Document:

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 10(p)    
    

The Dow Chemical Company

Elective Deferral Plan  

ARTICLE I  

 PURPOSE AND EFFECTIVE DATE  

        The purpose of The Dow Chemical Company Elective Deferral Plan ("Plan") is to aid The Dow Chemical Company and its subsidiaries in retaining and attracting
executive employees by providing them with tax deferred savings opportunities. The Plan provides a select group of management and highly compensated employees, within the meaning of Sections 201(2),
301(a)3 and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and therefore exempt from Parts 2, 3, and 4 of Title I of ERISA, of The Dow Chemical Company with the
opportunity to elect to defer receipt of specified portions of compensation, and to have these deferred amounts treated as if invested in specified Hypothetical Investment Benchmarks. The Plan shall
be effective for deferral elections made hereunder on or after January 1, 2001. The benefits provided under the Plan shall be provided in consideration for services to be performed after the
effective date of the Plan, but prior to the executive's retirement. 

        Effective
December 15, 1994, The Dow Chemical Company originally adopted The Dow Chemical Company Elective Deferral Plan. Minor amendments were made to the Plan on
December 11, 1997. On October 19, 2000 The Dow Chemical Company amended and restated the Plan, to be effective as of January 1, 2001, to read as set forth in this Plan document.
Minor amendments to the restated Plan were made on December 11, 2000, September 10, 2001, October 4, 2001, September 9, 2002, December 2, 2002, February 3,
2003, April 7, 2003, July 7, 2003, August 4, 2003 and December 10, 2003. The Dow Chemical Company again restated the Plan on August 6, 2004, effective as of
January 1, 2001, in order to clarify certain provisions of the Plan. Minor amendments to the restated Plan were made on October 7, 2004. 

ARTICLE II  

 DEFINITIONS  

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

        Section 2.01    Administrator.    "Administrator" means the Retirement Board
appointed under the Dow Employees' Pension Plan. 

        Section 2.02    Base Salary.    "Base Salary" means the annual base rate of pay
from the Company at which a Participant is employed (excluding Performance Awards, commissions, relocation expenses, and other non-regular forms of compensation) before deductions under
(A) deferrals pursuant to Section 4.02 and (B) contributions made on his or her behalf to any qualified plan maintained by any Company or to any cafeteria plan under
Section 125 of the Internal Revenue Code maintained by any Company. 

        Section 2.03    Base Salary Deferral.    "Base Salary Deferral" means the amount
of a Participant's Base Salary which the Participant elects to have withheld on a pre-tax basis from his Base Salary and credited to his or her Deferral Account pursuant to
Section 4.02. 

        Section 2.04    Beneficiary.    "Beneficiary" means the person, persons or entity
designated by the Participant to receive any benefits payable under the Plan pursuant to Article VIII. 

        Section 2.05    Board.    "Board" means the Board of Directors of The Dow Chemical
Company. 

        Section 2.06    Change of Control.    For purposes of this Plan, a "Change of
Control" shall be deemed to have occurred upon: (i) the dissolution or liquidation of The Dow Chemical Company; (ii) a reorganization, merger or consolidation of The Dow Chemical Company
with one or more corporations as a result of which The Dow Chemical Company is not a surviving corporation; (iii) approval by the stockholders of The Dow Chemical Company of any sale, lease,
exchange, or other transfer (in one or series of transactions) of all or substantially all of the assets of The Dow Chemical 

117

 

Company;
(iv) approval by the stockholders of The Dow Chemical Company of any merger or consolidation of The Dow Chemical Company in which the holders of the voting stock of The Dow Chemical
Company immediately before the merger or consolidation will not own fifty percent (50%) or more of the outstanding
voting shares of the continuing or surviving corporation immediately after such merger or consolidation, or (v) a change of fifty-one percent (51%) (rounded to the next whole
person) in the membership of the Board of Directors of The Dow Chemical Company within a twenty-four (24) month period, unless the election or nomination for election by
stockholders of each new director within such period was approved by the vote of eighty-five percent (85%) (rounded to the next whole person) of the directors still in office who were in
office at the beginning of the twenty-four month period. 

        Section 2.07    Common Stock.    "Common Stock" means the common stock of The Dow
Chemical Company. 

        Section 2.08    Company.    "Company" means The Dow Chemical Company, its
successors, any subsidiary or affiliated organizations authorized by the Board or the Retirement Board to participate in the Plan and any organization into which or with which The Dow Chemical Company
may merge or consolidate or to which all or substantially all of its assets may be transferred. 

        Section 2.09    Deferral Account.    "Deferral Account" means the notional account
established for record keeping purposes for each Participant pursuant to Article VI. 

        Section 2.10    Deferral Period.    "Deferral Period" is defined in
Section 4.02. 

        Section 2.11    Deferred Amount.    "Deferred Amount" is defined in
Section 4.02. 

        Section 2.12    Designee.    "Designee" shall mean The Dow Chemical Company's
North American Compensation Resource Center to whom the Retirement Board has delegated the authority to take action under the Plan. 

        Section 2.13    Disability.    "Disability" means eligibility for disability
benefits under the terms of the Long-Term Disability Plan maintained by The Dow Chemical Company. The Retirement Board, in its complete and sole discretion, shall determine a Participant's
disability. The Administrator may require that the Participant submit to an examination on an annual basis, at the expense of the Company at which such Participant was employed, by a competent
physician or medical clinic selected by the Retirement Board to confirm Disability. On the basis of such medical evidence, the determination of the Retirement Board as to whether or not a condition of
Disability exists or continues shall be conclusive. 

        Section 2.14    Eligible Compensation.    "Eligible Compensation" means any Base
Salary, Performance Awards or Other Bonuses and any other monies deemed to be eligible compensation by The Dow Chemical Company. 

        Section 2.15    Eligible Employee.    "Eligible Employee" means a key employee of
any Company who: (i) is a United States employee or an expatriate who is paid from one of The Dow Chemical Company's U.S. entities, (ii) is a member of the functional
specialist/functional leader or global leadership job families, (iii) has a job level of L2 or higher, (iv) is eligible for participation in the Savings Plan, (v) is designated by
the Administrator as eligible to participate in the Plan as of September 30 for deferral of Base Salary and
Performance Awards, and (vi) qualifies as a member of the "select group of management or highly compensated employees" under ERISA. 

        Section 2.16    ERISA.    "ERISA" means the Employee Retirement Income Security
Act of 1974, as amended. 

        Section 2.17    Fair Market Value.    "Fair Market Value" of a share of Common
Stock means the closing price of The Dow Chemical Company's Common Stock on the New York Stock Exchange on the most recent day on which the Common Stock was so traded that precedes the date the Fair
Market Value is to be determined. The definition of Fair Market Value in this Section shall be exclusively used to determine the values of a Participant's interest in The Dow Chemical Company Stock
Index Fund (defined in Section 6.02(b)) for all relevant purposes under the Plan. 

        Section 2.18    Form of Payment.    "Form of Payment" means payment in one lump
sum or in substantially equal monthly, quarterly or annual installments not to exceed 15 years. 

        Section 2.19    Hardship Withdrawal.    "Hardship Withdrawal" means the early
payment of all or part of the balance in a Deferral Account(s) in the event of an Unforeseeable Emergency. 

118

 

        Section 2.20    Hypothetical Investment Benchmark.    "Hypothetical Investment
Benchmark" shall mean the phantom investment benchmarks which are used to measure the return credited to a Participant's Deferral Account. 

        Section 2.21    Matching Contribution.    "Matching Contribution" means the amount
of annual matching contribution that each Company will make to the Plan. 

        Section 2.22    Other Bonus.    "Other Bonus" means the amount awarded to a
Participant for a Plan Year under any other incentive plan maintained by any Company that has been established and authorized as eligible for deferral. 

        Section 2.23    Other Deferral.    "Other Deferral" means the amount of a
Participant's Other Bonus which the Participant elects to have withheld on a pre-tax basis credited to his or her account pursuant to Section 4.02. 

        Section 2.24    Participant.    "Participant" means any individual who is eligible
and makes an election to participate in this Plan by filing a Participation Agreement as provided in Article IV. 

        Section 2.25    Participation Agreement.    "Participation Agreement" means an
agreement filed by a Participant in accordance with Article IV. 

        Section 2.26    Performance Awards.    "Performance Awards" means the amount paid
in cash to the Participant by any Company in the form of annual incentive bonuses for a Plan Year. 

        Section 2.27    Performance Deferral.    "Performance Deferral" means the amount
of a Participant's Performance Award which the Participant elects to have withheld on a pre-tax basis from his or her Performance Award and credited to his or her account pursuant to
Section 4.02. 

        Section 2.28    Phantom Share Units.    "Phantom Share Units" means units of
deemed investment in shares of The Dow Chemical Company Common Stock so determined under Section 6.02(b). 

        Section 2.29    Plan Year.    "Plan Year" means a twelve-month period beginning
January 1 and ending the following December 31. 

        Section 2.30    Retirement.    "Retirement" means normal or early retirement of a
Participant from the Companies after attaining age 65 or age 50 with at least ten years of service under the Dow Employees' Pension Plan or any other defined benefit pension plan maintained by a
Company under which a Participant is eligible to receive a benefit. 

        Section 2.31    Retirement Board.    "Retirement Board" means the general
administrator of the Plan appointed under the Dow Employees' Pension Plan. 

        Section 2.32    Savings Plan.    "Savings Plan" means The Dow Chemical Company
Employees' Savings Plan as it currently exists and as it may subsequently be amended. 

        Section 2.33    Section 16 Participant.    "Section 16 Participant"
means an officer or director of The Dow Chemical Company required to report transactions in The Dow Chemical Company securities to the Securities and Exchange Commission pursuant to
Section 16(a) of the Securities Exchange Act of 1934. 

        Section 2.34    Termination of Employment.    "Termination of Employment" means
the cessation of a Participant's services as an employee of the Companies, whether voluntary or involuntary, for any reason other than Retirement, Disability or Death. 

        Section 2.35    Unforeseeable Emergency.    "Unforeseeable Emergency" means severe
financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, loss of the Participant's property due to
casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant as determined by the Administrator. 

119

 

        Section 2.36    Valuation Date.    "Valuation Date" means the last day of each
calendar month or such other date as the Administrator in its sole discretion may determine. 

ARTICLE III  

 ADMINISTRATION  

        Section 3.01    Administrator Duties.    This Plan shall be administered by the
Retirement Board. The Retirement Board shall consist of not less than three members who may, but need not, be employed by any Company. Each person appointed to the Retirement Board shall signify
acceptance of his or her position and may resign by delivery of a written notice to The Dow Chemical Company. The Dow Chemical Company may remove any member at its pleasure by delivery of a written
notice to the member. In the event of any vacancy in membership, The Dow Chemical Company shall (or, if at least three members are then serving, may in its discretion) appoint a successor to fill the
vacancy in office; provided, however, that the Retirement Board may exercise its full authority and discretion notwithstanding the existence of any vacancy. Members shall serve without compensation
for their services. The Retirement Board shall act by a majority of its members by vote at a meeting or by unanimous consent in writing. If all members of the Retirement Board are not available, a
quorum, consisting of three (3) members of the Retirement Board, may act by a majority of the quorum. It may authorize one or more of its members to execute documents in its behalf. Any person,
upon written notification of the authorization, shall accept and rely upon that authorization until notified in writing that the Retirement Board has revoked the authorization. The Retirement Board
shall appoint a secretary (who may or may not be a Retirement Board member) to keep all minutes of its meetings and to receive and deliver all notices. The secretary shall record and, where
appropriate, communicate to all persons affected all delegations made by the Retirement Board of its responsibilities, any rules and procedures adopted by the Retirement Board and all other formal
actions taken by the Retirement Board. No member of the Retirement Board shall vote or act on any matter relating solely to him/herself. The Administrator may participate in a meeting of such
committee by means of a conference telephone or similar communications equipment that enables all persons participating in the meeting to hear each other, and such participation in a meeting shall
constitute presence in person at the meeting and waiver of notice of such meeting. 

