Document:

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                                                                   Exhibit 4.22

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                              POLAROID CORPORATION

                                       and

                         -------------------------------
                               Debt Warrant Agent

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                 [SENIOR] [SUBORDINATED] DEBT WARRANT AGREEMENT*

                           Dated as of
                                      ----------------------

                                ----------------

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*        OPTIONS REPRESENTED BY BRACKETED OR BLANK SECTIONS HEREIN
         SHALL BE DETERMINED IN CONFORMITY WITH APPLICABLE PROSPECTUS
         SUPPLEMENT OR SUPPLEMENTS

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                              TABLE OF CONTENTS **

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                                                                                                               PAGE

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PARTIES...........................................................................................................1
RECITALS..........................................................................................................1

ARTICLE I  ISSUANCE OF DEBT WARRANTS AND EXECUTION AND DELIVERY
         OF DEBT WARRANT CERTIFICATES...........................................................................-1-
         Section 1.01  Issuance of Debt Warrants................................................................-1-
         Section 1.02  Form and Execution of Debt Warrant Certificates..........................................-2-
         Section 1.03  Issuance and Delivery of Debt Warrant Certificates.......................................-3-
         Section 1.04  Temporary Debt Warrant Certificates......................................................-3-
         Section 1.05  Payment of Certain Taxes.................................................................-4-
         Section 1.06  "Holder".................................................................................-4-

ARTICLE II  DURATION AND EXERCISE OF DEBT WARRANTS..............................................................-4-
         Section 2.01  Duration of Debt Warrants................................................................-4-
         Section 2.02  Exercise of Debt Warrants................................................................-5-

ARTICLE III  OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS
         OF DEBT WARRANTS.......................................................................................-6-
         Section 3.01  No Rights as Holder of Underlying Debt Securities Conferred by Debt
                  Warrants or Debt Warrant Certificates.........................................................-6-
         Section 3.02  Lost, Stolen, Destroyed or Mutilated Debt Warrant Certificates...........................-6-
         Section 3.03  Holder of Debt Warrants May Enforce Rights...............................................-6-

ARTICLE IV  EXCHANGE AND TRANSFER OF DEBT WARRANTS..............................................................-7-
         [Section 4.01  Debt Warrant Register; Exchange and Transfer of Debt Warrants...........................-7-
         Section 4.02  Treatment of Holders of Debt Warrants....................................................-8-
         Section 4.03  Cancellation of Debt Warrant Certificates................................................-8-

ARTICLE V  CONCERNING THE DEBT WARRANT AGENT....................................................................-8-
         Section 5.01  Debt Warrant Agent.......................................................................-8-
         Section 5.02  Conditions of Debt Warrant Agent's Obligations...........................................-9-
         Section 5.03  Resignation and Removal; Appointment of Successor.......................................-11-
         Section 5.04  Compliance With Applicable Laws.........................................................-12-
         Section 5.05  Office..................................................................................-13-

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**       The Table of Contents is not part of the Debt Warrant Agreement.

                                      -ii-

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<S>                                                                                                            <C>

ARTICLE VI  MISCELLANEOUS......................................................................................-13-
         Section 6.01  Consolidation or Merger of the Company and Conveyance or Transfer
                  Permitted Subject to Certain Conditions......................................................-13-
         Section 6.02  Rights and Duties of Successor Corporation..............................................-13-
         Section 6.03  Supplements and Amendments..............................................................-13-
         Section 6.04  Notices and Demands to the Company and Debt Warrant Agent...............................-14-
         Section 6.05  Addresses...............................................................................-14-
         Section 6/06  Applicable Law..........................................................................-14-
         Section 6.07  Delivery of Prospectus..................................................................-14-
         Section 6.08  Governmental Approvals..................................................................-14-
         Section 6.09  Persons Having Rights under Debt Warrant Agreement......................................-15-
         Section 6.10  Headings................................................................................-15-
         Section 6.11  Counterparts............................................................................-15-
         Section 6.12  Inspection of Agreement.................................................................-15-

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                                      -iii-

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         THIS [SENIOR] [SUBORDINATED] DEBT WARRANT AGREEMENT, dated as of
__________, between Polaroid Corporation, a Delaware corporation (the
"Company"), and ____________________, a __________ organized and existing under
the laws of __________, as warrant agent (the "Debt Warrant Agent").

         WHEREAS, the Company and _____________________ has entered into an
Indenture dated as of January 9, 1997 (the "Indenture") with State Street Bank
and Trust Company, as trustee (the "Trustee"), providing for the issuance by the
Company from time to time, in one or more series, of debt securities evidencing
its unsecured, ________________ indebtedness (such debt securities, being
referred to as the "Securities"); and

         WHEREAS, the Company proposes to issue warrants (the "Debt Warrants")
representing the right to purchase Debt Securities of one or more series (the
"Underlying Debt Securities"); and

         WHEREAS, the Company has duly authorized the execution and delivery of
this Debt Warrant Agreement to provide for the issuance of Debt Warrants to be
exercisable at such times and for such prices, and to have such other
provisions, as shall be fixed as hereinafter provided;

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I
              ISSUANCE OF DEBT WARRANTS AND EXECUTION AND DELIVERY
                          OF DEBT WARRANT CERTIFICATES

         Section 1.01. ISSUANCE OF DEBT WARRANTS. Debt Warrants may be issued
from time to time, together with or separately from any Securities (the "Offered
Debt Securities"). Prior to the issuance of any Debt Warrants, there shall be
established by or pursuant to a resolution or resolutions duly adopted by the
Company's Board of Directors or by any committee thereof duly authorized to act
with respect thereto (a "Board Resolution"):

                  a) the title and aggregate number of such Debt Warrants;

                  b) the offering price of such Debt Warrants, if any;

                  c) whether such Debt Warrants are to be issued with any
Offered Debt Securities and, if so, the title, aggregate principal amount and
terms of any such Offered Debt Securities; the number of Debt Warrants to be
issued with each $1,000 principal amount of such Offered Debt Securities (or
such other principal amount of such Offered Debt Securities as is provided for
in the Board Resolution); and the date, if any, on and after which such Debt
Warrants and such Offered Debt Securities will be separately transferable (the
"Detachable Date");

                                       -1-

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                  d) the title, aggregate principal amount, ranking and terms
(including the subordination and conversion provisions) of the Underlying Debt
Securities that may be purchased upon exercise of such Debt Warrants;

                  e) the time or times at which, or period or periods during
which, such Debt Warrants may be exercised, the minimum or maximum amount of
Debt Warrants which may be exercised at any one time and the final date on which
such Debt Warrants may be exercised (the "Expiration Date");

                  f) the principal amount of Underlying Debt Securities that may
be purchased upon exercise of each Debt Warrant and the price, or the manner of
determining the price (the "Debt Warrant Price"), at which such principal amount
may be purchased upon such exercise;

                  g) the terms of any right to redeem or call such Debt
Warrants; and

                  h) any other terms of such Debt Warrants not inconsistent with
the provisions of this Agreement.

         Section 1.02  FORM AND EXECUTION OF DEBT WARRANT CERTIFICATES.

                  a) The Debt Warrants shall be evidenced by warrant
certificates (the "Debt Warrant Certificates"), which may be in registered or
bearer form and otherwise shall be substantially in such form or forms as shall
be established by or pursuant to a Board Resolution. Each Debt Warrant
Certificate, whenever issued, shall be dated the date it is countersigned by the
Debt Warrant Agent and may have such letters, numbers or other identifying marks
and such legends or endorsements printed, lithographed or engraved thereon as
are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any applicable law, rule or regulation or with any rule
or regulation of any securities exchange on which the Debt Warrants may be
listed, or to conform to usage, as the officer of the Company executing the same
may approve (such officer's execution thereof to be conclusive evidence of such
approval). Each Debt Warrant Certificate shall evidence one or more Debt
Warrants.

                  b) The Debt Warrant Certificates shall be signed in the name
and on behalf of the Company by its Chairman of the Board of Directors, its
President, an Executive Vice President, any Vice President, the Treasurer or any
Assistant Treasurer and by its Secretary or any Assistant Secretary. Such
signatures may be manual or facsimile signatures of the present or any future
holder of any such office and may be imprinted or otherwise reproduced on the
Debt Warrant Certificates. The seal of the Company may be in the form of a
facsimile thereof and may be impressed, affixed, imprinted or otherwise
reproduced on the Debt Warrant Certificates.

                  c) No Debt Warrant Certificate shall be valid for any purpose,
and no Debt Warrant evidenced thereby shall be deemed issued or exercisable,
until such Debt Warrant Certificate has been countersigned by the manual or
facsimile signature of the Debt Warrant

                                       -2-

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Agent. Such signature by the Debt Warrant Agent upon any Debt Warrant
Certificate executed by the Company shall be conclusive evidence that the Debt
Warrant Certificate so countersigned has been duly issued hereunder.

                  d) In case any officer of the Company who shall have signed
any Debt Warrant Certificate either manually or by facsimile signature shall
cease to be such officer before the Debt Warrant Certificate so signed shall
have been countersigned and delivered by the Debt Warrant Agent, such Debt
Warrant Certificate nevertheless may be countersigned and delivered as though
the person who signed such Debt Warrant Certificate had not ceased to be such
officer of the Company; and any Debt Warrant Certificate may be signed on behalf
of the Company by such person as, at the actual date of the execution of such
Debt Warrant Certificate, shall be the proper officer of the Company, although
at the date of the execution of this Agreement such person was not such an
officer.

         Section 1.03 ISSUANCE AND DELIVERY OF DEBT WARRANT CERTIFICATES. At any
time and from time to time after the execution and delivery of this Agreement,
the Company may deliver Debt Warrant Certificates executed by the Company to the
Debt Warrant Agent for countersignature. Except as provided in the following
sentence, the Debt Warrant Agent shall thereupon and deliver such Debt Warrant
Certificates to or upon the written request of the Company. Subsequent to the
original issuance of a Debt Warrant Certificate evidencing Debt Warrants, the
Debt Warrant Agent shall countersign a new Debt Warrant Certificate evidencing
such Debt Warrants only if such Debt Warrant Certificate is issued in exchange
or substitution for one or more previously countersigned Debt Warrant
Certificates evidencing such Debt Warrants or in connection with their transfer,
as hereinafter provided.

         Section 1.04 TEMPORARY DEBT WARRANT CERTIFICATES. Pending the
preparation of definitive Debt Warrant Certificates, the Company may execute,
and upon the order of the Company the Debt Warrant Agent shall countersign and
deliver, temporary Debt Warrant Certificates that are printed, lithographed,
typewritten, mimeographed or otherwise produced, substantially of the tenor of
the definitive Debt Warrant Certificates in lieu of which they are issued and
with such appropriate insertions, omissions, substitutions and other variations
as the officer executing such Debt Warrant Certificates may determine, as
evidenced by such officer's execution of such Debt Warrant Certificates.

