Document:

EXHIBIT A 

     

    Form of 3.150% Notes due 2024

     

      

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

     

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

     

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

     

    

    

    
      Ex. A-1

      
        

    

    

    

    THE DOW CHEMICAL COMPANY

     

    3.150% Notes due 2024

     

    CUSIP NO. [260543 CS0 (Rule 144A) / U26054 KJ1 (REG S)]

        ISIN NO. [US260543CS00 (Rule 144A) / USU26054JK18 (REG S)]

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

            	
               US$[●]

            

    

    

    

    THE DOW CHEMICAL COMPANY, a Delaware corporation (herein called the “Company,” which term includes any successor corporation
        under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [•] MILLION DOLLARS (US$[•]) or such other principal sum set forth on the Schedule attached
        hereto (which shall not exceed $500,000,000) on May 15, 2024, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest and Additional
        Interest , if any, as defined in and payable pursuant to Section 2 of the Registration Rights Agreement referred to below, thereon semi-annually on each May 15 and November 15 (each an “Interest Payment Date”), commencing November 15, 2019 and at
        maturity on said principal sum, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, at the rate per annum specified in the title of this Security from
        the May 15 or November 15, as the case may be, next preceding the date of this Security to which interest and Additional Interest, if any, has been paid, unless the date hereof is a date to which interest and Additional Interest, if any, has been
        paid, in which case from the date of this Security, or unless no interest has been paid on this Security, in which case from May 20, 2019, until payment of said principal sum has been made or duly provided for. Payments of such principal and
        interest and Additional Interest, if any, shall be made at the office or agency of the Company in Chicago, Illinois, which, subject to the right of the Company to vary or terminate the appointment of such agency, shall initially be at the principal
        office of The Bank of New York Mellon Trust Company, N.A., Two North LaSalle Street, Chicago, Illinois 60602; provided, that payment of interest and
        Additional Interest, if any, may be made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register; provided, further that so long as CEDE & CO. or another nominee of the Depositary is the registered owner of this
        Security payments of principal and interest and Additional Interest, if any, will be made in immediately available funds through the Depositary’s Same-Day Funds Settlement System. Notwithstanding the foregoing, if the date hereof is after May 1 or
        November 1, as the case may be, and before the following May 15 or November 15, this Security shall bear interest and Additional Interest, if any, from such May 15 or November 15; provided, that if the Company shall default in the payment of interest or Additional Interest, if any, due on such May 15 or November 15, then this Security shall bear interest and Additional Interest, if any, from
        the next preceding May 15 or November 15, to which interest and Additional Interest, if any, has been paid or, if no interest has been paid on this Security, from May 20, 2019. The interest and Additional Interest, if any, payable on any May 15 or
        November 15 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on the May 1 or November 1 (each a “Record Date”),
        as the case may be, next preceding such May 15 or November 15, and the interest and Additional Interest, if any, payable at maturity will be payable to the person to whom the principal hereof shall be payable.

     

      

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

     

      

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

     

      

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

     

    

    

    
      Ex. A-2

      
        

    

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

     

      

     

      

    Dated: May 20, 2019

     

    	
            Attest:

          	 	
            THE DOW CHEMICAL COMPANY

          	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
                       

            

          	 	By:	
                      

            

          	 
	 	
            [•]

          	 	 	
            [•]

          	 
	 	
            [•]

          	 	 	
            [•]

          	 
	 	 	 	 	 	 

    

    

    

    

    
      Signature Page to Notes due 2024 R-•

    

    
      
        

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

     

      

    Dated: May 20, 2019

     

    

    

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

              

            	 
	 	 	Authorized Signatory

            	 
	 	 	

            	 
	 	 	 	 

    

     

  
    

    

    

    

    

    

    

     

      

    

      Signature Page to Notes due 2024 R-•

    
      
        

    

     

      

    THE DOW CHEMICAL COMPANY

     

    3.150% Notes due 2024

     

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

     

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

     

       (b)        The Securities are
        redeemable, at any time in whole or from time to time in part, prior to April 15, 2024, at the option of the Company at a redemption price equal to the greater of:

     

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

     

      (ii)         the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed on that redemption date that would be due if the Securities being redeemed matured on April 15,
        2024 (not including any portion of such payments of interest and Additional Interest, if any, accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
        months) at the Treasury Rate (as defined below), plus 20 basis points,

     

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

     

    On or after April 15, 2024, the Securities will be redeemable, at any time in whole or from time to time in part, at
        the Company’s option at 100% of the principal amount of the Securities to be redeemed on that redemption date plus accrued and unpaid interest and Additional Interest, if any, thereon to but excluding such redemption date.

     

      

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

     

      

    “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
        maturity comparable to the remaining term (as measured from the date of redemption) of the Securities to be redeemed (assuming for this purpose, that the Securities matured on April 15, 2024) that would be utilized, at the time of selection and in
        accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities.