        The
Retirement Board shall be responsible for the administration of this Plan and shall have all powers necessary to administer this Plan, including discretionary authority to determine
eligibility for benefits and to decide claims under the terms of this Plan, except to the extent that any such powers that are specially vested in any other person administering this Plan by the
Administrator. The Administrator may from time to time establish rules for the administration of this Plan, and it shall have the exclusive right to interpret this Plan and to decide any matters
arising in connection with the administration and operation of this Plan. All rules, interpretations and decisions of the Administrator shall be conclusive and binding on any Company, Participants and
Beneficiaries. 

        The
Retirement Board has delegated to the North American Compensation Resource Center responsibility for performing certain administrative and ministerial functions under this Plan. The
Designee shall be responsible for determining in the first instance issues related to eligibility, Hypothetical Investment Benchmarks, distribution of Deferred Amounts, determination of account
balances, crediting of hypothetical earnings and debiting of hypothetical losses and of distributions, withdrawals, deferral elections and any other duties concerning the
day-to-day operation of this Plan. The Retirement Board shall have discretion to delegate such additional duties as it may determine. The Designee may retain and supervise
outside providers, third party administrators, record keepers and professionals (including in-house professionals) to perform any or all of the duties delegated to it hereunder. 

        Neither
The Dow Chemical Company, any other Company, a member of the Board, a member of the Retirement Board nor any Designee shall be liable for any act or action hereunder, whether of
omission or commission, by any other member or employee or by any agent to whom duties in connection with the administration of this Plan have been delegated or for anything done or omitted to be done
in connection with this Plan. 

        The
Dow Chemical Company shall, to the fullest extent permitted by law, indemnify each director, officer or employee of The Dow Chemical Company (including the heirs, executors,
administrators and other personal representatives of such person), each member of the Retirement Board and any Designee against expenses (including attorneys' fees), judgments, fines, amounts paid in
settlement, actually and reasonably incurred by such person in connection with any threatened, pending or actual suit, action or proceeding (whether civil, criminal, administrative or investigative in
nature or otherwise) in which such person may be involved by reason of the fact that he or she is or was serving this Plan in any capacity at the request of The Dow Chemical Company, the Administrator
or Designee. 

120

 

        Any
expense incurred by The Dow Chemical Company or the Administrator relative to the administration of this Plan shall be paid by The Dow Chemical Company and/or may be deducted from
the Deferral Accounts of the Participants as determined by the Administrator or Designee. 

        Section 3.02    Claim Procedure.    If a Participant or Beneficiary makes a
written request alleging a right to receive payments under this Plan or alleging a right to receive an adjustment in benefits being paid under this Plan, such actions shall be treated as a claim for
benefits. All claims for benefits under this Plan shall be sent to the Designee. If the Designee determines that any individual who has claimed a right to receive benefits, or different benefits,
under this Plan is not entitled to receive all or any part of the benefits claimed, the Designee shall inform the claimant in writing of such determination and the reasons therefor in terms calculated
to be understood by the claimant. The notice shall be sent within 60 days of the claim unless the Designee determines that additional time, not exceeding 60 additional days, is needed and so
notifies the claimant. The notice shall make specific reference to the pertinent Plan provisions on which the denial is based, and shall describe any additional material or information that is
necessary to perfect the claim. Such notice shall, in addition, inform the claimant of the procedure that the claimant should follow to take advantage of the review procedures set forth below in the
event the claimant desires to contest the denial of the claim. The claimant may within 60 days thereafter submit in writing to the Administrator a notice that the claimant contests the denial
of his or her claim and desires a further review by the Administrator. The Administrator shall within 60 days thereafter review the claim and authorize the claimant to review pertinent
documents and submit issues and comments relating to the claim to the Administrator. The Administrator will render a final decision on behalf of The Dow Chemical Company with specific reasons therefor
in writing and will transmit it to the claimant within 60 days of the written request for review, unless the Administrator determines that additional time, not exceeding 60 days, is
needed, and so notifies the claimant. If the Administrator fails to respond to a claim filed in accordance with the foregoing within 60 days or any such extended period, the claim shall be
deemed to have been denied. If such determination is favorable to the claimant, it shall be binding and conclusive. If such determination is adverse to the claimant, it shall be binding and conclusive
unless the claimant notifies the Retirement Board within 90 days after the mailing or delivery to him or her by the Retirement Board of its determination that he or she intends to institute
legal proceedings challenging the determination of the Retirement Board, and actually institutes such legal proceeding within 180 days after such mailing or delivery. 

ARTICLE IV  

 PARTICIPATION  

        Section 4.01    Participation.    Participation in the Plan shall be limited to
Eligible Employees who elect to participate in this Plan by filing a Participation Agreement with the Administrator. A Participation Agreement must be filed on or prior to the November 30
immediately preceding the Plan Year for which it is effective. The Administrator shall have the discretion to establish special deadlines regarding the filing of Participation Agreements for
Participants. Notwithstanding the foregoing, the Retirement Board, in its sole discretion, may permit a newly eligible Participant to submit a Participation Agreement within 30 days of that
employee becoming eligible, and deferrals shall commence as soon as practical thereafter. An individual shall not be eligible to elect to participate in this Plan unless the individual is a
Participant for the Plan Year for which the election is made. In the event a Participant transfers to a subsidiary of any Company and such subsidiary does not participate in the Plan, the
Participant's Deferred Amount shall cease, and the Participant's Deferral Account shall remain in effect until such time as the benefits are distributed as originally elected by the Participant in the
Participation Agreement. 

        Section 4.02    Contents of Participation Agreement.    Subject to
Article VII, each Participation Agreement shall set forth: (i) the amount of Eligible Compensation for the Plan Year or performance period to which the Participation Agreement relates
that is to be deferred under the Plan (the "Deferred Amount"), expressed as either a dollar amount or a percentage of the Base Salary and Performance Awards for such Plan Year or performance period;  provided, that the minimum Deferred Amount for any Plan Year or performance period shall not be less than 5% (in 5% increments) of Base Salary and/or 5%
(in 5% increments) of Performance Award/Other Bonus; (ii) the maximum Deferred Amount for any Plan Year or performance period shall not exceed 50% of Base Salary and 85% of Performance
Award/Other Bonus; (iii) the period after which payment of the Deferred Amount is to be made or begin to be made (the "Deferral Period"), which shall be (A) a specific future year, not
greater than the year the Participant reaches age 701/2 or (B) the period ending upon the Retirement or prior termination of employment of the Participant; and (iv) the
form in which payments are to be made, which may be a lump sum or in substantially equal monthly, quarterly or annual installments not to exceed 15 years. Participation Agreements are to be
completed in a format specified by the Administrator. 

121

 

        Section 4.03    Modification or Revocation of Election by Participant.    A
Participant may not change the amount of his or her Deferred Amount during a Plan Year. A Participant's Participation Agreement may not be made, modified or revoked retroactively, nor may a deferral
period be shortened or reduced except as expressly provided in this Plan. For deferrals to occur from Performance Awards, the Participant must be actively employed, an eligible retiree or a member of
an entire class of employees identified by the Administrator as eligible under Section 7.10. 

ARTICLE V  

 DEFERRED COMPENSATION  

        Section 5.01    Elective Deferred Compensation.    Except for Section 16
Participants, the Deferred Amount of a Participant with respect to each Plan Year of participation in the Plan shall be credited to the Participant's Deferral Account as and when such Deferred Amount
would otherwise have been paid to the Participant. For Section 16 Participants who elect to direct their Deferred Amount to the Hypothetical Investment Benchmark of The Dow Chemical Company
Stock Index Fund only, the Deferred Amount of that Participant with respect to each Plan Year of participation shall be credited to the Participant's Deferral Account in the Hypothetical Investment
Benchmark of 125% of Ten Year Treasury Notes as and when such Deferred Amount would otherwise have been paid to the Participant; on a quarterly basis (on the last business day of the months of March,
June, September and December), such Deferred Amount shall be reallocated to the Hypothetical Investment Benchmark of The Dow Chemical Company Stock Index Fund. If a Participant is employed at a
Company other than The Dow Chemical Company, such Company shall pay or transfer the Deferred Amounts for all such Company's Participants to The Dow Chemical Company as and when the Deferred Amounts
are withheld from a Participant's Base Salary, Performance Award or Other Bonus. Such forwarded Deferred Amounts will be held as part of the general assets of The Dow Chemical Company. The earnings
based on a Participant's investment selection among the Hypothetical Investment Benchmarks specified in Appendix A hereto, as amended by the Administrator from time to time, shall be borne by
The Dow Chemical Company. To the extent that any Company is required to withhold any taxes or other amounts from the Deferred Amount pursuant to any state, Federal or local law, such amounts shall be
taken out of other compensation eligible to be paid to the Participant that is not deferred under this Plan. 

        Section 5.02    Vesting of Deferral Account.    Except as provided in
Sections 7.03 and 7.15, a Participant shall be 100% vested in his or her Deferral Account as of each Valuation Date. 

ARTICLE VI  

 MAINTENANCE AND INVESTMENT OF ACCOUNTS  

        Section 6.01    Maintenance of Accounts.    Separate Deferral Accounts shall be
maintained for each Participant. More than one Deferral Account may be maintained for a Participant as necessary to reflect (a) various Hypothetical Investment Benchmarks and/or
(b) separate Participation Agreements specifying different Deferral Periods and/or forms of payment. A Participant's Deferral Account(s) shall be utilized solely as a device for the measurement
and determination of the amounts to be paid to the Participant pursuant to this Plan, and shall not constitute or be treated as a trust fund of any kind. The Administrator shall determine the balance
of each Deferral Account, as of each Valuation Date, by adjusting the balance of such Deferral Account as of the immediately preceding Valuation Date to reflect changes in the value of the deemed
investments thereof, credits and debits pursuant to Section 6.02 and Section 7.03 and distributions pursuant to Article VII with respect to such Deferral Account since the
preceding Valuation Date. 