                  If temporary Debt Warrant Certificates are issued, the Company
will cause definitive Debt Warrant Certificates to be prepared without
unreasonable delay. After the preparation of definitive Debt Warrant
Certificates, the temporary Debt Warrant Certificates shall be exchangeable for
definitive Debt Warrant Certificates upon surrender of the temporary Debt
Warrant Certificates at the corporate trust office of the Debt Warrant Agent or
__________, without charge to the Holder, as defined in Section 1.06 hereof.
Upon surrender for cancellation of any one or more temporary Debt Warrant
Certificates, the Company shall execute and the Debt Warrant Agent shall
countersign and deliver in exchange therefor definitive Debt Warrant
Certificates representing the same aggregate number of Debt Warrants. Until so
exchanged, the

                                       -3-

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temporary Debt Warrant Certificates shall in all respects be entitled to the
same benefits under this Agreement as definitive Debt Warrant Certificates.

         Section 1.05 PAYMENT OF CERTAIN TAXES. The Company will pay all stamp
and other duties, if any, to which this Agreement or the original issuance of
the Debt Warrants or Debt Warrant Certificates may be subject under the laws of
the United States of America or any state or locality.

         Section 1.06 "HOLDER". The term "Holder" or "Holders", as used herein
with reference to a Debt Warrant Certificate, shall mean [if registered Debt
Warrants the person or persons in whose name such Debt Warrant Certificate shall
then be registered as set forth in the Debt Warrant Register to be maintained by
the Debt Warrant Agent pursuant to Section 4.01 for that purpose] [if bearer
Debt Warrants - the bearer of such Debt Warrant Certificate] or, in the case of
Debt Warrants that are issued with Offered Debt Securities and cannot then be
transferred separately therefrom, [if registered Offered Debt Securities and
Debt Warrants that are not then detachable - the person or persons in whose name
the related Offered Debt Securities shall be registered as set forth in the
security register to be maintained by the Trustee for such Offered Debt
Securities pursuant to the Indenture] [if bearer Offered Debt Securities and
Debt Warrants that are not then detachable - the bearer of the related Offered
Debt Security], prior to the Detachable Date. [If registered Offered Debt
Securities and Debt Warrants that are not then detachable - The Company will, or
will cause the security registrar of any such Offered Debt Securities to, make
available to the Debt Warrant Agent at all times (including on and after the
Detachable Date, in the case of Debt Warrants originally issued with Offered
Debt Securities and not subsequently transferred separately therefrom) such
information as to holders of Offered Debt Securities with Debt Warrants as may
be necessary to keep the Warrant Register up to date.]

                                   ARTICLE II
                     DURATION AND EXERCISE OF DEBT WARRANTS

         Section 2.01 DURATION OF DEBT WARRANTS. Each Debt Warrant may be
exercised at the time or times, or during the period or periods, provided by or
pursuant to the Board Resolution relating thereto and specified in the Debt
Warrant Certificate evidencing such Debt Warrant. Each Debt Warrant not
exercised at or before 5:00 P.M., New York City time, on its Expiration Date
shall become void, and all rights of the Holder of such Debt Warrant thereunder
and under this Agreement shall cease, provided that the Company reserves the
right to, and may, in its sole discretion, at any time and from time to time, at
such time or times as the Company so determines, extend the Expiration Date of
the Warrants for such periods of time as it chooses. Whenever the Expiration
Date of the Debt Warrants is so extended, the Company shall at least [20] days
prior to the then Expiration Date cause to be mailed to the Debt Warrant Agent
and the registered Holders of the Debt Warrants in accordance with the
provisions of Section 6.04 hereof a notice stating that the Expiration Date has
been extended and setting forth the new Expiration Date.

                                       -4-

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         Section 2.02 EXERCISE OF DEBT WARRANTS. a) The Holder of a Debt Warrant
shall have the right, at its option, to exercise such Debt Warrant and, subject
to subsection (f) of this Section 2.02, purchase the principal amount of
Underlying Debt Securities provided for therein at the time or times or during
the period or periods referred to in Section 2.01 and specified in the Debt
Warrant Certificate evidencing such Debt Warrant. Except as may be provided in a
Debt Warrant Certificate, a Debt Warrant may be exercised by completing the form
of election to purchase set forth on the reverse side of the Debt Warrant
Certificate, by duly executing and delivering the same, together with payment in
full of the Debt Warrant Price in lawful money of the United States of America,
in cash or by certified or official bank check or by bank wire transfer, to the
Debt Warrant Agent. Except as may be provided in a Debt Warrant Certificate, the
date on which such Debt Warrant Certificate and payment are received by the Debt
Warrant Agent as aforesaid shall be deemed to be the date on which the Debt
Warrant is exercised and the Underlying Debt Securities are issued.

                  b) Upon the exercise of a Debt Warrant, the Company shall
issue, pursuant to the Indenture, in authorized denominations to or upon the
order of the Holder of such Debt Warrant, the Underlying Debt Securities to
which such Holder is entitled, in the form required under such Indenture,
registered, in the case of Underlying Debt Securities in registered form, in
such name or names as may be directed by such Holder.

                  c) If fewer than all of the Debt Warrants evidenced by a Debt
Warrant Certificate are exercised, the Company shall execute, and an authorized
officer of the Debt Warrant Agent shall countersign and deliver, a new Debt
Warrant Certificate evidencing the number of Debt Warrants remaining
unexercised.

                  d) The Debt Warrant Agent shall deposit all funds received by
it in payment of the Debt Warrant Price in the account of the Company maintained
with it for such purpose and shall advise the Company by telephone by 5:00 P.M.,
New York City time, of each day on which a payment of the Debt Warrant Price for
Debt Warrants is received of the amount so deposited in its account. The Debt
Warrant Agent shall promptly confirm such telephone advice in writing to the
Company.

                  e) The Debt Warrant Agent shall, from time to time, as
promptly as practicable, advise the Company and the Trustee of (i) the number of
Debt Warrants of each title exercised as provided herein, (ii) the instructions
of each Holder with respect to delivery of the Underlying Debt Securities to
which such Holder is entitled upon such exercise, (iii) the delivery of Debt
Warrant Certificates evidencing the balance, if any, of the Debt Warrants
remaining unexercised after such exercise, and (iv) such other information as
the Company or the Trustee shall reasonably require. Such notice may be given by
telephone to be promptly confirmed in writing.

                  f) The Holder, and not the Company, shall be required to pay
any stamp or other tax or other governmental charge that may be imposed in
connection with any transfer involved in the issuance of the Underlying Debt
Securities; and in the event that any such transfer is

                                       -5-

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involved, the Company shall not be required to issue any Underlying Debt
Securities (and the Holder's purchase of the Underlying Debt Securities upon the
exercise of such Holder's Debt Warrant shall not be deemed to have been
consummated) until such tax or other charge shall have been paid or it has been
established to the Company's satisfaction that no such tax or other charge is
due.

                                   ARTICLE III
                 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS
                                OF DEBT WARRANTS

         Section 3.01 NO RIGHTS AS HOLDER OF UNDERLYING DEBT SECURITIES
CONFERRED BY DEBT WARRANTS OR DEBT WARRANT CERTIFICATES. No Debt Warrant or Debt
Warrant Certificate shall entitle the Holder to any of the rights of a holder of
Underlying Debt Securities, including, without limitation, the right to receive
the payment of principal of (or premium, if any, on) or interest, if any, on
Underlying Debt Securities or to enforce any of the covenants in the Indenture.

         Section 3.02 LOST, STOLEN, DESTROYED OR MUTILATED DEBT WARRANT
CERTIFICATES. Upon receipt by the Company and the Debt Warrant Agent of evidence
reasonably satisfactory to them of the ownership of and the loss, theft,
destruction or mutilation of any Debt Warrant Certificate and of indemnity
(other than in connection with any mutilated Debt Warrant Certificates
surrendered to the Debt Warrant Agent for cancellation) reasonably satisfactory
to them, the Company shall execute, and the Debt Warrant Agent shall countersign
and deliver, in exchange for or in lieu of each lost, stolen, destroyed or
mutilated Debt Warrant Certificate, a new Debt Warrant Certificate evidencing a
like number of Debt Warrants of the same title. Upon the issuance of a new Debt
Warrant Certificate under this Section, the Company may require the payment of a
sum sufficient to cover any stamp or other tax or other governmental charge that
may be imposed in connection therewith and any other expenses (including the
fees and expenses of the Debt Warrant Agent) in connection therewith. Every
substitute Debt Warrant Certificate executed and delivered pursuant to this
Section in lieu of any lost, stolen or destroyed Debt Warrant Certificate shall
represent a contractual obligation of the Company, whether or not such lost,
stolen or destroyed Debt Warrant Certificate shall be at any time enforceable by
anyone, and shall be entitled to the benefits of this Agreement equally and
proportionately with any and all other Debt Warrant Certificates, duly executed
and delivered hereunder, evidencing Debt Warrants of the same title. The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement of lost,
stolen, destroyed or mutilated Debt Warrant Certificates.

         Section 3.03 HOLDER OF DEBT WARRANTS MAY ENFORCE RIGHTS.
Notwithstanding any of the provisions of this Agreement, a Holder, without the
consent of the Debt Warrant Agent, the Trustee, the holder of any Underlying
Debt Securities or the Holder of any other Debt Warrant, may, on its own behalf
and for its own benefit, enforce, and may institute and maintain any suit,
action or proceeding against the Company to enforce, or otherwise in respect of,
its right to

                                       -6-

<PAGE>

exercise its Debt Warrant or Debt Warrants in the manner provided in this
Agreement and its Debt Warrant Certificate.

                                   ARTICLE IV
                     EXCHANGE AND TRANSFER OF DEBT WARRANTS

         [Section 4.01 DEBT WARRANT REGISTER; EXCHANGE AND TRANSFER OF DEBT
WARRANTS. If registered Debt Warrants - The Debt Warrant Agent shall maintain,
at its corporate trust office [or at __________], a register (the " Debt Warrant
Register") in which, upon the issuance of Debt Warrants, or on and after the
Detachable Date in the case of Debt Warrants not separately transferable prior
thereto, and, subject to such reasonable regulations as the Debt Warrant Agent
may prescribe, it shall register Debt Warrant Certificates and exchanges and
transfers thereof. The Debt Warrant Register shall be in written form or in any
other form capable of being converted into written form within a reasonable
time.]

