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EXHIBIT 10(s)    
  

 
 

Summary Plan Description for:
  The Dow Chemical Company
  Company-Paid Life Insurance
  Employee-Paid Life Insurance
  Dependent Life Insurance    
  

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

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

Amended and Restated: November 1, 2002,  

 For the Plan Year Beginning January 1, 2003
  Reformatted April 29, 2003  

LIFE INSURANCE PLANS  

        This booklet is the Summary Plan Description (SPD) for the Company-Paid Life Insurance Plan and The Dow Chemical Company Employee-Paid and
Dependent Life Insurance Plans. (Collectively referred to in this SPD as "Plans". Individually, each plan may be referred to as "Plan"). References to "Dow" refer collectively to The Dow Chemical
Company and its subsidiaries and affiliates authorized to participate in the Plans. 

        Company-Paid
Life Insurance is sponsored, administered and the premium paid by Dow. It provides automatic coverage for eligible Employees. 

        Both
Employee-Paid Life Insurance and Dependent Life Insurance are optional plans that you may select. Both are sponsored by The Dow Chemical Company, but you must pay the
premiums. 

        Words
that are capitalized are either defined in this SPD or the applicable Plan Document. References to "Participating Employer" refer to The Dow Chemical Company or any other
corporation or business entity The Dow Chemical Company authorizes to participate in the Plans with respect to its Employees. The applicable Plan Document for the Company-Paid Life
Insurance Plan is The Dow Chemical Company Group Life Insurance Program Plan Document. The applicable Plan Document for the Employee-Paid and Dependent Life Insurance Plans is The Dow
Chemical Company Employee-Paid Life and Dependent Insurance Program Plan Document. The Plan Documents are available by requesting from the applicable Plan Administrator listed in the  ERISA Information
section of this SPD. 

COMPANY-PAID LIFE INSURANCE  

Plan Description  

        Company-Paid Life Insurance is a group term life insurance plan that provides automatic coverage at no cost to you. The amount of your coverage is
equal to one times (1X) your base annual salary and is adjusted accordingly. The benefits are insured by a group term life insurance policy underwritten by Metropolitan Life Insurance Company
(MetLife). MetLife pays the benefits under the Plan. In addition, MetLife is the named fiduciary for making decisions as to whether a Claim for Benefits is payable. 

73

 

Eligibility  

        Regular, Full-Time active or Less-Than-Full-Time active Salaried Employees of a Participating Employer and
Bargained-For Employees whose collective bargaining unit and Participating Employer have agreed to this Plan, who are actively at work, and Employees on a family or medical leave of
absence approved by a Participating Employer are automatically covered under this Plan, except for those covered under the KEIP programs described below. 

        If
you are being paid a benefit from The Dow Chemical Company Long Term Disability Income Protection Plan, you are also eligible. If you are receiving payments from UNUM Life Insurance
Company of America under the long term disability benefit plan under a Hampshire Chemical Corporation Health and Welfare Plan, then you are also eligible. Eligibility under the
Company-Paid Life Insurance Plan ends for long term disability participants when you no longer meet the disability requirements of the applicable disability plan or when you are no longer
covered under such disability plan. 

        Employees
who were enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan ("Dow Split Dollar") on September 30, 2002, who have not waived their rights
under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement, are not eligible for coverage under the Company-Paid Life Insurance Plan. Employees who were enrolled in the
Union Carbide Corporation Executive Life Insurance Plan ("Split Dollar") on September 30, 2002, whose Agreement and Collateral Assignment between Union Carbide and the Employee were not
terminated, are not eligible for coverage under the Company-Paid Life Insurance Plan. Employees enrolled in the Key Employee Insurance Program ("KEIP") are not eligible for active Employee
or Retiree Company-Paid Life Insurance coverage, except that on the later of "program completion date" or "retirement" (as those terms are defined in KEIP), if the Employee would otherwise
have been eligible for active Employee or Retiree Company-Paid Life, the Employee may resume eligibility for active Employee or Retiree Company-Paid Life. 

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

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

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

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

Eligibility for Special Additional Coverage for Certain Disabled Persons  

        Participants of certain disability programs are eligible for an amount of life insurance coverage in addition to the 1X Company Paid coverage. The details of the
coverage can be found under the heading "Special Additional Coverage for Certain Disabled Persons". 

74

 

        If
you are receiving payments from UNUM Life Insurance Company of America under the long term disability benefit plan under a Hampshire Chemical Corporation Health and Welfare Plan, then
you are also eligible for the coverage described in the Hampshire long term disability plan, provided you were enrolled in Hampshire's supplemental life program prior to being approved to receive long
term disability payments under Hampshire's long term disability plan. Eligibility for the special coverage ends for long term disability participants when you no longer meet the disability
requirements of the applicable disability plan, or when you are no longer covered under such disability plan. 

        If
you are enrolled in the Texas Operations Hourly Total and Permanent Disability Plan (T&P Plan), and you have been deemed to be "totally and permanently disabled" by the plan
administrator of that plan, you are eligible for the special coverage, provided you were enrolled in the Texas Operations Hourly Optional Contributory Life Insurance Plan at the time you became
totally and permanently disabled. 

Enrollment  

        Completing an enrollment card is necessary only to name your beneficiary. 

Employee Contribution  

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

Plan Coverage  

Amount of Coverage.    If you are a Salaried Employee, your benefit under this Plan is equal to one times (1X) your base annual salary,
rounded up to the next $1,000. Your coverage automatically is adjusted as your base salary changes. If you are a Bargained-for Employee whose collective bargaining unit has agreed to this
Plan, your benefit is equal to one times (1X) your annual pay calculated using your base hourly rate, rounded up to the next $1,000. Your coverage is automatically adjusted each January 1,
based on your hourly rate on the preceding December 1. 

        The
maximum amount of coverage available is $1.5 million(1). 

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

Special Coverage for Certain Disabled Persons  

LTD  

        If you are being paid a benefit under Dow's Long Term Disability Income Protection Plan, you are also eligible for an additional amount of coverage which is
determined by the amount of Employee-Paid Life coverage you were enrolled in as an active Employee immediately prior to being 

	(1)
	This
maximum is waived if you are an Employee who was enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan on September 30, 2002, and you signed a waiver of
all your rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between you and The Dow Chemical Company. This maximum is also waived if you are an Employee who was
enrolled in the Union Carbide Corporation Executive Life Insurance Plan on October 31, 2002, and your Agreement and Collateral Assignment between you and Union Carbide Corporation were terminated. 

75

 

approved
to receive LTD payments, but not to exceed 1x. This additional coverage ends when you are no longer being paid a benefit under LTD. 

	Active Coverage
	 	LTD Coverage

	0	 	0
	1/2 x	 	1/2 x
	x to 6x	 	1x

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

Texas Total and Permanent Disability  

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

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

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

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

Effective Dates of Coverage  

        Beginning.    Your coverage begins on your first day of active employment as an Employee of a Participating Employer. 

        Ending/Conversion.    Coverage ends 31 days after you no longer meet the eligibility requirements of the Plan. During
this 31-day period, you may convert your Company-Paid coverage to an individual non-term life insurance policy through MetLife without having to prove insurability.
You must pay the cost for the conversion policy. For more information about conversion coverage, contact MetLife at 1-800-638-5433. 

        Reporting Imputed Income.    The Internal Revenue Code requires that the cost of Company-Paid Life Insurance in
excess of $50,000 be reported as taxable income. This imputed income will be reported on your W-2 Form in addition to your other taxable income. 

