Document:

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                                                                    Exhibit 10.3

                             PERFORMANCE UNDERTAKING

          This Performance Undertaking (this "UNDERTAKING"), dated as of June 6,
2002, is executed by RPM, Inc., an Ohio corporation ("RPM" or the "PERFORMANCE
GUARANTOR") in favor of RPM Funding Corporation, a Delaware corporation
(together with its successors and assigns, "RECIPIENT").

                                    RECITALS

          Consolidated Coatings Corporation, an Ohio corporation,
     Weatherproofing Technologies, Inc., a Delaware corporation, DAP Products
     Inc., a Delaware corporation, The Testor Corporation, an Ohio corporation,
     Zinsser Co., Inc., a New Jersey corporation, Tremco Incorporated, an Ohio
     corporation, Rust-Oleum Corporation, an Illinois corporation, The Euclid
     Chemical Performance Guarantor , an Ohio corporation, Republic Powdered
     Metals, Inc., an Ohio corporation (all of the foregoing, collectively, the
     "ORIGINATORS"), and Recipient have entered into a Receivables Sale
     Agreement, dated as of June 6, 2002 (as amended, restated or otherwise
     modified from time to time, the "SALE AGREEMENT"), pursuant to which the
     Originators are selling and contributing to Recipient their respective
     right, title and interest in their accounts receivable and certain related
     rights subject to the terms and conditions contained therein.

          Recipient, RPM, as Servicer, Jupiter Securitization Corporation, Blue
     Ridge Asset Funding Corporation, Bank One, NA (Main Office Chicago),
     individually, as Jupiter Agent and as Administrative Agent, and Wachovia
     Bank, National Association, individually and as Blue Ridge Agent, have
     entered into a Receivables Purchase Agreement, dated as of June 6, 2002 (as
     amended, restated or otherwise modified from time to time, the "PURCHASE
     AGREEMENT"), pursuant to which Recipient is selling undivided interests in
     its assets to the Administrative Agent for the benefit of the Purchasers
     subject to the terms and conditions contained therein.

          Performance Guarantor owns, directly or indirectly, one hundred
     percent (100%) of the Equity Interests of each of the Originators, and
     Performance Guarantor and the Originators, collectively, own, directly or
     indirectly, 100% of the Equity Interests of Recipient. As a result, each of
     the Originators (and, accordingly, Performance Guarantor) is expected to
     receive substantial direct or indirect benefits from the Originators' sale
     and contribution of accounts receivable to Recipient pursuant to the Sale
     Agreement (which benefits are hereby acknowledged).

          As an inducement for Recipient to acquire and to continue to acquire
     the Originators' accounts receivable pursuant to the Sale Agreement,
     Performance Guarantor has agreed to guarantee the due and punctual
     performance by each of the Originators of its respective obligations under
     the Sale Agreement.

                                    AGREEMENT

<PAGE>

          NOW, THEREFORE, Performance Guarantor hereby agrees as follows:

          Section 1. DEFINITIONS. Capitalized terms used and not otherwise
defined herein shall have the meanings attributed thereto in the Sale Agreement
or the Purchase Agreement, and "GUARANTEED OBLIGATIONS" means, collectively, all
covenants, agreements, terms, conditions and indemnities to be performed and
observed by any of the Originators under and pursuant to the Sale Agreement and
each other document executed and delivered by any of them pursuant to the Sale
Agreement, including, without limitation, the due and punctual payment of all
sums which are or may become due and owing by any of the Originators under the
Sale Agreement, whether for fees, expenses (including counsel fees), indemnified
amounts or otherwise, whether upon any termination or for any other reason.

          Section 2. GUARANTY OF PERFORMANCE OF GUARANTEED OBLIGATIONS.
Performance Guarantor hereby guarantees to Recipient, the full and punctual
payment and performance by each of the Originators of its Guaranteed
Obligations. This Undertaking is an absolute, unconditional and continuing
guaranty of the full and punctual performance of all Guaranteed Obligations
under the Sale Agreement, and each other document executed and delivered by any
of the Originators pursuant to the Sale Agreement and is in no way conditioned
upon any requirement that Recipient first attempt to collect any amounts owing
by the Originators to Recipient, any Agent or any Purchaser from any other
Person or resort to any collateral security, any balance of any deposit account
or credit on the books of Recipient, any Agent or any Purchaser in favor of any
of the Originators or any other Person or other means of obtaining payment.
Should any of the Originators default in the payment or performance of any of
its Guaranteed Obligations, Recipient (or its assigns) may cause the immediate
performance by Performance Guarantor of such Guaranteed Obligations and cause
any payment of Guaranteed Obligations to become forthwith due and payable to
Recipient (or its assigns) by Performance Guarantor, without demand or notice of
any nature (other than as expressly provided herein), all of which are hereby
expressly waived by Performance Guarantor.

          Section 3. PERFORMANCE GUARANTOR'S FURTHER AGREEMENTS TO PAY.
Performance Guarantor further agrees, as the principal obligor and not as a
guarantor only, to pay to Recipient (and its assigns), forthwith upon demand in
funds immediately available to Recipient, all reasonable costs and expenses
(including court costs and reasonable legal expenses) incurred or expended by
Recipient in connection with the Guaranteed Obligations, this Undertaking and
the enforcement thereof, together with interest on amounts recoverable under
this Undertaking from the time when such amounts become due until payment, at a
rate of interest (computed for the actual number of days elapsed based on a
360-day year) equal to the Prime Rate plus 2% per annum, such rate of interest
changing when and as the Prime Rate changes.

