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                                                                 Exhibit 10.3(j)

                      RESTATED ENHANCED SEVERANCE AGREEMENT

AGREEMENT FOR:  IRA PARKER                           DATED: DECEMBER 20, 2004


A.   Because Polaroid Corporation (the "Company") considers you a key
     contributor to the Company's success and to permit you to focus on your
     important responsibilities, the Company is offering you enhanced separation
     benefits upon the following terms:

B.   Should the Company terminate your employment effective on or before
     DECEMBER 20, 2005, other than for "Cause" (as defined below) or should you
     terminate your employment for "Good Reason" (as defined below) before such
     date, you will receive the enhanced separation benefits ("Separation
     Benefits") summarized in Section C, below, only upon full compliance with
     the following conditions:

     1.   Your absolute confidentiality concerning the existence and content of
          this Agreement, unless disclosure of it is required by law after prior
          notice to the Company to object to its disclosure; PROVIDED, HOWEVER,
          that the existence and content of this Agreement may be disclosed in
          confidence to your attorneys, and tax or financial consultants who
          also agree to maintain the existence and content of this Agreement in
          confidence or who are otherwise bound by professional requirements of
          confidentiality.

     2.   Your full and complete general release of any and all claims that you
          then have or ever had against the Company and its parent, subsidiary
          and affiliated companies and its and their respective officers,
          directors, agents, employees, and attorneys arising in connection with
          or relating to your employment with the Company and the termination of
          it (including claims under the Federal and state laws relating to
          equal opportunity, discrimination, ERISA, and other employment-related
          laws), which release shall be in form and substance satisfactory to
          the Company.

C.   The Separation Benefits are as follows:

     1.   SEVERANCE PAYMENT. A severance payment equal to twelve months of your
          base pay in effect as of your date of termination from the Company
          (the "Termination Date"), payable in a stream of payments in
          accordance with the Company's regular payroll schedule beginning on
          the regular payroll distribution date, or as soon as reasonably
          practicable, following the Termination Date.

     2.   INCENTIVE BONUS. If at the Termination Date, you were eligible for a
          bonus incentive plan based on plan applicable to similarly situated
          active employees with similar participation criteria, you will be
          eligible to receive such bonus on the following terms: The amount of
          the bonus will be based exclusively on the actual performance of the
          Company and its achievement of any financial performance measurements
          established from time to time by the Company. The bonus, if any, will
          be payable contemporaneously with the related bonus payout to active
          employees. The actual bonus payable shall be proportionally adjusted
          to reflect the number of days in the plan year you were employed by
          the Company. All decisions relating to your potential bonus payment
          will be made by the Company's Vice President, Human Resources, and his
          decision under this subsection shall be final and binding and not
          subject to arbitration or litigation.

     3.   MEDICAL AND DENTAL COVERAGE. The Company will pay up its share of
          medical and dental insurance premiums for twelve months; the Company's
          share will be the same proportion of the cost of such coverage as the
          Company pays for active employees. Should you become eligible to
          receive medical and dental insurance coverage from another employer,
          however, your Company coverage will cease. You must promptly notify
          the Company as soon as your eligibility status changes. For medical
          and dental benefits, when your subsidized Company

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IRA PARKER                                           DATED: DECEMBER 20, 2004


          coverage will cease, you may be able to continue coverage under COBRA
          for any remaining COBRA period.

     4.   SURVIVOR BENEFITS. Should you become eligible to receive payments and
          benefits under this Section and die prior to receipt of all such
          payments and benefits, the residual payments shall be made to your
          beneficiary(ies). Any residual family medical and dental benefits
          which you were receiving on your date of death shall continue to the
          family members you had covered in such medical and dental plans on
          such date.

     You will not be entitled to any rights and claims under this Agreement if
     you (a) voluntarily leave employment for any reason other than for Good
     Reason; (b) are terminated for Cause; or (c) fail to comply with the terms
     of this Agreement.

