        with the resales contemplated by this Section 4.

     

    (c)       The Initial
        Purchasers shall have no liability to the Company or any Holder with respect to any request that they may make pursuant to Section 4(b) above.

     

    5.          Indemnification

        and Contribution.

     

    (a)          The
        Company agrees to indemnify and hold harmless each Initial Purchaser and Holder, the directors, officers and affiliates of each Initial Purchaser and Holder and each Person who controls any Initial Purchaser or Holder within the meaning of either
        the 1933 Act or the 1934 Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the 1933 Act, the 1934 Act, the TIA or other federal or state statutory law or
        regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any
        Registration Statement (or any amendment thereto) pursuant to which Exchange Securities or Registrable Securities were registered under the 1933 Act, including all documents incorporated therein by reference, or that arise out of or are based upon
        the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other
        expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
        however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is
        based upon any such untrue statement or alleged untrue statement contained in any Prospectus or Free Writing Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), or that arise out of, or
        are based on, any omission or alleged omission to state therein a material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, made therein in reliance upon and in conformity
        with written information furnished to the Company by or on behalf of any Initial Purchaser through the Representatives or any selling Holder specifically for inclusion therein. In connection with any Underwritten Offering permitted by Section 3,
        the Company will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the
        meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement.

     

    (b)        Each
        Holder severally and not jointly agrees to indemnify and hold harmless the Company and the Initial Purchasers and their affiliates, the other selling Holders, each of their directors and each of their officers who signs the Registration Statement,
        and each Person who controls the Company, any Initial Purchaser or any selling Holder within the meaning of either the 1933 Act or the 1934 Act, to the same extent as the foregoing indemnity to each Initial Purchaser and Holder contained in
        paragraph (a) above, but only with reference to written information relating to such Holder furnished to the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity.  This indemnity
        agreement will be in addition to any liability which any Holder may otherwise have.

     

    
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    (c)      Promptly
        after receipt by an indemnified party under this Section 5 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the
        indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such
        action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the
        indemnification obligation provided in paragraph (a) or (b) above.  The indemnifying party shall be entitled to participate in any such action and appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent
        the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except
        as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party.  Notwithstanding the indemnifying
        party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs
        and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of,
        any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or
        additional to those available to the indemnifying party (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (other than local counsel), for each of the Initial
        Purchasers, the Company and its directors and officers who sign the Registration Statement and all Holders, and that all such fees and expenses shall be reimbursed as they are incurred (in such case involving the Holders and such Persons who
        control Holders, such firm shall be designated in writing by the Majority Holders)), (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time
        after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.  An indemnifying party will not, without the prior written
        consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder
        (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes (i) an unconditional release of each indemnified party from all liability arising out of such
        claim, action, suit or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

     

    (d)        In the
        event that the indemnity provided in paragraph(a) or (b) of this Section 5 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company and the Holders severally agree to contribute to the aggregate losses,
        claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending the same) (collectively “Losses”) to which the Company and one or more of the Holders may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company from the offering of the Securities and the Exchange
        Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the 1933 Act on the other hand.  If the allocation provided by the immediately preceding sentence is unavailable for any reason, the
        Company and the Holders severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the Holders on the other in connection with the
        statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material
        fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand, or the Holders, on the other, the intent of the parties and their relative knowledge, access to information and
        opportunity to correct or prevent such untrue statement or omission.  The Holders’ respective obligations to contribute pursuant to this Section 5(d) are several in proportion to the respective principal amount of Registrable Securities of such
        Holder that were registered pursuant to a Registration Statement. The Company and each Holder agree that it would not be just and equitable if contribution were determined by pro rata allocation (even if the Holders were treated as one entity for
        such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above.  Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the
        meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section 5, each person who controls a Holder within the meaning of either the
        1933 Act or the 1934 Act and each director, officer, employee and agent of a Holder shall have the same rights to contribution as such Holder, and each Person who controls the Company within the meaning of either the 1933 Act or the 1934 Act, each
        officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d).

     

    
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    The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect
        regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any of their affiliates, any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of
        the Company or its officers or directors or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement.

     

    6.          Miscellaneous.

     

    (a)         No Inconsistent Agreements.  The Company represents and agrees that (i) it has not entered into, and on or after the date of this Agreement will not enter into,
        any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof; and (ii) the rights granted to the Holders hereunder do not in any way
        materially conflict with and are not inconsistent with the rights granted to the holders of the Company’s other issued and outstanding securities under any such agreements.