          Section 4. WAIVERS BY PERFORMANCE GUARANTOR. Performance Guarantor
waives notice of acceptance of this Undertaking, notice of any action taken or
omitted by Recipient (or its assigns) in reliance on this Undertaking, and any
requirement that Recipient (or its assigns) be diligent or prompt in making
demands under this Undertaking, giving notice of any Termination Event,
Amortization Event, other default or omission by any of the Originators or
asserting any other rights of Recipient under this Undertaking. Performance
Guarantor warrants that it has adequate means to obtain from the Originators, on
a continuing basis, information concerning their financial condition, and that
it is not relying on Recipient to provide such information, now

                                       2

<PAGE>

or in the future. Performance Guarantor also irrevocably waives all defenses (i)
that at any time may be available in respect of the Guaranteed Obligations by
virtue of any statute of limitations, valuation, stay, moratorium law or other
similar law now or hereafter in effect or (ii) that arise under the law of
suretyship, including impairment of collateral. Recipient (and its assigns)
shall be at liberty, without giving notice to or obtaining the assent of
Performance Guarantor and without relieving Performance Guarantor of any
liability under this Undertaking, to deal with each of the Originators and with
each other party who now is or after the date hereof becomes liable in any
manner for any of the Guaranteed Obligations, in such manner as Recipient in its
sole discretion deems fit, and to this end Performance Guarantor agrees that the
validity and enforceability of this Undertaking, including without limitation,
the provisions of Section 7 hereof, shall not be impaired or affected by any of
the following: (a) any extension, modification or renewal of, or indulgence with
respect to, or substitutions for, the Guaranteed Obligations or any part thereof
or any agreement relating thereto at any time; (b) any failure or omission to
enforce any right, power or remedy with respect to the Guaranteed Obligations or
any part thereof or any agreement relating thereto, or any collateral securing
the Guaranteed Obligations or any part thereof; (c) any waiver of any right,
power or remedy or of any Termination Event, Amortization Event, or default with
respect to the Guaranteed Obligations or any part thereof or any agreement
relating thereto; (d) any release, surrender, compromise, settlement, waiver,
subordination or modification, with or without consideration, of any other
obligation of any Person or entity with respect to the Guaranteed Obligations or
any part thereof; (e) the enforceability or validity of the Guaranteed
Obligations or any part thereof or the genuineness, enforceability or validity
of any agreement relating thereto or with respect to the Guaranteed Obligations
or any part thereof; (f) the application of payments received from any source to
the payment of any payment obligations of any Originator or any part thereof or
amounts which are not covered by this Undertaking even though Recipient (or its
assigns) might lawfully have elected to apply such payments to any part or all
of the payment obligations of Originators or to amounts which are not covered by
this Undertaking; (g) the existence of any claim, setoff or other rights which
Performance Guarantor may have at any time against Originators in connection
herewith or any unrelated transaction; (h) any assignment or transfer of the
Guaranteed Obligations or any part thereof; or (i) any failure on the part of
Originators to perform or comply with any term of the Sale Agreement or any
other document executed in connection therewith or delivered thereunder, all
whether or not Performance Guarantor shall have had notice or knowledge of any
act or omission referred to in the foregoing clauses (a) through (i) of this
Section 4.

          Section 5. UNENFORCEABILITY OF GUARANTEED OBLIGATIONS AGAINST
ORIGINATORS. Notwithstanding (a) any change of ownership of Originators or the
insolvency, bankruptcy or any other change in the legal status of Originators;
(b) any change in or the imposition of any law, decree, regulation or other
governmental act which does or might impair, delay or in any way affect the
validity, enforceability or the payment when due of the Guaranteed Obligations;
(c) the failure of any of the Originators or Performance Guarantor to maintain
in full force, validity or effect or to obtain or renew when required all
governmental and other approvals, licenses or consents required in connection
with the Guaranteed Obligations or this Undertaking, or to take any other action
required in connection with the performance of all obligations pursuant to the
Guaranteed Obligations or this Undertaking; or (d) if any of the moneys included
in the Guaranteed Obligations have become irrecoverable from any of the
Originators for any other reason other than final payment in full of the payment
Guaranteed Obligations in

                                       3

<PAGE>

accordance with their terms, this Undertaking shall nevertheless be binding on
Performance Guarantor. This Undertaking shall be in addition to any other
guaranty or other security for the Guaranteed Obligations, and it shall not be
rendered unenforceable by the invalidity of any such other guaranty or security.
In the event that acceleration of the time for payment of any of the Guaranteed
Obligations is stayed upon the insolvency, bankruptcy or reorganization of any
of the Originators or for any other reason with respect to any of the
Originators, all such amounts then due and owing with respect to the Guaranteed
Obligations under the terms of the Sale Agreement, or any other agreement
evidencing, securing or otherwise executed in connection with the Guaranteed
Obligations, shall be immediately due and payable by Performance Guarantor.

          Section 6. REPRESENTATIONS; WARRANTIES AND COVENANTS.

          6.1. REPRESENTATIONS AND WARRANTIES. Performance Guarantor hereby
represents and warrants to Recipient that:

          (a) EXISTENCE AND POWER. Performance Guarantor is duly organized,
validly existing and in good standing under the laws of its state of
organization. Performance Guarantor is duly qualified to do business and is in
good standing as a foreign corporation, and has and holds all corporate power
and all governmental licenses, authorizations, consents and approvals required
to carry on its business in each jurisdiction in which its business is conducted
except where the failure to so qualify or so hold could not reasonably be
expected to have a Material Adverse Effect.

          (b) POWER AND AUTHORITY; DUE AUTHORIZATION, EXECUTION AND DELIVERY.
The execution and delivery by Performance Guarantor of this Undertaking, and the
performance of its obligations hereunder, are within its corporate powers and
authority and have been duly authorized by all necessary corporate action on its
part. This Undertaking has been duly executed and delivered by Performance
Guarantor.

          (c) NO CONFLICT. The execution and delivery by Performance Guarantor
of this Undertaking, and the performance of its obligations hereunder do not
contravene or violate (i) its certificate or articles of incorporation or
by-laws, (ii) any law, rule or regulation applicable to it, (iii) any
restrictions under any agreement, contract or instrument to which it is a party
or by which it or any of its property is bound, or (iv) any order, writ,
judgment, award, injunction or decree binding on or affecting it or its
property, and do not result in the creation or imposition of any Adverse Claim
on assets of Performance Guarantor or its Subsidiaries (except as created under
the Transaction Documents) except, in any case, where such contravention or
violation could not reasonably be expected to have a Material Adverse Effect;
and no transaction contemplated hereby requires compliance with any bulk sales
act or similar law.

          (d) GOVERNMENTAL AUTHORIZATION. No authorization or approval or other
action by, and no notice to or filing with, any governmental authority or
regulatory body is required for the due execution and delivery by Performance
Guarantor of this Undertaking and the performance of its obligations hereunder.