         Except as provided in the following sentence, upon surrender at the
corporate trust office of the Debt Warrant Agent [or at __________] Debt Warrant
Certificates may be exchanged for one or more other Debt Warrant Certificates
evidencing the same aggregate number of Debt Warrants of the same title, or may
be transferred in whole or in part. A Debt Warrant Certificate evidencing Debt
Warrants that are not then transferable separately from the Offered Debt
Security with which they were issued may be exchanged or transferred prior to
its Detachable Date only together with such Offered Debt Security and only for
the purpose of effecting, or in conjunction with, an exchange or transfer of
such Offered Debt Security; and on or prior to the Detachable Date, [if
registered Offered Debt Securities and Debt Warrants - each exchange or transfer
of such Offered Debt Security on the security register of the Offered Debt
Securities shall operate also to exchange or transfer the related Debt Warrant]
[if bearer Offered Debt Securities and Debt Warrants - an exchange or transfer
of possession of the related Offered Debt Security shall operate also to
exchange or transfer the related Debt Warrants]. [If registered Debt Warrants -
A transfer shall be registered upon surrender of a Debt Warrant Certificate to
the Debt Warrant Agent at its corporate trust office [or at __________] for
transfer, properly endorsed or accompanied by appropriate instruments of
transfer and written instructions for transfer, all in form satisfactory to the
Company and the Debt Warrant Agent duly signed by the registered holder or
holders thereof or by the duly appointed legal representative thereof or by a
duly authorized attorney, such signature to be guaranteed by (a) a bank or trust
company, (b) a broker or dealer that is a member of the National Association of
Securities Dealers, Inc. (the "NASD") or (c) a member of a national securities
exchange. Upon any such registration of transfer, a new Debt Warrant Certificate
shall be issued to the transferee.] Whenever a Debt Warrant Certificate is
surrendered for exchange or transfer, the Debt Warrant Agent shall countersign
and deliver to the person or persons entitled thereto one or more Debt Warrant
Certificates duly executed by the Company, as so requested. The Debt Warrant
Agent shall not be required to effect any exchange or transfer which will result
in the issuance of a Debt Warrant Certificate evidencing a fraction of a Debt
Warrant. All Debt Warrant Certificates issued upon any exchange or transfer of a
Debt Warrant Certificate shall be the valid obligations of the Company,
evidencing the same

                                       -7-

<PAGE>

obligations, and entitled to the same benefits under this Agreement, as the Debt
Warrant Certificate surrendered for such exchange or transfer.

                  No service charge shall be made for any exchange or transfer
of Debt Warrants, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any such exchange or transfer, in accordance with Section 2.02(f) hereof.

         Section 4.02 TREATMENT OF HOLDERS OF DEBT WARRANTS. Every Holder of a
Debt Warrant, by accepting the Debt Warrant Certificate evidencing the same,
consents and agrees with the Company, the Debt Warrant Agent and with every
other Holder of Debt Warrants of the same title that the Company and the Debt
Warrant Agent may treat the Holder of a Debt Warrant Certificate (or, if the
Debt Warrant Certificate is not then detachable, the Holder of the related
Offered Debt Security) as the absolute owner of such Debt Warrant for all
purposes and as the person entitled to exercise the rights represented by such
Debt Warrant, any notice to the contrary notwithstanding.

         Section 4.03 CANCELLATION OF DEBT WARRANT CERTIFICATES. In the event
that the Company shall purchase, redeem or otherwise acquire any Debt Warrants
after the issuance thereof, the Debt Warrant Certificate or Certificates
evidencing such Debt Warrants shall thereupon be delivered to the Debt Warrant
Agent and be cancelled by it. The Debt Warrant Agent shall also cancel any Debt
Warrant Certificate (including any mutilated Debt Warrant Certificate) delivered
to it for exercise, in whole or in part, or for exchange [or transfer] [if Debt
Warrant Certificates are issued in bearer form - , except that Debt Warrant
Certificates delivered to the Debt Warrant Agent in exchange for Debt Warrant
Certificates of other denominations may be retained by the Debt Warrant Agent
for reissue]. Debt Warrant Certificates so cancelled shall be delivered by the
Debt Warrant Agent to the Company from time to time, or disposed of in
accordance with the instructions of the Company.

                                    ARTICLE V
                        CONCERNING THE DEBT WARRANT AGENT

         Section 5.01 DEBT WARRANT AGENT. The Company hereby appoints
___________________ as Debt Warrant Agent of the Company in respect of the Debt
Warrants and the Debt Warrant Certificates upon the terms and subject to the
conditions set forth herein; and _______________ hereby accepts such
appointment. The Debt Warrant Agent shall have the powers and authority granted
to and conferred upon it in the Debt Warrant Certificates and hereby and such
further powers and authority acceptable to it to act on behalf of the Company as
the Company may hereafter grant to or confer upon it. All of the terms and
provisions with respect to such powers and authority contained in any Debt
Warrant Certificate are subject to and governed by the terms and provisions
hereof.

                                       -8-

<PAGE>

         Section 5.02 CONDITIONS OF DEBT WARRANT AGENT'S OBLIGATIONS. The Debt
Warrant Agent accepts its obligations set forth herein upon the terms and
conditions hereof, including the following, to all of which the Company agrees
and to all of which the rights hereunder of the Holders shall be subject:

                  a) COMPENSATION AND INDEMNIFICATION. The Company agrees to
         promptly pay the Debt Warrant Agent the compensation [set forth in
         Exhibit A hereto] and to reimburse the Debt Warrant Agent for
         reasonable out-of-pocket expenses (including counsel fees) incurred by
         the Debt Warrant Agent in connection with the services rendered
         hereunder by the Debt Warrant Agent. The Company also agrees to
         indemnify the Debt Warrant Agent for, and to hold it harmless against,
         any loss, liability or expense (including the reasonable costs and
         expenses of defending against any claim of liability) incurred without
         negligence or bad faith on the part of the Debt Warrant Agent arising
         out of or in connection with its appointment, status or service as Debt
         Warrant Agent hereunder.

                  b) AGENT FOR THE COMPANY. In acting under this Agreement and
         in connection with any Debt Warrant Certificate, the Debt Warrant Agent
         is acting solely as agent of the Company and does not assume any
         obligation or relationship of agency or trust for or with any Holder.

                  c) COUNSEL. The Debt Warrant Agent may consult with counsel
         satisfactory to it, and the advice of such counsel shall be full and
         complete authorization and protection in respect of any action taken,
         suffered or omitted by it hereunder in good faith and in accordance
         with the advice of such counsel.

                  d) DOCUMENTS. The Debt Warrant Agent shall be protected and
         shall incur no liability for or in respect of any action taken,
         suffered or omitted by it in reliance upon any notice, direction,
         consent, certificate, affidavit, statement or other paper or document
         reasonably believed by it to be genuine and to have been presented or
         signed by the proper parties.

                  e) OFFICER'S CERTIFICATE. Whenever in the performance of its
         duties hereunder the Debt Warrant Agent shall reasonably deem it
         necessary that any fact or matter be proved or established by the
         Company prior to taking, suffering or omitting any action hereunder,
         the Debt Warrant Agent may (unless other evidence in respect thereof be
         herein specifically prescribed), in the absence of bad faith on its
         part, rely upon a certificate signed by the Chairman of the Board of
         Directors, the Vice Chairman of the Board of Directors, the President,
         an Executive Vice President, and by the Treasurer, an Assistant
         Treasurer, the Secretary or an Assistant Secretary of the Company (an
         "Officer's Certificate") delivered by the Company to the Debt Warrant
         Agent.

                  f) ACTIONS THROUGH AGENTS. The Debt Warrant Agent may execute
         and exercise any of the rights or powers hereby vested in it or perform
         any duty hereunder either itself

                                       -9-

<PAGE>

         or by or through its attorneys or agents, and the Debt Warrant Agent
         shall not be answerable or accountable for any act, default, neglect or
         misconduct of any such attorney or agent or for any loss to the Company
         resulting from such neglect or misconduct; provided, however, that
         reasonable care shall have been exercised in the selection and
         continued employment of such attorneys and agents.

                  g) CERTAIN TRANSACTIONS. The Debt Warrant Agent, and any
         officer, director or employee thereof, may become the owner of, or
         acquire any interest in, any Debt Warrant, with the same rights that
         he, she or it would have if it were not the Debt Warrant Agent, and, to
         the extent permitted by applicable law, he, she or it may engage or be
         interested in any financial or other transaction with the Company and
         may serve on, or as depository, trustee or agent for, any committee or
         body of holders of Underlying Debt Securities or other obligations of
         the Company as if it were not the Debt Warrant Agent. Nothing in this
         Agreement shall be deemed to prevent the Debt Warrant Agent from acting
         as Trustee under the Indenture.

                  h) NO LIABILITY FOR INTEREST. The Debt Warrant Agent shall not
         be liable for interest on any monies at any time received by it
         pursuant to any of the provisions of this Agreement or of the Debt
         Warrant Certificates, except as otherwise agreed with the Company.

                  i) NO LIABILITY FOR INVALIDITY. The Debt Warrant Agent shall
         incur no liability with respect to the validity of this Agreement
         (except as to the due execution hereof by the Debt Warrant Agent) or
         any Debt Warrant Certificate (except as to the countersignature thereof
         by the Debt Warrant Agent).

                  j) NO RESPONSIBILITY FOR COMPANY REPRESENTATIONS. The Debt
         Warrant Agent shall not be responsible for any of the recitals or
         representations contained herein (except as to such statements or
         recitals as describe the Debt Warrant Agent or action taken or to be
         taken by it) or in any Debt Warrant Certificate (except as to the Debt
         Warrant Agent's countersignature on such Debt Warrant Certificate), all
         of which recitals and representations are made solely by the Company.

                  k) NO IMPLIED OBLIGATIONS. The Debt Warrant Agent shall be
         obligated to perform only such duties as are specifically set forth
         herein, and no other duties or obligations shall be implied. The Debt
         Warrant Agent shall not be under any obligation to take any action
         hereunder that may subject it to any expense or liability, the payment
         of which within a reasonable time is not, in its reasonable opinion,
         assured to it. The Debt Warrant Agent shall not be accountable or under
         any duty or responsibility for the use by the Company of any Debt
         Warrant Certificate countersigned by the Debt Warrant Agent and
         delivered by it to the Company pursuant to this Agreement or for the
         application by the Company of the proceeds of the issuance or exercise
         of Debt Warrants. The Debt Warrant Agent shall have no duty or
         responsibility in case of any default by the Company

                                      -10-

<PAGE>

         in the performance of its covenants or agreements contained herein or
         in any Debt Warrant Certificate or in case of the receipt of any
         written demand from a Holder with respect to such default, including,
         without limiting the generality of the foregoing, any duty or
         responsibility to initiate or attempt to initiate any proceedings at
         law or otherwise or, except as provided in Section 6.04 hereof, to make
         any demand upon the Company.