        Section 6.02    Hypothetical Investment Benchmarks.    (a) Each Participant shall
be entitled to direct the manner in which his or her Deferral Accounts will be deemed to be invested, selecting among the Hypothetical Investment Benchmarks specified in Appendix A hereto, as
amended by the Administrator from time to time, and in accordance with such rules, regulations and procedures as the Administrator may establish from time to time. Notwithstanding anything to the
contrary herein, earnings and losses based on a Participant's investment elections shall begin to accrue as of the date such Participant's Deferral Amounts are credited to his or her Deferral
Accounts.    Participants, except for Section 16 Participants, can reallocate among the Hypothetical Investment Benchmarks on a daily basis. Section 16 Participants can
reallocate among the Hypothetical Investment Benchmarks in accordance with such rules, regulations and procedures as the Administrator may establish from time to time. This reallocation capability is
extended to the monies associated with deferrals for services performed on or after January 1, 2001. Account balances from deferrals that occurred prior to January 1, 2001 will maintain
the investment direction authorized under similar prior plans. Notwithstanding the foregoing, once 

122

 

within
180 days after Retirement a Participant may reallocate deferrals that occurred prior to January 1, 2001 between The Dow Chemical Company Stock Index Fund and the 125% of Ten Year
Treasury Note Hypothetical Investment Benchmarks. 

        (b)   (i) The
Hypothetical Investment Benchmarks available for Deferral Accounts will include "The Dow Chemical Company Stock Index Fund." The Dow Chemical Company
Stock Index Fund will consist of deemed investments in shares of The Dow Chemical Company Common Stock including reinvestment of dividends, stock splits and without brokerage fees. Deferred Amounts
that are deemed to be invested in The Dow Chemical Company Stock Index Fund shall be converted into Phantom Share Units based upon the Fair Market Value of the Common Stock as of the date(s) the
Deferred Amounts are to be credited to a Deferral Account. The portion of any Deferral Account that is invested in The Dow Chemical Company Stock Index Fund shall be credited, as of each dividend
payment date, with additional Phantom Share Units of Common Stock with respect to cash dividends paid on the Common Stock with record dates during the period beginning on the day after the most recent
preceding Valuation Date and ending on such Valuation Date. 

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

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

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

        Section 6.03    Statement of Accounts.    Each Participant shall be issued
quarterly statements of his or her Deferral Account(s) in such form as the Administrator deems desirable, setting forth the balance to the credit of such Participant in his or her Deferral Account(s)
as of the end of the most recently completed quarter. 

ARTICLE VII  

 BENEFITS  

        Section 7.01    Time and Form of Payment.    At the end of the Deferral Period for
each Deferral Account, The Dow Chemical Company shall pay to the Participant the balance of such Deferral Account at the time or times elected by the Participant in the applicable Participation
Agreement. If the Participant is employed at a Company other than The Dow Chemical Company, such Company shall pay the balance of such Participant's Deferral Account, pursuant to the terms of the
Plan, and The Dow Chemical Company shall reimburse such Company for any such payments. If the Participant has elected to receive payments from a Deferral Account in a lump sum, The Dow Chemical
Company (or any other Company as described above) shall pay the balance in such Deferral Account (determined as of the most recent Valuation Date preceding the end of the Deferral Period) in a lump
sum in cash on the January 31st after the end of the Deferral Period, and/or as soon as administratively feasible in the year of the payment of the Performance Award for the
Performance Award deferral. If the Participant has elected to receive payments from a Deferral Account in installments, The Dow Chemical Company (or any other Company as described above) shall make
cash only payments from such Deferral Account, each of which annual amount shall consist of an amount equal to (i) the balance of such Deferral Account as of the most recent annual Valuation
Date preceding the first annual payment date times (ii) a fraction, the numerator of which is one and the denominator of which is the number of remaining installment years (including the
installment being paid). The first such installment shall be paid on
the January 31st after the end of the Deferral Period and each subsequent installment shall be paid on or about the 

123

 

anniversary
of such first payment or in quarterly or monthly intervals, if selected. Each such installment shall be deemed to be made on a pro rata basis from each of the different deemed investments
of the Deferral Account (if there is more than one such deemed investment). 

        For
Participants who elect to commence distribution of benefits upon Retirement, the lump sum cash payment or the first installment shall be paid on the January 31st
after Retirement, and/or as soon as administratively feasible in the year of the payment of the Performance Award for the Performance Award deferral. 

        Notwithstanding
any of the foregoing, Deferred Account distributions must begin no later than the April 1st after the calendar year in which the Participant reaches
age 701/2. 

        Section 7.02    Changing Form of Benefit.    Participants may elect an alternative
form of payout as available under Section 7.01 by written election filed with the Administrator; provided, however, that the Participant files the election in the prior tax year and at least
six (6) months prior to the first day of the month in which payments are to commence. Distribution change elections for payments commencing in January must be made no later than June 30
of the prior calendar year. 

        If
the Participant files the election in the year that the benefit payments are to commence or in the prior year but less than six (6) months prior to the date of benefit
commencement, the Participant will have his or her Deferral Account reduced by ten percent (10%) at the Valuation Date immediately prior to commencement of payments, and, for future deferrals only,
all Participation Agreements previously filed by such Participant shall be null and void after such election is filed (including without limitation Participation Agreements with respect to Plan Years
or performance periods that have not yet been completed), and such a Participant shall not thereafter be entitled to file any Participation Agreements under the Plan with respect to the first Plan
Year that begins after such election is made. 

        Section 7.03    Matching Contribution.    Each Participant who elects to make
deferrals of Eligible Compensation to the Plan will be credited with a Matching Contribution utilizing the same formula authorized under the Savings Plan for employer matching contributions. For
purposes of calculating the match under this Plan, The Dow Chemical Company will assume each Participant is contributing the maximum allowable amount to the Savings Plan and receiving a match thereon.
This assumed match from the Savings Plan will be offset from the Matching Contribution calculated under provisions of the Elective Deferral Plan. Notwithstanding the foregoing, the sum of the Matching
Contribution under the Plan plus the assumed employer matching contributions under the Savings Plan may not exceed fifteen thousand dollars ($15,000) in each Plan Year. The amount of the Matching
Contribution may be based on a formula that takes into account a Participant's overall compensation and may be subject to maximum or minimum limitations. The Matching Contribution shall be credited to
the Deferral Account as soon as administratively feasible within the first 60 days of the following plan year. The Matching Contribution shall be invested among the same Hypothetical Investment
Benchmarks as defined in 6.02 in the same proportion as the elections made by the Participant governing the Base Salary deferrals of the Participant. The Matching Contribution shall be distributed to
the Participant according to the election made by the Participant governing his or her Base Salary deferrals and will vest one hundred percent (100%) on the date credited to the Participant's account. 

        If
a Participant is employed by a Company, other than The Dow Chemical Company, an amount equal to all Matching Contributions credited to Participants of such Company shall be paid or
transferred in full by such Company to The Dow Chemical Company as of the date such Matching Contribution is credited to a Participant's Deferred Account. The Dow Chemical Company shall hold such
amounts as part of the general assets of The Dow Chemical Company. 

        Section 7.04    Retirement.    Subject to Section 7.01 and
Section 7.11 hereof, if a Participant has elected to have the balance of his or her Deferral Account distributed upon Retirement or after a Specific Future Year, the account balance of the
Participant (determined as of the most recent Valuation Date preceding the end of the Deferral Period) shall be distributed in installments or a lump sum in accordance with the Plan and as elected in
the Participation Agreement. Notwithstanding any of the foregoing, Deferred Account distributions must begin no later than the April 1st after the calendar year in which the
Participant reaches age 701/2. 

        Section 7.05    Distributions after Specific Future Year.    Subject to
Section 7.01 and Section 7.11 hereof, if a Participant has elected to defer Eligible Compensation under the Plan until a stated future year, the account balance of the Participant
(determined as of the most recent Valuation Date preceding such Deferral Period) shall be distributed in installments or a lump sum in accordance with the Plan and as elected in the Participation
Agreement. Notwithstanding any 

124

 

of
the foregoing, Deferred Account distributions must begin no later than the April 1st after the calendar year in which the Participant reaches age 701/2. 

        Section 7.06    Pre-Retirement Survivor Benefit.    If a Participant
dies prior to Retirement and prior to receiving full payment of his or her Deferral Account(s), The Dow Chemical Company shall pay the remaining balance (determined as of the most recent Valuation
Date preceding such event) to the Participant's Beneficiary or Beneficiaries (as the case may be) according to the form elected by the Participant as a part of the Participation Agreement. If a
Participant was employed at a Company other than The Dow Chemical Company, such Company shall pay the remaining balance of such deceased Participant's Deferral Account in accordance with the preceding
sentence, and The Dow Chemical Company shall reimburse the Company for such payment. In the event that installment payments are elected, The Dow Chemical Company shall continue to credit interest on
the unpaid balance of the Deferral Account subject to Section 6.02(a) hereof, based on the Participant's investment elections. Participant's Beneficiary may request acceleration of timing and
form of payment by filing a written designation with the Administrator within 60 days of the death of the Participant, provided that such change shall not be effective until the
January 31st after the calendar year of the Participant's death. 

        Section 7.07    Post-Retirement Survivor Benefit.    If a Participant
dies after Retirement and prior to receiving full payment of his or her Deferral Account(s), The Dow Chemical Company shall pay the remaining balance (determined as of the most recent Valuation Date
preceding such event) to the Participant's Beneficiary or Beneficiaries (as the case may be) according to the form elected by the Participant as a part of the Participation Agreement. If a Participant
was employed at a Company other than The Dow Chemical Company, such Company shall pay the remaining balance of such deceased Participant's Deferral Account in accordance with the preceding sentence,
and The Dow Chemical Company shall reimburse such Company for such payments. In the event that installment payments are elected, The Dow Chemical Company shall continue to credit interest on the
unpaid balance of the Deferral Account subject to Section 6.02(a) hereof, based on the Participant's investment elections. Participant's Beneficiary may request acceleration of timing and form
of payment by filing a written designation with the Administrator within 60 days of the death of the Participant, provided that such change shall not be effective until the
January 31st after the calendar year of the Participant's death. 

        Section 7.08    Disability.    If a Participant suffers a Disability, the
Participant's Deferred Amount shall cease, and The Dow Chemical Company (or, a Company other than The Dow Chemical Company, if the Participant is employed at a Company other than The Dow Chemical
Company, subject to reimbursement by The Dow Chemical Company) shall pay the benefit described in section 7.01. Participant may request acceleration of timing and form of payment by filing a
written designation with the Administrator within 60 days of the determination of Disability of the Participant, provided that such change shall not be effective until the
January 31st after the calendar year of the Participant's Disability. 

        Section 7.09    Termination of Employment.    In the event of Termination of
Employment which takes place prior to eligibility for Retirement, The Dow Chemical Company (or, a Company other than The Dow Chemical Company, if the Participant is employed at a Company other than
The Dow Chemical Company, subject to reimbursement by The Dow Chemical Company) shall pay the benefits described in section 7.01 in a single lump sum payment as soon as practicable after the
Termination of Employment. 