     

      

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

     

      

    
      Ex. A-5

      
        

    

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

     

      

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

     

      

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

     

      

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

     

      

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

     

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

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

     

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

     

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

     

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

     

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

     

    
      Ex. A-6

      
        

    

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

     

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

     

      (ii)      deposit

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

     

      (iii)       deliver

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

     

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

     

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

     

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

     

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

     

      

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

     

      

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

     

      

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

        

      

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

     

      

    
      Ex. A-7

      
        

    

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

     

      

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

     

      

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

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

     

      

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

     

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

     

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

     

      

    “Fitch” means Fitch Ratings, Inc.

     

      

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

     

      

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

     

      

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

     

      

    
      Ex. A-8

      
        

    

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

     

      

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

     

      

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

     

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

     

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

     

      

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

     

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

     

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

     

      

    
      Ex. A-9

      
        

    

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

     

      

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

     

    Section 9.          No

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

     

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

     

    Section 11.          Registration Rights Agreement. Holders of the Securities issued on the date hereof will have all the rights set forth in the Registration Rights
        Agreement, dated as of May 20, 2019, among the Company and the other parties named in Schedule I thereto (the “Registration Rights Agreement”). The Company will furnish to any holder of Securities upon request and without charge a copy of the
        Registration Rights Agreement.

     

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

     

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

     

    

    

    
      Ex. A-10

      
        

    

    CERTIFICATE TO BE DELIVERED UPON EXCHANGE

    OR REGISTRATION OF TRANSFER OF SECURITIES

     

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

     

    The Transferor (check one box below):

     

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

              

      

    

     

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

              

      

    

     

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

     

    CHECK ONE BOX BELOW

     

    
      
        	
                

                

              	
                (1)          

              	[_]          	to the Company; or

      

    

     

    
      
        	

              	
                (2)          

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

      

    

     

    
      
        	

              	
                (3)          

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

      

    

     

    
      
        	

              	
                (4)          

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

      

    

     

    
      
        	

              	
                (5)          

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

      

    

     

    
      
        	
                
                  
                    

                    

                  

                

              	
                (6)          

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

      

    

     

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

     

    
      
        	 	 
	 	
                [INSERT NAME OF TRANSFEROR]

              

      

      

      

    

     

     

    
      	 	 	 	 	 
	
              Dated:

            	 	 	
              By:

            	 

    

     

     

    

     

    

    
      Ex. A-11

      
        

    

    

      

    SCHEDULE OF EXCHANGES

     

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

     

    	
            Date of 

            Exchange

          	
            Amount of decrease in

            Principal Amount of this

            Security

          	
            Amount of increase in

            Principal Amount of

            this Security

          	
            Principal Amount of this 

            Security following such

            decrease (or increase)

          	
            Signature of

            authorized

            signatory of

            Trustee

          
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

     

    

    

    
      Ex. A-12

      
        

    

     

    ABBREVIATIONS

     

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

     

      

    
      	TEN COM - as tenants in common	
               

            
	

            	
               

            
	
              TEN ENT - as tenants by the entireties 

              

            	
               

            
	
               

            	
               

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

            	
               

            
	UNIF GIFT MIN ACT - 

            	 

            
	
               

            	(Minor)
	 	 
	Custodian

            	 

            
	 	(Cust)
	 	 
	Under Uniform Gifts to Minors Act          

            	 
	 	 (State)
	 	 
	 	 	 	 

       

     

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

     

     

    

    
      Ex. A-13

      
        

    

    

    

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

     

    PLEASE INSERT SOCIAL SECURITY OR

     

    OTHER IDENTIFYING NUMBER OF ASSIGNEE

     

      

     

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

     

    
      

      

      

      
           

    
      

              

    

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

        

    

    
      	Dated:

            	
                

              

            	
               

            
	
               

            	
               

            	
               

            
	Signature:

            	
               

            	
               

            

               

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

              

      

    

     

    

    

     

    

    

    

    

    

    

     

  

  Ex. A-14EXHIBIT B

      

     

      

    Form of 3.625% Notes due 2026

     

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

     

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

     

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

     

    

    

    
      Ex. B-1

      
        

    

    

    

    THE DOW CHEMICAL COMPANY

     

    3.625% Notes due 2026

     

     
      	
              CUSIP NO. [260543 CW1 (Rule 144A) / U26054 KL6 (REG S)] 

              

            	
               

            
	
              ISIN NO. [US260543CW12 (Rule 144A) / USU26054KL63 (REG S)] 

              

            	
               

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

              

            	
              US$[●] 

              

            

    

    

    

