Document:

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                                                                 Exhibit 10.2(a)

To:     Polaroid Holding Corporation (the "US OBLIGORS' AGENT")
        1265 Main Street
        Waltham,
        Massachusetts 02451

Attn:   Treasurer

        Polaroid Contracting C.V. (the "FOREIGN OBLIGORS' AGENT")
        c/o PRD Management Limited and PRD Overseas Limited
        Cedar House
        41 Cedar Avenue
        Hamilton HM 11
        Bermuda

Attn:   Edward T. McCabe

                                                                   5 August 2003

                        FIFTH WAIVER AND AMENDMENT LETTER

Ladies and Gentlemen:

1       The US Obligors' Agent, Polaroid Corporation (formerly known as OEP
        Imaging Operating Corporation) ("POLAROID"), the Foreign Obligors' Agent
        and certain subsidiaries of Polaroid (collectively, the "POLAROID
        GROUP") entered into a $100 million credit agreement dated July 29, 2002
        with a group of lenders led by Citicorp USA, Inc. as Domestic
        Administrative Agent, Domestic Collateral Agent and Foreign Syndication
        Agent and Bank of America, N.A. as Foreign Administrative Agent, Foreign
        Collateral Agent (the "COLLATERAL AGENT") and Domestic Syndication Agent
        (as amended by a first waiver and amendment letter dated August 30,
        2002, second waiver and amendment letter dated March, 2003, third waiver
        and amendment letter dated April, 2003, and fourth waiver letter - in
        two parts, both dated May, 2003, and as may be amended, restated or
        supplemented from time to time, collectively the "CREDIT AGREEMENT").
        Pursuant to the terms of the Credit Agreement, the Polaroid Group
        entered into certain security arrangements in favour of the Collateral
        Agent on its own behalf and on behalf of each of the other Lenders.

2       Unless otherwise defined in this Letter, terms and expressions defined
        in (including by reference to another document) the Credit Agreement
        shall have the same meanings when used in this Letter.

3       Polaroid presented to the Collateral Agent the key objectives to be
        achieved by way of a proposed restructuring of certain of Polaroid's
        foreign subsidiaries in a presentation (the "PRESENTATION") to the
        Domestic Collateral Agent dated June 4, 2003 and to the Foreign
        Collateral Agent dated June 9, 2003.

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4       In order to achieve the objectives set forth in the presentation,
        Polaroid has requested waivers and consents to:

        4.1     the transfer of all operations and assets from Polaroid
                Contracting C.V. ("CONTRACTING CV") to Polaroid;

        4.2     the release of Contracting CV, PRD Overseas Limited ("OVERSEAS
                LTD") and PRD Management Limited ("MANAGEMENT LTD") from their
                respective obligations under the Loan Documents to which they
                are a party;

        4.3     the setting up of a new foreign cash management system as more
                particularly set out in the Presentation, the details of which
                to be agreed with the Collateral Agent;

        4.4     the cancellation of certain indebtedness owed to Contracting CV
                by subsidiaries of Polaroid which are not Loan Parties;

        4.5     the replacement of Contracting CV with Polaroid as the Foreign
                Obligors' Agent; and

        4.6     the liquidation and dissolution of Contracting CV, Overseas Ltd
                and Management Ltd.

5       Subject to paragraph 6 below, on our own behalf and on behalf of each of
        the other Lenders we confirm our agreement to the following waivers and
        consents in respect of the Credit Agreement in relation to the
        restructuring of the foreign subsidiaries in the Polaroid Group:.

        5.1     The Lenders consent to the transfer of all operations and assets
                from Contracting CV to Polaroid, PROVIDED ALWAYS THAT, you:

                5.1.1   promptly take such actions necessary or advisable to
                        grant to the Agents, for the benefit of the Secured
                        Parties, a perfected security interest (governed by the
                        applicable laws) in the assets being transferred,
                        including the filing of UCC financing statements (or its
                        equivalent) in such jurisdictions as may be required by
                        the Agents; and

                5.1.2   if requested by an Administrative Agent, deliver to such
                        Administrative Agent legal opinions as may be reasonably
                        requested relating to the matters described above, which
                        opinions shall be in form and substance, and from
                        counsel, reasonably satisfactory to such Administrative
                        Agent.

        5.2     The Lenders consent to the replacement of Contracting CV with
                Polaroid as the Foreign Obligors' Agent and, by their
                acknowledgement of this Letter, each of the Foreign Loan Parties
                also consent to such replacement.

        5.3     The Lenders consent to the liquidation and dissolution of
                Contracting CV, Overseas Ltd and Management Ltd.

        5.4     To allow for the timely dissolution of Contracting CV, Overseas
                Ltd and Management Ltd, the Lenders consent to:

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                5.4.1   the termination of the following Collateral Documents
                        and the release of the security interests granted
                        thereby:

                        (i)     the Agreement of First Priority Right of Pledge
                                of Assets, Receivables, Intercompany Receivables
                                and Bank Accounts, dated as of July 29, 2002,
                                between Contracting CV (acting by and through
                                its general partners Management Ltd and Overseas
                                Ltd), as Pledgor, and the Collateral Agent as
                                Pledgee;

                        (ii)    the Share Charge (65% Share Charge) dated as of
                                July 29, 2002 between Polaroid and the
                                Collateral Agent in relation to 65% of the
                                issued share capital of Contracting CV; and

                        (iii)   the Share Charge (100% Share Charge) dated as of
                                July 29, 2002 between Polaroid and the
                                Collateral Agent in relation to 100% of the
                                issued share capital of Contracting CV;

                5.4.2   the release of Contracting CV from its obligations as:

                        (i)     a Guarantor under the Guarantee by Polaroid
                                International B.V., Polaroid (Europe) B.V.,
                                Polaroid Trading B.V., and Contracting CV in
                                favor of the Collateral Agent dated as of July
                                29, 2002; and

                        (ii)    a Grantor under the Pledge and Security
                                Agreement dated as of July 29, 2002 amongst,
                                INTER ALIOS, Contracting CV (acting by and
                                through its general partners Management Ltd and
                                Overseas Ltd) and Citicorp USA, Inc. as
                                Administrative Agent.

        5.5     The Lenders consent to the modification of the foreign cash
                management system to allow:

                5.5.1   Polaroid to replace Contracting CV as the main operating
                        company; and

                5.5.2   Polaroid to become a party to the foreign cash
                        management system, as more particularly set out in the
                        Presentation and subject to the terms to be agreed with
                        the Collateral Agent in writing.