                                       4
<PAGE>

          (e) BINDING EFFECT. This Undertaking constitutes the legal, valid and
binding obligation of Performance Guarantor, enforceable against Performance
Guarantor in accordance with its terms, except as such enforcement may be
limited by applicable bankruptcy, insolvency, reorganization or other similar
laws relating to or limiting creditors' rights generally and by general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

          (f) NO ACTIONS; SUITS. There are no actions, suits or proceedings
pending, or to the best of Performance Guarantor's knowledge, threatened,
against or affecting Performance Guarantor, or any of its properties, in or
before any court, arbitrator or other body, that could reasonably be expected to
have a Material Adverse Effect. Performance Guarantor is not in default with
respect to any order of any court, arbitrator or governmental body.

          (g) MATERIAL ADVERSE EFFECT. Since May 31, 2001, no event has occurred
that would have a Material Adverse Effect.

          6.2. FINANCIAL REPORTING COVENANT. Performance Guarantor hereby
covenants and agrees with Recipient that Performance Guarantor will maintain,
for itself and each of its Subsidiaries, a system of accounting established and
administered in accordance with GAAP, and furnish or cause to be furnished to
the Recipient and the Agents:

          (a) ANNUAL REPORTING. As soon as available and in any event within 90
days after the end of each fiscal year of the Performance Guarantor,
consolidated statements of income, shareholders' equity and cash flows of the
Performance Guarantor and its Subsidiaries for such year and the related
consolidated balance sheet as at the end of such year, setting forth in each
case in comparative form the corresponding figures for the preceding fiscal
year, and accompanied by an opinion thereon of independent certified public
accountants of recognized national standing, which opinion shall state that said
consolidated financial statements fairly present in all material respects the
consolidated financial condition and results of operations of the Performance
Guarantor and its Subsidiaries as at the end of, and for, such fiscal year;

          (b) QUARTERLY REPORTING. As soon as available and in any event within
60 days after the end of each fiscal quarter of the Performance Guarantor other
than the last fiscal quarter in each fiscal year, consolidated statements of
income, shareholders' equity and cash flows of the Performance Guarantor and its
Subsidiaries for such fiscal quarter and for the portion of the fiscal year
ended at the end of such fiscal quarter, and the related consolidated balance
sheet as at the end of such fiscal quarter.

          (c) COMPLIANCE CERTIFICATE. Together with the financial statements
required hereunder, a compliance certificate in substantially the form of
EXHIBIT IV to the Sale Agreement (replacing references therein to "Originator"
with references to "Performance Guarantor") signed by Performance Guarantor's
Authorized Officer and dated the date of such annual financial statement or such
quarterly financial statement, as the case may be.

          (d) SHAREHOLDERS STATEMENTS AND REPORTS. Promptly upon the mailing
thereof to the shareholders of the Performance Guarantor generally, copies of
all financial statements, reports and proxy statements so mailed.

                                       5
<PAGE>

          Section 7. SUBROGATION; SUBORDINATION. Notwithstanding anything to the
contrary contained herein, until the Guaranteed Obligations are paid in full,
Performance Guarantor: (a) will not enforce or otherwise exercise any right of
subrogation to any of the rights of Recipient, any Agent or any Purchaser
against any of the Originators, (b) hereby waives all rights of subrogation
(whether contractual, under Section 509 of the United States Bankruptcy Code, at
law or in equity or otherwise) to the claims of Recipient, the Agents and the
Purchasers against any of the Originators and all contractual, statutory or
legal or equitable rights of contribution, reimbursement, indemnification and
similar rights and "claims" (as such term is defined in the United States
Bankruptcy Code) which Performance Guarantor might now have or hereafter acquire
against any of the Originators that arise from the existence or performance of
Performance Guarantor's obligations hereunder, (c) will not claim any setoff,
recoupment or counterclaim against any of the Originators in respect of any
liability of Performance Guarantor to any of the Originators and (d) waives any
benefit of and any right to participate in any collateral security which may be
held by any Agent or any Purchaser. The payment of any amounts due with respect
to any indebtedness of any of the Originators now or hereafter owed to
Performance Guarantor is hereby subordinated to the prior payment in full of all
of the Guaranteed Obligations. Performance Guarantor agrees that, after the
occurrence of any default in the payment or performance of any of the Guaranteed
Obligations, Performance Guarantor will not demand, sue for or otherwise attempt
to collect any such indebtedness of any of the Originators to Performance
Guarantor until all of the Guaranteed Obligations shall have been paid and
performed in full. If, notwithstanding the foregoing sentence, Performance
Guarantor shall collect, enforce or receive any amounts in respect of such
indebtedness while any Guaranteed Obligations are still unperformed or
outstanding, such amounts shall be collected, enforced and received by
Performance Guarantor as trustee for Recipient (and its assigns) and be paid
over to Recipient (or its assigns) on account of the Guaranteed Obligations
without affecting in any manner the liability of Performance Guarantor under the
other provisions of this Undertaking. The provisions of this Section 7 shall be
supplemental to and not in derogation of any rights and remedies of Recipient
under any separate subordination agreement which Recipient may at any time and
from time to time enter into with Performance Guarantor.

          Section 8. TERMINATION OF PERFORMANCE UNDERTAKING. Performance
Guarantor's obligations hereunder shall continue in full force and effect until
all Aggregate Unpaids (as defined in the Purchase Agreement) are finally paid
and satisfied in full and the Purchase Agreement is terminated, PROVIDED THAT
this Undertaking shall continue to be effective or shall be reinstated, as the
case may be, if at any time payment or other satisfaction of any of the
Guaranteed Obligations is rescinded or must otherwise be restored or returned
upon the bankruptcy, insolvency, or reorganization of any of the Originators or
otherwise, as though such payment had not been made or other satisfaction
occurred, whether or not Recipient (or its assigns) is in possession of this
Undertaking. No invalidity, irregularity or unenforceability by reason of the
federal bankruptcy code or any insolvency or other similar law, or any law or
order of any government or agency thereof purporting to reduce, amend or
otherwise affect the Guaranteed Obligations shall impair, affect, be a defense
to or claim against the obligations of Performance Guarantor under this
Undertaking.