76

 

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

Benefit Payment  

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

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

        Payment Options.    In the event of your death, your beneficiary should contact the HR Service Center. The beneficiary on record
must complete and sign a claim form to receive benefits, and a certified death certificate must be provided to MetLife to disburse the life insurance proceeds. To
file a Claim for a Plan Benefit, see Claims Procedures Appendix of this SPD. There are several payment options available including lump sum,
money market and guaranteed interest. Your HR Service Center staff can inform your beneficiary of the selections available. MetLife can also provide assistance with payment options available. 

Funding  

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

Accelerated Benefit Option (ABO)  

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

Your Rights  

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

77

 

EMPLOYEE-PAID LIFE INSURANCE  

Plan Description  

        Under the Employee-Paid Life Insurance Plan, you may select the amount of your coverage in multiples of one-half times (1/2X) your base
annual salary up to six times (6X) your base annual salary. The Employee-Paid Life Insurance Plan is a group term life insurance plan. The benefits are insured by a group term life
insurance policy underwritten by Metropolitan Life Insurance Company (MetLife). MetLife pays the benefits under the Plan. In addition, MetLife is the named fiduciary for making decisions as to whether
a Claim for Benefits is payable. 

Eligibility  

        Regular, Full-Time active or Less-Than-Full-Time active Salaried Employees of a Participating Employer are
eligible for coverage under this Plan. In addition, active regular, Full Time Bargained-For Employees whose collective bargaining unit and the Participating Employer have agreed to this
Plan, who are actively at work, are also eligible for coverage under this Plan. Eligible Employees on a family or medical leave of absence approved by a Participating Employer are also eligible for
coverage under this Plan. If you take an educational, sabbatical or unpaid ambassador leave of absence that has been approved by the Participating Employer, you may continue the coverage you had as an
active employee up to two times (2X) your base annual salary, for the duration of your leave. 

        If
you are being paid a benefit under Dow's Long Term Disability Income Protection Plan, you are no longer eligible for Employee-Paid Life. Refer to the
Company-Paid Life, Special Coverage for Certain Disabled Persons section of this summary plan description. 

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

        If
you take a personal leave of absence that has been approved by the Participating Employer, you may continue the coverage you had as an active employee, up to a maximum of two times
(2X) your base annual salary for the first six months of your leave. 

        Run-out
claims under ERISA Plan #550 (which was terminated effective 12-31-99) for covered claims that were incurred but not yet paid under that plan,
will be paid from the Employee-Paid Life Insurance Plan. 

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

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

78

 

Enrollment  

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

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

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

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

	•
	During
the Choices enrollment period, you will be allowed to increase your coverage by 1 increment (one-half times (1/2X) base annual salary)
provided you are actively at work.

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

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

Employee Contribution  

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

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

        If
you are on a leave of absence approved by the Participating Employer that provides eligibility under this Plan, the Plan Administrator has the full discretion to make special
administrative arrangements as are necessary, such as deferring Employee contributions on a temporary basis during 

79

 

the leave of absence, and requiring the Employee to repay premiums when the Employee returns to work, or any other arrangements the Plan Administrator deems appropriate. 

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

Plan Coverage  

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

        You
may increase the amount of your coverage: 

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

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

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

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

Effective Dates of Coverage  

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

Ending/conversion.    Coverage ends 31 days after you no longer meet the eligibility requirements of the Plan. During this
31 day period, you may convert your plan coverage to an individual non-term life insurance policy through MetLife without having to prove insurability. You must pay the cost for 

	(2)
	If
you are an Employee who was enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan on September 30, 2002, and you signed a waiver of all your rights under
The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between you and The Dow Chemical Company, or if you are an Employee who was enrolled in the Union Carbide Corporation Executive
Life Insurance Plan on October 31, 2002, and your Agreement and Collateral Assignment between you and Union Carbide Corporation were terminated, you are eligible for an additional 1x of coverage over
and above the 6x or 1.5 million maximum. 

80

 

the
conversion policy. For more information regarding conversion options, contact MetLife at 1-800-638-5433. 

Benefit Payment  

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

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

Payment Options.    In the event of your death, your beneficiary should contact the HR Service Center. A
certified death certificate must be provided to MetLife to disburse the life insurance proceeds. To file a Claim for a Plan Benefit, see
Claims Procedures Appendix of this SPD. There are several payment options available including lump sum, money market and guaranteed interest. The HR Service Center staff can
inform your beneficiary of the selections available. MetLife is also available to provide assistance with payment options. 

Funding  

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

Joint Insurance Arrangement  

        Dorinco Reinsurance Company (Dorinco) and MetLife, Inc. (MetLife) have entered into an arrangement that is allowed by the U.S. Department of Labor pursuant
to Prohibited Transaction Exemption 96-62 and 29 CFR Part 2570, subpart B. [DOL Final Authorization Number 2001-17E (May 14, 2001)]. Under
this arrangement, MetLife has or will write the coverage for the Plan and Dorinco will assume a percentage of the risk. Under the insurance arrangement between MetLife and Dorinco, MetLife and Dorinco
will each be liable to pay the agreed upon percentage of each death benefit claim in respect of a Plan Participant. When a claim for benefits is approved, Dorinco will transfer its percentage of each
death benefit claim to MetLife. MetLife will then pay the full amount of the claim. If MetLife is financially unable to pay the portion of the claim, Dorinco will be obligated to pay the full amount
of the claim directly. Similarly, if Dorinco is financially unable to pay its designated percentage of a particular claim, MetLife will be obligated to pay the entire amount of the claim. Neither
MetLife nor Dorinco will charge the Plan any administrative fees, commissions or other consideration as a result of the participation of Dorinco. 

81

 

Accelerated Benefit Option (ABO)  

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

Your Rights  

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

DEPENDENT LIFE INSURANCE  

Plan Description  

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

Eligibility  

        Regular, Full-Time active or Less-Than-Full-Time active Salaried Employees of a Participating Employer are
eligible to insure eligible Dependents under this Plan. In addition, active regular, Full Time Bargained-For Employees whose collective bargaining unit and the Participating Employer have
agreed to this Plan, who are actively at work, are also eligible to insure eligible Dependents under this Plan. Eligible Employees on a family or medical leave of absence approved by Dow or a
Participating Employer are also eligible to insure eligible Dependents under this Plan. If both you and your Spouse/Domestic Partner are eligible Employees, each may insure the other, but only one of
you may insure your Dependent children. 

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

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

        The
Plan Administrator determines eligibility. The Plan Administrator is a fiduciary to the Plan and has the full discretion to interpret the provisions of the Plan and to make findings
of fact. 

82

 

Interpretations and eligibility determination by the Plan Administrator are final and binding on Participants. If you want to file a Claim for a Determination of Eligibility because you are
not sure whether you are eligible to participate in the Plan, or have been told that you are not, see the Claims Procedures Appendix of this SPD. 

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

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

	•
	A
natural or legally-adopted child.

	•
	A
stepchild permanently residing in your household.

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

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

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

	•
	Married
or ever has been married.

	•
	Employed
full-time.

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

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

Enrollment  

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

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

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

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

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

83

 

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

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

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

Plan Coverage  

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

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

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

        You
may increase the amount of your coverage: 

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

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

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

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

Effective Dates of Coverage  

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

Ending/Conversion.    Dependent Life Insurance Plan coverage ends 31 days after the earlier of: the date you no longer meet the
eligibility requirements of the Plan, or the date your Dependent no longer meets the eligibility requirements of the Plan. During the 31 day period, you may convert the coverage to an
individual non-term policy through MetLife without having to prove insurability. You must pay the cost for the conversion policy. Contact MetLife at
1-800-638-5433. 