        5.6     The Lenders waive Section 8.16 (CANCELLATION OF INDEBTEDNESS
                OWED TO IT) of the Credit Agreement to the extent necessary to
                allow for the cancellation of indebtedness as more particularly
                set out in the Presentation to be updated for the June
                information and submitted under a separate side-letter as soon
                as the information becomes available.

        5.7     Subject to the proviso contained in this paragraph 5.7, the
                Lenders waive Section 8.3 (INVESTMENTS) of the Credit Agreement
                to the extent necessary to allow for the conversion of:

                5.7.1   debt amounting to approximately $10,448,037 owed by
                        Polaroid do Brazil Ltda ("POLAROID BRAZIL") to
                        Contracting CV into equity capital in Polaroid Brazil
                        owned by Contracting CV;

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                5.7.2   debt amounting to approximately $2,392,131 owed by
                        Polaroid de Argentina S.A. ("POLAROID ARGENTINA") to
                        Contracting CV into equity capital in Polaroid Argentina
                        owned by Contracting CV; and

                5.7.3   debt amounting to approximately $1,148,512 owed by
                        Polaroid del Peru S.A. ("POLAROID PERU") to Contracting
                        CV into equity capital in Polaroid Peru owned by
                        Contracting CV.,

                Provided That, each of Polaroid Brazil, Polaroid Argentina and
                Polaroid Peru have ceased ongoing operations and are in the
                process of being liquidated.

                The numbers contained in this paragraph 5.7 may change due to
                currency fluctuations and/or may be updated due to June closing
                by mid-July and shall be provided in a separate side-letter as
                soon as the information becomes available.

        5.8     The Lenders waive Section 8.4 (SALE OF ASSETS) of the Credit
                Agreement to the extent necessary for the equity then owned by
                Contracting CV in Polaroid Brazil, Polaroid Argentina and
                Polaroid Peru to be transferred to Polaroid; and

        5.9     The Lenders waive Section 8.5(d) (RESTRICTED PAYMENTS) of the
                Credit Agreement to the extent necessary for the repayment of
                Indebtedness under the Polaroid Commerce Loan Agreement to be
                repaid in a single transaction within one fiscal month
                regardless of amount; such payment being made directly to
                Polaroid International B.V., a Loan Party.

        5.10    To allow for the liquidation of Contracting CV, the Lenders
                consent to the repayment of intercompany loans being made from
                Contracting CV to Non-Loan Parties as contemplated in the
                Presentation PROVIDED THAT that such Non-Loan Parties shall, as
                promptly as practicable, directly or indirectly, through an
                intercompany loan, transfer such moneys repaid to it by
                Contracting CV to a pledged bank account of a Loan Party less
                such amounts as may be required for such reasonable expenses
                resulting from such transfer of moneys.

6       The waivers and consents above given on our own behalf and on behalf of
        each of the other Lenders are subject to the payment by Polaroid of a
        waiver fee of $40,000 which Polaroid shall pay to the Foreign
        Administrative Agent in such manner and to such account as the Foreign
        Administration Agent shall deem fit.

7       On our own behalf and on behalf of each of the other Lenders, we set out
        the following amendments to be made to the Credit Agreement:

        7.1     The following definitions shall be inserted in the correct
                alphabetical order in Section 1.1 (DEFINED TERMS) of the Credit
                Agreement:

                "AGENT AFFILIATE" has the meaning specified in Section 10.2A(c)
                (POSTING OF APPROVED ELECTRONIC COMMUNICATIONS).

                "APPROVED ELECTRONIC COMMUNICATIONS" means each notice, demand,
                communication, information, document and other material that any
                Loan Party is obligated to, or otherwise chooses to, provide to
                the Administrative Agents pursuant to any Loan Document or the
                transactions contemplated therein,

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                including (a) any supplement to the Guaranty, any joinder to the
                Pledge and Security Agreement and any other written Contractual
                Obligation delivered or required to be delivered in respect of
                any Loan Document or the transactions contemplated therein and
                (b) any Financial Statement, financial and other report, notice,
                request, certificate and other information material; provided,
                however, that, "Approved Electronic Communication" shall exclude
                (i) any Notice of Borrowing, Letter of Credit Request, Swing
                Loan Request, Notice of Conversion/Continuation, and any other
                notice, demand, communication, information, document and other
                material relating to a request for a new, or a conversion of an
                existing, Borrowing, (ii) any notice pursuant to Section 2.8
                (OPTIONAL PREPAYMENTS) and Section 2.9 (MANDATORY PREPAYMENTS)
                and any other notice relating to the payment of any principal or
                other amount due under any Loan Document prior to the scheduled
                date therefor, (iii) all notices of any Default or Event of
                Default and (iv) any notice, demand, communication, information,
                document and other material required to be delivered to satisfy
                any of the conditions set forth in Article III (CONDITIONS TO
                LOANS AND LETTERS OF CREDIT) or Section 2.4(a) (LETTERS OF
                CREDIT) or any other condition to any Borrowing or other
                extension of credit hereunder or any condition precedent to the
                effectiveness of this Agreement.

        7.2     Article X (THE ADMINISTRATIVE AGENTS) of the Credit Agreement
                shall be amended by inserting the following Section 10.2A
                immediately after Section 10.2 (ADMINISTRATIVE AGENT'S RELIANCE,
                ETC.):

                SECTION 10.2A POSTING OF APPROVED ELECTRONIC COMMUNICATIONS

                (a)     Each of the Lenders, the Issuers, the Company and the
                Borrowers agree, and the Obligors' Agent shall cause each
                Subsidiary Guarantor to agree, that the Administrative Agents
                may, but shall not be obligated to, make the Approved Electronic
                Communications available to the Lenders and Issuers by posting
                such Approved Electronic Communications on "e-Disclosure", the
                Foreign Administrative Agent's internet delivery system that is
                part of Fixed Income Direct, Citigroup Global Fixed Income's
                primary web portal, IntraLinks(TM) or a successor electronic
                platform chosen by either Administrative Agent to be its
                internet delivery system (the "APPROVED ELECTRONIC PLATFORM").

                (b)     Although the Approved Electronic Platform and its
                primary web portal are secured with generally-applicable
                security procedures and policies implemented or modified by the
                relevant Administrative Agent from time to time (including, as
                of the Closing Date, a dual firewall and a User ID/Password
                Authorization System) and the Approved Electronic Platform is
                secured through a single-user-per-deal authorization method
                whereby each user may access the Approved Electronic Platform
                only on a deal-by-deal basis, each of the Lenders, the Issuers,
                the Company and the Borrowers acknowledges and agrees, and the
                Obligors' Agent shall cause each Subsidiary Guarantor to
                acknowledge and agree, that the distribution of material through
                an electronic medium is not necessarily secure and that there
                are confidentiality and other risks associated with such
                distribution. In consideration for the convenience and other
                benefits afforded by such distribution and for the other
                consideration provided hereunder, the receipt and

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                sufficiency of which is hereby acknowledged, each of the
                Lenders, the Issuers, the Company and the Borrowers hereby
                approves, and the Obligors' Agent shall cause each Subsidiary
                Guarantor to approve, distribution of the Approved Electronic
                Communications through the Approved Electronic Platform and
                understands and assumes, and the Obligors' Agent shall cause
                each Subsidiary Guarantor to understand and assume, the risks of
                such distribution.