         Section 5.03 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. a) The
Company agrees, for the benefit of the Holders of the Debt Warrants, that there
shall at all times be a Debt Warrant Agent hereunder until all the Debt Warrants
are no longer exercisable.

                  b) The Debt Warrant Agent may at any time resign as such by
giving written notice to the Company, specifying the date on which such
resignation shall become effective; provided that such date shall not be less
than [90] days after the date on which such notice is given, unless the Company
agrees to accept a shorter notice. Such resignation is subject to the
appointment and acceptance of a successor Debt Warrant Agent, as hereinafter
provided. The Debt Warrant Agent hereunder may be removed at any time by the
filing with it of an instrument in writing signed by or on behalf of the Company
and specifying such removal and the date when it shall become effective.
Notwithstanding the provisions of this Section 5.03(b), such resignation or
removal shall take effect only upon the appointment by the Company, as
hereinafter provided, of a successor Debt Warrant Agent (which shall be a bank
or trust company organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized
under the laws of such jurisdiction to exercise corporate trust powers and
having at the time of its appointment as Debt Warrant Agent a combined capital
and surplus (as set forth in its most recent published report of financial
condition) of at least [$50,000,000]) and the acceptance of such appointment by
such successor Debt Warrant Agent. In the event a successor Debt Warrant Agent
has not been appointed and has not accepted its duties within [90] days of the
Debt Warrant Agent's notice of resignation, the Debt Warrant Agent may apply to
any court of competent jurisdiction for the designation of a successor Debt
Warrant Agent. The obligations of the Company under Section 5.02(a) shall
continue to the extent set forth therein notwithstanding the resignation or
removal of the Debt Warrant Agent.

                  c) In case at any time the Debt Warrant Agent shall resign, or
shall be removed, or shall become incapable of acting, or shall be adjudged a
bankrupt or insolvent, or shall file a petition seeking relief under Title 11 of
the United States Code, as now constituted or hereafter amended, or under any
other applicable federal or state bankruptcy law or similar law, or make an
assignment for the benefit of its creditors, or consent to the appointment of a
receiver or custodian for all or any substantial part of its property, or shall
admit in writing its inability to pay or meet its debts as they mature, or if a
receiver or custodian for it or for all or any substantial part of its property
shall be appointed, or if an order of any court shall be entered for relief
against it under the provisions of Title 11 of the United States Code, as now
constituted or hereafter amended, or under any other applicable federal or state
bankruptcy or similar law, or if any public officer shall have taken charge or
control of the Debt Warrant

                                      -11-

<PAGE>

Agent or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, a successor Debt Warrant Agent, qualified as
aforesaid, shall be appointed by the Company by an instrument in writing, filed
with the successor Debt Warrant Agent. Upon the appointment as aforesaid of a
successor Debt Warrant Agent and acceptance by the successor Debt Warrant Agent
of such appointment, the Debt Warrant Agent so superseded shall cease to be Debt
Warrant Agent hereunder.

                  d) Any successor Debt Warrant Agent appointed hereunder shall
execute, acknowledge and deliver to its predecessor and to the Company an
instrument accepting such appointment hereunder, and thereupon such successor
Debt Warrant Agent, without any further act, deed or conveyance, shall become
vested with all the authority, rights, powers, trusts, immunities, duties and
obligations of such predecessor with like effect as if originally named as Debt
Warrant Agent hereunder, and such predecessor, upon payment of its charges and
disbursements then unpaid, shall thereupon become obligated to transfer, deliver
and pay over, and such successor Debt Warrant Agent shall be entitled to
receive, [the Debt Warrant Register and] all monies, securities and other
property on deposit with or held by such predecessor (together with any books
and records relating thereto), as Debt Warrant Agent hereunder.

                  e) The Company shall cause notice of the appointment of any
successor Debt Warrant Agent to be [if registered Debt Warrants - mailed by
first-class mail, postage prepaid, to each Holder at its address appearing on
the Debt Warrant Register or, in the case of Debt Warrants that are issued with
Offered Debt Securities and cannot then be transferred separately therefrom, on
the security register for the Offered Debt Securities] [if bearer Debt Warrants
published in an Authorized Newspaper (as defined in Section 101 of the
Indenture) in The City of New York and in such other city or cities as may be
specified by the Company at least twice, [the first such publication to be not
earlier than the earliest date and not later than the latest date prescribed for
the giving such notice]. Such notice shall set forth the name and address of the
successor Debt Warrant Agent. Failure to give any notice provided for in this
Section 5.03(e), or any defect therein, shall not, however, affect the legality
or validity of the appointment of the successor Debt Warrant Agent.

                  f) Any corporation into which the Debt Warrant Agent hereunder
may be merged or converted, or any corporation with which the Debt Warrant Agent
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Debt Warrant Agent shall be a party, or any
corporation to which the Debt Warrant Agent shall sell or otherwise transfer all
or substantially all of its assets and business, provided that such Corporation
shall be qualified as aforesaid, shall be the successor Debt Warrant Agent under
this Agreement without the execution or filing of any paper, the giving of any
notice to Holders or any further act on the part of the parties hereto.

         Section 5.04 COMPLIANCE WITH APPLICABLE LAWS. The Debt Warrant Agent
agrees to comply with all applicable federal and state laws imposing obligations
on it in respect of the services rendered by it under this Debt Warrant
Agreement and in connection with the Debt Warrants, including (but not limited
to) the provisions of United States federal income tax laws regarding
information reporting and backup withholding. The Debt Warrant Agent expressly

                                      -12-

<PAGE>

assumes all liability for its failure to comply with any such laws imposing
obligations on it, including (but not limited to) any liability for failure to
comply with any applicable provisions of United States federal income tax laws
regarding information reporting and backup withholding.

         Section 5.05 OFFICE. The Company will maintain an office or agency
where Debt Warrant Certificates may be presented for exchange, transfer or
exercise. The office initially designated for this purpose shall be the
corporate trust office of the Debt Warrant Agent at
_____________.

                                   ARTICLE VI
                                  MISCELLANEOUS

         Section 6.01 CONSOLIDATION OR MERGER OF THE COMPANY AND CONVEYANCE OR
TRANSFER PERMITTED SUBJECT TO CERTAIN CONDITIONS. To the extent permitted in the
Indenture, the Company may consolidate with or merge into another corporation or
other entity, or convey or transfer all or substantially all of its properties
and assets to any other corporation or other entity.

         Section 6.02 RIGHTS AND DUTIES OF SUCCESSOR CORPORATION. In case of any
such consolidation, merger, conveyance or transfer and upon any assumption of
the duties and obligations of the Company by the successor corporation, such
successor corporation shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein, and the Company shall be
relieved of any further obligation under this Agreement and the Debt Warrants.
Such successor corporation thereupon may cause to be signed, and may issue
either in its own name or in the name of the Company, any or all of the
Underlying Debt Securities issuable pursuant to the terms hereof. All the
Underlying Debt Securities so issued shall in all respects have the same legal
rank and benefit under the Indenture as the Underlying Debt Securities
theretofore or thereafter issued in accordance with the terms of this Agreement
and the Indenture.

                  In case of any such consolidation, merger, conveyance or
transfer, such changes in phraseology and form (but not in substance) may be
made in the Underlying Debt Securities thereafter to be issued as may be
appropriate.

         Section 6.03 SUPPLEMENTS AND AMENDMENTS. a) The Company and the Debt
Warrant Agent may from time to time supplement or amend this Agreement without
the approval or consent of any Holder in order to cure any ambiguity, to correct
or supplement any provision contained herein that may be defective or
inconsistent with any other provision herein, or to make any other provision in
regard to matters or questions arising hereunder that the Company and the Debt
Warrant Agent may deem necessary or desirable and that shall not adversely
affect the interests of the Holders. Every Holder of Debt Warrants, whether
issued before or after any such supplement or amendment, shall be bound thereby.
Promptly after the effectiveness of any supplement or amendment that affects the
interests of the Holders, the Company shall give notice

                                      -13-

<PAGE>

thereof, as provided in Section 5.03(d) hereof, to the Holders affected thereby,
setting forth in general terms the substance of such supplement or amendment.

                  b) The Company and the Debt Warrant Agent may modify or amend
this Agreement and the Debt Warrant Certificates with the consent of the Holders
of not fewer than a majority in principal amount of the underlying Debt
Securities represented by the Debt Warrants affected by such modification or
amendment, for any purpose; provided, however, that no such modification or
amendment that shortens the period of time during which the Debt Warrants may be
exercised, or otherwise materially and adversely affects the exercise rights of
the Holders or reduces the percentage of Holders of outstanding Debt Warrants
the consent of which is required for modification or amendment of this Agreement
or the Debt Warrants, may be made without the consent of each Holder affected
thereby.

         Section 6.04 NOTICES AND DEMANDS TO THE COMPANY AND DEBT WARRANT AGENT.
If the Debt Warrant Agent shall receive any notice or demand addressed to the
Company by a Holder pursuant to the provisions of this Agreement or a Debt
Warrant Certificate (other than notices relating to the exchange[, transfer] or
exercise of Debt Warrants), the Debt Warrant Agent shall promptly forward such
notice or demand to the Company.

         Section 6.05 ADDRESSES. Any communications from the Company to the Debt
Warrant Agent with respect to this Agreement shall be directed to
____________________, Attention: ____________________, and any communications
from the Debt Warrant Agent to the Company with respect to this Agreement shall
be directed to Polaroid Corporation, 784 Memorial Drive, Cambridge,
Massachusetts 02139, Attention: Treasurer, with a copy to the Secretary (or such
other address as shall be specified in writing by the Debt Warrant Agent or by
the Company, as the case may be).

         Section 6.06 APPLICABLE LAW. This Agreement and the Debt Warrants shall
be governed by and construed in accordance with the laws of the [State of
Delaware] applicable to contracts made and to be performed entirely within such
State.

         Section 6.07 DELIVERY OF PROSPECTUS. The Company will furnish to the
Debt Warrant Agent sufficient copies of a prospectus or prospectuses relating to
the Underlying Debt Securities deliverable upon exercise of any outstanding Debt
Warrants (each a "Prospectus"), and the Debt Warrant Agent agrees to deliver to
the Holder of a Debt Warrant, prior to or concurrently with the delivery of the
Underlying Debt Securities issued upon the exercise thereof, a copy of the
Prospectus relating to such Underlying Debt Securities.

         Section 6.08 GOVERNMENTAL APPROVALS. The Company will take such action
as may be necessary to obtain and keep effective any and all permits, consents
and approvals of governmental agencies and authorities, and will make all
filings under federal and state securities laws (including, without limitation,
the maintenance of the effectiveness of a registration statement in respect of
the Underlying Debt Securities under the Securities Act of 1933), as may

                                      -14-

<PAGE>

be or become requisite in connection with the issuance, sale, transfer and
delivery of Debt Warrants and Debt Warrant Certificates, the exercise of Debt
Warrants and the issuance, sale and delivery of Underlying Debt Securities
issued upon exercise of Debt Warrants.

         Section 6.09 PERSONS HAVING RIGHTS UNDER DEBT WARRANT AGREEMENT.
Nothing in this Agreement, expressed or implied, and nothing that may be
inferred from any of the provisions hereof is intended or shall be construed to
confer upon or give to any person or corporation other than the Company, the
Debt Warrant Agent and the Holders any right, remedy or claim under or by reason
of this Agreement or any covenant, condition, stipulation, promise or agreement
herein; and all covenants, conditions, stipulations, promises and agreements
herein shall be for the sole and exclusive benefit of the Company, the Debt
Warrant Agent and their respective successors and the Holders.

         Section 6.10 HEADINGS. The descriptive headings of the several Articles
and Sections of this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

         Section 6.11 COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which when so executed and delivered shall be deemed
to be an original; but all such counterparts taken together shall constitute one
and the same agreement.