84

 

Employee Contribution  

        The Employee pays for Dependent Life Insurance coverage. Your contribution, made through post tax payroll deductions, is based on the coverage option that you
choose. For coverage on your Spouse's/Domestic Partner's life, your contribution will also depend on whether your Spouse/Domestic Partner is a "non-tobacco-user". Your
Spouse/Domestic Partner is considered a "non-tobacco-user" by the Plan if your Spouse/Domestic Partner has not used a tobacco product in the last 12 months. If your
Spouse/Domestic Partner quits using tobacco, your Spouse/Domestic Partner is considered a "non-tobacco-user" as of the first day of the month after your Spouse/Domestic Partner
completes 12
non-tobacco-using months. If your Spouse/Domestic Partner is a "non-tobacco-user", your Spouse/Domestic Partner is considered a tobacco-user as of the
first day your Spouse/Domestic Partner uses tobacco. A false or out-of-date statement regarding tobacco use may result in benefits not being paid. For your portion of the
monthly costs, refer to the Choices enrollment materials provided during annual enrollment. 

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

Benefit Payment  

Beneficiary Designation.    You are the beneficiary of your Dependent Life Insurance Plan. This cannot be
changed. 

Payment.    You should contact the HR Service Center to report a Dependent's death. A certified death certificate
must be provided to MetLife to disburse the life insurance proceeds. There are several payment options available including lump sum, money market and guaranteed interest. The HR Service Center staff
can inform you of the selections available. MetLife is also available to provide assistance with payment options. To file a claim, see Claims Procedures
Appendix of this SPD. 

Funding  

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

85

  

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

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

Your Rights  

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

Filing a Claim  

        See the Claims Procedures Appendix of this SPD. 

Appealing a Denial of Claim  

        See the Claims Procedures Appendix of this SPD. 

Fraud Against the Plan  

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

Grievance Procedures  

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

        If
you feel that anyone is discriminating against you for exercising your rights under these Plans, or if you feel that someone has interfered with the attainment of any right to which
you feel you are entitled under these Plans, or if you feel that the Plan Administrator has denied you any right you feel that you have under these Plans, you must notify the Plan Administrator
(listed in the "ERISA Information" section of this SPD) in writing within 60 days of the date of the alleged wrongdoing. The Plan Administrator
will investigate the allegation and respond to you in writing within 90 days. If the Plan Administrator determines that your allegation has merit, the Plan Administrator will either correct the
wrong (if it was the Plan which did the wrong), or will make a recommendation to the Participating Employer if any of them have been alleged to be responsible for the wrongdoing. If the Plan 

86

 

Administrator determines that your allegation is without merit, you may appeal the Plan Administrator's decision. You must submit written notice of your appeal to the Plan Administrator within
60 days of receipt of the Plan Administrator's decision. Your appeal will be reviewed and you will receive a written response within 60 days, unless special circumstances require an
extension of time. The Plan Administrator will give you written notice and reason for the extension. In no event should the decision take longer than 120 days after receipt of your appeal. If
you are not satisfied with the Plan Administrator's response to your appeal, you may file suit in court. If you file a lawsuit, you must do so within 120 days
from the date of the Plan Administrator's written response to your appeal. Failure to file a lawsuit within the 120 day period will result in your waiver of your right to file a
lawsuit. 

Your Legal Rights  

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

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

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

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

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

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

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

87

 

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

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

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

Welfare Benefits  

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

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

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

88

 

Disposition of Plan Assets if the Plans are Terminated  

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

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

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

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

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

For More Information  

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

Important Note  

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

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

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

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

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

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

89

 
 
 

ERISA Information
  The Dow Chemical Company Group Life Insurance Program
  Company-Paid Life Insurance Plan
  (A Welfare Benefit Plan)    
  

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

507
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD.
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD.
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

Corporate Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administration:	
 	

MetLife, Inc. administers claims under a group policy issued to The Dow Chemical Company

MetLife, Inc.

Group Life Claims

Oneida County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

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

Funding:	
 	

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

90

 
 
 

ERISA Information
  The Dow Chemical Company
  Employee-Paid and Dependent Life Insurance Plans
  (Welfare Benefit Plans)    
  

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

515
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD.
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD.
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

Corporate Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administration:	
 	

MetLife, Inc. administers claims under a group policy issued to The Dow Chemical Company.

MetLife, Inc.

Group Life Claims

Oneida County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

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

Funding:	
 	

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

Joint Insurance Arrangement:	
 	

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

 	
 	

Dorinco Reinsurance Company

1320 Waldo Avenue

Dorinco Building

Midland, MI 48642

91

 
 
 

CLAIMS PROCEDURES APPENDIX
  For the Summary Plan Descriptions of the Life Insurance Plans Sponsored by
  The Dow Chemical Company    
  

You Must File a Claim in Accordance with These Claims Procedures  

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

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

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

        You
must follow the claims procedures for either CLAIMS FOR PLAN BENEFITS or CLAIMS FOR AN ELIGIBILITY DETERMINATION, whichever applies to
your situation. See page 22 for the procedures for CLAIMS FOR PLAN BENEFITS. See page 22 for procedures for CLAIMS FOR
ELIGIBILITY DETERMINATIONS.

Who Will Decide Whether to Approve or Deny My Claim?  

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

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

An Authorized Representative May Act on Your Behalf  

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

Authority Of The Administrators And Your Rights Under ERISA  

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

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

CLAIMS FOR PLAN BENEFITS

Information Required In Order to Be a "Claim":  

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

92

 

certificate). You may request assistance from the Dow Benefits Center (1-989/636-9556) if you need help completing the MetLife claims form. 

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

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

Attention: Administrator for the life insurance plans 

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

MetLife, Inc.

Group Life Claims

P.O. Box 6115

Utica, NY 13504-6115 

CLAIMS FOR DETERMINATION OF ELIGIBILITY  

Information Required In Order to Be a "Claim":  

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

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

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

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

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

Claims for Eligibility Determinations must be filed with: 

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

Attention: Administrator for the life insurance plans

(Eligibility Determination) 

INITIAL DETERMINATIONS  

        If you submit a Claim for Plan Benefits or a Claim for Eligibility
Determination to the applicable Administrator, the applicable Administrator will review your Claim and notify you of its decision to approve or deny your Claim. Such
notification will be provided to you in writing within a reasonable period, not to exceed 90 days of the date you submitted your claim; except that under special circumstances, the
Administrator may have up to an additional 90 days to provide you such written 

93

 

notification. If the Administrator needs such an extension, it will notify you prior to the expiration of the initial 90 day period, state the reason why such an extension is needed, and
indicate when it will make its determination. If the applicable Administrator denies the Claim, the written notification of the Claims decision will state the reason(s) why the Claim was denied and
refer to the pertinent Plan provision(s). If the Claim was denied because you did not file a complete Claim or because the
Administrator needed additional information, the Claims decision will state that as the reason for denying the Claim and will explain why such information was necessary. 

APPEALING THE INITIAL DETERMINATION  

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

	•
	Name
of Employee

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

	•
	Name
of the benefit Plan

	•
	Reference
to the Initial Determination

	•
	Explain
reason why you are appealing the Initial Determination 

        Send
appeals of Eligibility Determinations to: 

Director
of Global Benefits

The Dow Chemical Company

2020 Dow Center

Midland, MI 48674

Attention: Administrator for the life insurance plans

(Appeal of Eligibility Determination) 

        Send
appeals of benefit denials to: 

MetLife, Inc.