                (c)     THE APPROVED ELECTRONIC COMMUNICATIONS AND THE APPROVED
                ELECTRONIC PLATFORM ARE PROVIDED "AS IS" AND "AS AVAILABLE".
                NONE OF THE ADMINISTRATIVE AGENTS OR ANY OF THEIR RESPECTIVE
                AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS,
                EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (THE "AGENT
                AFFILIATES") WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF
                THE APPROVED ELECTRONIC COMMUNICATIONS AND THE APPROVED
                ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR
                ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS
                AND THE APPROVED ELECTRONIC PLATFORM OTHER THEN THOSE CAUSED BY
                GROSS NEGLIGENCE OR WILFUL MISCONDUCT. NO WARRANTY OF ANY KIND,
                EXPRESS, IMPLIED OR STATUTORY (INCLUDING, WITHOUT LIMITATION,
                ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
                PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM
                VIRUSES OR OTHER CODE DEFECTS) IS MADE BY THE AGENT AFFILIATES
                IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE
                APPROVED ELECTRONIC PLATFORM.

                (d)     Each of the Lenders, the Issuers, the Company and the
                Borrowers agree, and the Obligors' Agent shall cause each
                Subsidiary Guarantor to agree, that the relevant Administrative
                Agent may, but (except as may be required by applicable law)
                shall not be obligated to, store the Approved Electronic
                Communications on the Approved Electronic Platform in accordance
                with such Administrative Agent's generally-applicable document
                retention procedures and policies.

        7.3     Section 11.8 (NOTICES, ETC.) of the Credit Agreement shall be
                amended and restated in its entirety as follows:

                Section 11.8  Notices, Etc.

                (a)     All notices, demands, requests and other communications
                provided for in this Agreement shall be given in writing, or by
                any telecommunication device capable of creating a written
                record (including electronic mail), and addressed to the party
                to be notified as follows:

                        (i)     if to the Loan Parties, to the US Obligors'
                        Agent:

                                Polaroid Holding Company
                                1265 Main Street
                                Waltham, Massachusetts  02451

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                                Attention:  Treasurer
                                Telecopy no:  781-833-3579

                                with a copy to:

                                Polaroid Holding Corporation
                                1265 Main Street
                                Waltham, Massachusetts  02451
                                Attention: General Counsel
                                Telecopy no: 781-386-6441

                        (ii)    if to any Lender, at its Domestic Lending Office
                        specified opposite its name on Schedule II or on the
                        signature page of any applicable Assignment and
                        Acceptance;

                        (iii)   if to any Issuer, at the address set forth under
                        its name on the signature page hereof; and

                        (iv)    if to the Domestic Administrative Agent:

                                Citicorp USA, Inc.
                                388 Greenwich Street
                                New York, New York 10013
                                Attention: Brenda Cotsen
                                Telecopy no: 212-816-2613

                                if to the Foreign Administrative Agent:

                                Bank of America, N.A.
                                New Broad Street House
                                35 New Broad Street
                                London EC2M 1NH
                                Attention: Heather Jones
                                Telecopy no: + 44 (207) 809 5873

                                in each case, with a copy to:

                                Weil, Gotshal & Manges
                                One South Place,
                                London EC2M 2WG
                                Attention: Richard A. Ginsburg, Esq.
                                Telecopy no: +44 (207) 903-0990

                or at such other address as shall be notified in writing (A) in
                the case of the Borrowers and the Administrative Agents, to the
                other parties and (B) in the case of all other parties, to the
                Borrowers and the Administrative Agents.

                (b)     All such notices and communications shall be effective
                (i) upon personal delivery (if delivered by hand, including any
                overnight courier service), (ii) when deposited in the mails (if
                sent by mail), (iii) when such notice, demand, request, consent
                and other communication shall have been made generally available
                on such Approved Electronic Platform, Internet

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                website or similar device to the class of Person being notified
                (regardless of whether any such Person must accomplish, and
                whether or not any such Person shall have accomplished, any
                action prior to obtaining access to such items, including
                registration, disclosure of contact information, compliance with
                a standard user agreement or undertaking a duty of
                confidentiality) (if delivered by posting to an Approved
                Electronic Platform, an Internet website or a similar
                telecommunication device requiring a user prior access to such
                Approved Electronic Platform, website or other device) or (iv)
                when properly transmitted (if delivered by electronic mail or by
                any other telecommunications device); provided, however, that
                notices and communications to the Administrative Agents pursuant
                to Article II (THE FACILITIES) or Article X (THE ADMINISTRATIVE
                AGENTS) shall not be effective until received by the
                Administrative Agents.

                (c)     Notwithstanding paragraphs (a) and (b) above (unless
                either Administrative Agent requests that the provisions of
                paragraphs (a) and (b) above be followed) and any other
                provision in this Agreement or any other Loan Document providing
                for the delivery of, any Approved Electronic Communication by
                any other means, the Loan Parties shall deliver all Approved
                Electronic Communications to the Administrative Agent by
                properly transmitting such Approved Electronic Communications
                electronically (in a format acceptable to the relevant
                Administrative Agent) to oploanswebadmin@citigroup.com or such
                other electronic mail address (or similar means of electronic
                delivery) as the relevant Administrative Agent may notify the
                Obligors' Agent. Nothing in this paragraph (c) shall prejudice
                the right of either Administrative Agent or any Lender or Issuer
                to deliver any Approved Electronic Communication to any Loan
                Party in any manner authorized in this Agreement.

8       The US Obligors' Agent, on behalf of itself and each of the other US
        Loan Parties and the Foreign Obligors' Agent on behalf of itself and
        each of the other Foreign Loan Parties, each hereby represents and
        warrants to the Agents and each of the Lenders that it is duly
        authorised to countersign this Letter which represents their legal,
        valid and binding obligations, enforceable in accordance with its terms.