         Section 6.12 INSPECTION OF AGREEMENT. A copy of this Agreement shall be
available during business hours at the office of the Debt Warrant Agent for
inspection by any Holder. The Debt Warrant Agent may require such Holder to
submit its Debt Warrant Certificate for inspection prior to making such copy
available.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed all as of the day and year first above written.

                                          POLAROID CORPORATION

   [Seal]

                                          By
                                            ----------------------------------
   Attest:                                  Name and Title:

   ---------------------------------
   Name and Title:

                                      -15-

<PAGE>

-----------------------------------------
   [Seal]

   Attest:
                                        By
                                          ----------------------------------
                                                 Name and Title:

                                           ---------------------------------
                                                  Name and Title:

                                      -16-

<PAGE>

                                    Exhibit A
                                       to
                 [Senior] [Subordinated] Debt Warrant Agreement
                          dated as of __________, 19__

                      [Compensation of Debt Warrant Agent]

                                      -17-<PAGE>

                                                                    Exhibit 4.23

-------------------------------------------------------------------------------

                              POLAROID CORPORATION

                                       and

                         -------------------------------
                               Stock Warrant Agent

                            STOCK WARRANT AGREEMENT*

                        Dated as of ______________, ____

                                       FOR

                            UP TO ___ STOCK WARRANTS

                           EXPIRING ___________, _____

-------------------------------------------------------------------------------

*     OPTIONS REPRESENTED BY BRACKETED OR BLANK SECTIONS HEREIN SHALL
      BE DETERMINED IN CONFORMITY WITH THE APPLICABLE PROSPECTUS
      SUPPLEMENT OR SUPPLEMENTS.
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               PAGE
                                                                                                               ----
<S>                                                                                                          <C>
                                    ARTICLE I

                  ISSUANCE OF STOCK WARRANTS AND EXECUTION AND

                         DELIVERY OF WARRANT CERTIFICATES.........................................................1

      Section 1.01  Issuance of Stock Warrants....................................................................1
      Section 1.02  Form and Execution of Warrant Certificates....................................................2
      Section 1.03  Issuance and Delivery of Warrant Certificates.................................................3
      Section 1.04  Temporary Warrant Certificates................................................................3
      Section 1.05  Payment of Certain Taxes......................................................................4
      Section 1.06  "Holder"......................................................................................4

                                   ARTICLE II

                      DURATION AND EXERCISE OF STOCK WARRANTS.....................................................4

      Section 2.01  Duration of Stock Warrants....................................................................4
      Section 2.02  Exercise of Stock Warrants....................................................................4
      Section 2.03  Stock Warrant Adjustments.....................................................................6

                                   ARTICLE III

                 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS

                                 OF STOCK WARRANTS................................................................6

      Section 3.01  No Rights as Holder of Underlying [Preferred/Common/Depositary]
                    Share Conferred by Stock Warrants or Warrant Certificates.....................................6
      Section 3.02  Lost, Stolen, Destroyed or Mutilated Warrant Certificates.....................................6
      Section 3.03  Holders of Stock Warrants May Enforce Rights..................................................7
      Section 3.04  Merger, Consolidation, Sale, Transfer or Conveyance...........................................7

                                   ARTICLE IV

                      EXCHANGE AND TRANSFER OF STOCK WARRANTS.....................................................8

      Section 4.01  Stock Warrant Register; Exchange and Transfer of Stock Warrants...............................8
      Section 4.02  Treatment of Holders of Warrant Certificates..................................................9
      Section 4.03  Cancellation of Warrant Certificates..........................................................9

                                    ARTICLE V

                          CONCERNING THE WARRANT AGENT............................................................9

      Section 5.01  Warrant Agent.................................................................................9
      Section 5.02  Conditions of Warrant Agent's Obligations.....................................................9
      Section 5.03  Resignation and Removal; Appointment of Successor............................................11
      Section 5.04  Compliance With Applicable Laws..............................................................13

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                                                                               PAGE
                                                                                                               ----
<S>                                                                                                        <C>
      Section 5.05  Office.......................................................................................13

                                   ARTICLE VI
                                  MISCELLANEOUS..................................................................13

      Section 6.01  Supplements and Amendments...................................................................13
      Section 6.02  Notices and Demands to the Company and Warrant Agent.........................................14
      Section 6.03  Addresses for Notices........................................................................14
      Section 6.04  Governing Law................................................................................14
      Section 6.05  Governmental Approvals.......................................................................14
      Section 6.06  Persons Having Rights Under Stock Warrant Agreement..........................................14
      Section 6.07  Delivery of Prospectus.......................................................................14
      Section 6.08  Headings.....................................................................................15
      Section 6.09  Counterparts.................................................................................15
      Section 6.10  Inspection of Agreement......................................................................15

</TABLE>

<PAGE>

                                                                               2

           This STOCK WARRANT AGREEMENT, dated as of ______________________,
between Polaroid Corporation, a Delaware corporation (the "Company"), and
_______________, a ________________ organized and existing under the laws of
________________ (the "Warrant Agent").

           WHEREAS, the Company proposes to sell [title of debt securities,
preferred stock, common stock, depositary shares or other securities being
offered (the "Offered Securities")] with certificates evidencing one or more
warrants (the " Stock Warrants" or, individually, a " Stock Warrant")
representing the right to purchase [common stock, par value $1.00 per share, of
the Company (the "Common Shares")] [shares of a series of preferred stock, par
value $1.00 per share, of the Company (the "Preferred Shares")] [depositary
shares relating to a series of Preferred Shares (the "Depositary Shares")], such
warrant certificates and other warrant certificates issued pursuant to this
Agreement being herein called the "Warrant Certificates"; and

           WHEREAS, the Company has duly authorized the execution and delivery
of this Stock Warrant Agreement to provide for the issuance of Stock Warrants to
be exercisable at such times and for such prices, and to have such other
provisions, as shall be fixed as hereinafter provided;

           NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                  ISSUANCE OF STOCK WARRANTS AND EXECUTION AND

                        DELIVERY OF WARRANT CERTIFICATES

           Section 1.01 ISSUANCE OF STOCK WARRANTS. Stock Warrants may be issued
from time to time, together with or separately from Offered Securities. Prior to
the issuance of any Stock Warrants, there shall be established by or pursuant to
a resolution or resolutions duly adopted by the Company's Board of Directors or
by any committee thereof duly authorized to act with respect thereto (a "Board
Resolution"):

           (a)  the title and aggregate number of such Stock Warrants;

           (b) the offering price of such Stock Warrants, if any;

           (c) whether such Stock Warrants are to be issued with any Offered
      Securities and, if so, the number and terms of any such Offered Securities
      and the number of Stock Warrants to be issued with each Offered Security;
      and the date, if any, on and after which the Stock Warrants and the
      Offered Securities will be separately transferable (the "Detachable
      Date");

           (d) the designation, number and terms (including any subordination
      and conversion provisions) of any Preferred Shares that are purchasable
      upon exercise of such Share Warrants or that underlie Depositary Shares
      purchasable on such exercise;

<PAGE>

                                                                               3

           (e) the time or times at which, or period or periods during which,
      such Stock Warrants may be exercised and the final date on which such
      Stock Warrants may be exercised (the "Expiration Date");

           (f) the number of [Preferred/Common/Depositary] Shares that may be
      purchased upon exercise of such Stock Warrants; the price, or the manner
      of determining the price (the "Warrant Price"), at which such
      [Preferred/Common/Depositary] Shares may be purchased upon exercise of the
      Stock Warrants; and any minimum or maximum number of such Stock Warrants
      that are exercisable at any one time;

           (g) if applicable, any anti-dilution provisions of such Stock
      Warrants;

           (h) the terms of any right to redeem or call such Stock Warrants;

           (i) the terms of any right of the Company to accelerate the
      Expiration Date of the Stock Warrants upon the occurrence of certain
      events;

           (j) any other terms of such Stock Warrants not inconsistent with the
      provisions of this Agreement.

           Section 1.02  FORM AND EXECUTION OF WARRANT CERTIFICATES.

           (a) The Stock Warrants shall be evidenced by the Warrant
Certificates, which shall be in registered form and substantially in such form
or forms as shall be established by or pursuant to a Board Resolution. Each
Warrant Certificate, whenever issued, shall be dated the date it is
countersigned by the Warrant Agent and may have such letters, numbers or other
marks of identification and such legends or endorsements printed, lithographed
or engraved thereon as are not inconsistent with the provisions of this
Agreement, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any
securities exchange on which the Stock Warrants may be listed, or to conform to
usage, as the officer of the Company executing the same may approve (such
officer's execution thereof to be conclusive evidence of such approval). Each
Warrant Certificate shall evidence one or more Stock Warrants.

           (b) The Warrant Certificates shall be signed in the name and on
behalf of the Company by its Chairman of the Board of Directors, its President,
an Executive Vice President, any Vice President, the Treasurer or any Assistant
Treasurer and by its Secretary or any Assistant Secretary. Such signatures may
be manual or facsimile signatures of the present or any future holder of any
such office and may be imprinted or otherwise reproduced on the Warrant
Certificates. The seal of the Company may be in the form of a facsimile thereof
and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant
Certificates.

           (c) No Warrant Certificate shall be valid for any purpose, and no
Stock Warrant evidenced thereby shall be deemed issued or exercisable, until
such Warrant Certificate has been countersigned by the manual or facsimile
signature of the Warrant Agent. Such signature by the

<PAGE>

                                                                               4

Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence that the Warrant Certificate so countersigned has been duly
issued hereunder.

           (d) In case any officer of the Company who shall have signed any
Warrant Certificate either manually or by facsimile signature shall cease to be
such officer before the Warrant Certificate so signed shall have been
countersigned and delivered by the Warrant Agent, such Warrant Certificate
nevertheless may be countersigned and delivered as though the person who signed
such Warrant Certificate had not ceased to be such officer of the Company; and
any Warrant Certificate may be signed on behalf of the Company by such person
as, at the actual date of the execution of such Warrant Certificate, shall be
the proper officer of the Company, although at the date of the execution of this
Agreement such person was not such an officer.

           Section 1.03 ISSUANCE AND DELIVERY OF WARRANT CERTIFICATES. At any
time and from time to time after the execution and delivery of this Agreement,
the Company may deliver Warrant Certificates executed by the Company to the
Warrant Agent for countersignature. Subject to the provisions of this Section
1.03, the Warrant Agent shall thereupon countersign and deliver such Warrant
Certificates to or upon the written request of the Company. Subsequent to the
original issuance of a Stock Warrant Certificate evidencing Stock Warrants, the
Warrant Agent shall countersign a new Warrant Certificate evidencing such Stock
Warrants only if such Warrant Certificate is issued in exchange or substitution
for one or more previously countersigned Warrant Certificates evidencing such
Stock Warrants or in connection with their transfer, as hereinafter provided.