        Section 7.10    Merger, Joint Venture or Sale of Business
Exception.    Notwithstanding any of the foregoing, if the Termination of Employment occurs as a direct result of a merger, joint venture or sale of a subsidiary,
division, business or other unit of any Company, or as a result of transfer of the Participant to a non-participating subsidiary or joint venture, as determined by the Administrator, the
Administrator may, in its sole discretion, 

        (i)    elect
to waive the lump sum distribution of benefits for an entire class of affected employees transferring to the joint venture. In cases where this election is made by
the Administrator, the Participant's Base Salary Deferrals shall cease and the Participant's Deferral Account shall remain deferred, in accordance with the distribution elected in the Participation
Agreement, until the Participant's termination of employment from the joint venture, provided however, the Participant is employed by the joint venture until at least age 50; in cases where the
Participant is not 50 years old at the time of termination of employment from the entity, The Dow Chemical Company (or, a Company other than The Dow Chemical Company, if the Participant is
employed at a Company other than The Dow Chemical Company, subject to reimbursement by The Dow Chemical Company) shall pay to the Participant a lump sum termination benefit equal to the balance of the
Deferral Account as of the Valuation Date. If any Company terminates its ownership interest in the joint venture, the Participant's Deferral Account shall remain deferred, in accordance with the
distribution elected in the Participation Agreement, until the Participant's termination of employment from the remaining joint venture partners, provided however, the Participant is 

125

 

employed
by the remaining joint venture partners until at least age 50; in cases where the Participant is not 50 years old at the time of termination of employment from the remaining joint
venture partners, The Dow Chemical Company (or, a Company other than The Dow Chemical Company, if the Participant is employed at a Company other than The Dow Chemical Company, subject to reimbursement
by The Dow Chemical Company) shall pay to the Participant a lump sum termination benefit equal to the balance of the Deferral Account as of the Valuation Date. 

        (ii)   elect
to waive the lump sum distribution of benefits for an entire class of affected employees of a sale. In cases where this election is made by the Administrator, the
Participant's Base Salary Deferrals shall cease and the Participant's Deferral Account shall remain in effect until such time as the benefits are distributed to Participants in accordance with the
distribution elected in the Participation Agreement, provided however, the Participant is employed by the purchaser until at least age 50; in cases where the Participant is not 50 years old at
the time of termination of employment from the purchaser, The Dow Chemical Company (or, a Company other than The Dow Chemical Company, if the Participant is employed at a Company other than The Dow
Chemical Company, subject to reimbursement by The Dow Chemical Company) shall pay to the Participant a lump sum termination benefit equal to the balance of the Deferral Account as of the Valuation
Date. 

        (iii)  elect
to permit the Performance Deferral for an entire class of affected employees transferring to the joint venture. In cases where this election is made by the
Administrator, the award will be credited to the Participant's Deferral Account and the Participant's Deferral Account shall remain in effect until such time as benefits are distributed to
Participants as provided under Section 7.10 (i). 

        (iv)  elect
to permit the Performance Deferral for an entire class of affected employees of a sale. In cases where this election is made by the Administrator, the award will
be credited to the Participant's Deferral Account and the Participant's Deferral Account shall remain in effect until such time as the benefits are distributed to Participants as provided under
Section 7.10 (ii). 

        Participants
who retire or terminate after merger, joint venture or sale of a subsidiary, division, business or other unit of any Company, or as a result of transfer of the Participant
to a non-participating subsidiary or joint venture assume the personal responsibility to notify The Dow Chemical Company of their status change. Failure to promptly notify The Dow Chemical
Company may result in the loss of earnings beyond the status change date. 

        Section 7.11    Small Benefit Election.    Notwithstanding any of the foregoing,
in the event the sum of all benefits payable to the Participant or Beneficiary(ies) is less than or equal to ten thousand dollars ($10,000), the Administrator may, in its sole discretion, elect to pay
such benefits in a single lump sum. The Administrator may also, in its sole discretion, elect to change monthly payments so they are at least three hundred dollars ($300) by reducing the number of
monthly installments. 

        Section 7.12    Hardship Withdrawals.    Notwithstanding the provisions of
Section 7.01 and any Participation Agreement, a Participant's on-going Deferred Amount shall cease and a Participant shall be entitled to early payment of all or part of the balance
in his or her Deferral Account(s) in the event of an Unforeseeable Emergency, in accordance with this Section 7.12. A distribution pursuant to this Section 7.12 may only be made to the
extent reasonably needed to satisfy the Unforeseeable Emergency need, and may not be made if such need is or may be relieved (i) through reimbursement or compensation by insurance or otherwise,
(ii) by liquidation of the Participant's assets to the extent such liquidation would not itself cause severe financial hardship, or (iii) by cessation of participation in the Plan. An
application for an early payment under this Section 7.12 shall be made to the Administrator in such form and in accordance with such procedures as the Administrator shall determine from time to
time. The determination of whether and in what amount and form a distribution will be permitted pursuant to this Section 7.12 shall be made by the Administrator. 

        Section 7.13    Voluntary Early Withdrawal.    Notwithstanding the provisions of
Section 7.01 and any Participation Agreement, a Participant shall be entitled to elect to withdraw all or a portion of the balance in his or her Deferral Account(s) in accordance with this
Section 7.13 by filing with the Administrator such forms, in accordance with such procedures, as the Administrator shall determine from time to time. The amount of this withdrawal must be at
least twenty five percent (25%) of the balance of the Deferral Account, or $10,000.00, whichever is less. As soon as practicable after receipt of such form by the Administrator, The Dow Chemical
Company (or, a Company other than The Dow Chemical Company, if the Participant is employed at a Company other than The Dow Chemical Company, subject to reimbursement by The Dow Chemical Company) shall
pay an amount equal to ninety (90) percent of the amount elected for withdrawal (determined as of the most recent Valuation Date preceding the date such election is filed) to the electing
Participant in a 

126

 

lump
sum in cash, and the Participant shall forfeit the remaining ten (10) percent of the amount elected for withdrawal. For future deferrals only, all Participation Agreements previously filed
by a Participant who elects to make a withdrawal under this Section 7.13 shall be null and void after such election is filed (including without limitation Participation Agreements with respect
to Plan Years or performance periods that have not yet been completed), and such a Participant shall not thereafter be entitled to file any Participation Agreements under the Plan with respect to the
first Plan Year that begins after such election is made. 

        Section 7.14    Change of Control.    An Eligible Employee may, when completing a
Participation Agreement during the enrollment period, elect that, if a Change of Control occurs, the Participant (or after the Participant's death the Participant's Beneficiary) shall receive a lump
sum payment of the balance of the Deferral Account within thirty (30) days after the Change of Control. This election may be changed only during a 30-day period ending on
November 30 of each calendar year and shall apply to the entire Deferral Account both before and after Retirement. The Deferral Account balance shall be determined as of the most recent
Valuation Date preceding the month in which Change of Control occurs. All Participation Agreements previously filed by a Participant who receives a distribution under this Section 7.14 shall be
null and void (including without limitation Participation Agreements with respect to Plan Years or performance periods that have not yet been completed), and such a Participant shall not thereafter be
entitled to file any Participation Agreements under the Plan with respect to the first Plan Year that begins after such distribution is made. 

        Section 7.15    Discretionary Company Contributions.    Any Company may at any
time contribute a discretionary Company contribution. The amount of the discretionary contribution may vary from payroll period to payroll period throughout the Plan Year, may be based on a formula
which takes into account a Participant's overall compensation, and otherwise may be subject to maximum or minimum limitations. The Discretionary Contribution shall be credited to the Deferral Account
as soon as administratively feasible following the end of the payroll period. The discretionary contribution shall be invested among the same Hypothetical Investment Benchmarks as defined in 6.02 in
the same proportion as the elections made by the Participant governing the deferrals of the Participant. The discretionary contribution shall be distributed to the Participant according to the
election made by the Participant governing his or her deferrals. The vesting schedule shall be at the sole discretion of the Plan Administrator. 

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

        Section 7.16    Withholding of Taxes.    Notwithstanding any other provision of
this Plan, any Company shall withhold from payments made hereunder any amounts required to be so withheld by any applicable law or regulation. 

ARTICLE VIII  

 BENEFICIARY DESIGNATION  

        Section 8.01    Beneficiary Designation.    Each Participant shall have the right,
at any time, to designate any person, persons or entity as his or her Beneficiary or Beneficiaries. A Beneficiary designation shall be made, and may be amended, by the Participant by filing a written
designation with the Administrator, on such form and in accordance with such procedures as the Administrator shall establish from time to time. 

        Section 8.02    No Beneficiary Designation.    If a Participant or Beneficiary
fails to designate a Beneficiary as provided above, or if all designated Beneficiaries predecease the Participant or his or her Beneficiary, then the Participant's Beneficiary shall be deemed to be,
in the following order: 

	(a)
	to
the spouse of such person, if any;

	(b)
	to
the children of such person, if any;

	(c)
	to
the beneficiary of any Company Paid Life Insurance of such person, if any;

	(d)
	to
the beneficiary of the Executive Life Insurance of such person, if any;

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

	(f)
	to
the deceased person's estate. 

127

 

ARTICLE IX  

 AMENDMENT AND TERMINATION OF PLAN  

        Section 9.01    Amendment.    The Board may at any time amend this Plan in whole
or in part, provided, however, that no amendment shall be effective to decrease the balance in any Deferral Account as accrued at the time of such amendment, nor shall any amendment otherwise have a
retroactive effect. 

        Section 9.02    Company's Right to Terminate.    The Board may at any time terminate the Plan with respect to
future Participation Agreements. The Board may also terminate the Plan in its entirety at any time for any reason, including without limitation if, in its judgment, the continuance of the Plan, the
tax, accounting, or other effects thereof, or potential payments thereunder would not be in the best interests of The Dow Chemical Company, and upon any such termination, The Dow Chemical Company
shall pay to each Participant (or shall transfer to a Company other than The Dow Chemical Company for payment if the Participant is employed at a Company other than The Dow Chemical Company) the
benefits such Participant is entitled to receive under the Plan as monthly installments over a three (3) year period commencing within ninety (90) days (determined as of the most recent
Valuation Date preceding the termination date). Any Company may cease participation in the Plan for any reason by notifying The Dow Chemical Company in writing at least 30 days prior to such
Company's cessation of participation. Payments to Participants of any such Company will commence in accordance with the terms of the Plan. 

ARTICLE X  

 MISCELLANEOUS  

        Section 10.01    Unfunded Plan.    This Plan is intended to be an unfunded plan
maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of Sections 201, 301 and 401 of ERISA and
therefore meant to be exempt from Parts 2, 3 and 4 of Title I of ERISA. All payments pursuant to the Plan shall first be made from the general assets of The Dow Chemical Company, as the entity
primarily liable for such payments, and no special or separate fund shall be established or other segregation of assets made to assure payment. As described above, if a Participant is employed at a
Company other than The Dow Chemical Company, such Company shall pay such Participant's Deferral Account balance to such Participant according to the terms of the Plan, and The Dow Chemical Company
shall reimburse such Company for the amount of the payment. In the event The Dow Chemical Company is insolvent or is otherwise unable to make any required payment or reimbursement to a Participant or
a Company, the Company (other than The Dow Chemical Company) that employed such Participant shall be secondarily liable for such payments from the general assets of such Company. No Participant or
other person shall have under any circumstances any interest in any particular property or assets of The Dow Chemical Company or any other Company as a result of participating in the Plan.
Notwithstanding the foregoing, The Dow Chemical Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of The Dow Chemical
Company's creditors, to assist it in accumulating funds to pay its obligations. 