Group Life Claims—The Dow Chemical Company

Oneida County Industrial Park

Utica, NY 13504-6115

Attention: Claims Administrator

(Appellate Review) 

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

        After
the applicable Administrator receives your written request to appeal the initial determination, the Administrator will review your Claim. Deference will not be given to the initial
adverse decision, and the appellate reviewer will look at the Claim anew. The person who will review your appeal will not be the same person as the person who made the initial decision to deny the
Claim. In addition, the person who is reviewing the appeal will not be a subordinate who reports to the person who made the initial decision to deny the Claim. The Administrator will notify you in
writing of its 

94

 

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

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

95

QuickLinks

EXHIBIT 10(s)

Summary Plan Description for: The Dow Chemical Company Company-Paid Life Insurance Employee-Paid Life Insurance Dependent Life Insurance

ERISA Information The Dow Chemical Company Group Life Insurance Program Company-Paid Life Insurance Plan (A Welfare Benefit Plan)

ERISA Information The Dow Chemical Company Employee-Paid and Dependent Life Insurance Plans (Welfare Benefit Plans)

CLAIMS PROCEDURES APPENDIX For the Summary Plan Descriptions of the Life Insurance Plans Sponsored by The Dow Chemical CompanyQuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 10(t)    
  

 
 

THE DOW CHEMICAL COMPANY
  GROUP LIFE INSURANCE PROGRAM'S
  RETIREE LIFE INSURANCE PLANS
  FOR SALARIED RETIREES AND RETIREES OF CERTAIN HOURLY GROUPS
  Summary Plan Description for:
  
    Retiree Company
Paid Life Insurance Plan
  Pre-65 Retiree Optional Life Insurance Plan
  Retiree Dependent Life Insurance Plan    
  

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

        See
also the DowFriend edition that contains Choices enrollment brochures, which are published annually, for summaries of the most recent modifications to this SPD. Copies of updated
SPDs can be found at the Dow IntraNet address above, or by requesting a copy from the Human Resources (HR) Service Center, Employee Development Center, Midland, MI 48674, telephone
877-623-8079 or 517-638-8757. Summaries of modifications may also be published from time to time in DowFriends or by separate letter. 

Amended and Restated November 1, 2002  

 For the Plan Year Beginning January 1, 2003
  Reformatted April 29, 2003  

Overview  

        Three life insurance benefit plans are available to eligible Retirees and their families: Retiree Company Paid Life Insurance Plan, Pre-65 Retiree
Optional Life Insurance Plan and Retiree Dependent Life Insurance Plan (hereafter collectively referred to as the "Plans" or individually as "Plan"). This is the Summary Plan Description (SPD) for
these plans. 

        The
Retiree Company Paid Life Insurance Plan is sponsored and administered by Dow. The premium is paid by Dow or the Participating Employer. 

        The
Pre-65 Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan provide Retirees with the opportunity to continue some of the optional coverage
they carried as active Employees. 

        Please
review the information carefully to become familiar with your benefit plans, guidelines, rights and responsibilities. Words that are capitalized are either defined in this SPD or
in the Plan Documents for The Dow Chemical Company Group Insurance Program (for the Retiree Company Paid Life Insurance Plan) and The Dow Chemical Company Employee Paid and Dependent Life Insurance
Program (for the Pre-65 Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan). The Plan Documents include the applicable insurance policies and insurance
certificates. The Plan Documents are available upon request. Contact the Plan Administrator listed in the ERISA Information section. 

RETIREE COMPANY PAID LIFE INSURANCE PLAN  

Introduction  

        The Retiree Company-Paid Life Insurance Plan ("Plan") provides coverage to eligible Retired Salaried Employees and eligible Retired Hourly Employees
through a group term life insurance policy underwritten by Metropolitan Life Insurance Company (MetLife). No Retiree contributions are required. 

96

 

        MetLife
pays the benefits under the Plan. In addition, MetLife is the named fiduciary for making decisions as to whether a Claim for Benefits is payable. 

Eligibility  

        You are eligible if you are a Retiree who, on the day preceding your Retirement, was covered under The Dow Chemical Company Group Life Insurance Program's
Company-Paid Life Insurance Plan that was available to active Salaried Employees and Certain Bargained for Employees; provided that with respect to Retired Bargained-For
Employees, the applicable bargaining agreement provides that you are eligible for coverage under this Plan. (Note that UCC retirees are not "Retirees" under the definition of "Retiree" in the Plan
because they are not participants of DEPP). 

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

        If
you are a former Salaried Employee receiving a Disability Retirement Benefit from the Dow Employees' Pension Plan ("DEPP"), as defined under DEPP, and you were covered under The Dow
Chemical Company Employee Paid Life Insurance Plan coverage on the day preceding your Retirement, you are also eligible for coverage. 

        If
you are a former Texas Operations Hourly Employee receiving a Disability Retirement Benefit from the Dow Employees' Pension Plan ("DEPP"), as defined under DEPP, and you were covered
under the Texas Operations Hourly Contributory Optional Life Insurance Plan coverage on the day preceding your Retirement, you are also eligible for coverage. 

        If
you are covered under The Dow Chemical Company Group Life Insurance Program's Union Carbide Subsidiary Basic Life Insurance Plan, you are not eligible for coverage under the Plan. 

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

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

Enrollment  

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

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

97

 

Coverage Levels  

Prior to Age 65  

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

Age 65 or older  

        There are two plan options(2) available to Retirees age 65 and older. Plan I requires a monthly Retiree contribution while Plan II is provided at no cost to you. 

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

	Age
 
	 	Coverage Amount

	65	 	1x base salary at time of Retirement ($10,000 minimum)
	

66	
 	

80% of benefit at Retirement ($10,000 minimum)
	

67	
 	

60% of benefit at Retirement ($10,000 minimum)
	

68+	
 	

50% of benefit at Retirement ($10,000 minimum)

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

	Age
 
	 	Coverage Amount

	65	 	1x base salary at time of Retirement ($5,000 minimum)
	

66	
 	

80% of benefit at Retirement ($5,000 minimum)
	

67	
 	

60% of benefit at Retirement ($5,000 minimum)
	

68	
 	

40% of benefit at Retirement ($5,000 minimum)
	

69	
 	

20% of benefit at Retirement ($5,000 minimum)
	

70+	
 	

$5,000

Special Rules for Certain Former Executive Split Dollar Life Insurance Plan Participants  

        Plan Options I and II are not applicable to you if you were an Employee who was enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan on
September 30, 2002, and you signed a waiver of all your rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between you and The Dow Chemical Company. Plan
Options I and II are also 

	(1)
	These
coverage levels are not applicable to certain Retirees. See section entitled "Special Rules for Certain Former Executive Split Dollar Life Insurance Plan Participants"

	(2)
	These
coverage levels are not applicable to certain Retirees. See section entitled "Special Rules for Certain Former Executive Split Dollar Life Insurance Plan Participants" 

98

 

not
applicable if you were an Employee who was enrolled in the Union Carbide Corporation Executive Life Insurance Plan on October 31, 2002, and your Agreement and Collateral Assignment between
you and Union Carbide Corporation were terminated. Instead, the same coverage level that you had as an active employee under the Company Paid Life Insurance Plan will continue until your death. 