           Section 1.04 TEMPORARY WARRANT CERTIFICATES. Pending the preparation
of definitive Warrant Certificates, the Company may execute, and upon the order
of the Company the Warrant Agent shall countersign and deliver, temporary
Warrant Certificates that are printed, lithographed, typewritten, mimeographed
or otherwise produced, substantially of the tenor of the definitive Warrant
Certificates in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officer
executing such Warrant Certificates may determine, as evidenced by his execution
of such Warrant Certificates.

           If temporary Warrant Certificates are issued, the Company will cause
definitive Warrant Certificates to be prepared without unreasonable delay. After
the preparation of definitive Warrant Certificates, the temporary Warrant
Certificates shall be exchangeable for definitive Warrant Certificates upon
surrender of the temporary Warrant Certificates at the corporate trust office of
the Warrant Agent [or ______________], without charge to the Holder, as defined
in Section 1.06 hereof. Upon surrender for cancellation of any one or more
temporary Warrant Certificates, the Company shall execute and the Warrant Agent
shall countersign and deliver in exchange therefor definitive Warrant
Certificates representing the same aggregate number of Stock Warrants. Until so
exchanged, the temporary Warrant Certificates shall in all respects be entitled
to the same benefits under this Agreement as definitive Warrant Certificates.

           Section 1.05 PAYMENT OF CERTAIN TAXES. The Company will pay all stamp
and other duties, if any, to which this Agreement or the original issuance of
the Stock Warrants or Warrant Certificates may be subject under the laws of the
United States of America or any state or locality.

<PAGE>

                                                                               5

           Section 1.06 "HOLDER". The term "Holder" or "Holders" as used herein
with reference to a Warrant Certificate shall mean the person or persons in
whose name such Warrant Certificate shall then be registered as set forth in the
Warrant Register to be maintained by the Warrant Agent pursuant to Section 4.01
for that purpose or, in the case of Stock Warrants that are issued with Offered
Securities and cannot then be transferred separately therefrom, [if Registered
Offered Securities and Stock Warrants that are not then detachable, the person
or persons in whose name the related Offered Securities shall be registered as
set forth in the security register for such Offered Securities, prior to the
Detachable Date. The Company will, or will cause the security registrar of any
such Offered Securities to, make available to the Warrant Agent at all times
(including on and after the Detachable Date, in the case of Stock Warrants
originally issued with Offered Securities and not subsequently transferred
separately therefrom) such information as to holders of Offered Securities with
Stock Warrants as may be necessary to keep the Warrant Register up to date.]

                                   ARTICLE II

                     DURATION AND EXERCISE OF STOCK WARRANTS

           Section 2.01 DURATION OF STOCK WARRANTS. Each Stock Warrant may be
exercised at the time or times, or during the period or periods, provided by or
pursuant to the Board Resolution relating thereto and specified in the Warrant
Certificate evidencing such Stock Warrant. Each Stock Warrant not exercised at
or before 5:00 P.M., New York City time, on its Expiration Date shall become
void, and all rights of the Holder of such Stock Warrant thereunder and under
this Agreement shall cease, provided that the Company reserves the right to, and
may, in its sole discretion, at any time and from time to time, at such time or
times as the Company so determines, extend the Expiration Date of the Stock
Warrants for such periods of time as it chooses. Whenever the Expiration Date of
the Stock Warrants is so extended, the Company shall at least [20] days prior to
the then Expiration Date cause to be mailed to the Warrant Agent and the
registered Holders of the Stock Warrants in accordance with the provisions of
Section 6.03 hereof a notice stating that the Expiration Date has been extended
and setting forth the new Expiration Date. No adjustment shall be made for any
dividends on any [Preferred/ Common/Depositary] Shares issuable upon exercise of
any Stock Warrant.

           Section 2.02 EXERCISE OF STOCK WARRANTS. (a) The Holder of a Stock
Warrant shall have the right, at its option, to exercise such Stock Warrant and,
subject to subsection (f) of this Section 2.02, purchase the number of
[Preferred/Common/Depositary] Shares provided for therein at the time or times
or during the period or periods referred to in Section 2.01 and specified in the
Warrant Certificate evidencing such Stock Warrant. No fewer than the minimum
number of Stock Warrants as set forth in the Warrant Certificate may be
exercised by or on behalf of any one Holder at any one time. Except as may be
provided in a Warrant Certificate, a Stock Warrant may be exercised by
completing the form of election to purchase set forth on the reverse side of the
Warrant Certificate, by duly executing the same, and by delivering the same,
together with payment in full of the Warrant Price, in lawful money of the
United States of America, in cash or by certified or official bank check or by
bank wire transfer, to the Warrant Agent. Except as may be provided in a Warrant
Certificate, the date on which such Warrant

<PAGE>

                                                                               6

Certificate and payment are received by the Warrant Agent as aforesaid shall be
deemed to be the date on which the Stock Warrant is exercised and the relevant
[Preferred/Common/Depositary] Shares are issued.

           (b) Upon the exercise of a Stock Warrant, the Company shall issue
to or upon the order of the Holder of such Warrant, the [Preferred/Common/
Depositary] Shares to which such Holder is entitled, registered, in the case
of [Preferred/Common/Depositary] Shares in registered form, in such name or
names as may be directed by such Holder.

           (c) If fewer than all of the Stock Warrants evidenced by a Warrant
Certificate are exercised, the Company shall execute, and an authorized officer
of the Warrant Agent shall countersign and deliver, a new Warrant Certificate
evidencing the number of Stock Warrants remaining unexercised.

           (d) The Warrant Agent shall deposit all funds received by it in
payment of the Warrant Price for Stock Warrants in the account of the Company
maintained with it for such purpose and shall advise the Company by telephone by
5:00 P.M., New York City time, of each day on which a payment of the Warrant
Price for Warrants is received of the amount so deposited in its account. The
Warrant Agent shall promptly confirm such telephone advice in writing to the
Company.

           (e) The Warrant Agent shall, from time to time, as promptly as
practicable, advise the Company of (i) the number of Stock Warrants of each
title exercised as provided herein, (ii) the instructions of each Holder of such
Stock Warrants with respect to delivery of the [Preferred/Common/Depositary]
Shares issued upon exercise of such Stock Warrants to which such Holder is
entitled upon such exercise, and (iii) such other information as the Company
shall reasonably require. Such notice may be given by telephone to be promptly
confirmed in writing.

           (f) The Company will pay all documentary stamp taxes attributable to
the initial issuance of Stock Warrants or to the issuance of
[Preferred/Common/Depositary] Shares to the registered Holder of such Stock
Warrants upon exercise thereof; provided, however, that the Holder, and not the
Company, shall be required to pay any stamp or other tax or other governmental
charge that may be imposed in connection with any transfer involved in the
issuance of the [Preferred/Common/Depositary] Shares; and in the event that any
such transfer is involved, the Company shall not be required to issue any
[Preferred/Common/Depositary] Shares (and the Holder's purchase of the
[Preferred/Common/Depositary] Shares issued upon the exercise of such Holder's
Stock Warrant shall not be deemed to have been consummated) until such tax or
other charge shall have been paid or it has been established to the Company's
satisfaction that no such tax or other charge is due.

           Section 2.03 STOCK WARRANT ADJUSTMENTS. The terms and conditions,
if any, on which the exercise price of and/or the number of [Preferred/Common/
Depositary] Shares covered by a Stock Warrant are subject to adjustments will
be set forth in the Warrant Certificate and in the Prospectus Supplement
relating thereto. Such terms may include the adjustment mechanism for the
exercise price of, and the number of [Preferred/Common/Depositary] Shares
covered by, a Stock Warrant, the events requiring such adjustments, the
events upon which the Company may,

<PAGE>

                                                                               7

in lieu of making such adjustments, make proper provisions so that the Holder,
upon exercise of such Holder's Stock Warrant, would be treated as if such Holder
had been a holder of the [Preferred/Common/Depositary] Shares received upon such
exercise, prior to the occurrence of such events, and provisions affecting
exercise of the Stock Warrants in the event of certain events affecting the
[Preferred/Common/Depositary] Shares.

                                   ARTICLE III

                 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS

                                OF STOCK WARRANTS

           Section 3.01 NO RIGHTS AS HOLDER OF UNDERLYING [PREFERRED/COMMON/
DEPOSITARY] SHARES CONFERRED BY STOCK WARRANTS OR WARRANT CERTIFICATES. No Stock
Warrants or Warrant Certificates shall entitle the Holder to any of the rights,
preferences and privileges of a holder of the underlying
[Preferred/Common/Depositary] Shares, including without limitation, any
dividend, voting, redemption, conversion, exchange and liquidation rights.

           Section 3.02 LOST, STOLEN, DESTROYED OR MUTILATED WARRANT
CERTIFICATES. Upon receipt by the Company and the Warrant Agent of evidence
reasonably satisfactory to them of the ownership of and the loss, theft,
destruction or mutilation of any Warrant Certificate and of indemnity (other
than in connection with any mutilated Warrant Certificates surrendered to the
Warrant Agent for cancellation) reasonably satisfactory to them, the Company
shall execute, and Warrant Agent shall countersign and deliver, in exchange for
or in lieu of each lost, stolen, destroyed or mutilated Warrant Certificate, a
new Warrant Certificate evidencing a like number of Stock Warrants of the same
title. Upon the issuance of a new Warrant Certificate under this Section, the
Company may require the payment of a sum sufficient to cover any stamp or other
tax or other governmental charge that may be imposed in connection therewith and
any other expenses (including the fees and expenses of the Warrant Agent) in
connection therewith. Every substitute Warrant Certificate executed and
delivered pursuant to this Section in lieu of any lost, stolen or destroyed
Warrant Certificate shall represent a contractual obligation of the Company,
whether or not such lost, stolen or destroyed Warrant Certificate shall be at
any time enforceable by anyone, and shall be entitled to the benefits of this
Agreement equally and proportionately with any and all other Warrant rights and
remedies with respect to the replacement of lost, stolen, destroyed or mutilated
Warrant Certificates.

           Section 3.03 HOLDERS OF STOCK WARRANTS MAY ENFORCE RIGHTS.
Notwithstanding any of the provisions of this Agreement, any Holder may, without
the consent of the Warrant Agent, enforce and may institute and maintain any
suit, action or proceeding against the Company suitable to enforce, or otherwise
in respect of, its right to exercise his Stock Warrants as provided in the Stock
Warrants and in this Agreement.