          Section 9. EFFECT OF BANKRUPTCY. This Performance Undertaking shall
survive the insolvency of any of the Originators and the commencement of any
case or proceeding by or against any of the Originators under the federal
bankruptcy code or other federal, state or other

                                       6
<PAGE>

applicable bankruptcy, insolvency or reorganization statutes. No automatic stay
under the federal bankruptcy code with respect to any of the Originators or
other federal, state or other applicable bankruptcy, insolvency or
reorganization statutes to which any of the Originators is subject shall
postpone the obligations of Performance Guarantor under this Undertaking.

          Section 10. SETOFF. Regardless of the other means of obtaining payment
of any of the Guaranteed Obligations, Recipient is (and from and after the
occurrence of an Amortization Event under and as defined in the Purchase
Agreement which is not waived in writing by the Agents, the Administrative Agent
is) hereby authorized at any time and from time to time, without notice to
Performance Guarantor (any such notice being expressly waived by Performance
Guarantor) and to the fullest extent permitted by law, to set off and apply any
deposits and other sums against the obligations of Performance Guarantor under
this Undertaking, whether or not Recipient (or, if applicable, the
Administrative Agent) shall have made any demand under this Undertaking and
although such obligations may be contingent or unmatured.

          Section 11. TAXES. All payments to be made by Performance Guarantor
hereunder shall be made free and clear of any deduction or withholding. If
Performance Guarantor is required by law to make any deduction or withholding on
account of tax or otherwise from any such payment, the sum due from it in
respect of such payment shall be increased to the extent necessary to ensure
that, after the making of such deduction or withholding, Recipient receive a net
sum equal to the sum which they would have received had no deduction or
withholding been made.

          Section 12. FURTHER ASSURANCES. Performance Guarantor agrees that it
will from time to time, at the request of Recipient (or its assigns), provide
information relating to the business and affairs of Performance Guarantor as
Recipient may reasonably request. Performance Guarantor also agrees to do all
such things and execute all such documents as Recipient (or its assigns) may
reasonably consider necessary or desirable to give full effect to this
Undertaking and to perfect and preserve the rights and powers of Recipient
hereunder.

          Section 13. SUCCESSORS AND ASSIGNS. This Performance Undertaking shall
be binding upon Performance Guarantor, its successors and permitted assigns, and
shall inure to the benefit of and be enforceable by Recipient and its successors
and assigns. Performance Guarantor may not assign or transfer any of its
obligations hereunder. Recipient may not assign or transfer any of its rights
hereunder except that Recipient may pledge (and hereby notifies the Performance
Guarantor that it has pledged) Recipient's right, title and interest hereunder
to the Administrative Agent, for the benefit of the Purchasers, under the
Purchase Agreement.

          Section 14. AMENDMENTS AND WAIVERS. No amendment or waiver of any
provision of this Undertaking nor consent to any departure by Performance
Guarantor therefrom shall be effective unless the same shall be in writing and
signed by Recipient, the Agents and Performance Guarantor. No failure on the
part of Recipient to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the
exercise of any other right.

                                       7
<PAGE>

          Section 15. NOTICES. All notices and other communications provided for
hereunder shall be made in writing and shall be addressed as follows: if to
Performance Guarantor, at the address set forth beneath its signature hereto,
and if to Recipient, at the addresses set forth beneath its signature hereto, or
at such other addresses as each of Performance Guarantor or any Recipient may
designate in writing to the other. Each such notice or other communication shall
be effective (a) if given by telecopy, upon the receipt thereof, (b) if given by
mail, three (3) Business Days after the time such communication is deposited in
the mail with first class postage prepaid or (c) if given by any other means,
when received at the address specified in this Section 15.

          Section 16. GOVERNING LAW. THIS UNDERTAKING SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF
ILLINOIS.

          Section 17. CONSENT TO JURISDICTION. EACH OF PERFORMANCE GUARANTOR AND
RECIPIENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY
UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN COOK COUNTY IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS UNDERTAKING, THE
AGREEMENTS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH OR DELIVERED
THEREUNDER AND EACH OF PERFORMANCE GUARANTOR AND RECIPIENT HEREBY IRREVOCABLY
AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR
HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.

          Section 18. BANKRUPTCY PETITION. Performance Guarantor hereby
covenants and agrees that, prior to the date that is one year and one day after
the payment in full of all outstanding senior Indebtedness of Recipient, it will
not institute against, or join any other Person in instituting against,
Recipient any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceeding under the laws of the United States or
any state of the United States.

          Section 19. MISCELLANEOUS. This Undertaking constitutes the entire
agreement of Performance Guarantor with respect to the matters set forth herein.
The rights and remedies herein provided are cumulative and not exclusive of any
remedies provided by law or any other agreement, and this Undertaking shall be
in addition to any other guaranty of or collateral security for any of the
Guaranteed Obligations. The provisions of this Undertaking are severable, and in
any action or proceeding involving any state corporate law, or any state or
federal bankruptcy, insolvency, reorganization or other law affecting the rights
of creditors generally, if the obligations of Performance Guarantor hereunder
would otherwise be held or determined to be avoidable, invalid or unenforceable
on account of the amount of Performance Guarantor's liability under this
Undertaking, then, notwithstanding any other provision of this Undertaking to
the contrary, the amount of such liability shall, without any further action by
Performance Guarantor or Recipient, be automatically limited and reduced to the
highest amount that is valid and enforceable as determined in such action or
proceeding. Any provisions of this

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<PAGE>

Undertaking which are prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Unless otherwise
specified, references herein to "SECTION" shall mean a reference to sections of
this Undertaking.

                            (signature page follows)

                                       9
<PAGE>

          IN WITNESS WHEREOF, Performance Guarantor has caused this Undertaking
to be executed and delivered as of the date first above written.

                        RPM, INC.

                        By: /s/ P. Kelly Tompkins
                           --------------------------------
                        Name: P. Kelly Tompkins
                             ------------------------------
                        Title: Vice President, General Counsel
                                and Secretary
                              -----------------------------

                        ADDRESS FOR NOTICES:
                        RPM, Inc.
                        2628 Pearl Road
                        P.O. Box 777
                        Medina, Ohio 44258

                        Attention: Treasurer
                        Phone: (330) 273-8837
                        Fax:   (330) 225-6574

ACKNOWLEDGED AND AGREED:

RPM FUNDING CORPORATION

By: /s/ P. Kelly Tompkins
   -----------------------------------
Name: P. Kelly Tompkins
     ---------------------------------
Title: Vice President, General Counsel
        and Secretary
      --------------------------------

                                       10<PAGE>

                                                                    Exhibit 10.4

===============================================================================

                             RPM INTERNATIONAL, INC.