Disability Retirees  

        If you are a former Salaried Employee receiving a Disability Retirement Benefit from DEPP, as defined under DEPP, and you were covered under Employee Paid Life
Insurance coverage on the day preceding your Retirement, you will be provided coverage equal to 1/2 X or 1X your base annual hourly rate at Retirement, rounded up to the next $1000, if
you were previously enrolled for at least that amount of coverage as an employee. This coverage is provided at no cost to you. 

        If
you are a former Texas Operations Hourly Employee receiving a Disability Retirement Benefit from the DEPP, as defined under DEPP, you will be provided the following coverage, provided
you were enrolled in an amount equal to or greater than $30,000 under the Texas Operations Hourly Contributory Optional Life Insurance Plan on the day preceding your Retirement. This coverage is
provided at no cost to you. 

	Age
 
	 	Coverage Amount

	Prior to age 65	 	$	30,000
	

65	
 	
$	

25,000
	

66	
 	
$	

20,000
	

67	
 	
$	

15,000
	

68+	
 	
$	

10,000

Cost  

Prior to Age 65  

        Your Company-Paid Life Insurance coverage is provided at no cost to you. 

Age 65 and Older  

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

        Plan II: Your coverage is provided at no cost to you. 

Reporting Imputed Income  

        The Internal Revenue Code requires that the cost of Retiree Company Paid Life Insurance in excess of $50,000 be reported as taxable income. Any imputed income
resulting from your life insurance coverage will be reported to the IRS along with your annual pension income information. 

99

 

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

Naming Your Beneficiary  

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

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

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

Benefit Payment  

        In the event of your death, your beneficiary should contact the Dow Benefits Center and present a certified copy of your death certificate. See  Claims Procedures
Appendix of this SPD. Several benefit payment options may be available, including: lump-sum payment, money market fund,
guaranteed interest and others. 

        The
Dow Benefits Center staff will explain the options and assist your beneficiary through the claims-filing process. 

Accelerated Benefit Option (ABO)  

        Under the Accelerated Benefit Option, if you have been diagnosed as having a terminal illness, you may receive a portion of your Retiree Company Paid Life
Insurance and Pre-65 Retiree Optional Life Insurance benefits before death. Having access to life proceeds at this important time could help
ease financial and emotional burdens. In order to use ABO, you must be covered for at least $10,000 from your Retiree Company Paid Life Insurance and/or Pre-65 Retiree Optional Life
Insurance. You may receive an accelerated benefit ofup to 50 percent (minimum $5,000 and maximum $250,000) of your Retiree Company Paid Life Insurance and/or Pre-65 Retiree Optional
Life Insurance if, as a result of an injury or sickness you are diagnosed as terminally ill, with six months or less to live, and from which
there is no reasonable prospect of recovery. A claim form can be obtained from the Dow Benefits Center and must be completed and returned for evaluation and approval by MetLife. 

Funding  

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

100

 

MetLife Demutualization  

        In April, 2000, the Metropolitan Life Insurance Company (MetLife) changed from a mutual company to a stock company. As a result, holders of a MetLife insurance
policy on the specific date of September 28, 1999 were entitled to receive valuable assets (demutualization assets) from MetLife after April, 2000. The Dow Chemical Company was the policyholder
for the group policy held on behalf of The Dow Chemical Company Group Life Insurance Program (Program) on September 28, 1999, and received the right to the demutualization assets in April,
2000. The Company transferred the demutualization assets attributable to Plan I of the Retiree Company Paid Life Insurance Plan to The Dow Chemical Company Employee Welfare Benefit Trust (Welben
Trust). 

        As
the Plan Sponsor, the Company determined the amount of demutualization assets allocable to the retiree contributory portion of the Plan (Option I). An amount was subtracted to pay for
reasonable expenses related to the allocation and distribution of the demutualization assets. As the Plan Sponsor, the Company decided to distribute the Option I demutualization assets to Participants
who were covered under Option I of the Plan on the specific date of September 28, 1999 (the individuals are referred to as the "September 28, 1999 Participants"). The demutualization
assets will be distributed in the form of cash. The amount to be paid to a particular "September 28, 1999 Participant" will be calculated using the following formula: 

        The
premium amount that the particular "September 28, 1999 Participant" would have paid for the entire month of September, 1999 (regardless of whether such participant actually
paid premium for the entire month of September, 1999) shall be divided by the total premium amount that would have been
paid by all of the "September 28, 1999 Participants" for the entire month of September, 1999 (regardless of whether the premiums were actually paid for the entire month of September), and such
quotient shall be multiplied by the Total Amount of Demutualization Assets Allocated to Option I of the Plan. 

        The
cash payments will be distributed to the "September 28, 1999 Participants" after June 1, 2001, within a timeframe to be set by the Plan Administrator that is
administratively feasible. In any event, the assets should be distributed no later than December 31, 2002, unless there are extenuating circumstances. The cash payments will be mailed to the
last known address of the "September 28, 1999, Participant". If the payment cannot be delivered by the U.S. Postal Service to such Participant or otherwise is not payable to the Participant
after one (1) year after the check is written, the payment may be used by the Plan Administrator to pay the expenses of the Plan or to pay the expenses of any life insurance plan for which the
Plan Administrator is also the Plan Administrator, as long as such life insurance plan is sponsored by The Dow Chemical Company or one or more of its subsidiaries for the benefit of their respective
employees and eligible dependents. 

        If
the payment cannot be paid to the Participant because of the Participant's death, the payment will be paid to the beneficiary to whom the life insurance benefit was paid under the
Plan. 

Your Rights  

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

101

 

Converting to an Individual Policy  

        Whenever your coverage decreases under this Plan, you are eligible to convert the amount of coverage you are losing to an individual life insurance policy through
MetLife, Inc. without proof of insurability. You must apply within 31 days of the date your Dow coverage decreases. 

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

        Contact
the MetLife Conversion Group at 1-800-MET-LIFE or 1-800-638-5433 if you are interested in converting your
policy to an individual plan. 

PRE-65 RETIREE OPTIONAL LIFE INSURANCE PLAN  

Introduction  

        The Pre-65 Retiree Optional Life Insurance Plan ("Plan") provides coverage through a group term life insurance policy that is underwritten by MetLife.
The Plan offers optional group term life insurance to Retirees less than 65 years of age. 

        MetLife
pays the benefits under the Plan. In addition, MetLife is the named fiduciary for making decisions as to whether a Claim for Benefits is payable. 

Eligibility  

        If you are a Retiree and were enrolled in The Dow Chemical Company Employee-Paid Life Insurance Plan available to active Salaried Employees and
certain Bargained for Employees on the day preceding your Retirement, you are eligible for continued coverage under the Pre-65 Retiree Optional Life Insurance Plan until you reach age
65(3); provided, that with respect to Retired Bargained For Employees, the applicable bargaining agreement provides that you are eligible for coverage under this Plan. (Note that UCC retirees are not
"Retirees" under the definition of "Retiree" in the Plan because they are not participants of DEPP). 

        If
you were not previously enrolled but are eligible to enroll, you must provide proof of insurability to participate in the Plan. 

        Run-out
claims under ERISA Plan #550 (which was terminated effective 12-31-99) for covered claims that were incurred but not yet paid under that plan,
will be paid from the Pre-65 Retiree Optional Life Insurance Plan. 

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

        If
you are covered under The Dow Chemical Company Group Life Insurance Program's Union Carbide Subsidiary Basic Life Insurance Plan, you are not eligible for coverage under the Plan. 