        Section 10.02    Nonassignability.    Except as specifically set forth in the Plan
with respect to the designation of Beneficiaries, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise
encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be
unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or
separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant's or any other person's bankruptcy or insolvency. 

        Section 10.03    Validity and Severability.    The invalidity or unenforceability
of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect, and any prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        Section 10.04    Governing Law.    The validity, interpretation, construction and
performance of this Plan shall in all respects be governed by the laws of the State of Delaware, without reference to principles of conflict of law, except to the extent preempted by federal law. 

128

 

        Section 10.05    Employment Status.    This Plan does not constitute a contract of
employment or impose on the Participant or any Company any obligation for the Participant to remain an employee of such Company or change the status of the Participant's employment or the policies of
such Company and its affiliates regarding termination of employment. 

        Section 10.06    Underlying Incentive Plans and Programs.    Nothing in this Plan
shall prevent any Company from modifying, amending or terminating the compensation or the incentive plans and programs pursuant to which Performance Awards are earned and which are deferred under this
Plan. 

        Section 10.07    Severance.    Payments from the Executive Severance Supplement
equal to six months' Base Salary will be credited to the Participant's Deferral Account subject to the same earnings methods and distribution elections most recently elected by the Participant
governing his or her Base Salary deferrals. The Executive Severance Supplement for individuals who do not have an established Deferral Account will be deemed to be invested using the U.S. Treasury
Note Hypothetical Investment Benchmark and a ten year payout distribution election. 

        Section 10.08    Successors of the Company.    The rights and obligations of The
Dow Chemical Company shall inure to the benefit of, and shall be binding upon, the successors and assigns of The Dow Chemical Company. 

        Section 10.09    Waiver of Breach.    The waiver by The Dow Chemical Company of
any breach of any provision of the Plan by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. 

        Section 10.10    Notice.    Any notice or filing required or permitted to be given
to The Dow Chemical Company under the Plan shall be sufficient if in writing and hand-delivered, or sent by first class mail to the principal office of The Dow Chemical Company, directed
to the attention of the Administrator. Such notice shall be deemed given as of the date of delivery, or, if delivery is made by mail, as of the date shown on the postmark. 

	 	By:	 	    

	

 	

Its:	
 	

Vice-President

Environment, Health and Safety

Human Resources and Public Affairs

APPENDIX A  

The
Dow Chemical Company Stock Index Fund 

125%
of Ten Year Treasury Notes 

Fidelity
Equity Income Fund 

Vanguard
500 Index Fund 

T.
Rowe Price Mid-Cap Growth Fund 

Fidelity
Low-Priced Stock Fund 

Fidelity
International Growth Collective Trust 

Vanguard
Balanced Index Fund 

129

QuickLinks

EXHIBIT 10(p)QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 10(t)    
    

The Dow Chemical Company

Retiree Life Insurance Plans

for Salaried Retirees and Retirees of Certain Hourly Groups

Summary Plan Description for:  

Retiree Company-Paid Life Insurance Plan

Retiree Optional Life Insurance Plan

Retiree Dependent Life Insurance Plan 

Amended and Restated October 1, 2005

To be effective November 1, 2005 and thereafter until superseded  

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

        See
also the DowFriends 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 Retiree Service Center, Employee Development Center, Midland, MI 48674, telephone
800-344-0661 or 989-636-0977. Summaries of modifications may also be published from time to time in DowFriends or by separate letter. 

Overview  

        Three life insurance benefit plans are available to eligible Retirees and their families: Retiree Company-Paid Life Insurance Plan, 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.
Different eligibility and coverage levels will apply depending on whether you are a Retired Salaried Employee or a Retired Hourly Employee. Also, there are differences among the various Hourly groups.
Special rules also apply to Retired Split Dollar Participants, Post-65 Executive Life Participants and Disability Retirees. 

        Chapter
One applies to The Dow Chemical Company Group Life Insurance Program's Retiree Company-Paid Life Insurance Plan ("Retiree Company-Paid Life Insurance
Plan"). The Retiree Company-Paid Life Insurance Plan is sponsored and administered by The Dow Chemical Company. It is part of The Dow Chemical Company Group Life Insurance Program (ERISA
Plan #507). It provides group term life insurance underwritten by Metropolitan Life Insurance Company ("MetLife"). 

        Chapter
Two applies to The Dow Chemical Company Employee-Paid and Dependent Life Insurance Program's Retiree Optional Life Insurance Plan ("Retiree Optional Life Insurance
Plan"). The Retiree Optional Life Insurance Plan is sponsored and administered by The Dow Chemical Company. Premiums are paid by the Retiree. It is part of The Dow Chemical Company
Employee-Paid and Dependent Life Insurance Program (ERISA Plan #515). It provides group term life insurance underwritten by MetLife. 

        Chapter
Three applies to The Dow Chemical Company Employee-Paid and Dependent Life Insurance Program's Retiree Dependent Life Insurance Plan ("Retiree Dependent Life
Insurance Plan"). The Retiree Dependent Life Insurance Plan is sponsored and administered by The Dow Chemical Company. It is part of The Dow Chemical Company Employee-Paid and Dependent
Life Insurance Program. It provides group term life insurance underwritten by MetLife. The premium is paid by the Retiree. Coverage may be provided for eligible Dependents 

        Please
review the information in this SPD 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 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. 

        References
to "Dow" and "Participating Employers" are used interchangeably, and both refer collectively to The Dow Chemical Company and the subsidiaries and affiliates of The Dow
Chemical Company that are authorized to participate in the Plans. The "Company" means The Dow Chemical Company. 

130

 
Chapter One:

The Retiree Company-Paid Life Insurance Plan  

        As of January 1, 2005, the following plans of The Dow Chemical Company Group Life Insurance Program were merged into The Dow Chemical Company Group Life
Insurance Program's Retiree Company-Paid Life Insurance Plan: Michigan Hourly Retiree Company-Paid Life Insurance Plan; Texas Operations Hourly Basic Life Insurance Plan;
Hampshire Hourly Retiree Company-Paid Life Insurance Plan; Hampshire Chemical Corporation Hourly Retiree Company-Paid Life Insurance Plan for Retirees Who Retired Between
March 1, 1988 and January 1, 1999; Hampshire Chemical Corporation Hourly Retiree Company-Paid Life Insurance Plan (Waterloo); and ANGUS Hourly Retiree
Company-Paid Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of the Retiree Company-Paid Life Insurance Plan. Effective
December 31, 2005, the Dow AgroSciences LLC Life Insurance Plan was terminated, and the retiree company-paid life insurance portion of that plan was incorporated into The Dow
Chemical Company Group Life Insurance Program's Retiree Company-Paid Life Insurance Plan for those who retired prior to January 1, 2006. 

        The
Retiree Company-Paid Life Insurance Plan is referred to in Chapter One as the "Plan". 

        Section 1
applies to Retired Salaried Employees and Certain Retired Hourly Employees 

        Section 2
applies to Retired Michigan Operations Hourly Employees 

        Section 3
applies to Retired Texas Operations Hourly Employees who retired during a specified period 

        Section 4
applies to Retired Hampshire Waterloo Hourly Employees who retired during a specified period 

        Section 5
applies to Retired Hampshire Owensboro and Nashua Hourly Employees who retired during a specified period 

        Section 6
applies to Disability Retirees 

        Section 7
applies to Retired Split Dollar Participants 

        Section 8
applies to Post-65 Executive Life Insurance Participants 

        Section 9
applies to Certain Union Carbide Retirees who retired prior to February 7, 2003 

        Section 10
applies to Retired Employees of Dow AgroSciences LLC who retired prior to January 1, 2006 

        Section 11
through to the remaining sections of Chapter One apply to all persons eligible for coverage under the Plan 

Section 1.    Retired Salaried Employees and Certain Retired Hourly Employees  

 Eligibility  

        Section 1 of Chapter One of this SPD does NOT apply to: 

	•
	Hourly
Employees who retired from Michigan Operations;

	•
	Hampshire
Hourly Employees who retired from the Waterloo, NY facility on or after March 1, 1988 through December 31, 1999;

	•
	Hampshire
Hourly Employees who retired from the Owensboro, KY or Nashua, NH facilities on or after March 1, 1988 through December 31, 1998;

	•
	Texas
Operations Employees who retired prior to prior to January 1, 2003;

	•
	Retired
Split Dollar Participants;

	•
	Post-65
Executive Life Insurance Participants; and

	•
	Union
Carbide Employees who retired prior to February 7, 2003; and

	•
	Dow
AgroSciences Employees who retired prior to January 1, 2006. 

        Except
for those populations identified above, if you are a Retiree who, on the day preceding your Retirement, was enrolled for coverage under a Company-Paid Life Insurance
Plan offered under The Dow Chemical Company Group Life Insurance Program, you are eligible for the coverage described below in Coverage Amounts for Eligible Salaried and Hourly
Retirees. In order to be a "Retiree", you must have been at least 50 years old with 10 or more years of Service at the time your employment with Dow terminated. 

 Enrollment  

        Upon Retirement, you may complete an enrollment card, with coverage effective immediately. If you want to be covered under Plan Option 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 pre-age 65 coverage and Plan
Option II at age 65. 

131

 

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

        You
may waive coverage. If you want to waive coverage, you must provide written notification to the Dow Benefits Center. 

 Coverage Amounts for Eligible Salaried and Hourly Retirees  

 Coverage 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. Currently, the Company pays the cost of this coverage. 

 Coverage Age 65 or older  

        There are two plan options available to Retirees age 65 and older. Plan Option I requires a monthly Retiree contribution. Currently, Plan
Option II is provided at no cost to you. 

        Plan Option 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 Option 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 Option 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 (of the original amount) 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 Option 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

 Cost  

 Prior to Age 65  

        Currently, Retiree Company-Paid Life Insurance coverage is provided at no cost to you. 

 Age 65 and Older  

        Plan Option I:    You share the cost of coverage with Dow. Your cost is based on a rate per $1,000 of 1X 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. 

        Plan Option II:    Currently, coverage is provided at no cost to you. 

132

 

Section 2.    Retired Michigan Operations Hourly Employees  

 Eligibility  

        If you are a Retired Michigan Operations Hourly Employee who Retired on or after June 1, 1990, and you were covered under the Company-Paid Life
Insurance Plan on the day preceding your Retirement, you are eligible for the coverage described below under "Coverage Amounts for Eligible Midland/Ludington Hourly Retirees".  

 Coverage Amounts for Eligible Midland/Ludington Hourly Retirees  

 Prior to Age 65  

        Until you reach age 65, you will be provided with coverage equal to the amount of coverage you had as an active Hourly Employee under the
Company-Paid Life Insurance on the day preceding the date of your Retirement. 

 Age 65 or older  

        On or after your 65th birthday, your Retiree Company-Paid Life Insurance benefits will be determined by applying the appropriate percentage from the
following table to the amount of your Retiree Company-Paid Life Insurance in effect the date preceding your 65th birthday, with a minimum of $5,000. 

	Age
 
	 	Coverage Amount

	65	 	 1/2 x annual pay 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

 Cost  

        Currently, the Company pays the cost of this coverage. 