    THE DOW CHEMICAL COMPANY, a Delaware corporation (herein called the “Company,” which term includes any
        successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [•] MILLION DOLLARS (US$[•]) or such other principal sum set forth on the
        Schedule attached hereto (which shall not exceed $500,000,000) on May 15, 2026, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
        interest and Additional Interest , if any, as defined in and payable pursuant to Section 2 of the Registration Rights Agreement referred to below, thereon semi-annually on each May 15 and November 15 (each an “Interest Payment Date”), commencing
        November 15, 2019 and at maturity on said principal sum, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, at the rate per annum specified in the
        title of this Security from the May 15 or November 15, as the case may be, next preceding the date of this Security to which interest and Additional Interest, if any, has been paid, unless the date hereof is a date to which interest and Additional
        Interest, if any, has been paid, in which case from the date of this Security, or unless no interest has been paid on this Security, in which case from May 20, 2019, until payment of said principal sum has been made or duly provided for. Payments
        of such principal and interest and Additional Interest, if any, shall be made at the office or agency of the Company in Chicago, Illinois, which, subject to the right of the Company to vary or terminate the appointment of such agency, shall
        initially be at the principal office of The Bank of New York Mellon Trust Company, N.A., Two North LaSalle Street, Chicago, Illinois 60602; provided, that payment
        of interest and Additional Interest, if any, may be made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register; provided, further that so long as CEDE & CO. or another nominee of the Depositary is the registered owner of this
        Security payments of principal and interest and Additional Interest, if any, will be made in immediately available funds through the Depositary’s Same-Day Funds Settlement System. Notwithstanding the foregoing, if the date hereof is after May 1 or
        November 1, as the case may be, and before the following May 15 or November 15, this Security shall bear interest and Additional Interest, if any, from such May 15 or November 15; provided, that if the Company shall default in the payment of interest or Additional Interest, if any, due on such May 15 or November 15, then this Security shall bear interest and Additional Interest, if any, from the next
        preceding May 15 or November 15, to which interest and Additional Interest, if any, has been paid or, if no interest has been paid on this Security, from May 20, 2019. The interest and Additional Interest, if any, payable on any May 15 or November
        15 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on the May 1 or November 1 (each a “Record Date”), as the
        case may be, next preceding such May 15 or November 15, and the interest and Additional Interest, if any, payable at maturity will be payable to the person to whom the principal hereof shall be payable.

     

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

     

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

     

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

     

     

    

    
      Ex. B-2

      
        

    

    

    

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

     

    Dated: May 20, 2019

     

    
      	
              Attest:

            	 	
              THE DOW CHEMICAL COMPANY

            
	 	 	 
	 	 	 
	
              By:

            	 	 	
              By:

            	 
	 	
              [•]

            	 	 	
              [•]

            
	 	
              [•]

            	 	 	
              [•]

            
	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Signature Page to Notes due 2026 R-•

    

    
      
        

    

    

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

     

    Dated: May 20, 2019

     

    

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

            Trustee

          
	 	 
	 	 
	 	
            By:

          	 
	 	 	
            Authorized Signatory

          

     

      

     

      

  

   

    

   

    

   

    

   

    

   

    

   

    

   

    
     

      

  

   

  
    Signature Page to Notes due 2026 R-•

    

      

    
      
        

    

    

    

    THE DOW CHEMICAL COMPANY

     

    3.625% Notes due 2026

     

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

     

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

     

    (b) The Securities are redeemable, at any time in whole or from time to time in part, prior to March 15, 2026, at the option of the Company at a
        redemption price equal to the greater of:

     

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

     

    (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed on that redemption date
        that would be due if the Securities being redeemed matured on March 15, 2026 (not including any portion of such payments of interest and Additional Interest, if any, accrued as of the date of redemption), discounted to the date of redemption on a
        semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 25 basis points,

     

      

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

     

    On or after March 15, 2026, the Securities will be redeemable, at any time in whole or from time to time in
        part, at the Company’s option at 100% of the principal amount of the Securities to be redeemed on that redemption date plus accrued and unpaid interest and Additional Interest, if any, thereon to but excluding such redemption date.

     

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

     

    “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as
        having a maturity comparable to the remaining term (as measured from the date of redemption) of the Securities to be redeemed (assuming for this purpose, that the Securities matured on March 15, 2026) that would be utilized, at the time of
        selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities.

     

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

     

     

    

    
      Ex. B-5

      
        

    

     

    

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

     

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

     

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

     

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

     

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

     

    (d) The Company will mail a notice of any redemption at least 15 days but not more than 60 days before the redemption date to each Holder; provided that such notice of redemption may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance
        of the Securities or a satisfaction and discharge of the Securities. Once notice of redemption is mailed, the Securities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued
        and unpaid interest and Additional Interest, if any, to, but excluding, the redemption date.

     

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

     

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

     

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

     

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

     

     

    

    
      Ex. B-6

      
        

    

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

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

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

    

     

    

    
      
        
          	 	
                  (iii)

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

          

        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

    
      Ex. B-7

      
        

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Fitch” means Fitch Ratings, Inc.