	(3)
	The
termination of coverage at age 65 does not apply if you were an Employee who was enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan on September 30,
2002, and you signed a waiver of all your rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between you and The Dow Chemical Company. The termination of coverage at
age 65 also does not apply if you were an Employee who was enrolled in the Union Carbide Corporation Executive Life Insurance Plan on October 31, 2002, and your Agreement and Collateral Assignment
between you and Union Carbide Corporation were terminated.Instead, your coverage level of 1X your base annual salary at time of retirement continues until death, if you continue to pay the applicable
premiums. 

102

 

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

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

Enrollment  

        If you were previously enrolled for Employee-Paid Life Insurance as an active Employee, you may complete an enrollment form upon Retirement, with
coverage effective immediately under the Pre-65 Retiree Optional Life Insurance Plan. You must complete an enrollment form and return it to the HR Service Center  within 31 days of your
Retirement. Failure to return the form within
31 days of your Retirement will result in waiver of your coverage. 

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

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

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

Coverage Levels  

Cost  

        You may purchase coverage equal to either 1/2x or 1x your base annual salary at Retirement, rounded up to the next $1,000, if you were previously enrolled for at
least that amount of coverage as an active employee(4) Premiums are subject to change. Changes to premiums are published in DowFriends. If your premiums are not automatically deducted from payments
from the Dow Employees' Pension Plan (DEPP), formerly known as the Dow Employee Retirement Plan (ERP), you must pay your premium within 31 days of your bill. If your
payment is not postmarked within 31 days of your bill, your coverage will be canceled. 

        If
you were previously enrolled for a lesser amount, proof of insurability will be required. In any case, the maximum coverage available is 1x, rounded up to the next $1,000.(4) 

	(4)
	These
coverage levels are not applicable if you were an Employee who was enrolled in The Dow Chemical Company Executive Split Dollar Life Insurance Plan on September 30, 2002, and you
signed a waiver of all your rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between you and The Dow Chemical Company. These coverage levels are also not
applicable if you were an Employee who was enrolled in the Union Carbide Corporation Executive Life Insurance Plan on October 31, 2002, and your Agreement and Collateral Assignment between you and
Union Carbide Corporation were terminated. Instead, your coverage level is 1X your base annual salary at time of retirement until death, if you continue to pay the applicable premiums. 

103

 

Naming Your Beneficiary  

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

        If
you do not name a beneficiary, your Pre-65 Retiree Optional Life Insurance benefit will be paid to the beneficiary you designated when you were an active Employee under
the Employee-Paid Life Insurance Plan. If you did not designate a beneficiary under the Employee -Paid Life Insurance Plan, then the Pre-65 Retiree Optional Life
Insurance benefit will be paid to the beneficiary you designated under the Retiree Company Paid Life Insurance Plan. If you did not name a beneficiary under the Retiree Company Paid Life Insurance
Plan, your Pre-65 Retiree Optional Life Insurance benefit will be paid to the beneficiary you designated under the active employee Company Paid Life Insurance Plan. If you did not name a
beneficiary under the active employee Company Paid Life Insurance Plan, the default beneficiary designation is your estate. Your failure to designate a beneficiary may delay the payment of funds. 

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

Benefit Payment  

        In the event of your death, your beneficiary should contact the HR Service Center. A certified death certificate must be provided to MetLife to disburse the life
insurance proceeds. See Claims Procedures Appendix of this SPD. Several benefit payment options may be available including lump sum payment, money
market fund, guaranteed interest and others. The HR Service Center staff will inform your beneficiary of the selections available. Contact the HR Service Center at
1-800-344-0661. MetLife can also answer questions regarding payment options. 

Accelerated Benefit Option (ABO)  

        Under the Accelerated Benefit Option, if you have been diagnosed as having a terminal illness, and are less than 63 years old when applying for Accelerated
Benefits, you may receive a portion of your Retiree Company Paid Life Insurance and Pre-65 Retiree Optional Life Insurance benefits before
death. Having access to life proceeds at this important time could help ease financial and emotional burdens. In order to use ABO, you must be covered for at least $10,000 from your Retiree Company
Paid Life Insurance and/or Pre-65 Retiree Optional Life Insurance. You may receive an accelerated benefit ofup to 50 percent (minimum $5,000 and maximum $250,000) of your Retiree
Company Paid Life Insurance and/or Pre-65 Retiree Optional Life Insurance if, as a result of an injury or sickness you are diagnosed as terminally ill, with six months or less to live, and
from which there is no reasonable prospect of recovery. A claim form can be obtained from the HR Service Center and must be completed and returned for evaluation and approval by MetLife. 

Funding  

        Retirees pay the entire premium for coverage. The benefits under the Pre-65 Retiree Optional Life Insurance Plan and the Retiree Dependent Life
Insurance Plan are not combined for experience with the other insurance coverages. Favorable experience under this insurance coverage in a particular year may offset unfavorable experience in prior
years. It is not anticipated that there will be any future dividends declared for the Pre-65 Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan based on the
manner in which the insurer has determined the premium rates. 

104

 

Joint Insurance Arrangement  

        Dorinco Reinsurance Company (Dorinco) and MetLife have entered into an arrangement that has been approved by the U.S. Department of Labor in DOL Opinion Letter
97-24A. Under this arrangement, MetLife has or will write the coverage for the Plan, and Dorinco will assume a percentage of the risk. Under the insurance arrangement between MetLife and
Dorinco, MetLife and Dorinco will each be liable to pay the agreed upon percentage of each death benefit claim in respect of a Plan Participant. When a claim for benefits is approved, Dorinco will
transfer its percentage of each death benefit claim to Metropolitan. MetLife will then pay the full amount of the claim. If MetLife is financially unable to pay the portion of the claim, Dorinco will
be obligated to pay the full amount of the claim directly. Similarly, if Dorinco is financially unable to pay its designated percentage of a particular claim, MetLife will be obligated to pay the
entire amount of the claim. Neither MetLife nor Dorinco will charge the Plan any administrative fees, commissions or other consideration as a result of the participation of Dorinco. 

Your Rights  

        You have certain rights under the Pre-65 Retiree Optional Life Insurance Plan and are entitled to certain information by law. Be sure to review the  Filing a
Claim section, Appealing a Denial of Claims section, Fraud Against the
Plan section, Grievance Procedure section, Your Legal Rights section,  Welfare Benefits section, Dow's Right to Amend, Modify, and Terminate the Plans section,  Disposition of Plan Assets if the Plan is Terminated section, For More Information section,  Important Note section and ERISA Information section at the end of this SPD. 

Ending Coverage  

        You may choose to cancel your coverage at any time. Otherwise, your coverage ends at the end of the month in which you reach age 65. 

Converting to an Individual Policy  

        You may convert to an individual policy through, with no proof of insurability required, if you apply within 31 days of loss of coverage. The cost of this
individual coverage will probably be significantly higher than your group plan premium. Although not required, providing proof of insurability may help reduce your cost. 

        Contact
the MetLifeConversion Group at 1-800-MET-LIFE or 1-800-638-5433 if you are interested in converting your
policy to an individual plan. 

105

 

RETIREE DEPENDENT LIFE INSURANCE PLAN  

Plan Highlights  

	Under the Retiree Dependent

Life Insurance Plan, You
 
	 	When:

	Are eligible for coverage:	 	You were enrolled for coverage through the Dependent Life Insurance Plan on the day preceding your Retirement.
	