Section 3.    Retired Texas Operations Employees  

        Texas Operations Hourly Employees who Retired on or after October 1, 1992 through December 31, 2002, and had Non-Contributory coverage
under The Dow Chemical Company Texas Operations Hourly Optional Life Insurance Program are eligible for $10,000 of coverage until age 65. Coverage is reduced to $5000 at age 65.
Currently, the Company pays the cost of this coverage. 

        Texas
Operations Hourly Employees who Retired prior to October 1, 1992, have $5000 of coverage. Currently, the Company pays the cost of this coverage. 

Section 4.    Retired Hampshire Waterloo Hourly Employees  

        If you retired from Hampshire Chemical Corp. on or after March 1, 1988,through December 31, 1999, at age 62 or older and were represented
while an active employee by the United Steelworkers of America AFL-CIO Local Union #7110, a bargaining unit of Hampshire Chemical Corp.'s Waterloo, NY facility,you have $5000 of coverage.
    Currently, the Company pays the cost of this coverage. 

Section 5.    Retired Hampshire Owensboro and Nashua Hourly Employees  

        If you Retired from Hampshire Chemical Corp. between March 1, 1988, and January 1, 1999, and had five or more years of service with W.R. Grace
Company and/or Hampshire Chemical Corp. and were represented while an active employee by either the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers
(AFL-CIO) Local Lodge 727 (a bargaining unit at Hampshire Chemical Corp.'s Owensboro, Kentucky facility) or the International Chemical Workers Union Council/UFCW, Local
No. 952-C (a bargaining unit at Hampshire Chemical Corp.'s Nashua, New Hampshire facility), you are eligible for the coverage described below in Coverage
Amounts for Eligible Hampshire Owensboro and Nashua Hourly Retirees.

 Coverage Amounts for Eligible Hampshire Owensboro and Nashua Hourly Retirees.  

        If you are an eligible Retiree who was represented by the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers
(AFL-CIO) Local Lodge 727 (a bargaining unit at Hampshire Chemical Corp.'s Owensboro, Kentucky facility) while you were an active Employee, your coverage is $6000. 

133

 

        If
you are an eligible Retiree who was represented by the International Chemical Workers Union Council/UFCW, Local No. 952-C (a bargaining unit at Hampshire Chemical
Corp.'s Nashua, New Hampshire facility) while you were an active Employee, your coverage is $5000. 

 Cost  

        Currently, the Company pays the cost of this coverage. 

Section 6.    Disability Retirees  

        If you are receiving a "disability retirement benefit" from the Dow Employees' Pension Plan ("DEPP"), as defined under DEPP, and are not a former Texas Operations
Hourly Employee who retired prior to January 1, 2003, and you were covered under The Dow Chemical Company Company-Paid Life and/or Employee-Paid Life Insurance Plans on
the day preceding your Retirement, you are eligible for the coverage described below in Coverage Amounts for Disability Retirees. If you are receiving
disability retirement payments from the Union Carbide Employees' Pension Plan ("UCEPP") and retired on or after February 7, 2003, you are also eligible for the coverage described below in  Coverage Amounts for Disability
Retirees.

        If
you are a former Texas Operations Hourly Employee who retired prior to January 1, 2003 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 eligible for
coverage as described below in Coverage Amounts for Texas Operations Hourly Disability Retirees. 

 Coverage Amounts for Disability Retirees  

 Pre-65 coverage.  

        If you are a Retiree who is receiving a "disability retirement benefit" from DEPP, as defined under DEPP, you will be provided with Retiree
Company-Paid Life coverage equal to the coverage you had as an active employee. Until age 65, additional coverage equal to 1/2x or 1x your base annual pay at
Retirement, rounded up to the next $1000, is provided if you were previously enrolled for at least that amount of Employee-Paid Life coverage as an active employee. Coverage is contingent
on you continuing to meet the requirements to receive disability retirement benefits from DEPP or UCEPP. If your DEPP disability retirement effective date is prior to
January 1, 2006 (or your UCEPP disability retirement effective date is on or after February 7, 2003 and prior to January 1, 2006), this additional coverage
is currently provided at no cost to you. 

 Age 65 and older.  

        If you are: (1) a disability retiree under DEPP or UCEPP, and (2) your DEPP disability retirement effective date is prior to
January 1, 2006 (or your UCEPP disability retirement effective date is on or after February 7, 2003 and prior to January 1, 2006), and (3) you are
not a Texas Operations Hourly Employee who began receiving Disability Retirement from DEPP prior to January 1, 2003, and (4) you were covered under the Dow Company-Paid Life
Insurance Plan on the day preceding your Retirement, then you are covered under Plan Option I if you enrolled for Option I at time of Retirement. Coverage is contingent on you continuing
to meet the requirements to receive disability retirement benefits from DEPP or UCEPP. Currently, this coverage is provided at no cost to you. 

 Coverage Amounts for Texas Operations Hourly Disability Retirees  

        If you are a former Texas Operations Hourly Employee who began receiving a "disability retirement benefit" prior to January 1, 2003 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. Currently, 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

134

   Section 7.    Retired Split Dollar Participants  

        A "Retired Split Dollar Participant" is eligible for the coverage described below in Coverage Amount for Eligible Split Dollar
Retirees. A "Retired Split Dollar Participant" is defined as a person who meets the requirements of one of the following: 

	i.
	A
person who: (a) was a Retiree on or before September 30, 2003, and (b) was enrolled in The Dow Chemical Company Executive Split Dollar Life
Insurance Plan on or before September 30, 2003, and (c) signed a waiver of all his or her rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between
him or her and The Dow Chemical Company; or

	ii.
	A
person who: (a) was a Retiree on or before October 31, 2003, and (b) was enrolled in the Union Carbide Corporation Executive Life Insurance Plan
on October 31, 2003, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about October 31, 2003, and
(d) whose coverage level under the Union Carbide Executive Life Insurance Plan just prior to termination of the Agreement and Collateral Assignment was two times his or her annual salary, for
which he or she had to pay a premium; or

	iii.
	A
person who: (a) was an active Employee on September 30, 2002, and (b) was enrolled in The Dow Chemical Company Executive Split Dollar Life
Insurance Plan on September 30, 2002, and (c) signed a waiver of all his or her rights under The Dow Chemical Company Executive Split Dollar Life Insurance Agreement between him or her
and The Dow Chemical Company, and (d) on the day preceding his or her Retirement, was covered under the Company-Paid Life Insurance Plan component of The Dow Chemical Company Group
Life Insurance Program that is available to active Employees, and (e) is now a Retiree; or

	iv.
	A
person who: (a) was an active Employee on or before October 31, 2002, and (b) was enrolled in the Union Carbide Corporation Executive Life
Insurance Plan on October 31, 2002, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about
October 31, 2002, and (d) on the day preceding his or her Retirement, was covered under the Company-Paid Life Insurance Plan component of The Dow Chemical Company Group Life
Insurance Program that is available to active Employees, and (e) is now a Retiree; or

	v.
	A
person who: (a) was an active Employee on October 31, 2003, and (b) was enrolled in the Union Carbide Corporation Executive Life Insurance Plan on
October 31, 2003, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about October 31, 2003, and
(d) whose coverage level under the Union Carbide Executive Life Insurance Plan just prior to termination of the Agreement and Collateral Assignment was two times his or her annual salary, for
which he or she had to pay a premium, and (e) on the day preceding his or her Retirement, was covered under the Company-Paid Life Insurance Plan component of The Dow Chemical
Company Group Life Insurance Program that is available to active Employees, and (f) is now a Retiree; or

	vi.
	A
person who: (a) is V5 or above, and (b) is now a Retiree, and (c) for whom the Director of Global Benefits of The Dow Chemical Company has, on a
date after January 1, 2004, approved to receive the same Retiree Company-Paid Life Insurance Plan benefits as those persons described in (i) through (vi) above: or

	vii.
	A
person who: (a) was a Retiree on or before October 31, 2003, and (b) was enrolled in the Union Carbide Corporation Executive Life Insurance Plan
on October 31, 2005, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on or about October 31, 2005, and
(d) whose coverage level under the Union Carbide Executive Life Insurance Plan just prior to termination of the Agreement and Collateral Assignment was two times his or her annual salary, for
which he or she had to pay a premium, or

	viii.
	A
person who is not described in vii above, and (a) was a Retiree on or before October 31, 2003, and (b) was enrolled in the Union Carbide
Corporation Executive Life Insurance Plan on October 31, 2005, and (c) for whom the Agreement and Collateral Assignment between him or her and Union Carbide Corporation was terminated on
or about October 31, 2005. For purposes of the Plan, "1X" means either 1 times your final annual salary at Union Carbide or 40% of your final annual salary at Union Carbide, or 2 times your
final annual salary at Union Carbide, depending on the amount of coverage you had under the Union Carbide Corporaton Executive Life Insurance Plan on October 31, 2005. 

135

 

 Enrollment  

        Retired Split Dollar Participants who were active Employees at the time their split dollar agreement was terminated, are required to submit an enrollment form at
the time they Retire. Failure to return the form within 31 days of Retirement will result in automatic enrollment at the same coverage level you had as an active Employee under
Company-Paid Life Insurance (1x coverage). 

 Coverage Amount for Eligible Split Dollar Retirees  

        Except for a person described in Section 7(viii), a Retired Split Dollar Participant has 1 times (1x) his or her final annual salary at the time of
Retirement, which will continue until death. However, if you elect to waive this special 1x coverage, you will not be allowed to re-enroll in the future. With respect to a person described
in Section 7 (viii), a Retired Split Dollar Participant has an amount of coverage equal to 1x, as defined in Section 7 (viii). 

 Cost  

        Currently, the Company pays the cost of this coverage. 

Section 8.    Post-65 Executive Life Insurance Participants  

        A "Post-65 Executive Life Insurance Participant" is a person who was notified prior to 1989 of their eligibility for Post-65 Executive
Life Insurance, who subsequently retired and completed a Post-65 Executive Life Insurance election form, and did not later enroll in The Dow Chemical Company Executive Split Dollar Life
Insurance Plan. 

 Enrollment  

        Post-65 Executive Life Insurance Coverage is closed to new enrollments. 

 Coverage Amount for Post-65 Executive Life Insurance Participants  

        Effective with their 65th birthday, a Post-65 Executive Life Insurance Participant has coverage equal to two times (2x) their final pay
up to a maximum of two million dollars. This coverage will continue until death, as long as the required premiums are paid. 

 Cost  

        Currently, the cost of this coverage is shared by the Retiree and the Company. The Retiree's contribution, which is based on 1x of coverage is currently $1.62 per
thousand. Premiums are subject to change. If your premiums are not automatically deducted from payments from the Dow Employees' Pension Plan ("DEPP"), 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. 

 End of Coverage  

        You will retain a one-time option to discontinue coverage under this program and obtain coverage applicable to a Retiree of like age under the Retiree
Company-Paid Life Insurance Plan described under Section 1. However, there will be no refund of premiums paid under the Post-65 Executive Life Insurance program. 

Section 9.    Retired Union Carbide Employees  

        If you Retired prior to February 7, 2003, 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 Dow Chemical Company Group Life Insurance Program's Company-Paid Life Insurance Plan. 