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

                 ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT

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

                           Dated as of August 23, 2002

                                       Re:
              Note Purchase Agreement dated as of November 15, 2001
                                       and
                    $15,000,000 6.12% Senior Notes, Series A,
                              due November 15, 2004
                                       and
                    $10,000,000 6.61% Senior Notes, Series B,
                              due November 15, 2006
                                       and
                    $30,000,000 7.30% Senior Notes, Series C,
                              due November 15, 2008

===============================================================================

<PAGE>
                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                HEADING                                                PAGE

<S>                                                                                                           <C>
SECTION 1.                 DESCRIPTION OF ASSUMED OBLIGATIONS AND REORGANIZATION..................................1

SECTION 2.                 ASSIGNMENT AND ASSUMPTION; INDEMNIFICATION; CONSENT....................................2

       Section 2.1.        Assignment of Obligations..............................................................2
       Section 2.2.        Assumption of Obligations..............................................................2
       Section 2.3.        Indemnification........................................................................2
       Section 2.4.        Consent................................................................................2

SECTION 3.                 EFFECTIVE DATE.........................................................................2

SECTION 4.                 CONDITIONS TO ASSIGNMENT AND ASSUMPTION................................................3

       Section 4.1.        Representations and Warranties.........................................................3
       Section 4.2.        Performance; No Default................................................................3
       Section 4.3.        Compliance Certificates................................................................3
       Section 4.4.        Opinion of Counsel.....................................................................3
       Section 4.5.        Payment of Fee.........................................................................3
       Section 4.6.        Payment of Special Counsel Fees........................................................4
       Section 4.7.        Private Placement Number...............................................................4
       Section 4.8.        Proceedings and Documents..............................................................4
       Section 4.9.        Changes in Corporate Structure.........................................................4

SECTION 5.                 REPRESENTATIONS AND WARRANTIES OF THE COMPANY..........................................4

       Section 5.1.        Organization; Power and Authority......................................................4
       Section 5.2.        Authorization, etc.....................................................................4
       Section 5.3.        Compliance with Laws, Other Instruments, etc...........................................5
       Section 5.4.        Governmental Authorizations, etc.......................................................5
       Section 5.5.        Disclosure.............................................................................5
       Section 5.6.        Other Indebtedness.....................................................................5
       Section 5.7.        Additional Representations and Warranties..............................................5
       Section 5.8.        Reorganization.........................................................................5

SECTION 6.                 AMENDMENTS TO NOTE PURCHASE AGREEMENT..................................................6

       Section 6.1.        Amendment to Schedule B................................................................6
       Section 6.2.        Amendment to Exhibit 1.................................................................6

SECTION 7.                 MISCELLANEOUS..........................................................................6
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                                                           <C>
       Section 7.1.        Successors and Assigns.................................................................6
       Section 7.2.        Severability...........................................................................7
       Section 7.3.        Counterparts...........................................................................7
       Section 7.4.        Governing Law..........................................................................7

Signatures........................................................................................................8
</TABLE>

SCHEDULE A    -- NAMES OF HOLDERS

SCHEDULE 5.15 -- EXISTING DEBTS; FUTURE LIENS

EXHIBIT 1(a)  -- Form of 6.12% Senior Note, Series A, due November 15, 2004

EXHIBIT 1(b)  -- Form of 6.61% Senior Note, Series B, due November 15, 2006

EXHIBIT 1(c)  -- Form of 7.30% Senior Note, Series C, due November 15, 2008

EXHIBIT 4.4   -- Form of Opinion of Counsel to the Company

                                      -ii-
<PAGE>

                             RPM INTERNATIONAL, INC.
                                 2628 Pearl Road
                               Medina, Ohio 44258

                                       Re:
              Note Purchase Agreement dated as of November 15, 2001
                                       and
                    $15,000,000 6.12% Senior Notes, Series A,
                              due November 15, 2004
                                       and
                    $10,000,000 6.61% Senior Notes, Series B,
                              due November 15, 2006
                                       and
                    $30,000,000 7.30% Senior Notes, Series C,
                              due November 15, 2008

                                                                     Dated as of
                                                                 August 23, 2002

TO THE HOLDERS OF THE CAPTIONED NOTES OF RPM, INC.
         LISTED IN THE ATTACHED SCHEDULE A:

Ladies and Gentlemen:

         RPM INTERNATIONAL, INC., a Delaware corporation (the "Company"), and
RPM, Inc., an Ohio corporation ("RPM"), hereby agree with the holders of the
Notes (as defined below) listed in the attached Schedule A as follows:

SECTION 1. DESCRIPTION OF ASSUMED OBLIGATIONS AND REORGANIZATION.

         Pursuant to a Note Purchase Agreement dated as of November 15, 2001
(the Note Purchase Agreement as amended by this Agreement (and as assumed by the
Company pursuant hereto) and as further amended or supplemented from time to
time, the "Note Purchase Agreement") between RPM and certain institutional
investors named therein, RPM heretofore issued and sold $15,000,000 6.12% Senior
Notes, Series A, due November 15, 2004 and $10,000,000 6.61% Senior Notes,
Series B, due November 15, 2006 and $30,000,000 7.30% Senior Notes, Series C,
due November 15, 2008 (as assumed by the Company pursuant to this Agreement,
collectively the "Notes"). Capitalized terms used herein without definition are
used as defined in Schedule B to the Note Purchase Agreement; references to a
"Schedule" or an "Exhibit" are, unless otherwise specified, to a Schedule or an
Exhibit attached to this Assignment, Assumption and Amendment Agreement
(hereinafter this or the "Agreement").

         Pursuant to a proposed corporate reorganization (i) the shareholders of
RPM will transfer all of the outstanding shares of capital stock of RPM to the
Company in exchange for all of the outstanding shares of capital stock of the
Company, (ii) RPM will distribute to the Company

<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

substantially all of its assets and (iii) RPM will become a Subsidiary of the
Company (the "Reorganization").

         The consummation of the Reorganization requires the prior written
consent of the holders of Notes, and as a condition to granting such prior
written consent, the holders of Notes have required, among other things, that
the Company enter into this Agreement.