9       The US Obligors' Agent, on behalf of itself and each of the other US
        Loan Parties and the Foreign Obligors' Agent on behalf of itself and
        each of the other Foreign Loan Parties hereby certify, after careful
        consideration, that the following statements are true on the date
        hereof:

        9.1     the representations and warranties set forth in Sections 4.1,
                4.2, 4.7 (save for such litigation as more particularly set out
                in the Schedule attached hereto), 4.8, 4.10, 4.11(b), 4.11(d),
                4.12, 4.14, 4.15(a), 4.15(b), 4.18 of Article IV
                (REPRESENTATIONS AND WARRANTIES) of the Credit Agreement and the
                other Loan Documents are true and correct on and as of the date
                hereof with the same effect as though made on and as of such
                date, except to the extent such representations and warranties
                expressly relate to an earlier date, in which case such
                representations and warranties shall have been true and correct
                as of such earlier date; and

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        9.2     no Default or Event of Default has occurred and is continuing on
                the date hereof.

10      The US Obligors' Agent, on behalf of itself and each of the other US
        Loan Parties and the Foreign Obligors' Agent on behalf of itself and
        each of the other Foreign Loan Parties, confirms their agreement to the
        above amendments and that their respective obligations under the Loan
        Documents to which they are respectively parties remain in full force
        and effect notwithstanding the making of such amendments.

11      The US Obligors' Agent confirms that in entering into this Letter it is
        acting on its own behalf and as US Obligors' Agent for the other US Loan
        Parties under Section 11.19(b) (US OBLIGORS' AGENT) of the Credit
        Agreement and the Foreign Obligors' Agent confirms that in entering into
        this Letter it is acting on its own behalf and as Foreign Obligors'
        Agent for the other Foreign Loan Parties under Section 11.19(a) (FOREIGN
        OBLIGORS' AGENT) of the Credit Agreement.

12      Save as waived by this Letter, the provisions of the Credit Agreement
        shall continue in full force and effect and the Credit Agreement and
        this Letter shall be read and construed as one instrument. This Letter
        is a Loan Document.

13      Please sign and return the attached copy of this Letter to signify your
        acceptance of its terms and conditions. This Letter may be executed in
        counterparts each of which shall be deemed to constitute an original.

14      This Letter is governed by and construed in accordance with New York
        law.

Yours faithfully

   /s/ Miles D. McManus                          /s/ Carmen Bernardis
------------------------------                ----------------------------------

For and on behalf of                          For and on behalf of
CITICORP USA, INC.                            BANK OF AMERICA, N.A.
as Domestic Administrative Agent              as Foreign Administrative Agent

<Page>

To:     Citicorp USA, Inc.
        as Domestic Administrative Agent

        Bank of America, N.A.
        as Foreign Administrative Agent

We acknowledge receipt of the Letter and hereby confirm our agreement to the
terms and conditions thereof.

Yours faithfully

   /s/ E.T.McCabe                                /s/ E.T.McCabe
-----------------------------            --------------------------------
PRD MANAGEMENT LIMITED                   PRD OVERSEAS LIMITED
For and on behalf of                     For and on behalf of
POLAROID CONTRACTING C.V.                POLAROID CONTRACTING C.V.
(acting on its own behalf and on         (acting on its own behalf and on
behalf of each other Foreign             behalf of each other Foreign Loan
Loan Party at the date hereof)           Party at the date hereof)

  /s/ Andra S. Bolotin
-----------------------------
For and on behalf of
POLAROID HOLDING CORPORATION
(acting on its own behalf and on
behalf of each other US Loan
Party at the date hereof)

Date:
     ------------------

<Page>

We acknowledge receipt of the Letter and hereby confirm our agreement to
Polaroid Corporation acting as Foreign Obligors' Agent as set forth in paragraph
5.2 of the Letter.

  /s/ E.T. McCabe                            /s/ E.T. McCabe
-----------------------------            -----------------------------
PRD MANAGEMENT LIMITED                   PRD OVERSEAS LIMITED
For and on behalf of                     For and on behalf of
POLAROID CONTRACTING C.V.                POLAROID CONTRACTING C.V.
(acting on its own behalf and on         (acting on its own behalf and on
behalf of each other Foreign             behalf of each other Foreign Loan
Loan Party at the date hereof)           Party at the date hereof)

    /s/ J.M. Geerdink
-----------------------------
For and on behalf of
POLAROID (EUROPA) B.V.

  /s/ J.M. Geerdink
-----------------------------
For and on behalf of
POLAROID TRADING B.V.

      /s/ W.L. Flaherty
-----------------------------
For and on behalf of
POLAROID NEDERLAND B.V.

     /s/ J.M. Geerdink
-----------------------------
For and on behalf of
POLAROID INTERNATIONAL B.V.

     /s/ W.L. Flaherty
-----------------------------
For and on behalf of
POLAROID CANADA INC,

<Page>

    /s/ W.L. Flaherty
-----------------------------
For and on behalf of
POLAROID GMBH

   /s/ W.L. Flaherty
-----------------------------
For and on behalf of
POLAROID (U.K.) LIMITED

   /s/ Neal D. Goldman
-----------------------------
For and on behalf of
POLAROID LEASING LIMITED

   /s/ W.L. Flaherty
-----------------------------
For and on behalf of
POLAROID FAR EAST LIMITED

  /s/ W.L. Flaherty
-----------------------------
For and on behalf of
POLAROID CORPORATION OF JAPAN (FORMERLY KNOWN AS
NIPPON POLAROID K.K.)

<Page>

                                    SCHEDULE

                               LIST OF LITIGATION

1.      FERRARI, ET AL. V. POLAROID, PRIMARY PDC, OEP (Polaroid is a named
        party)

2.      The Company is also a party-in-interest in the bankruptcy proceedings of
        Primary PDC and its domestic affiliates (the "Debtors") pending in the
        U.S. Bankruptcy Court. Current matter of interest pending:

        -   the U.S. Bankruptcy Court entered an Order appointing an Examiner
            pursuant to Sections 1104 and 1106 of the U.S. Bankruptcy Code;

        -   William Cardinale and George Maiorelli filed an application for
            relief pursuant to Rule 60(b) of the Federal Rules of Civil
            Procedure seeking relief from the order approving the Transaction;
            and

        -   Stephen J. Morgan, a shareholder of Primary, filed a Notice of
            Appeal challenging the order approving the Transaction.