Section 10.    Retired Dow AgroSciences Employees  

        If you retired prior to January 1, 2006 under the Dow AgroSciences LLC pension plan, you are eligible for coverage equal to one times (1x) your annual base
salary at time of retirement, rounded up to the next $1000, until you reach age 66. At age 66, coverage will decrease 20% each year until you either reach age 70 or until the
coverage amount is reduced to $10,000, whichever occurs first. 

 Enrollment  

        Coverage for Retired Dow AgroSciences Employees under this section is closed to new enrollments. 

 Cost  

        Currently, the Company pays the cost of this coverage. 

136

 

Section 11.    General Eligibility Information  

        Check the Plan Document, which addresses unusual situations, such as mergers and acquisitions, 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. 

Section 12.    Reporting Imputed Income  

        Except for Retired Split Dollar Participants and Post-65 Executive Life Insurance Participants, the Internal Revenue Code allows the cost for the
first $50,000 of Retiree Company-Paid Life Insurance Plan coverage to be excluded from taxable income. Any imputed income resulting from your life insurance coverage will be reported to
the IRS along with your annual pension income information. 

        The
imputed income is determined based on a Uniform Premium Table established by the federal government. 

        If
you are a retired Michigan Operations Hourly Employee,  , the cost of your combined Company-Paid Life and Employee-Paid Life in excess of $50,000
is taxable income and is determined based on the Uniform Premium Table established by the federal government. 

Section 13.    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, and are
subject to the approval of MetLife. 

        All
beneficiary designations must conform to MetLife's administrative requirements. Your beneficiary designation may be returned to you for you to make changes to it if it does not
conform to MetLife's requirements. Beneficiary designations are not effective until MetLife has determined that they conform to MetLife's requirements. 

Section 14.    Benefit Payment  

        In the event of your death, your beneficiary should contact the Retiree Service Center and present a certified copy of your death certificate. See  Claims
Procedures Appendix of this SPD. 

Section 15.    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 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 Retiree Optional Life Insurance. You may
receive an accelerated benefit of up to 50 percent (minimum $5,000 and maximum $250,000) of your Retiree Company-Paid Life Insurance and/or 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. 

Section 16.    Funding  

        The Plan is funded by an insurance policy underwritten by Metropolitan Life Insurance Company ("MetLife"). 

        Except
for Plan Option I, the Participating Employers currently pay the entire cost of the Retiree Company-Paid Life Insurance Plan. For Plan Option I, the Retiree and 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 

137

 

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's premiums are used to reduce Dow's cost for the coverage in the same and prior
years. 

Section 17.    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, the Company'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. 

Section 18.    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 non-term life
insurance policy through MetLife, Inc. without proof of insurability. You must file a conversion application with MetLife and make the required premium payment to MetLife within
31 days of the date your Dow coverage is lost or decreases. Contact the Dow Retiree Service Center to obtain a form for converting your coverage. Once you have obtained the form, contact the
MetLife Conversion Group at 1-800-MET-LIFE or 1-800-638-5433 to file your form, or to obtain further information. 

        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. 

Chapter Two:

Retiree Optional Life Insurance Plan  

        As of January 1, 2005, the following plans were merged into the Retiree Optional Life Insurance Plan: The Dow Chemical Company Texas Operations Hourly
Optional Life Insurance Program's Retiree Optional Life Insurance Plan; Hampshire Chemical Corporation Hourly Optional Group Life Insurance Program's Pre-65 Retiree Optional Life Insurance
Plan; Hampshire Chemical Corporation Hourly Optional Group Life Insurance Program's Retiree Optional Life Insurance plan (Waterloo); and ANGUS Chemical Company Hourly Optional Group Life Insurance
Program's Pre-65 Retiree Optional Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of the Retiree Optional Life Insurance Plan. Effective
December 31, 2005, the Dow AgroSciences LLC Life Insurance Plan was terminated, and the optional retiree life insurance portion of that plan was incorporated into The Dow Chemical Company Group
Life Insurance Program's Retiree Optional Life Insurance Plan for those who retired prior to January 1, 2006. 

        The
Retiree Optional Life Insurance Plan is referred to in Chapter Two as the "Plan". 

        Section 1
applies to Retired Salaried Employees and Certain Retired Hourly Employees 

        Section 2
applies to Retired Texas Operations Hourly Employees who retired during a specified period 

        Section 3
applies to Retired Hampshire Waterloo Hourly Employees who retired during a specified period 

        Section 4
applies to Disability Retirees 

        Section 5
applies to Retired Split Dollar Participants 

        Section 6
applies to Certain Union Carbide Retirees who retired prior to February 7, 2003 

        Section 7
applies to Retired Employees of Dow AgroSciences LLC who retired prior to January 1, 2006 

        Section 8
through to the remaining sections of Chapter Two apply to all persons eligible for coverage under the Plan 

Section 1.    Retired Salaried Employees and Certain Retired Hourly Employees  

 Eligibility  

        Section 1 of Chapter Two of this SPD does NOT apply to: 

	•
	Hourly
Employees who retired from Michigan Operations;

	•
	Hampshire
Hourly Employees who retired from the Waterloo, NY facility on or after March 1, 1988 through December 31, 1999; 

138

 

	•
	Hampshire
Hourly Employees who retired from the Owensboro, KY or Nashua, NH facilities on or after March 1, 1988 through December 31, 1998;

	•
	Texas
Operations Employees who retired prior to prior to January 1, 2003;

	•
	Retired
Split Dollar Participants;

	•
	Union
Carbide Employees who retired prior to February 7, 2003;

	•
	Dow
AgroSciences employees who retired prior to January 1, 2006. 

        Except
for those populations identified above, if you are a Retiree who is less than age 65 and, on the day preceding your Retirement, you were enrolled for coverage under an
Employee-Paid Life Insurance Plan sponsored by a Participating Employer, you are eligible for the coverage described below in Optional Coverage Amounts for Eligible
Salaried and Hourly Retirees without proof of insurability. If you were not previously enrolled, proof of insurability is required. In order to be a "Retiree", you must have
had at least 50 years old with 10 or more years of Service at the time your employment with Dow terminated. 

 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 Retiree Optional Coverage. You must complete an enrollment form and return it to the Retiree 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 the Retiree Service Center office. 

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

 Optional Coverage Amounts and Costs for Eligible Salaried and Hourly Retirees  

        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. Pre-65 Retiree Optional rates are age-related rates. Premium information is communicated in the annual
Choices U.S. Retiree Benefits Enrollment Booklet, and periodically in DowFriends. Premiums are subject to change. If your premiums are not automatically deducted from payments from the Dow Employees'
Pension Plan ("DEPP") or the Union Carbide Employees' Pension Plan ("UCEPP"), 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. 

 End of Coverage  

        Coverage ends at the end of the month in which you reach age 65. Coverage ends earlier than age 65 if you cancel coverage or fail to pay the
required premiums. 

Section 2.    Retired Texas Operations Employees  

 Retired October 1, 1992 through December 31, 2002  

        Texas Operations Hourly Employees who Retired on or after October 1, 1992 through December 31, 2002, and were enrolled on the day preceding their
Retirement in the Optional Life Insurance Plan of The Dow Chemical Company Texas Operations Hourly Optional Life Insurance Program are eligible for the coverage. Coverage may be purchased if you
carried an amount equal to or greater than $30,000 prior to age 65. You have the option of purchasing $25,000 beginning on the first of the month following your 65th birthday. The
amount of insurance is reduced each year with the minimum amount at age 68 of $10,000. 

	Age 65	 	$25,000
	Age 66	 	$20,000
	Age 67	 	$15,000
	Age 68 & After	 	$10,000

139

  

        Your premium for Retiree Optional Life Insurance is based on the amount of coverage you select. Your premiums are deducted post-tax from your monthly pension check. Premiums
are subject to change. Premium changes are published in DowFriends. If your premiums are not automatically deducted from pension 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 cancelled.

 Retired May 18, 1984 through November 30, 1991  

        Texas Operations Hourly Employees who Retired on or after May 18, 1984 through November 30, 1991, and were enrolled, on the day preceding their
Retirement, in the Optional Life Insurance Plan of The Dow Chemical Company Texas Operations Hourly Optional Life Insurance Program are eligible for the coverage. Coverage may be purchased for half
the amount of coverage you had as an active Employee under the Optional Contributory plan, up to $25,000 until age 65. Eligibility for coverage ends at age 65, and is subject to
continuous coverage. 

        Your
premium for Retiree Optional Life Insurance is based on the amount of coverage you select. Your premiums are deducted post-tax from your monthly pension check. Premiums
are subject to change. Premium changes are published in DowFriends. If your premiums are not automatically deducted from pension 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 cancelled.

Section 3.    Retired Hampshire Waterloo Hourly Employees  

        If you retired from Hampshire Chemical Corp. on or after March 1, 1988,through December 31, 1999, at age 55 or older and were represented
while an active employee by the United Steelworkers of America AFL-CIO Local Union #7110, a bargaining unit of Hampshire Chemical Corp.'s Waterloo, NY facility, and you were enrolled in
Hampshire Chemical Corp. supplemental employee paid life insurance coverage on the day preceding your retirement, you are eligible for the amount of optional life insurance you had on the day
preceding your retirement, ie., $2500, $5000, $7500, or $13,000. You are required to pay the premiums. Premiums are subject to change. Changes to premiums are published in DowFriends. If your premiums
are not automatically deducted from payments from your pension, 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 cancelled.

Section 4.    Disability Retirees  

        If you are receiving a "disability retirement benefit" from DEPP, as defined under DEPP, and you are not a former Texas Operations Hourly Employee, and you were
covered under The Dow Chemical Company Employee-Paid Life Insurance Plan on the day preceding your Retirement, and your disability retirement effective date is on or after
January 1, 2006, you are eligible for the coverage described below in Coverage Amounts for Disability Retirees. 

        If
you are receiving a "disability retirement benefit" from UCEPP, as defined under UCEPP, and your disability retirement effective date is on or after January 1, 2006, and you
were covered under The Dow Chemical Company Employee-Paid Life Insurance Plan on the day preceding your Retirement, you are also eligible for the coverage described below in  Coverage Amounts for Disability
Retirees. 

 Coverage Amounts for Disability Retirees  

 Pre-65 coverage.  

        Effective January 1, 2006, if you are a disability retiree under DEPP or UCEPP, and your disability retirement effective date is on or after
January 1, 2006, your eligibility, coverage amounts and costs are the same as Retirees who are not receiving a "disability retirement benefit" under DEPP or UCEPP. 

 Age 65 and older.  

        Effective January 1, 2006, if you are a disability retiree under DEPP or UCEPP, and your disability retirement effective date is on or after
January 1, 2006, your eligibility, coverage amounts and costs are the same as Retirees who are not receiving a Disability Retirement under DEPP or UCEPP. 

Section 5.    Retired Split Dollar Participants  

        Except for those described in Section 7 (viii) of Chapter One: Company Paid Life Insurance Plan in this SPD, Retired Split Dollar Participants are
eligible for 1x Split Dollar Equivalent Coverage if they elected to purchase the 1x Employee-paid or Retiree-paid split dollar replacement coverage ("1x Split Dollar Equivalent
Coverage") at the time it was offered to them when their split dollar agreements were terminated, and they continue to pay the premiums for that coverage. For the definition of "Retired Split Dollar
Participants" see Chapter One of this SPD, Section 7 entitled Retired Split Dollar Participants. Retired Split Dollar Participants described in
Section 7(viii) of Chapter One are not eligible for coverage under the Retiree Optional Life Insurance Plan. 