SECTION 2. ASSIGNMENT AND ASSUMPTION; INDEMNIFICATION; CONSENT.

         Section 2.1. Assignment of Obligations. RPM hereby irrevocably and
unconditionally assigns (the "Assignment") on and as of the Effective Date all
of its right, title and interest in and to the Note Purchase Agreement and its
obligations under the Notes to the Company.

         Section 2.2. Assumption of Obligations. The Company for good and
valuable consideration, the receipt of which is hereby acknowledged, for the
benefit of each of the holders from time to time of the Notes, hereby
irrevocably and unconditionally assumes and agrees to be bound by, and comply
with on and as of the Effective Date, each of the covenants, terms and
provisions of the Note Purchase Agreement and the Notes, including without
limitation the payment in full of the principal of, interest on, and Make-Whole
Amount, if any, from time to time due thereon and outstanding thereunder as
fully and as completely as if the Company were the original issuer thereunder
and a party thereto (including the assumption of all accrued and unpaid interest
on the Notes from and after May 15, 2002, the date of the last interest payment
made by RPM) (hereinafter referred to as the "Assumption").

         Section 2.3. Indemnification. The Company and RPM shall pay, indemnify
and save harmless each holder of Notes from and against any and all liabilities,
costs and expenses, claims, demands or judgments arising from or out of the
assumption by the Company of the obligations of RPM under the Notes and the Note
Purchase Agreement, including, without limitation, any income tax owed by the
holders of Notes as a result of the issuance of new Notes by the Company in
exchange for the Notes originally issued by RPM constituting a taxable event for
income tax purposes. The indemnification contained in this Section 2.3 shall
survive the payment or transfer of any Note and the termination of the Note
Purchase Agreement.

         Section 2.4. Consent. Upon satisfaction of the conditions set forth in
Sections 3 and 4 hereof, the holders of Notes, as evidenced by their execution
and delivery of this Agreement, hereby consent to the Reorganization and the
Assignment and Assumption as evidenced by this Agreement.

SECTION 3. EFFECTIVE DATE.

         The Assignment and the Assumption shall become effective on the date
when the merger of RPM Merger Sub, an Ohio corporation and wholly owned
subsidiary of the Company with and into RPM is effective (the "Effective Date");
provided that the conditions set forth in Section 4 have been satisfied on or
prior to the Effective Date and that the Company has delivered to Chapman and
Cutler, your special counsel, on or before the Effective Date new Notes executed
by the Company of the same series and in a principal amount equal to the unpaid

                                      -2-
<PAGE>

RPM International, Inc.          Assignment, Assumption and Amendment Agreement

principal amount of the Notes originally issued by RPM, payable to the same
holders (or their nominees). The new Notes shall bear interest at the same rate,
shall have the same maturity and the same semi-annual payments of interest and
payments of principal as the original Notes and shall be dated May 15, 2002, the
date of the most recent interest payment by RPM. The Notes originally issued by
RPM shall be deemed cancelled on the Effective Date and each holder agrees to
promptly return to the Company the original Notes issued by RPM following the
Effective Date.

SECTION 4.           CONDITIONS TO ASSIGNMENT AND ASSUMPTION.

         The assumption of the obligations of RPM under the Note Purchase
Agreement and the Notes pursuant to this Agreement and the consent of the
holders granted pursuant to Section 2.4 hereof are subject to the satisfaction,
on or prior to the Effective Date, of the following terms and conditions set
forth in this Section 4:

         Section 4.1. Representations and Warranties. The representations and
warranties of the Company in this Agreement shall be true and correct when made
and on the Effective Date.

         Section 4.2. Performance; No Default. The Company shall have performed
and complied with all agreements and conditions contained in this Agreement
required to be performed or complied with by it on or prior to the Effective
Date, and after giving effect to the issue of the new Notes by the Company, no
Default or Event of Default shall have occurred and be continuing.

         Section 4.3.    Compliance Certificates.

         (a) Officer's Certificate of the Company. The Company shall have
delivered to you an Officer's Certificate, dated the Effective Date, certifying
that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

         (b) Secretary's Certificate of the Company. The Company shall have
delivered to you a certificate certifying as to the resolutions attached thereto
and other corporate proceedings relating to the authorization, execution and
delivery of the Notes and the Agreement.

         Section 4.4. Opinion of Counsel. Each holder shall have received a
opinion in form and substance satisfactory to such holder, dated the Effective
Date (a) from Calfee, Halter & Griswold, counsel for the Company, covering the
matters set forth in Exhibit 4.4 and covering such other matters incident to the
transactions contemplated hereby as the holder or the holders' counsel may
reasonably request (and the Company hereby instruct its counsel to deliver such
opinion to each holder).

         Section 4.5. Payment of Fee. On or before the Effective Date, the
Company shall have paid to each holder of Notes a fee equal to 5 basis points on
the aggregate principal amount of the Notes held by such holder.

                                      -3-
<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

         Section 4.6. Payment of Special Counsel Fees. Without limiting the
provisions of the Note Purchase Agreement, the Company shall have paid, on or
before the Effective Date, the fees, charges and disbursements of Chapman and
Cutler, your special counsel to the extent reflected in a statement of such
counsel rendered to the Company at least one Business Day prior to the Effective
Date.

         Section 4.7. Private Placement Number. A Private Placement number
issued by Standard & Poor's CUSIP Service Bureau (in cooperation with the
Securities Valuation Office of the National Association of Insurance
Commissioners) shall have been obtained for the new Notes.

         Section 4.8. Proceedings and Documents. All corporate and other
proceedings in connection with the transactions contemplated by this Agreement
and all documents and instruments incident to such transactions shall be
satisfactory to you and your special counsel, and you and your special counsel
shall have received all such counterpart originals or certified or other copies
of such documents as they may reasonably request.

         Section 4.9. Changes in Corporate Structure. Other than the
transactions contemplated in connection with the Reorganization, neither the
Company nor RPM has changed its jurisdiction of incorporation or been a party to
any merger or consolidation or succeeded to all or any substantial part of the
liabilities of any other entity, at any time following the date of the most
recent financial statements of RPM furnished to the holders of the Notes.