     

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

     

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

     

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

     

    
      Ex. B-8

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    This Security is exchangeable for a certificated Security only if (x) the Depositary
        notifies the Company that it is no longer willing or able to act as a Depositary for this Security or the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and the Company has not appointed
        a successor depositary within 90 days of that notice or becoming aware that the Depositary is no longer so registered or (y) the Company in its sole discretion determines that this Security shall be exchangeable for certificated Securities in
        registered form or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing, and the Depositary requested the issuance of certificated Securities, 

     

      

     

      

    
      Ex. B-9

      
        

    

    provided that the definitive Securities so issued in exchange for this permanent Security shall be in
        denominations of $2,000 and any integral multiple of $1,000 in excess thereof and be of like aggregate principal amount and tenor as the portion of this permanent Security to be exchanged, and provided further that, unless the Company agrees
        otherwise, Securities of this series in certificated registered form will be issued in exchange for this permanent Security, or any portion hereof, only if such Securities in certificated registered form were requested by written notice to the
        Trustee or the Securities Registrar by or on behalf of a person who is beneficial owner of an interest hereof given through the Holder hereof. Except as provided above, owners of beneficial interests in this permanent Security will not be entitled
        to receive physical delivery of Securities in certificated registered form and will not be considered the Holders thereof for any purpose under the Indenture.

     

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

     

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

     

    Section 9.  No Recourse Against Certain Persons. No recourse for
        the payment of the principal or interest or Additional Interest, if any, on this Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the
        Indenture or any Supplemental Indenture thereto or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of
        the Company or of any successor corporation of either of them, either directly or through the Company or any successor corporation of either of them, whether by virtue of any constitution, statute or rule or law or by the enforcement of any
        assessment or penalty or otherwise, all such liability being by the acceptance hereof and as a condition of and as part of the consideration for the issue hereof, expressly waived and released.

     

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

     

    Section 11.  Registration
            Rights Agreement. Holders of the Securities issued on the date hereof will have all the rights set forth in the Registration Rights Agreement, dated as of May 20, 2019, among the Company and the other parties named in Schedule
        I thereto (the “Registration Rights Agreement”). The Company will furnish to any holder of Securities upon request and without charge a copy of the Registration Rights Agreement.

     

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

     

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

     

    

    

    
      Ex. B-10

      
        

    

    CERTIFICATE TO BE DELIVERED UPON EXCHANGE

    OR REGISTRATION OF TRANSFER OF SECURITIES

     

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

     

    The Transferor (check one box below):

     

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

              

      

    

     

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

              

      

    

     

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

     

    CHECK ONE BOX BELOW

     

    
      
        	

              	(1) 	[_] 	to the Company; or

      

    

     

    
      
        	

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

      

    

     

    
      
        	

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

      

    

     

    
      
        	

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

      

    

     

    
      
        	

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

      

    

     

    
      
        	

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

      

    

     

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

     

    
      	 	 
	 	
              [INSERT NAME OF TRANSFEROR]

            

      

      

      

      

      	 	 	 	 	 
	
              Dated:

            	 	 	
              By:

            	 

      

      

    

    

     

      

     

      

  

  

    
      Ex. B-11

      
        

    

     

      

    SCHEDULE OF EXCHANGES

     

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

     

    	
            Date of

            Exchange

          	
            Amount of decrease in

            Principal Amount of this

            Security

          	
            Amount of increase in

            Principal Amount of

            this Security

          	
            Principal Amount of this

            Security following such

            decrease (or increase)

          	
            Signature of

            authorized

            signatory of

            Trustee

          
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    
      Ex. B-12

      
        

    

      

    

    ABBREVIATIONS

     

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

     

    

    
      	TEN COM - as tenants in common	
               

            
	

            	
               

            
	
              TEN ENT - as tenants by the entireties 

              

            	
               

            
	
               

            	
               

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

            	
               

            
	UNIF GIFT MIN ACT - 

            	 

            
	
               

            	(Minor)
	 	 
	Custodian

            	 

            
	 	(Cust)
	 	 
	Under Uniform Gifts to Minors Act          

            	 
	 	 (State)
	 	 

    

    

     

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

    

    

    

    

    
      Ex. B-13

      
        

    

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

     

    PLEASE INSERT SOCIAL SECURITY OR

     

    OTHER IDENTIFYING NUMBER OF ASSIGNEE

     

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

       

        

       

      
        

        

        

        
           

      
        

                

      

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

          

      

      
        	Dated:

              	
                  

                

              	
                 

              
	
                 

              	
                 

              	
                 

              
	Signature:

              	
                 

              	
                 

              

                 

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

                

        

      

    

     

    

     

    

  

  

  

  

  

  

  

  

  

  Ex. B-14

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