May enroll for continuing coverage for your Spouse of Record/ Domestic Partner of Record and/or eligible dependent children:	
 	

You complete an enrollment form and authorize post-tax deductions from your monthly pension check to cover the cost of the Plan. You must pay by personal check if you are not receiving a monthly pension benefit.
	

May purchase coverage for your Spouse equal to $5,000:	
 	

Your Spouse of Record/Domestic Partner of Record was covered by your Dependent Life Insurance Plan on the day preceding your Retirement.
	

May purchase coverage for any eligible dependent children equal to $1,000:	
 	

Your eligible dependent children were covered by your Dependent Life Insurance Plan on the day preceding your Retirement.
	

Are designated as the beneficiary:	
 	

You enroll for coverage for your Spouse of Record/Domestic Partner of Recordand/or eligible dependent children.
	

Waive all rights for future participation in the Plan:	
 	

You do not enroll at the time of your Retirement.

Introduction  

        The Retiree Dependent Life Insurance Plan ("Plan") coverage is provided through a group term life insurance policy that is underwritten by the MetLife. The Plan
offers continuing group life insurance coverage for your Spouse of Record/Domestic Partner of Record and eligible dependent children. 

        MetLife
pays the benefits under the Plan. In addition, MetLife is the named fiduciary for making decisions as to whether a Claim for Benefits is payable. 

Eligibility  

        If you are a Retiree and were enrolled in The Dow Chemical Company Dependent Life Insurance Plan available to active Salaried Employees and certain Bargained for
Employees on the day preceding your
Retirement, you are eligible for continued coverage for your Spouse of Record/Domestic Partner of Record and/or dependent children through the Dependent Life Insurance Plan; provided, that with
respect to Retired Bargained For Employees, the applicable bargaining agreement must also provide that you are eligible for coverage under this Plan. 

        If
you are a retired Employee of Union Carbide or Participating Employer that is a wholly-owned subsidiary of Union Carbide, and were enrolled in The Dow Chemical Company Dependent Life
Insurance Plan available to active Salaried Employees and certain Bargained for Employees on the day preceding your retirement from Union Carbide or its subsidiary, you are eligible for continued
coverage for your Spouse of Record/Domestic Partner of Record and/or dependent children through the Dependent Life Insurance Plan; provided that with respect to retired Bargained-For
Employees, the applicable bargaining agreement provides that you are eligible for coverage under this Plan. 

106

 

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

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

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

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

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

Dependent Eligibility  

        You may purchase coverage on the life of your Spouse of Record/Domestic Partner of Record and/or the life of your dependent child or children. A dependent child
must be principally supported by you, be at least 15 days of age, and must be: 

	•
	A
natural or legally adopted child;

	•
	A
stepchild permanently residing in your household; or

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

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

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

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

	•
	Employed
full-time.

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

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

Enrollment  

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

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

107

 

Coverage Levels  

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

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

Cost  

        Your premium for Retiree Dependent Life Insurance is based on the option that you select. The cost for coverage is subject to change, according to Plan
experience. Premiums are subject to change. Changes to premiums are published in DowFriends. If your premiums are not automatically deducted from payments from the Dow Employees' Pension Plan (DEPP)
or the Retirement Program for Employees of Union Carbide Corporation and its Participating Subsidiaries (Union Carbide Retirement Program), you must pay your premium within 31days of your bill.  If your payment is not
postmarked within 31 days of your bill, your coverage will be canceled. 

Beneficiary Designation  

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

Benefit Payment  

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

Funding  

        Retirees pay the entire premium for coverage. The benefits under the Pre-65 Retiree Optional Life Insurance Plan and the Retiree Dependent Life
Insurance Plan are not combined for experience with the other insurance coverages. Favorable experience under this insurance coverage in a particular year may offset unfavorable experience in prior
years. It is not anticipated that there will be any future dividends declared for the Pre-65 Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan based on the
manner in which the insurer has determined the premium rates. 

Joint Insurance Arrangement  

        Dorinco Reinsurance Company (Dorinco) and MetLife have entered into an arrangement that has been approved by the U.S. Department of Labor in DOL Opinion Letter
97-24A. Under this arrangement, MetLife has or will write the coverage for the Plan, and Dorinco will assume a percentage of the risk. Under the insurance arrangement between MetLife and
Dorinco, MetLife and Dorinco will each be liable to pay the agreed upon percentage of each death benefit claim in respect of a Plan Participant. When a claim for benefits is approved, Dorinco will
transfer its percentage of each death benefit claim to MetLife. MetLife will then pay the full amount of the claim. If MetLife is financially unable to pay the portion of the claim, Dorinco will be
obligated to pay the full amount of the claim directly. Similarly, if Dorinco is financially unable to pay its designated percentage of a particular claim, MetLife will be obligated to pay the entire
amount of the claim. Neither MetLife nor Dorinco will charge the Plan any administrative fees, commissions or other consideration as a result of the participation of Dorinco. 

108

  

Your Rights  

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

Ending Coverage  

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

	•
	In
the event of your death.

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

Converting to an Individual Policy  

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

        Application
must be made within 31 days of the loss of coverage; no proof of insurability is required. The cost of this individual coverage will be significantly higher than your
group plan premium. Although not required, providing proof of insurability may help reduce your cost. 

        Contact
the MetLife Life Conversion Group at 1-800-MET-LIFE or 1-800-638-5433 if you are interested in converting
your policy to an individual plan. 

Filing a Claim  

        See Claims Procedures Appendix of this SPD. 

Appealing a Denial of Claim  

        See Claims Procedures Appendix of this SPD. 

Fraud Against the Plan  

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

Grievance Procedure  

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

109

 

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

Your Legal Rights  

        When you are a Participant in the Retiree Company-Paid, Pre-65 Retiree Optional or Retiree Dependent Life Insurance Plans, you are
entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). This law requires that all Plan Participants must be able to: 

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

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

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

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

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

        Under
ERISA, there are steps you can take to enforce the legal rights described above. For instance, if you request materials from one of the Plans and do not receive them within
30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the
materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you must
file a written appeal within the time period 

110

 

specified in the Plan's Claims Procedures. Failure to comply with the Plan's claims procedures may significantly jeopardize your rights to benefits. If you are not satisfied with the final appellate
decision, you may file suit in Federal court. If you file a lawsuit, you must do so within 120 days from the date of the Claims Administrator's or the Plan
Administrator's final written decision (or the deadline the Claims Administrator or Plan Administrator had to notify you of a decision). Failure to file a lawsuit within the 120 day
period will result in your waiver of your right to file a lawsuit. The court will decide who should pay court costs and legal fees. If you are successful the court may
order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

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

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

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

Welfare Benefits  

        Welfare benefits, such as the Retiree Company-Paid Life Insurance Plan, Pre-65 Retiree Optional Life Insurance Plan and Retiree Dependent
Life Insurance Plan, are not required to be guaranteed by a government agency. 

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

        Dow reserves the right to amend, modify or terminate the Retiree Company-Paid Life Insurance Plan, Pre-65 Retiree Optional Life Insurance
Plan and Retiree Dependent Life Insurance Plan at any time at its sole discretion. Amendments, modifications, or termination of the any of the Plans that have a financial impact of U.S.
$10 million or more to The Dow Chemical Company (Company) in any single year require the approval of the Board of Directors of the Company or any committee of the Company that the Board may
authorize to act on its behalf. Amendments, modifications, or 

111

 

termination of any of the Plans that have a financial impact of less than U.S. $10 million to the Company in any single year must be signed by the President or a Vice President of the Company
and reviewed by the applicable Plan Administrator and an attorney in the Company's Legal Department. Certain modifications or amendments of the Plans which the Company deems necessary or appropriate
to conform the Plans to, or satisfy the conditions of, any law, governmental regulation or ruling, and to permit the Plans to meet the requirements of the Internal Revenue Code may be made
retroactively if necessary. Other amendments or modifications may also be made retroactively effective. 