           Section 3.04 MERGER, CONSOLIDATION, SALE, TRANSFER OR CONVEYANCE. (a)
In case any of the following shall occur while any Stock Warrants are
outstanding: (i) any reclassification or change of the outstanding
[Preferred/Common/Depositary] Shares; or (ii) any consolidation or merger to
which the Company is party (other than a consolidation or a merger in which the

<PAGE>

                                                                               8

Company is the continuing corporation and which does not result in any
reclassification of, or change in, the outstanding [Preferred/Common] Shares
issuable upon exercise of the Stock Warrants [or underlying the Depositary
Shares issuable upon exercise of the Depositary Stock Warrants]); or (iii) any
sale, conveyance or lease to another corporation of the property of the Company
as an entirety or substantially as an entirety; then the Company, or such
successor or purchasing corporation, as the case may be, shall make appropriate
provision by amendment of this Agreement or otherwise so that the Holders of the
Stock Warrants then outstanding shall have the right at any time thereafter,
upon exercise of such Stock Warrants, to purchase the kind and amount of capital
shares and other securities and property receivable upon such a
reclassification, change, consolidation, merger, sale, conveyance or lease as
would be received by a holder of the number of [Preferred/ Common] Shares
issuable upon exercise of such Stock Warrant [or underlying the Depositary
Shares issuable upon exercise of the Depositary Stock Warrants] immediately
prior to such reclassification, change, consolidation, merger, sale, conveyance
or lease, and, in the case of a consolidation, merger, sale, conveyance or
lease, the Company shall thereupon be relieved of any further obligation
hereunder or under the Stock Warrants, and the Company as the predecessor
corporation may thereupon or at any time thereafter be dissolved, wound up or
liquidated. Such successor or assuming corporation thereupon may cause to be
signed, and may issue either in its own name or in the name of the Company, any
of all of the Stock Warrants issuable hereunder which theretofore shall not have
been signed by the Company, and may execute and deliver [Preferred/Common/
Depositary] Shares in its own name, in fulfillment of its obligations to
deliver Shares upon exercise of the Stock Warrants. All the Stock Warrants so
issued shall in all respects have the same legal rank and benefit under this
Agreement as the Stock Warrants theretofore or thereafter issued in
accordance with the terms of this Agreement as though all of such Stock
Warrants had been issued at the date of the execution hereof. In any case of
any such reclassification, change, consolidation, merger, conveyance,
transfer or lease, such changes in phraseology and form (but not in
substance) may be made in the Stock Warrants thereafter to be issued as may
be appropriate.

           (b) The Stock Warrant Agent may receive a written opinion of legal
counsel as conclusive evidence that any such merger, consolidation, sale,
transfer, conveyance or other disposition of substantially all of the assets of
the Company complies with the provisions of this Section 3.04.

                                   ARTICLE IV

                     EXCHANGE AND TRANSFER OF STOCK WARRANTS

           Section 4.01 STOCK WARRANT REGISTER; EXCHANGE AND TRANSFER OF STOCK
WARRANTS. The Warrant Agent shall maintain, at its corporate trust office [or at
___________________], a register (the "Warrant Register") in which, upon the
issuance of Stock Warrants, or on and after the Detachable Date in the case of
Stock Warrants not separately transferable prior thereto, and, subject to such
reasonable regulations as the Warrant Agent may prescribe, it shall register
Warrant Certificates and exchanges and transfers thereof. The Warrant Register
shall be in written form or in any other form capable of being converted into
written form within a reasonable time.

<PAGE>

                                                                               9

           Except as provided in the following sentence, upon surrender at the
corporate trust office of the Warrant Agent [or at ___________________],
Warrant Certificates may be exchanged for one or more other Warrant Certificates
evidencing the same aggregate number of Stock Warrants of the same title, or may
be transferred in whole or in part. A Warrant Certificate evidencing Stock
Warrants that are not then transferable separately from the Offered Security
with which they were issued may be exchanged or transferred prior to its
Detachable Date only together with such Offered Security and only for the
purpose of effecting, or in conjunction with, an exchange or transfer of such
Offered Security; and on or prior to the Detachable Date, each exchange or
transfer of such Offered Security on the Security Register of the Offered
Securities shall operate also to exchange or transfer the related Stock
Warrants. A transfer shall be registered upon surrender of a Warrant Certificate
to the Warrant Agent at its corporate trust office [or at _____________________]
for transfer, properly endorsed or accompanied by appropriate instruments of
transfer and written instructions for transfer, all in form satisfactory to the
Company and the Warrant Agent, duly signed by the registered holder or holders
thereof or by the duly appointed legal representative thereof or by a duly
authorized attorney, such signature to be guaranteed by (a) a bank or trust
company, (b) a broker or dealer that is a member of the National Association of
Securities Dealers, Inc. (the "NASD") or (c) a member of a national securities
exchange. Upon any such registration of transfer, a new Warrant Certificate
shall be issued to the transferee. Whenever a Warrant Certificate is surrendered
for exchange or transfer, the Warrant Agent shall countersign and deliver to the
person or persons entitled thereto one or more Warrant Certificates duly
executed by the Company, as so requested. The Stock Warrant Agent shall not be
required to effect any exchange or transfer which will result in the issuance of
a Warrant Certificate evidencing a fraction of a Stock Warrant. All Warrant
Certificates issued upon any exchange or transfer of a Warrant Certificate shall
be the valid obligations of the Company, evidencing the same obligations, and
entitled to the same benefits under this Agreement, as the Warrant Certificate
surrendered for such exchange or transfer.

           No service charge shall be made for any exchange or transfer of Stock
Warrants, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such
exchange or transfer, in accordance with Section 2.02(f) hereof.

           Section 4.02  TREATMENT OF HOLDERS OF WARRANT CERTIFICATES.

           (a) In the event that the Stock Warrants are offered together with,
and, prior to the Detachable Date, are not detachable from, Offered Securities,
the Company, the Warrant Agent and all other persons may, prior to such
Detachable Date, treat the holder of the Offered Security as the Holder of the
Warrant Certificates initially attached thereto for any purpose and as the
person entitled to exercise the rights represented by the Stock Warrants
evidenced by such Warrant Certificates, any notice to the contrary
notwithstanding. After the Detachable Date and prior to due presentment of a
Warrant Certificate for registration or transfer, the Company and the Warrant
Agent may treat the registered Holder of a Warrant Certificate as the absolute
Holder thereof for any purpose and as the person entitled to exercise the rights
represented by the Stock Warrants evidenced thereby, any notice to the contrary
notwithstanding.

<PAGE>

                                                                              10

           (b) In all other cases, the Company and the Warrant Agent may treat
the registered Holder of a Warrant Certificate as the absolute Holder thereof
for any purpose and as the person entitled to exercise the rights represented by
the Stock Warrants evidenced thereby, any notice to the contrary
notwithstanding.

           Section 4.03 CANCELLATION OF WARRANT CERTIFICATES. In the event that
the Company shall purchase, redeem or otherwise acquire any Stock Warrants after
the issuance thereof, the Warrant Certificate or Warrant Certificates evidencing
such Stock Warrants shall thereupon be delivered to the Warrant Agent and be
cancelled by it. The Warrant Agent shall also cancel any Warrant Certificate
(including any Warrant Certificate) delivered to it for exercise, in whole or in
part, or for exchange or transfer. Warrant Certificates so cancelled shall be
delivered by the Warrant Agent to the Company from time to time, or disposed of
in accordance with the instructions of the Company.

                                    ARTICLE V

                          CONCERNING THE WARRANT AGENT

           Section 5.01 WARRANT AGENT. The Company hereby appoints
_______________ as Warrant Agent of the Company in respect of the Stock Warrants
upon the terms and subject to the conditions set forth herein; and ___________
hereby accepts such appointment. The Warrant Agent shall have the powers and
authority granted to and conferred upon it in the Warrant Certificates and
hereby, and such further powers and authority acceptable to it to act on behalf
of the Company as the Company may hereafter grant to or confer upon it. All of
the terms and provisions with respect to such powers and authority contained in
the Warrant Certificates are subject to and governed by the terms and provisions
hereof.

           Section 5.02 CONDITIONS OF WARRANT AGENT'S OBLIGATIONS. The Warrant
Agent accepts its obligations set forth herein upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all
of which the rights hereunder of the Holders shall be subject:

           (a) Compensation and Indemnification. The Company agrees to promptly
      pay the Warrant Agent the compensation set forth in Exhibit A hereto and
      to reimburse the Warrant Agent for reasonable out-of-pocket expenses
      (including counsel fees) incurred by the Warrant Agent in connection with
      the services rendered hereunder by the Warrant Agent. The Company also
      agrees to indemnify the Warrant Agent for, and to hold it harmless
      against, any loss, liability or expense (including the reasonable costs
      and expenses of defending against any claim of liability) incurred without
      negligence or bad faith on the part of the Warrant Agent arising out of or
      in connection with its appointment, status or service as Warrant Agent
      hereunder.

           (b) Agent for the Company. In acting under this Agreement and in
      connection with any Warrant Certificate, the Warrant Agent is acting
      solely as agent of the Company and does not assume any obligation or
      relationship of agency or trust for or with any Holder.

<PAGE>

                                                                              11

           (c) Counsel. The Warrant Agent may consult with counsel satisfactory
      to it, and the advice of such counsel shall be full and complete
      authorization and protection in respect of any action taken, suffered or
      omitted by it hereunder in good faith and in accordance with the advice of
      such counsel.

           (d) Documents. The Warrant Agent shall be protected and shall incur
      no liability for or in respect of any action taken, suffered or omitted by
      it in reliance upon any notice, direction, consent, certificate,
      affidavit, statement or other paper or document reasonably believed by it
      to be genuine and to have been presented or signed by the proper parties.

           (e) Officer's Certificate. Whenever in the performance of its duties
      hereunder the Warrant Agent shall reasonably deem it necessary that any
      fact or matter be proved or established by the Company prior to taking,
      suffering or omitting any action hereunder, the Warrant Agent may (unless
      other evidence in respect thereof be herein specifically prescribed), in
      the absence of bad faith on its part, rely upon a certificate signed by
      the Chairman of the Board of Directors, the Vice Chairman of the Board of
      Directors, the President, an Executive Vice President, the Treasurer, an
      Assistant Treasurer, the Secretary or an Assistant Secretary of the
      Company (an "Officer's Certificate") delivered by the Company to the
      Warrant Agent.

           (f) Actions Through Agents. The Warrant Agent may execute and
      exercise any of the rights or powers hereby vested in it or perform any
      duty hereunder either itself or by or through its attorneys or agents, and
      the Warrant Agent shall not be answerable or accountable for any act,
      default, neglect or misconduct of any such attorney or agent or for any
      loss to the Company resulting from such neglect or misconduct; provided,
      however, that reasonable care shall have been exercised in the selection
      and continued employment of such attorneys and agents.

           (g) Certain Transactions. The Warrant Agent, and any officer,
      director or employee thereof, may become the owner of, or acquire any
      interest in, any Stock Warrant, with the same rights that he, she or it
      would have if it were not the Warrant Agent, and, to the extent permitted
      by applicable law, he, she or it may engage or be interested in any
      financial or other transaction with the Company and may serve on, or as
      depository, trustee or agent for, any committee or body of holders of
      [Preferred/Common/Depositary] Shares or other obligations of the Company
      as if it were not the Warrant Agent.

           (h) No Liability For Interest. The Warrant Agent shall not be liable
      for interest on any monies at any time received by it pursuant to any of
      the provisions of this Agreement or of the Warrant Certificates, except as
      otherwise agreed with the Company.

           (i) No Liability For Invalidity. The Warrant Agent shall incur no
      liability with respect to the validity of this Agreement (except as to the
      due execution hereof by the Warrant Agent) or any Warrant Certificate
      (except as to the countersignature thereof by the Warrant Agent).