3.      The European Union has issued a decision which states that part-time
        employees must be allowed to participate in a company's pension plan.
        Courts in the United Kingdom are implementing this decision and this
        decision will impact Polaroid (U.K.) Ltd.<Page>

                                                                 Exhibit 10.2(b)

To:     Polaroid Holding Corporation (the "OBLIGORS' AGENT")
        1265 Main Street
        Waltham,
        Massachusetts 02451

Attn:   Treasurer

                                                                14 November 2003

                        SIXTH WAIVER AND AMENDMENT LETTER

Ladies and Gentlemen:

1       The Obligors' Agent, Polaroid Corporation (formerly known as OEP Imaging
        Operating Corporation) ("POLAROID"), Polaroid Holding Corporation
        (formerly known as OEP Imaging Corporation), and certain subsidiaries of
        Polaroid (collectively, the "POLAROID GROUP") entered into a $100
        million credit agreement dated July 29, 2002 with a group of lenders led
        by Citicorp USA, Inc. as Domestic Administrative Agent, Domestic
        Collateral Agent and Foreign Syndication Agent and Bank of America, N.A.
        as Foreign Administrative Agent, Foreign Collateral Agent (the
        "COLLATERAL AGENT") and Domestic Syndication Agent (as amended by a
        first waiver and amendment letter dated August 30, 2002, a second waiver
        and amendment letter dated March, 2003, a third waiver and amendment
        letter dated April, 2003, a fourth waiver letter - in two parts, both
        dated May, 2003, and a fifth waiver and amendment letter dated August 5,
        2003, and as may be amended, restated or supplemented from time to time,
        collectively the "CREDIT AGREEMENT"). Pursuant to the terms of the
        Credit Agreement, the Polaroid Group entered into certain security
        arrangements in favour of the Collateral Agent on its own behalf and on
        behalf of each of the other Lenders.

2       Unless otherwise defined in this Letter, terms and expressions defined
        in (including by reference to another document) the Credit Agreement
        shall have the same meanings when used in this Letter.

3       Polaroid has requested certain amendments to the Credit Agreement, INTER
        ALIA, to:

        3.1     create a $100,000,000 discretionary basket that Polaroid may use
                for

                3.1.1   acquisitions or other equity investments, including
                        without limitation, investments in joint ventures;

                3.1.2   additional Capital Expenditures or IDP Venture
                        Expenditures; or

                3.1.3   the redemption of preferred stock;

        3.2     reduce the frequency of delivering Borrowing Base Certificates,
                to the extent and only to the extent that Excess Availability
                remains above $25,000,000;

        3.3     make certain adjustments to the pricing grids for loans under
                the Revolving Credit Facilities;

<Page>

        3.4     revise the frequency of delivering reports of new Leases and
                delivering statutory accounts for Foreign Subsidiaries;

        3.5     amend the definitions of each of "Available Credit" and "Excess
                Availability" to clarify that Available Cash is included in the
                calculation thereof;

        3.6     amend the final date in the tables for Sections 5.6 (MAXIMUM IDP
                VENTURE EXPENDITURE) and 5.7 (CAPITAL EXPENDITURES) to coincide
                with the termination of the Facilities; and

        3.7     amend the definition of "Tangible Net Worth" to allow for
                amounts of any permitted redemption of preferred stock.

4       On our own behalf and on behalf of each of the other Lenders, we set out
        the following amendments to be made to the Credit Agreement:

        4.1     The following definitions shall be inserted in the correct
                alphabetical order in Section 1.1 (DEFINED TERMS) of the Credit
                Agreement:

                "ACQUISITION CONSIDERATION" means, in relation to Acquisition
                Assets, the equivalent in Dollars of the aggregate of the
                consideration (including any non-cash consideration and all
                costs and expenses incurred in connection therewith) paid and
                payable (whether contingent or otherwise) and the gross
                liabilities in respect of Indebtedness assumed or to be assumed
                or refinanced or which remain subsisting in respect of such
                Acquisition Assets following their acquisition.

                "ADDITIONAL CAPITAL EXPENDITURES" means, at any time and from
                time to time, Capital Expenditures:

                (a)     which are designated in writing to the Administrative
                        Agents by any member of the Group as being in addition
                        to the amount of Capital Expenditures otherwise
                        permitted under Section 5.7 (CAPITAL EXPENDITURES); and

                (b)     as to which the Administrative Agents have received, at
                        least 5 Business Days prior to any such Additional
                        Capital Expenditure being made, a certificate signed by
                        the chief financial officer of the Company demonstrating
                        that such Additional Capital Expenditure will be funded
                        from the utilisation of surplus cash on the consolidated
                        balance sheet of the Group (i.e. not from any Loans).

                "ADDITIONAL IDP VENTURE EXPENDITURES" means, at any time and
                from time to time, IDP Venture Expenditures:

                (a)     which are designated in writing to the Administrative
                        Agents by any member of the Group as being in addition
                        to the amount of IDP Venture Expenditures otherwise
                        permitted under Section 5.6 (MAXIMUM IDP VENTURE
                        EXPENDITURE); and

                                        2
<Page>

                (b)     as to which the Administrative Agents have received, at
                        least 5 Business Days prior to any such Additional IDP
                        Venture Expenditure being made, a certificate signed by
                        the chief financial officer of the Company demonstrating
                        that such Additional IDP Venture Expenditure will be
                        funded from the utilisation of surplus cash on the
                        consolidated balance sheet of the Group (i.e. not from
                        any Loans).

                "AVAILABLE DISCRETIONARY BASKET AMOUNT" means, as of any date of
                determination, an amount equal to (a) the Discretionary Basket
                Amount MINUS (b) the aggregate amount of any (i) Permitted
                Acquisitions/Investments, (ii) Additional IDP Venture
                Expenditures, (iii) Additional Capital Expenditures and (iv)
                Permitted Stock Redemptions, which in each case have been
                designated in writing to the Administrative Agents as being made
                out of the Discretionary Basket Amount.

                "DISCRETIONARY BASKET AMOUNT" means $100,000,000 (or its
                equivalent in other currencies).

                "JOINT VENTURE" means any joint venture entity, whether a
                company, unincorporated firm, undertaking, association, joint
                venture or partnership or any other entity.

                "PERMITTED ACQUISITIONS/INVESTMENTS" means the acquisition or
                investment by a member of the Group of any company or in a
                business (whether by way of shares or assets and including
                investments in Permitted Joint Ventures) ("ACQUISITION ASSETS")
                which carries on a business which is similar or related to the
                business of the Group carried on as of the Closing Date where:

                (a)     the aggregate of the Acquisition Consideration in
                        respect of Acquisition Assets is not at any time, when
                        aggregated with all other Acquisition Consideration,
                        greater than the Available Discretionary Basket Amount;
                        and

                (b)     the cash element of any proposed Acquisition
                        Consideration is provided by further equity
                        contributions by the Original Investors or the
                        utilisation of surplus cash on the consolidated balance
                        sheet of the Group (i.e. not from any Loans); and

                (c)     the proposed Acquisition Assets, for the period of the
                        twelve months prior to the date of their acquisition,
                        had EBITDA (utilising the definition of EBITDA) which
                        was:

                        (1)     positive; or

                        (2)     negative, but if negative, then notwithstanding
                                anything to the contrary in this Agreement the
                                negative EBITDA in respect of such Acquisition
                                Assets (when aggregated with the negative EBITDA
                                in respect of other Acquisition Assets which had

                                        3
<Page>

                                negative EBITDA on the date of acquisition
                                thereof) shall not exceed $25,000,000.