     

    (b)        Amendments and Waivers.  The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers
        or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such
        amendment, modification, supplement, waiver or consent; provided, however, that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in
        writing by such Holder; provided further, however,
        that the foregoing consent requirement shall not apply for such changes that the Company determines to make, which are for the benefit of the Holders, do not have any impact on the Holders or are otherwise of a ministerial nature.

     

    (c)         Notices.  All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail with
        return receipt requested, telex, fax, electronic mail or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of
        this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; and (ii) if to the Company, initially at the Company’s address set forth in the Purchase Agreement and
        thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c).

     

    All such notices and communications shall be deemed to have been duly given:  at the time delivered by hand, if personally
        delivered; on the date the return receipt is executed, if mailed; when answered back, if telexed; when receipt is acknowledged or proof of receipt is obtained, if faxed or emailed; and on the next business day if timely delivered to an air courier
        guaranteeing overnight delivery.

     

    Copies of all such notices, demands, or other communications shall be concurrently delivered by the Person giving the same
        to the Trustee, at the address specified in the Indenture.

     

    (d)       Successors and Assigns.  This Agreement shall inure to the benefit of, and be binding upon, the successors, assigns and transferees of each of the parties,
        including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the
        terms of the Purchase Agreement.  If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this
        Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive
        the benefits hereof.  The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the
        obligations of such Holder under this Agreement.

     

    (e)       Purchases and Sales of Securities.  The Company shall not, and shall use its commercially reasonable efforts to cause its affiliates (as defined in Rule 405
        under the 1933 Act) not to, purchase and then resell or otherwise transfer any Securities.

     

    
      13

      
        

    

    (f)        Third Party Beneficiary.  The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on the one hand, and the Initial
        Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of Holders hereunder.

     

    (g)        Counterparts.  This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
        shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

     

    (h)        Headings.  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

     

    (i)         Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of the parties hereto hereby waives
        any right to trial by jury in any suit or proceeding arising out of or relating to this Agreement.

     

    (j)         Severability.  In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or
        unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

     

    

    

    

    

     

    
      14

      
        

    

    

    

     

      

    IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

     

      

    Very truly yours,

      

    

     

    

    
      	
               

            	THE DOW CHEMICAL COMPANY	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	By:

            	
              /s/ Gary McGuire 

              

            	
               

            
	
               

            	
               

            	Name:

            	Gary McGuire	
               

            
	
               

            	
               

            	Title:

            	Vice President and Treasurer	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    CONFIRMED AND ACCEPTED AS OF THE DATE

        HEREOF

     

    CITIGROUP GLOBAL MARKETS INC.

        HSBC SECURITIES (USA) INC.

    MUFG SECURITIES AMERICAS INC.

    

    

    ACTING ON BEHALF OF ITSELF AND THE

        OTHER SEVERAL INITIAL PURCHASERS NAMED IN

        SCHEDULE I HERETO.

      

    
     

     
      	BY:

            	CITIGROUP GLOBAL MARKETS INC.	
               

            	 
	
               

            	
               

            	
               

            	
               

            	 
	
               

            	
               

            	
               

            	
               

            	 
	By:

            	/s/  Adam D. Bordner	 	 
	 	Name:

            	 Adam D. Bordner	 	 
	 	Title:

            	Director	 	 
	 	 	 	 	 
	 	 	 	 	 
	BY:

            	HSBC SECURITIES (USA) INC.	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:

            	/s/ Diane Kenna	 	 
	 	Name:

            	Diane Kenna	 	 
	 	Title: 

            	Managing Director	 	 
	 	 	 	 	 
	 	 	 	 	 
	BY:

            	MUFG SECURITIES AMERICAS INC. 

            	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:

            	/s/ Richard Testa	 	 
	 	Name: 

            	Richard Testa	 	 
	 	Title:

            	Managing Director	 	 

    

     

    

    

    

    

    

    

    
      [Signature Page to Registration Rights Agreement]

    

    
      
        

    

    

    

    SCHEDULE I

     

    INITIAL PURCHASERS

     

    Citigroup Global Markets Inc.

     

    HSBC Securities (USA) Inc.

     

    MUFG Securities Americas Inc.

     

    BofA Securities, Inc.

     

    Mizuho Securities USA LLC

     

    SMBC Nikko Securities America, Inc.

     

    Barclays Capital Inc.

     

    BNP Paribas Securities Corp.

     

    Deutsche Bank Securities Inc.

     

    Goldman Sachs & Co. LLC

     

    ING Financial Markets LLC

     

    J.P. Morgan Securities LLC

     

    Morgan Stanley & Co. LLC

     

    SG America Securities, LLC

     

    Academy Securities, Inc.

     

    The Williams Capital Group, L.P.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]