<PAGE>

                                                                              12

           (j) No Responsibility For Company Representations. The Warrant Agent
      shall not be responsible for any of the recitals or representations
      contained herein (except as to such statements or recitals as describe the
      Warrant Agent or action taken or to be taken by it) or in any Warrant
      Certificate (except as to the Warrant Agent's countersignature on such
      Warrant Certificate), all of which recitals and representations are made
      solely by the Company.

           (k) No Implied Obligations. The Warrant Agent shall be obligated to
      perform only such duties as are specifically set forth herein, and no
      other duties or obligations shall be implied. The Warrant Agent shall not
      be under any obligation to take any action hereunder that may subject it
      to any expense or liability, the payment of which within a reasonable time
      is not, in its reasonable opinion, assured to it. The Warrant Agent shall
      not be accountable or under any duty or responsibility for the use by the
      Company of any Warrant Certificate countersigned by the Warrant Agent and
      delivered by it to the Company pursuant to this Agreement or for the
      application by the Company of the proceeds of the issuance or exercise of
      Stock Warrants. The Warrant Agent shall have no duty or responsibility in
      case of any default by the Company in the performance of its covenants or
      agreements contained herein or in any Warrant Certificate or in case of
      the receipt of any written demand from a Holder with respect to such
      default, including, without limiting the generality of the foregoing, any
      duty or responsibility to initiate or attempt to initiate any proceedings
      at law or otherwise or, except as provided in Section 6.02 hereof, to make
      any demand upon the Company.

           Section 5.03 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. (a)
The Company agrees, for the benefit of the Holders of the Stock Warrants, that
there shall at all times be a Warrant Agent hereunder until all the Stock
Warrants are no longer exercisable.

           (b) The Warrant Agent may at any time resign as such by giving
written notice to the Company, specifying the date on which its desired
resignation shall become effective; provided that such date shall not be less
than [90] days after the date on which such notice if given unless the Company
agrees to accept a shorter notice. The Warrant Agent hereunder may be removed at
any time by the filing with it of an instrument in writing signed by or on
behalf of the Company and specifying such removal and the date when it shall
become effective. Notwithstanding the provisions of this Section 5.03(b), such
resignation or removal shall take effect upon the appointment by the Company, as
hereinafter provided, of a successor Warrant Agent (which shall be a banking
institution organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under the
laws of such jurisdiction to exercise corporate trust powers and having at the
time of its appointment as Warrant Agent a combined capital and surplus (as set
forth in its most recent published report of financial condition) of at least
[$50,000,000])and the acceptance of such appointment by such successor Warrant
Agent. In the event a successor Warrant Agent has not been appointed and has not
accepted its duties within [90] days of the Warrant Agent's notice of
resignation, the Warrant Agent may apply to any court of competent jurisdiction
for the designation of a successor Warrant Agent. The obligations of the Company
under Section 5.02(a) shall continue to the extent set forth therein
notwithstanding the resignation or removal of the Warrant Agent.

           (c) In case at any time the Warrant Agent shall resign, or shall be
removed, or shall become incapable of acting, or shall file a petition seeking
relief under Title 11 of the United

<PAGE>

                                                                              13

States Code, as now constituted or hereafter amended or under any other
applicable federal or state bankruptcy law or similar law, or make an assignment
for the benefit of its creditors or consent to the appointment of a receiver or
custodian of all or any substantial part of its property, or shall admit in
writing its inability to pay or meet its debts as they mature, or if a receiver
or custodian of it or all or any substantial part of its property shall be
appointed, or if an order of any court shall be entered for relief against it
under the provisions of Title 11 of the United States Code, as now constituted
or hereafter amended, or under any other applicable federal or state bankruptcy
or similar law, or if any public officer shall have taken charge or control of
the Warrant Agent or of its property or affairs, for the purpose of
rehabilitation, conservation or liquidation, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company by an instrument in
writing, filed with the successor Warrant Agent. Upon the appointment as
aforesaid of a successor Warrant Agent and acceptance by the latter of such
appointment, the Warrant Agent so superseded shall cease to be Warrant Agent
hereunder.

           (d) Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with all
the authority, rights, powers, trusts, immunities, duties and obligations of
such predecessor with like effect as if originally named as Warrant Agent
hereunder, and such predecessor, upon payment of its charges and disbursements
then unpaid, shall thereupon become obligated to transfer, deliver and pay over,
and such successor Warrant Agent shall be entitled to receive all moneys,
securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder.

           (e) Any corporation into which the Warrant Agent hereunder may be
merged or converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Warrant Agent shall be a party, or any corporation to
which the Warrant Agent shall sell or otherwise transfer all or substantially
all of the assets and business of the Warrant Agent, provided that such
Corporation shall be qualified as aforesaid, shall be the successor Warrant
Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

           Section 5.04 COMPLIANCE WITH APPLICABLE LAWS. The Warrant Agent
agrees to comply with all applicable federal and state laws imposing obligations
on it in respect of the services rendered by it under this Warrant Agreement and
in connection with the Stock Warrants, including (but not limited to) the
provisions of United States federal income tax laws regarding information
reporting and backup withholding. The Warrant Agent expressly assumes all
liability for its failure to comply with any such laws imposing obligations on
it, including (but not limited to) any liability for failure to comply with any
applicable provisions of United States federal income tax laws regarding
information reporting and backup withholding.

           Section 5.05 OFFICE. The Company will maintain an office or agency
where Warrant Certificates may be presented for exchange, transfer or exercise.
The office initially designated for this purpose shall be the corporate trust
office of the Warrant Agent at ________________.

<PAGE>

                                                                              14

                                   ARTICLE VI

                                  MISCELLANEOUS

           Section 6.01 SUPPLEMENTS AND AMENDMENTS. (a) The Company and Warrant
Agent may from time to time supplement or amend this Agreement without the
approval or consent of any Holder in order to cure any ambiguity, to correct or
supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provision in regard to
matters or questions arising hereunder that the Company and the Warrant Agent
may deem necessary or desirable and that shall not adversely affect the
interests of the Holders. Every Holder of Debt Warrants, whether issued before
or after any such supplement or amendment, shall be bound thereby. Promptly
after the effectiveness of any supplement or amendment that affects the interest
of the Holders, the Company shall give notice thereof, as provided in Section
6.03 hereof, to the Holders affected thereby, setting forth in general terms the
substance of such supplement or amendment.

           (b) The Company and the Warrant Agent may modify or amend this
Agreement and the Warrant Certificates with the consent of the Holders of not
fewer than a majority in number of the underlying [Preferred/Common/Depositary]
Shares affected by such modification or amendment, for any purpose; provided,
however, that no such modification or amendment that shortens the period of time
during which the Stock Warrants may be exercised, or otherwise materially and
adversely affects the exercise rights of the Holders or reduces the percentage
of Holders of outstanding Stock Warrants the consent of which is required for
modification or amendment of this Agreement or the Stock Warrants, may be made
without the consent of each Holder affected thereby.

           Section 6.02 NOTICES AND DEMANDS TO THE COMPANY AND WARRANT AGENT. If
the Warrant Agent shall receive any notice or demand addressed to the Company by
any Holder pursuant to the provisions of the Warrant Certificates, the Warrant
Agent shall promptly forward such notice or demand to the Company.

           Section 6.03 ADDRESSES FOR NOTICES. Any communications from the
Company to the Warrant Agent with respect to this Agreement shall be addressed
to [name of Warrant Agent, _______________, Attention: Corporate Trust
Department;] any communications from the Warrant Agent to the Company with
respect to this Agreement shall be addressed to Polaroid Corporation, 784
Memorial Drive, Cambridge, Massachusetts 02139, Attention: Treasurer (with a
copy to the Secretary); or such other addresses as shall be specified in writing
by the Warrant Agent or by the Company, as the case may be.

           Section 6.04 GOVERNING LAW. This Agreement and the Stock Warrants
shall be governed by the laws of the [State of Delaware] applicable to contracts
made and to be performed entirely within such State.

           Section 6.05 GOVERNMENTAL APPROVALS. The Company will from time to
time use all reasonable efforts to obtain and keep effective any and all
permits, consents and approvals of governmental agencies and authorities and the
national securities exchange on which the Stock

<PAGE>

                                                                              15

Warrants may be listed or authorized for trading from time to time and will make
all filings under the federal and state securities laws (including without
limitation the Securities Act of 1933), as may be or become requisite in
connection with the issuance, sale, trading, transfer or delivery of the Stock
Warrants and Warrant Certificates, the exercise of the Stock Warrants and the
issuance, sale and delivery of the underlying [Preferred/Common/Depositary]
Shares issued upon the exercise of the Stock Warrants.

           Section 6.06 PERSONS HAVING RIGHTS UNDER STOCK WARRANT AGREEMENT.
Nothing in this Agreement expressed or implied and nothing that may be inferred
from any of the provisions hereof is intended, or shall be construed, to confer
upon, or give to, any person or corporation other than the Company, the Warrant
Agent and the Holders any right, remedy or claim under or by reason of this
Agreement or of any covenant, condition, stipulation, promise or agreement
hereof; and all covenants, conditions, stipulations, promises and agreements in
this Agreement contained shall be for the sole and exclusive benefit of the
Company and the Warrant Agent and their respective successors and of the Holders
of Warrant Certificates.

           Section 6.07 DELIVERY OF PROSPECTUS. The Company will furnish to the
Warrant Agent sufficient copies of a prospectus or prospectuses relating to the
[Preferred/Common/ Depositary] Shares deliverable upon exercise of any
outstanding Stock Warrants (each a "Prospectus"), and prior to or concurrent
with the delivery of the [Preferred/Common/Depositary] Shares issued upon the
exercise thereof, a copy of the Prospectus relating to such [Preferred/
Common/Depositary] Shares.

           Section 6.08 HEADINGS. The descriptive headings of the several
Articles and Sections and the Table of Contents of this Agreement are for
convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof.

           Section 6.09 COUNTERPARTS. This Agreement may be executed by the
parties hereto in any number of counterparts, each of which when so executed and
delivered shall be deemed to be an original; but all such counterparts shall
together constitute but one and the same instrument.

           Section 6.10 INSPECTION OF AGREEMENT. A copy of this Agreement shall
be available at all reasonable times at the principal corporate trust office of
the Warrant Agent, for inspection by the Holders of Stock Warrants.

                                    * * * * *

           IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the day and year first above written.

<PAGE>

                                                                              16

                                                POLAROID CORPORATION

 Seal

                                                By: __________________________
 Attest:                                            Name and Title

   ------------------------------
 NAME AND TITLE:

                                                STOCK WARRANT AGENT

 Seal

                                                By: __________________________
 Attest:                                            Name and Title

   ------------------------------
 NAME AND TITLE:

<PAGE>

                                    Exhibit A
                           to Stock Warrant Agreement
                         dated as of ____________, 19__

                         [Compensation of Warrant Agent]

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