                The Company shall notify the Administrative Agents of the amount
                of such EBITDA and aggregate EBITDA by a certificate signed by
                the chief executive officer and a financial officer of the
                Company and supported by such evidence as the Administrative
                Agents may reasonably request;

                PROVIDED THAT, with respect to each of the foregoing paragraphs
                (a) through (c):

                (i)     at least 5 Business Days prior to entering into any
                        acquisition or investment (including Permitted Joint
                        Ventures) for which the Acquisition Consideration is
                        greater than $25,000,000 (or its equivalent in other
                        currencies), the Administrative Agents shall have
                        received from the Company revised financial projections,
                        reflecting the proposed Acquisition Assets therein which
                        demonstrate that on a PRO FORMA basis for the 12 months
                        following the completion of the acquisition none of the
                        financial covenants in Article V (FINANCIAL COVENANTS)
                        will be breached prior to the Revolving Credit
                        Termination Date and that no Default or Event of Default
                        will arise under Section 9.1 (EVENTS OF DEFAULT),
                        accompanied by a certificate signed by the chief
                        executive officer and a financial officer of the Company
                        (x) confirming that they believe that the assumptions
                        (upon which the forecasts and projections in such
                        revised financial projections are based) taken as a
                        whole, and those forecasts and projections, are fair and
                        reasonable and confirming that, in making those
                        assumptions and forming those forecasts and projections
                        the Company has taken full and proper account of all
                        contingent liabilities relating to the Acquisition
                        Assets to be acquired pursuant to the proposed
                        acquisition and the Company has, where it is considered
                        that such contingent liabilities may become actual
                        liabilities, attributed a proper amount to such
                        contingent liabilities in forming those forecasts and
                        projections and (y) certifying that at all times during
                        the following 12 months the completion of the
                        acquisition would not lead to there being less than
                        $25,000,000 of Available Credit;

                (ii)    at least 5 Business Days prior to entering into any
                        acquisition or investment (including Permitted Joint
                        Ventures) for which the Acquisition Consideration is
                        greater than $25,000,000 (or its equivalent in other
                        currencies) there has been provided to the
                        Administrative Agents copies of all accountants',
                        environmental and other reports obtained by any member
                        of the Group in respect of such Acquisition Assets;

                (iii)   in respect of any acquisition for which the Acquisition
                        Consideration is $25,000,000 (or its equivalent in other
                        currencies) or less, the Company certifies that (x) no
                        Default or Event of Default will arise under Section 9.1
                        (EVENTS OF DEFAULT) as a result of the proposed

                                        4
<Page>

                        acquisition of the Acquisition Assets and (y) at all
                        times during the following 12 months the completion of
                        the acquisition would not lead to there being less than
                        $25,000,000 of Available Credit; and

                (iv)    at least 5 Business Days prior to entering into any
                        acquisition or investment (including Permitted Joint
                        Ventures) the Company shall deliver to the
                        Administrative Agents a certificate signed by the chief
                        financial officer of the Company demonstrating that such
                        acquisition or investment will be funded from further
                        equity contributions by the Original Investors or the
                        utilisation of surplus cash on the consolidated balance
                        sheet of the Group (i.e. not from any Loans).

                "PERMITTED JOINT VENTURE" means investments in any Joint Venture
                or similar arrangement subsisting with any person (which is not
                an Affiliate), PROVIDED THAT (i) each Joint Venture is in a
                business which is similar or related to the business of the
                Group carried on as of the Closing Date, (ii) each Joint Venture
                entity is incorporated with limited liability and there is no
                recourse to a member of the Group other than for the relevant
                investment permitted in accordance with this definition, (iii)
                the interest of the relevant member of the Group in each Joint
                Venture entity constitutes not less than 20% or more than 50% of
                the total interests therein, (iv) the relevant member of the
                Group has management control over each Joint Venture entity and
                (v) the Administrative Agents are provided with a copy of the
                Joint Venture agreement and evidence satisfactory to it (acting
                reasonably) as to the proposed investment amount.

                "PERMITTED STOCK REDEMPTIONS" means, in respect of the preferred
                stock of the Company described in paragraph (a) of Clause 4.3
                (OWNERSHIP OF LOAN PARTIES AND SUBSIDIARIES), one or more
                redemptions of or the distribution or payment of any dividends
                to the shareholders of such preferred stock, PROVIDED that:

                (a)     any such redemption or payment has been designated in
                        advance in writing to the Administrative Agents by the
                        Company or the Obligor's Agent; and

                (b)     at least 5 Business Days prior to making any such
                        redemption or payment the Company shall deliver to the
                        Administrative Agents a certificate signed by the chief
                        executive officer and a financial officer of the Company
                        demonstrating that such redemption or payment will be
                        funded from the utilisation of surplus cash on the
                        consolidated balance sheet of the Group (i.e. not from
                        any Loans).

        4.2     The definition of "Available Cash" in Section 1.1 (DEFINED
                TERMS) of the Credit Agreement shall be amended and restated in
                its entirety as follows:

                "AVAILABLE CASH" means, at any time and from time to time, an
                amount equal to 100% of the unrestricted cash and Cash
                Equivalents of the Group which are either (a) pledged to the
                relevant Administrative Agent pursuant to the Collateral
                Documents or (b) on deposit in an account maintained with either
                of the Administrative Agents.

                                        5
<Page>

        4.3     The definition of "Available Credit" in Section 1.1 (DEFINED
                TERMS) of the Credit Agreement shall be amended and restated in
                its entirety as follows:

                "AVAILABLE CREDIT" means, on any date of determination, the sum
                of (a) the US Available Credit at such time, PLUS (b) the
                Foreign Available Credit at such time, PLUS (c) the Available
                Cash at such time.

        4.4     The definition of "Excess Availability" in Section 1.1 (DEFINED
                TERMS) of the Credit Agreement shall be amended and restated in
                its entirety as follows:

                "EXCESS AVAILABILITY" means, on any date of determination and
                without double counting, the sum of (a) the Total Availability
                of the Group at such time (but not to exceed the aggregate
                Revolving Credit Commitments at such time), PLUS (b) the
                Available Cash at such time, LESS (c) the US Revolving Credit
                Outstandings at such time, LESS (d) the Foreign Revolving Credit
                Outstandings at such time.