     For the purposes of this Agreement, "Cause" shall mean any of the
     following: (i) willfully engaging in dishonest conduct or in conduct
     detrimental to the Company or its business reputation; (ii) any violation
     of your Proprietary Information and Non-Competition Agreement or any other
     agreement providing for confidentiality, non-solicitation of employees or
     customers, or similar protections as to intellectual property rights; (iii)
     the willful and continued failure by you to perform the duties assigned to
     you (other than any failure resulting from your incapacity due to physical
     injury or mental illness); (iv) serious and gross misconduct including, but
     not limited to, the breach of a material corporate or personnel policy; (v)
     failure to devote your full time and attention to the business affairs of
     the Company; or (vi) commission of an act that is a felony or involves
     theft or dishonesty.

     For the purposes of this Agreement, the term "Good Reason" shall mean any
     of the following: (i) the Company's permitting or causing a material
     diminution of your duties or responsibilities or assigning to you any
     duties or responsibilities adversely inconsistent with your present
     position and status; (ii) the reduction of your annual base salary below
     your salary as of the date of this Agreement, (iii) requiring you to
     relocate your principal place of employment to a location that is more than
     30 miles from Waltham, Massachusetts; or (iv) the sale of all or
     substantially all of the Company's assets to a purchaser which does not,
     prior to the definitive closing of such transaction, agree to assume in
     writing all of the Company's rights and obligations hereunder.

     Nothing contained in this Agreement alters any of the other terms of your
     employment. This Agreement does not obligate the Company to continue to
     employ you for any specific period of time or in any specific role or
     geographic location. You are, and will remain, an "at will" employee of the
     Company. Accordingly, the Company is free to terminate your employment at
     any time, and you are free to terminate your employment with the Company at
     any time.

     This Agreement, with the other programs and documents referenced herein,
     embodies the entire agreement between you and the Company with respect to
     the subject matter hereof. No amendment or modification of the terms of
     this Agreement shall be effective unless reduced to a written document
     signed by you and by an authorized Officer of the Company.

D.   WAIVER OF JURY TRIAL: YOU UNDERSTAND THAT BY SIGNING THIS AGREEMENT AND AS
     A CONDITION THE PARTIES' ENTERING INTO IT, BOTH THE COMPANY AND YOU GIVE UP
     RESPECTIVE RIGHTS TO A JURY TRIAL IN ANY ACTION OR PROCEEDING RELATED TO
     YOUR EMPLOYMENT WITH THE COMPANY.

E.   This Agreement replaces all previous agreements relating in whole or in
     part to the same or similar matters which you may have entered into with
     the Company. It may not be modified or terminated, in whole or part, except
     in writing by the Company's Vice President, Human Resources or its Chief

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IRA PARKER                                           DATED: DECEMBER 20, 2004


     Executive Officer. This Agreement shall bind and inure to the benefit of
     the parties and their respective heirs, successors, representatives, and
     assigns.

F.   You represent that, except as identified in the space below, you have no
     agreements with or obligations to others in conflict with the foregoing.

This Agreement shall be construed and enforced in accordance with the laws of
the Commonwealth of Massachusetts, without reference to its conflict of law
principles, and shall be deemed an instrument under seal.

This Agreement shall be effective only upon the signatures of both the employee
and the Company's Vice President, Human Resources or its Chief Executive
Officer.


POLAROID CORPORATION                         ACKNOWLEDGMENT AND ACCEPTANCE:

                                             BY SIGNING BELOW, I ACKNOWLEDGE THE
By:  /s/ Ronald A. Porter                    RECEIPT OF THIS AGREEMENT AND AGREE
     --------------------                    TO ITS TERMS. I ACKNOWLEDGE THAT I
     Ronald A. Porter                        HAVE CAREFULLY READ THIS AGREEMENT
     Vice President, Human Resources         AND HAVE HAD THE OPPORTUNITY TO
                                             BOTH ASK QUESTIONS ABOUT ITS TERMS
                                             AND OBLIGATIONS AND CONSULT WITH MY
                                             LEGAL COUNSEL ABOUT MY RIGHTS AND
                                             OBLIGATIONS UNDER IT.


                                             By: /s/ Ira H. Parker
                                                 -----------------

                                             Date: 12/21/04
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