140

 

        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 are a Retired Split Dollar Participant who was an active Employee at the time your split dollar agreement was terminated, and you are paying premiums for
the 1x Split Dollar Equivalent Coverage, you are required to submit an enrollment form at the time you Retire if you wish to continue the 1x Split Dollar Equivalent Coverage as a Retiree.  Failure to return the form within
31 days of your Retirement will result in automatic enrollment in the 1x Split Dollar Equivalent Coverage. If
you waived the 1x Split Dollar Equivalent Coverage at the time your split dollar agreement was terminated, or if such coverage was waived or cancelled after your split dollar agreement was terminated,
you may not subsequently enroll for such coverage at any time. 

 Costs  

        You pay the premium for coverage. The cost for coverage is subject to change, according to Plan experience. Premiums are subject to change. If your premiums are
not automatically deducted from payments from the Dow Employees' Pension Plan ("DEPP") or the Union Carbide Employees' Pension Plan ("UCEPP"), 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. 

 Coverage Levels  

        Coverage is 1x of your final annual salary rounded up to the next $1,000. 

 End of Coverage  

        1x Split Dollar Equivalent Coverage ends if you cancel coverage or fail to pay the required premiums. 

Section 6.    Retired Union Carbide Employees  

        If you Retired prior to February 7, 2003, 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 Retiree Optional Life Insurance Plan. 

Section 7.    Retired Dow AgroSciences Employees  

        If you Retired prior to January 1, 2006 under the Dow AgroSciences LLC pension plan and if you were enrolled in supplemental coverage (1x, 2x, 3x, or 4x)
under the Dow AgroSciences LLC Life Insurance Plan as an active Employee on the day preceding your retirement, you may purchase supplemental life insurance coverage equal to one times your annual base
salary at the time of your Retirement.    You are required to pay the premiums. Premiums are age-related and subject to change. Changes to premiums are published in DowFriends.
If your premiums are not automatically deducted from payments from your pension, 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 cancelled.

        Coverage
ends at the end of the month in which you reach age 65. Coverage ends earlier than age 65 if you cancel coverage or fail to pay the required premiums. 

Section 8.    General Eligibility Information  

        Check the Plan Document, which addresses unusual situations, such as mergers and acquisitions, 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. 

141

 

Section 9.    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 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 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 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 Retiree 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 Retiree Service
Center, and are subject to the approval of MetLife. 

        All
beneficiary designations must conform to MetLife's administrative requirements. Your beneficiary designation may be returned to you for you to make changes to it if it does not
conform to MetLife's requirements. Beneficiary designations are not effective until MetLife has determined that they conform to MetLife's requirements. 

Section 10.    Benefit Payment  

        In the event of your death, your beneficiary should contact the Retiree Service Center. A certified death certificate must be provided to MetLife to disburse the
life insurance proceeds. See Claims Procedures Appendix of this SPD. Contact the Retiree Service Center at
1-800-344-0661. 

Section 11.    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 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 Retiree Optional Life Insurance. You may
receive an accelerated benefit of up to 50 percent (minimum $5,000 and maximum $250,000) of your Retiree Company-Paid Life Insurance and/or 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
Retiree Service Center and must be completed and returned for evaluation and approval by MetLife. 

Section 12.    Funding  

        The Plan is funded by an insurance policy underwritten by Metropolitan Life Insurance Company ("MetLife"). 

        Retirees
pay the entire premium for coverage. The benefits under the 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 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 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. This joint
insurance arrangement does not apply to coverage for Retired Hourly Employees who were employed at Michigan Operations. 

142

 

Section 13.    Your Rights  

        You have certain rights under the 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, Company'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.

Section 14.    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 non-term life
insurance policy through MetLife, Inc. without proof of insurability. You must file a conversion application with MetLife and make the required premium payment to MetLife within
31 days of the date your Dow coverage is lost or decreases. Contact the Dow Retiree Service Center to obtain a form for converting your coverage. Once you have obtained the form, contact the
MetLife Conversion Group at 1-800-MET-LIFE or 1-800-638-5433 to file your form, or to obtain further information. 

        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. 

 
 

Chapter Three:
  Retiree Dependent Life Insurance Plan    
    

        As of January 1, 2005, the following plans were merged into the Retiree Dependent Life Insurance Plan: The Dow Chemical Company Texas Operations Hourly
Optional Life Insurance Program's Retiree Dependent Life Insurance Plan; Hampshire Chemical Corporation Hourly Optional Group Life Insurance Program's Retiree Dependent Life Insurance Plan; and ANGUS
Chemical Company Hourly Optional Group Life Insurance Program's Retiree Dependent Life Insurance Plan. Such plans no longer exist as separate plans, but are now a part of the Retiree Dependent Life
Insurance Plan. 

        The
Retiree Dependent Life Insurance Plan is referred to in Chapter Three as the "Plan". 

        Section 1
applies to Retired Salaried Employees and Certain Retired Hourly Employees 

        Section 2
through to the remaining sections of Chapter Three apply to all persons eligible for coverage under the Plan 

Section 1.    Retired Salaried Employees and Certain Retired Hourly Employees  

 Eligibility  

        Section 1 of Chapter Two of this SPD does NOT apply to: 

	•
	Hampshire
Hourly Employees who retired from the Waterloo, NY facility on or after March 1, 1988 through December 31, 1999;

	•
	Hampshire
Hourly Employees who retired from the Owensboro, KY or Nashua, NH facilities on or after    March 1, 1988 through December 31, 1998;

	•
	Hourly
Employees who retired from Michigan Operations;

	•
	Texas
Hourly Employees who retired prior to October 1, 1989; and

	•
	Union
Carbide Employees who retired prior to February 7, 2003.

	•
	Dow
AgroSciences Employees who retired prior to January 1, 2006. 

        Except
for those populations identified above, if you are a Retiree who, on the day preceding Retirement, was enrolled as an active Employee in a Dependent Life Insurance Plan sponsored
by a Participating Employer, you are eligible for continued coverage for your Spouse of Record/Domestic Partner of Record and/or Dependent children who were covered under the active employee plan. In
order to be a "Retiree", you must have been at least 50 years old with 10 or more years of Service at the time your employment with Dow terminated. 

        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. 

        See
Section 3 entitled Dependent Eligibility for who may be covered as a Dependent. 

143

 

 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 Retiree 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. 

 Dependent Coverage Amounts for Eligible Salaried and Hourly Retirees  

        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  

        You pay the premium for coverage. 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. If your premiums are not automatically deducted from payments from the Dow Employees' Pension Plan (DEPP) or the Union Carbide
Employees' Pension Plan ("UCEPP"), 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 cancelled. 

Section 2.    General Eligibility Information  

        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. 

Section 3.    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 Dependent children. A
Dependent child is defined as a child that is principally supported by you, is at least 15 days of age, and is: 

	•
	A
natural or legally adopted child;

	•
	A
child of your Spouse or Domestic Partner 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 a Dependent if he or she is: 

	•
	Married.
Coverage as a Dependent child 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 Retiree 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 not eligible if he or she resides outside the United States and Canada, or is in the military. 

144

   Section 4.    Beneficiary Designation  

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

        The
benefits will be paid to you if you survive the Dependent. The benefits will be paid to your estate if: 

	a.
	that
Dependent dies at the same time your death occurs; or            

	b.
	that
Dependent dies within 24 hours of your death. 

        In
any other instance where you do not survive your Dependent, the benefits will be paid to the Dependent's estate. 

Section 5.    Benefit Payment  

        In the event of the death of your Spouse of Record/Domestic Partner of Record or Dependent child, contact the Retiree 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. 

Section 6.    Funding  

        Retirees pay the entire premium for coverage. The benefits under the 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 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. 

Section 7.    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. This joint insurance
arrangement does not apply to coverage for Retired Hourly Employees who were employed at Michigan Operations. 

Section 8.    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, Company'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. 

Section 9.    End of Coverage  

        You may choose to cancel your coverage at any time by completing a new enrollment form and returning it to your Retiree 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. 

        If
you cancel coverage, you may not re-enroll in the future. 

Section 10.    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, their coverage may be converted to an individual non-term policy through MetLife, Inc.. (In the case of minor children, the parent or legal guardian may act on their
behalf.) 

145

 

        A
conversion application must be filed and the required premium payment made to MetLife within 31 days of loss of coverage. Your Spouse of Record/Domestic Partner of Record or
Dependent child's guardian should contact the Dow Retiree Service Center to obtain a form for converting the coverage. Once the form has been obtained, he or she should contact the MetLife Conversion
Group at 1-800-MET-LIFE or 1-800-638-5433. 

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

Section 11.    Filing a Claim  

        See Claims Procedures Appendix of this SPD. 

Section 12.    Appealing a Denial of Claim  

        See Claims Procedures Appendix of this SPD. 

Section 13.    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. 

Section 14.    Grievance Procedure  

        If you want to appeal the denial of a claim for benefits, see 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 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 90 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, 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.

Section 15.    Your Legal Rights  

        When you are a Participant in the Retiree Company-Paid, 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. 

146

 

        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. 

        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. 

Section 16.    Welfare Benefits  

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

Section 17.    The Company's Right to Amend, Modify, and Terminate the Plans  

        The Company reserves the right to amend, modify or terminate the Retiree Company-Paid Life Insurance Plan, 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 

147

 

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. 

Section 18.    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. 

Section 19.    For More Information  

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

Section 20.    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 Retiree Optional Life Insurance Plan, and 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. 

148

  

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 and Fiduciary:	
 	

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 Administrator and Fiduciary:	
 	

Metropolitan Life Insurance Company administers claims under

a group policy issued to The Dow Chemical Company

Metropolitan Life Insurance Company

Group Life Claims

Onedia 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:	
 	

Except for Plan Option I, the Participating Employers pay the entire premium for the Plan. For Plan Option I, the Retiree and the Participating Employer share the premiums. 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, attorney's fees, third party administrator fees, and other administrative expenses.

149

 
ERISA Information

The Dow Chemical Company

Employee-Paid and Dependent Life Insurance Program's

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 and Fiduciary:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination:	
 	

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 Administrator and Fiduciary:	
 	

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

 	
 	

Metropolitan Life Insurance Company

Group Life Claims

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

 	
 	

 

150

 

	

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

151

 
 
 

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 and Fiduciary:	
 	

The Dow Chemical Company

Employee Development Center

Midland, MI 48674

1-877-623-8079
	

To Apply For A Benefit:	
 	

See Claims Procedures Appendix to this SPD
	

To Appeal A Benefit Determination:	
 	

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 Administrator and Fiduciary:	
 	

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

Metropolitan Life Insurance Company

Group Life Claims

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

 	
 	

 

152

 

	

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

153

   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 applicable sections below entitled CLAIMS FOR PLAN BENEFITS and 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 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 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. 

154

 

        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, Dependent 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 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. 

155

 

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 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. 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). 

156

QuickLinks

EXHIBIT 10(t)

Chapter Three: 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)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]