        4.5     The definition of "Fixed Charges" in Section 1.1 (DEFINED TERMS)
                of the Credit Agreement shall be amended and restated in its
                entirety as follows:

                "FIXED CHARGES" means, for any Person for any period, the sum of
                (a) the Cash Interest Expense of such Person for such period,
                (b) the principal amount of Financial Covenant Debt of such
                Person and each of its Subsidiaries determined on a consolidated
                basis in conformity with GAAP having a scheduled due date during
                such period and (c) all cash dividends payable by such Person
                and its Subsidiaries on Stock (other than a dividend qualifying
                as a Permitted Stock Redemption) in respect of such period to
                Persons other than such Person and its Subsidiaries.

        4.6     The definition of "APPLICABLE MARGIN" in Section 1.1 (DEFINED
                TERMS) of the Credit Agreement shall be amended by inserting the
                following table in the place of the tables set forth for each of
                paragraphs (a) and (b) thereof:

<Table>
<Caption>
                                                                              BASE RATE           EUROCURRENCY
                                   LEVERAGE RATIO                               LOANS              RATE LOANS
                   -------------------------------------------------------------------------------------------
                   <S>                                                          <C>                   <C>
                   Greater than or equal to 1.50 to 1                           2.50%                 3.50%
                   Less  than  1.50  to 1  and  equal  to  or
                   greater than 1.25 to 1                                       2.25%                 3.25%
                   Less  than  1.25  to 1  and  equal  to  or
                   greater than 1.00 to 1                                       2.00%                 3.00%
                   Less than 1.00 to 1                                          1.25%                 2.25%
</Table>

                                        6
<Page>

        4.7     The definition of "UNUSED COMMITMENT FEE RATE" in Section 1.1
                (DEFINED TERMS) of the Credit Agreement shall be amended by
                inserting the following table in the place of the table set
                forth therein:

<Table>
<Caption>
                                                                    UNUSED COMMITMENT
                                   LEVERAGE RATIO                         FEE
                   -------------------------------------------------------------------
                   <S>                                                    <C>
                   Greater than or equal to 1.00 to 1                     0.50%
                   Less than 1.00 to 1                                    0.25%
</Table>

        4.8     The definition of "TANGIBLE NET WORTH" in Section 1.1 (DEFINED
                TERMS) of the Credit Agreement shall be amended by inserting the
                following at the end of the definition after the word "GAAP":

                ", AND INCLUDING in the determination of Total Assets of such
                Person at such date, any actual amount or liability recorded by
                such Person in conformity with GAAP that is related to the
                Permitted Stock Redemptions under this Agreement".

        4.9     Section 5.6 (MAXIMUM IDP VENTURE EXPENDITURE) of the Credit
                Agreement shall be amended by:

                4.9.1   deleting the reference to the date "August 31, 2005" in
                        the final row of the table and inserting the date "July
                        31, 2005" in its place; and

                4.9.2   deleting the proviso at the end thereof and inserting in
                        its place the following proviso:

                        "PROVIDED, HOWEVER, that in addition to the maximum IDP
                        Venture Expenditures set forth above, the Group shall be
                        permitted to make Additional IDP Venture Expenditures
                        from time to time not to exceed the Available
                        Discretionary Basket Amount at such time."

        4.10    Section 5.7 (CAPITAL EXPENDITURES) of the Credit Agreement shall
                be amended by:

                4.10.1  deleting the reference to the date "August 31, 2005" in
                        the final row of the table and inserting the date "July
                        31, 2005" in its place; and

                4.10.2  deleting the proviso at the end thereof and inserting in
                        its place the following proviso:

                        "PROVIDED, HOWEVER, that in addition to the maximum
                        Capital Expenditures set forth above, the Group shall be
                        permitted to make Additional Capital Expenditures from
                        time to time not to exceed the Available Discretionary
                        Basket Amount at such time."

                                        7
<Page>

        4.11    Section 6.1(j) (STATUTORY ACCOUNTS) of the Credit Agreement
                shall be amended and restated in its entirety as follows:

                        "(j)    STATUTORY ACCOUNTS. On or before the end of the
                first Fiscal Quarter following the filing of any statutorily
                required management accounts of each applicable Foreign
                Subsidiary, copies certified by such Foreign Subsidiary as true
                and correct of any such management accounts."

        4.12    The first sentence of paragraph (a) of Section 6.12 (BORROWING
                BASE DETERMINATION) of the Credit Agreement shall be amended and
                restated in its entirety as follows:

                "The Company shall deliver, as soon as available and in any
                event not later than the Required Borrowing Base Certificate
                Delivery Date, a Borrowing Base Certificate in respect of the US
                Borrowing Base and the Foreign Borrowing Base, as of the last
                day of the immediately preceding Borrowing Base Certificate
                Period, executed by a Responsible Officer of the Company."

        4.13    Section 6.12 (BORROWING BASE DETERMINATION) of the Credit
                Agreement shall be amended by adding the following new paragraph
                (e) immediately after the current paragraph (d):

                        "(e)    As used in this Section 6.12:

                                (i)     "REQUIRED BORROWING BASE CERTIFICATE
                DELIVERY DATE" means the third Business Day of the third fiscal
                week following the end of each fiscal month of each Fiscal Year
                (calculated as of the last day of such just completed fiscal
                month), PROVIDED, HOWEVER, if Excess Availability is less than
                $25,000,000 at any time, "REQUIRED BORROWING BASE CERTIFICATE
                DELIVERY DATE" means the third business day of each calendar
                week thereafter (calculated as of the last day of the
                immediately preceding fiscal week) until such time as Excess
                Availability is $25,000,000 or more for 15 consecutive days,
                provided further, however, that if at any time the Borrowing
                Base Certificate is due weekly "Required Borrowing Base
                Certificate delivery date" for the first fiscal week of any
                fiscal month shall be the sixth Business Day following the end
                of such first fiscal week; and

                                (ii)    "BORROWING BASE CERTIFICATE PERIOD"
                means the monthly period (in the case of clause (a) above) or
                the weekly period (in the case of clause (b) above) covered by
                the applicable Borrowing Base Certificate."

        4.14    Paragraph (a)(v) of Section 7.14 (Real Property) of the Credit
                Agreement shall be amended and restated in its entirety as
                follows:

                        "(v)    notify the Administrative Agents at the end of
                each Fiscal Quarter in which any Group Member takes possession
                of, or becomes liable under, any new leased premises or Lease."