SECTION 5.           REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         The Company represents and warrants to each holder that:

         Section 5.1. Organization; Power and Authority. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation, and is duly qualified as a foreign
corporation and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. The Company
has the corporate power and authority to own or hold under lease the properties
it purports to own or hold under lease, to transact the business it transacts
and proposes to transact, to execute and deliver this Agreement and assume the
obligations of RPM under the Note Purchase Agreement and the Notes and to
perform the provisions hereof and thereof.

         Section 5.2. Authorization, etc. This Agreement and the assumption of
the obligations of RPM under the Note Purchase Agreement and the Notes have been
duly authorized by all necessary corporate action on the part of the Company,
this Agreement has been duly executed and delivered by the Company, and this
Agreement and the Note Purchase Agreement after giving effect to the Assumption
constitute, and upon execution and delivery thereof each Note will constitute, a
legal, valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as such enforceability may be
limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting

                                      -4-
<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

the enforcement of creditors' rights generally and (ii) general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

         Section 5.3. Compliance with Laws, Other Instruments, etc. The
execution, delivery and performance by the Company of this Agreement and the
assumption of the obligations of RPM under the Note Purchase Agreement and the
Notes will not (i) contravene, result in any breach of, or constitute a default
under, or result in the creation of any Lien in respect of any property of the
Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan,
purchase or credit agreement, lease, corporate charter or by-laws, or any other
agreement or instrument to which the Company or any Subsidiary is bound or by
which the Company or any Subsidiary or any of their properties may be bound or
affected, (ii) conflict with or result in a breach of any of the terms,
conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to the Company or any Subsidiary
or (iii) violate any provision of any law, statute or other rule or regulation
of any Governmental Authority applicable to the Company or any Subsidiary.

         Section 5.4. Governmental Authorizations, etc. No consent, approval or
authorization of, or registration, filing or declaration with, any Governmental
Authority is required in connection with the execution, delivery or performance
by the Company of this Agreement or the assumption of the obligations of RPM
under the Note Purchase Agreement and the Notes.

         Section 5.5. Disclosure. The Company and/or RPM have delivered to each
holder written material relating to the transactions contemplated hereby. This
Agreement, the documents, certificates or other writings delivered to the
holders by or on behalf of the Company or RPM in connection with the
transactions contemplated hereby, taken as a whole, do not contain any untrue
statement of a Material fact or omit to state any Material fact necessary to
make the statements therein not misleading in light of the circumstances under
which they were made.

         Section 5.6. Other Indebtedness. All Debt of RPM outstanding on the
Effective Date (other than Debt having an unpaid principal amount not in excess
of $2,000,000 in any one case and $10,000,000 in the aggregate for all such
Debt) will be assigned by RPM to the Company and such Debt shall be assumed by
the Company.

         Section 5.7. Additional Representations and Warranties. Each of the
representations and warranties set forth in Section 5 of the Note Purchase
Agreement is true and correct with the same force and effect as if each such
representation or warranty were fully set forth herein except (i) for changes in
the Schedule of Debt of RPM which shall be amended to read as set forth in
Schedule 5.15 to this Agreement and as of the Effective Date there shall be no
Material change in the amount of such Debt, and (ii) changes in the Schedule of
Subsidiaries (Schedule 5.4) resulting from ordinary course mergers and
dissolution of certain immaterial Subsidiaries.

         Section 5.8. Reorganization. As of the Effective Date, the
Reorganization will have been duly authorized by all necessary corporate action
on the part of the Company and RPM, as the case may be, and all necessary
approvals by the stockholders of the Company and RPM, as the case may be, will
have been obtained and the Reorganization will not violate any provisions

                                      -5-
<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

of any law or any order of any court or governmental authority or agency and
will not conflict with or result in any breach of any of the terms, conditions
or provisions of, or constitute a default under the Articles of Incorporation or
By-laws of the Company or RPM, as the case may be, or any indenture or other
agreement or instrument to which the Company or RPM, as the case may be, is a
party or by which it may be bound or result in the imposition of any Liens or
encumbrances on any property of the Company or RPM, as the case may be.

SECTION 6.           AMENDMENTS TO NOTE PURCHASE AGREEMENT.

         Upon the execution and delivery of this Agreement, the Note Purchase
Agreement shall be and hereby is amended as follows:

         Section 6.1. Amendment to Schedule B. (a) The following definitions
contained in Schedule B to the Note Purchase Agreement shall be and are hereby
amended in their entirety and restated as follows:

                  "Company" means RPM International, Inc., a Delaware
         corporation.

                  "Notes" shall have the meaning assigned thereto in Section 1
         hereof, as amended by the Assignment and Assumption and as hereafter
         amended from time to time.

         (b) Schedule B to the Note Purchase Agreement shall be and is hereby
amended by the addition thereto of the following new definitions:

                  "Agreement" shall mean the Note Purchase Agreement dated as of
         November 15, 2001 between RPM, Inc. and the institutional investors
         named therein, as amended by the Assignment and Assumption and as
         hereafter amended from time to time.

                  "Assignment and Assumption" shall mean that certain
         Assignment, Assumption and Amendment Agreement dated as of August 23,
         2002 by and among the Company, RPM, Inc. and the holders of the Notes.

                  "RPM, Inc." shall mean RPM, Inc., an Ohio corporation.

         Section 6.2. Amendment to Exhibit 1. Exhibits 1(a), 1(b) and 1(c) to
the Note Purchase Agreement shall be and hereby are amended in their entirety
and restated to read as set forth in Exhibits 1(a), 1(b) and 1(c) to this
Agreement.

SECTION 7. MISCELLANEOUS.

         Section 7.1. Successors and Assigns. All covenants and other agreements
contained in this Agreement by or on behalf of any of the parties hereto bind
and inure to the benefit of their respective successors and assigns and inure to
the benefit of each successive holder of a Note whether so expressed or not.

                                      -6-
<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

         Section 7.2. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law)
not invalidate or render unenforceable such provision in any other jurisdiction.

         Section 7.3. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be an original but all of which together
shall constitute one instrument. Each counterpart may consist of a number of
copies hereof, each signed by fewer than all, but together signed by all, of the
parties hereto.

         Section 7.4. Governing Law. This Agreement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law
of such State that would require the application of the laws of a jurisdiction
other than such State.

                                    * * * * *

                                     - 7 -
<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

         The execution hereof by the Company and RPM shall constitute a contract
between the Company and RPM for the uses and purposes hereinabove set forth.
This Agreement may be executed in any number of counterparts, each executed
counterpart constituting an original but all together only one agreement.