Disposition Of Plan Assets If The Plans Are Terminated  

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

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

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

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

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

For More Information  

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

Important Note  

        This booklet is the summary plan description (SPD) for The Dow Chemical Company Group Life Insurance Program's Retiree Company Paid Life Insurance Plan, The Dow
Chemical Company Employee Paid and Dependent Life Insurance Program's Pre-65 Retiree Optional Life Insurance Plan The Dow Chemical Company Employee Paid and Dependent Life Insurance
Program's Retiree Dependent Life Insurance Plan. However, it is not all-inclusive and it is not intended to take the place of each Plan's legal documents. In case of conflict between this
SPD and the applicable Plan Document, the applicable Plan Document will govern. 

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

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

112

 
ERISA INFORMATION

The Dow Chemical Company Group Life Insurance Program's

Retiree Company-Paid Life Insurance Plan

(A Welfare Benefit Plan)  

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

507
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

c/o HR Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administration:	
 	

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

Metropolitan Life

Group Life Claims

Oneida County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

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

Funding:	
 	

Dow and Participating Employers pay the entire cost of the Plan. Benefits are funded through a group insurance contract with Metropolitan Life Insurance Company. Plan assets are held in the Dow Chemical Company Employees' Welfare Benefit Trust. The
assets of the Plans may be used at the discretio nf the Plan Administrator to pay for any benefits provided under the Plans, as the Plans may be amended from time to time, as well as to pay for any expenses of the Plans. Such expenses may include,
and are not limited to, consulting fees, actuarial fees, attorneys fees, third party administrator fees, and other administrative expenses.

113

 
ERISA Information

The Dow Chemical Company

Employee Paid and Dependent Life Insurance Program's

Pre-65 Retiree Optional Life Insurance Plan

(Welfare Benefit Plans)  

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

515
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

c/o HR Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administration:	
 	

Metropolitan Life Insurance Company administers claims under a group policy issued to The Dow Chemical Company Employees' Welfare Benefit Trust.

Metropolitan Life Insurance Company

Group Life Claims

Oneida County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

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

Funding:	
 	

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

 

114

 

	

Joint Insurance Arrangement:	
 	

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

If Dorinco is insolvent, the entire life insurance benefit will be paid by Metropolitan. Dorinco's address is:

Dorinco Reinsurance Company

1320 Waldo Avenue

Dorinco Building

Midland, MI 48642

115

 
 
  ERISA Information
  The Dow Chemical Company
  Employee Paid and Dependent Life Insurance Program's
  Retiree Dependent Life Insurance Plan
  (Welfare Benefit Plans)    

	Plan Sponsor:	 	The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-800-336-4456
	

Employer Identification Number:	
 	

38-1285128
	

Plan Number:	
 	

515
	

Group Policy Number:	
 	

11700-G
	

Plan Administrator:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit Contact:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination, File with:	
 	

See Claims Procedures Appendix to this SPD
	

To Serve Legal Process, File With:	
 	

General Counsel

The Dow Chemical Company

c/o HR Legal Department

2030 Dow Center

Midland, MI 48674
	

Claims Administration:	
 	

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

Metropolitan Life Insurance Company

Group Life Claims

Oneida County Industrial Park

Utica, NY 13504-6115
	

Plan Year:	
 	

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

Funding:	
 	

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

 

116

 

	

Joint Insurance Arrangement:	
 	

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

If Dorinco is insolvent, the entire life insurance benefit will be paid by Metropolitan. Dorinco's address is:

Dorinco Reinsurance Company

1320 Waldo Avenue

Dorinco Building

Midland, MI 48642

117

 
CLAIMS PROCEDURES APPENDIX

Summary Plan Descriptions of the life insurance plans sponsored by

The Dow Chemical Company  

You Must File a Claim in Accordance with These Claims Procedures  

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

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

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

        You
must follow the claims procedures for either CLAIMS FOR PLAN BENEFITS or CLAIMS FOR AN ELIGIBILITY DETERMINATION, whichever applies to
your situation. See page 25 for the procedures for CLAIMS FOR PLAN BENEFITS. See page 25 for procedures for CLAIMS FOR
ELIGIBILITY DETERMINATIONS.

Who Will Decide Whether to Approve or Deny My Claim?  

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

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

An Authorized Representative May Act On Your Behalf  

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

Authority Of The Administrators And Your Rights Under ERISA  

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

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

CLAIMS FOR PLAN BENEFITS  

Information Required In Order to Be a "Claim":  

        For Claims that are requests for Plan benefits, the claimant must complete a MetLife claims form. Call the H.R. Service Center
1-877/623-8079 to obtain a form. (Retirees should call the Retiree Service Center to obtain a form 1-800/344-0661). In addition, you must attach
a certified death certificate (must be certified by the government authority, as exhibited by a "raised seal" on the certificate). You may 

118

 

request assistance from the Dow Benefits Center (1-989/636-9556) if you need help completing the MetLife claims form. 

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

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

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

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

Metropolitan
Life Insurance Company

Group Life Claims

Oneida Country Industrial Park

Utica, NY 13504-6115

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

CLAIMS FOR DETERMINATION OF ELIGIBILITY  

Information Required In Order to Be a "Claim":  

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

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

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

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

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

        Claims for Eligibility Determinations must be filed with: 

Dow
Benefits Center

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

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

INITIAL DETERMINATIONS  

        If you submit a Claim for Plan Benefits or a Claim for Eligibility
Determination to the applicable Administrator, the applicable Administrator will review your Claim and you notify you of its decision to approve or deny your Claim. Such
notification will be provided to you in writing within a reasonable 

119

 

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

APPEALING THE INITIAL DETERMINATION  

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

	•
	Name
of Employee

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

	•
	Name
of the benefit Plan

	•
	Reference
to the Initial Determination

	•
	Explain
reason why you are appealing the Initial Determination 

        Send
appeals of Eligibility Determinations to: 

Director
of Global Benefits

The Dow Chemical Company

2020 Bldg.

Midand, MI 48674

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

        Send
appeals of benefit denials to: 

Metropolitan
Life Insurance Company

Group Life Claims

Oneida County Industrial Park

Utica, NY 13504-6115

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

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

        After
the applicable Administrator receives your written request to appeal the initial determination, the Administrator will review your Claim. Deference will not be given to the initial
adverse decision, and the appellate reviewer will look at the Claim anew. The person who will review your appeal will not be the same person as the person who made the initial decision to deny the
Claim. 

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

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

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QuickLinks

EXHIBIT 10(t)

THE DOW CHEMICAL COMPANY GROUP LIFE INSURANCE PROGRAM'S RETIREE LIFE INSURANCE PLANS FOR SALARIED RETIREES AND RETIREES OF CERTAIN HOURLY GROUPS Summary Plan Description for: Retiree Company Paid Life Insurance
Plan Pre-65 Retiree Optional Life Insurance Plan Retiree Dependent Life Insurance Plan

ERISA Information The Dow Chemical Company Employee Paid and Dependent Life Insurance Program's Retiree Dependent Life Insurance Plan (Welfare Benefit Plans)

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