                                        8
<Page>

        4.15    Section 8.3 (INVESTMENTS) of the Credit Agreement shall be
                amended and restated by:

                4.15.1  deleting the word "and" at the end of subparagraph
                        (g)(iii) thereof;

                4.15.2  deleting the period and replacing it with a semi-colon
                        and the word "and" at the end of subparagraph (h)
                        thereof; and

                4.15.3  adding the following new subparagraph (i):

                        "(i)    Investments constituting Permitted Acquisitions/
                Investments in the amounts set forth in and in accordance with
                the definition thereof, PROVIDED that (i) in the case of an
                Investment in shares of a company organized in a jurisdiction in
                which assets of any other Loan Party are subject to security,
                such shares shall be subject to first priority security in
                favour of the appropriate Collateral Agent, (ii) in the case of
                an Investment in a new Subsidiary which owns assets in a
                jurisdiction in which assets of any other Loan Party are subject
                to security, such new Subsidiary shall create first priority
                security over all or substantially all of its tangible and
                intangible assets pursuant to Security Documents in form and
                substance satisfactory to the appropriate Collateral Agent and
                (iii) and the relevant Loan Parties shall take all steps
                necessary to create, perfect and deliver to the appropriate
                Collateral Agent such evidence as such Collateral Agent shall
                require of the due execution of the relevant Security Document
                together with legal opinions to the extent reasonably necessary
                in form and substance satisfactory to the appropriate Collateral
                Agent."

        4.16    Section 8.5 (RESTRICTED PAYMENTS) of the Credit Agreement shall
                be amended and restated by:

                4.16.1  deleting the word "and" at the end of subparagraph (e)
                        thereof;

                4.16.2  adding the word "and" at the end of subparagraph
                        (f)(iii) thereof;

                4.16.3  deleting the phrase "PROVIDED FURTHER, HOWEVER, that in
                        the case of each of paragraphs (a) through (f) above)"
                        in the first line of the proviso to such Section 8.5 and
                        inserting the phrase "PROVIDED FURTHER, HOWEVER, that in
                        the case of each of paragraphs (a) through (g) above" in
                        its place; and

                4.16.4  adding the following new subparagraph (g):

                        "(g)    Restricted Payments from time to time
                constituting Permitted Stock Redemptions, PROVIDED that no Loans
                will be available to any Borrower for the purpose of making any
                such Permitted Stock

                                        9
<Page>

                Redemption, and PROVIDED FURTHER that at the time of and after
                giving effect to the making of any such Permitted Stock
                Redemption:

                                (i)     the Fixed Charge Coverage Ratio for the
                        most recently completed 12 month period shall be greater
                        than or equal to 2.0 to 1.0; and

                                (ii)    the amount of any such Permitted Stock
                        Redemption shall not exceed the Available Discretionary
                        Basket Amount at such time;"

5       In accordance with Section 11.1 (AMENDMENTS, WAIVERS, ETC.) of the
        Credit Agreement, on our own behalf and on behalf of each of the other
        Lenders, we agree that:

        5.1     the amendments requested in each of Clause 4.6 and Clause 4.7
                above shall take effect from and after such time as all Lenders
                have delivered their approvals thereof; and

        5.2     the amendments requested in each of Clauses 4.1 through 4.5 and
                Clauses 4.8 through 4.16 above shall take effect from and after
                such time as the Requisite Lenders have delivered their
                approvals thereof.

6       The Obligors' Agent, on behalf of itself and each of the other Loan
        Parties, hereby certifies, after careful consideration, that the
        following statements are true on the date hereof:

        6.1     the representations and warranties set forth in Sections 4.1,
                4.2, 4.5, 4.7 (save for such litigation as more particularly set
                out in the Schedule attached hereto), 4.8, 4.9, 4.10, 4.11(b),
                4.11(d), 4.12, 4.14, 4.15(a), 4.15(b), 4.16(c), 4.16(d),
                4.17(a), 4.17(b) and 4.18 of Article IV (REPRESENTATIONS AND
                WARRANTIES) of the Credit Agreement and the other Loan Documents
                are true and correct on and as of the date hereof with the same
                effect as though made on and as of such date, except to the
                extent such representations and warranties expressly relate to
                an earlier date, in which case such representations and
                warranties shall have been true and correct as of such earlier
                date; and

        6.2     no Default or Event of Default has occurred and is continuing on
                the date hereof.

                                       10
<Page>

7       The Obligors' Agent, on behalf of itself and each of the other Loan
        Parties, confirms its agreement to the above amendments and that the
        Loan Parties' obligations under the Loan Documents to which they are
        parties remain in full force and effect notwithstanding the making of
        such amendments.

8       The Obligors' Agent confirms that in entering into this Letter it is
        acting on its own behalf and as Obligors' Agent for the other Loan
        Parties under Section 11.19(b) (US OBLIGORS' AGENT) and Section 11.19(a)
        (FOREIGN OBLIGORS' AGENT) of the Credit Agreement.

9       Save as amended by this Letter, the provisions of the Credit Agreement
        shall continue in full force and effect and the Credit Agreement and
        this Letter shall be read and construed as one instrument. This Letter
        is a Loan Document.

10      Please sign and return the attached copy of this Letter to signify your
        acceptance of its terms and conditions. This Letter may be executed in
        counterparts each of which shall be deemed to constitute an original.

11      This Letter and the rights and obligations of the parties hereto shall
        be is governed by, and construed and interpreted in accordance with, the
        law of the State of New York.

Yours faithfully

   /s/ Brenda Cotsen                              /s/ Ira Mermelstein
------------------------------                ------------------------------

For and on behalf of                          For and on behalf of
CITICORP USA, INC.                            BANK OF AMERICA, N.A.
as Domestic Administrative Agent              as Foreign Administrative Agent

   /s/ Brenda Cotsen                              /s/ Ira Mermelstein
------------------------------                ------------------------------
For and on behalf of                          For and on behalf of
CITIBANK, N.A.                                BANK OF AMERICA, N.A.
as Lender                                     as Lender

   /s/ illegible                                   /s/ illegible
------------------------------                ------------------------------
For and on behalf of                          For and on behalf of
NATIONAL CITY COMMERCIAL FINANCE, INC.        UPS CAPITAL CORPORATION
as Lender                                     as Lender

                                       11
<Page>

To:     Citicorp USA, Inc.
        as Domestic Administrative Agent

        Bank of America, N.A.
        as Foreign Administrative Agent

We acknowledge receipt of the Letter and hereby confirm our agreement to the
terms and conditions thereof.

Yours faithfully

   /s/ Andra S. Bolotin
-----------------------------
For and on behalf of
POLAROID HOLDING CORPORATION
(acting on its own behalf and as Obligors' Agent
on behalf of each other Loan Party at the date hereof)

Date:   11/11/03
     -------------------

                                       12
<Page>

                                    SCHEDULE

                                       13

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