DOW INC. — Director's Dealing 2021

May 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOW INC. (DOW)
CIK: 0001751788
Period of Report: 2021-05-10

Reporting Person: Ungerleider Howard I (President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-10	Common Stock	M	104100	$32.57	Acquired	209767	Direct
2021-05-10	Common Stock	D	72932	$69.425	Disposed	136835	Direct
2021-05-10	Common Stock	G	31168	—	Disposed	105667	Direct
2021-05-10	Common Stock	G	31168	—	Acquired	133952	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-10	Non-Qualified Stock Option (Right to Buy)	$32.57	M	104100	Disposed	2023-02-15	Common Stock (104100.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	921.9855	Indirect
Common Stock	283.4881	Indirect

Footnotes

F1: Shares used to satisfy the exercise price and tax withholding of the Reporting Person upon exercise of options as required by the award agreement and exempt under Rule 16b-3. The net shares were not sold.

F2: The price is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $69.40 to $69.51. Reporting Person agrees to provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: This option granted in February 2013, and expiring on February 15, 2023, is fully vested and exercisable.