                                Very truly yours,

                                RPM INTERNATIONAL, INC.

                                By   /s/ Keith R. Smiley
                                   -----------------------------------------
                                    Name: Keith R. Smiley
                                    Title: Treasurer

                                RPM, INC.

                                By   /s/ Keith R. Smiley
                                   -----------------------------------------
                                    Name: Keith R. Smiley
                                    Title: Vice President, Treasurer

                                     - 8 -
<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

Accepted as of the first date written above.

                                       ALLSTATE LIFE INSURANCE COMPANY

                                       By /s/ Jerry D. Zinkula

                                       By /s/ Daniel C. Leimbach
                                         Authorized Signatories

<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

Accepted as of the first date written above.

                                       ALLSTATE LIFE INSURANCE COMPANY OF
                                       NEW YORK

                                       By /s/ Jerry D. Zinkula

                                       By /s/ Daniel C. Leimbach
                                         Authorized Signatories

<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

Accepted as of the first date written above.

                                       NATIONWIDE LIFE AND ANNUITY INSURANCE
                                         COMPANY

                                       By /s/ Mark W. Poeppelman
                                         Name:     Mark W. Poeppelman
                                         Title: Vice President

<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

Accepted as of the first date written above.

                                       NATIONWIDE LIFE INSURANCE COMPANY

                                       By /s/ Mark W. Poeppelman
                                         Name:     Mark W. Poeppelman
                                         Title: Vice President

<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

Accepted as of the first date written above.

                                      AMERICAN HERITAGE LIFE INSURANCE COMPANY

                                       By /s/ Jerry D. Zinkula

                                       By /s/ Daniel C. Leimbach
                                         Authorized Signatories

<PAGE>
RPM International, Inc.          Assignment, Assumption and Amendment Agreement

Accepted as of the first date written above.

                                       J. ROMEO & CO., as nominee for MONY
                                       Life Insurance Company

                                       By /s/ Michael Kurzyna
                                         ------------------------------
                                         Name:  Michael Kurzyna
                                         Title: Vice President

<PAGE>

                                NAMES OF HOLDERS

ALLSTATE LIFE INSURANCE COMPANY
3075 SANDERS ROAD, STE G5D
NORTHBROOK, ILLINOIS  60062-7127

ALLSTATE LIFE INSURANCE COMPANY/
  NORTHBROOK LIFE INSURANCE COMPANY-TRUST
3075 Sanders Road, STE G5D
Northbrook, Illinois  60062-7127

ALLSTATE LIFE INSURANCE COMPANY
  OF NEW YORK
3075 Sanders Road, STE G5D
Northbrook, Illinois  60062-7127

NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
One Nationwide Plaza (1-33-07)
Columbus, Ohio  43215-2220

NATIONWIDE LIFE INSURANCE COMPANY
One Nationwide Plaza (1-33-07)
Columbus, Ohio  43215-2220

AMERICAN HERITAGE LIFE INSURANCE COMPANY
c/o Allstate Life Insurance Company
3075 Sanders Road, STE G5D
Northbrook, Illinois  60062-7127

MONY LIFE INSURANCE COMPANY
1740 Broadway
New York, New York  10019

                                   SCHEDULE A
              (to Assignment, Assumption and Amendment Agreement)
<PAGE>

                          EXISTING DEBTS; FUTURE LIENS

<TABLE>
<CAPTION>
                    LOAN DESCRIPTION                             MATURITY DATE                     AMOUNT           LIEN
              DEBT GREATER THAN $5,000,000
<S>                                                            <C>                         <C>                     <C>
RPM, Inc. 7.0% Unsecured Senior Note due
     June 15, 2005*

     7.0% Unsecured Senior Note due June 15, 2005                     June 15, 2005         $ 150,000,000            No

RPM, Inc. TIERS Certificates (LANCEs)*                                March 1, 2008         $ 100,000,000            No

     Semiannual interest payment due each March 1st and
         September 1st

$500M-5 Year Revolving Credit Agreement (Bank Group)*                 July 14, 2005

     Syndicate of Banks                                                                       $70,000,000            No
     Syndicate of Banks                                                                     $ 125,000,000            No
     Syndicate of Banks                                                                     $ 100,000,000            No

$125M Receivables Securitization Program                               July 6, 2003

     Bank One                                                                                 $60,000,000           Yes
     Wachovia                                                                                 $40,000,000           Yes

$55M Private Placement Notes*

     6.12% Unsecured Senior Notes, Series A                       November 15, 2004           $15,000,000            No
     6.61% Unsecured Senior Notes, Series B                       November 15, 2006           $10,000,000            No
     7.30% Unsecured Senior Notes, Series C                       November 15, 2008           $30,000,000            No

$15M-2 Year Multi-Currency Credit Agreement (KBC Bank)**          December 31, 2002

     RPM Holdings UK - GBP 2,250,000 @ 1.5637                                                 $ 3,518,325            No
</TABLE>

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

*  Agreements to be assumed by RPM International, Inc.

** This agreement is to be cancelled upon the reincorporation and renegotiated
   with RPM International, Inc.

                                 SCHEDULE 5.15
              (to Assignment, Assumption and Amendment Agreement)
<PAGE>

<TABLE>
<S>                                                            <C>                         <C>                     <C>
$3.7M 6.75% Unsecured Senior Note due and insurance                  August 3, 2003
     company*

     6.75% Unsecured Senior Note (installment)                       August 1, 2002           $ 1,714,285            No
     6.75% Unsecured Senior Note (final installment)                 August 3, 2003           $ 1,714,284            No
                                                                                              -----------

                    Total of Debt greater than $5,000,000                                   $ 706,946,894
                                                                                            -------------

                              DEBT LESS THAN $5,000,000

                       Other notes and mortgages payable at various rates of interest         $ 7,796,048
                                                                                              -----------

                            Grand Total Outstanding Debt                                    $ 714,742,942
                                                                                            -------------
</TABLE>

                                     5.15-2
<PAGE>

                             [FORM OF SERIES A NOTE]

                             RPM INTERNATIONAL, INC.

               6.12% SENIOR NOTE, SERIES A, DUE NOVEMBER 15, 2004

No.  [_______]                                                         [Date]
$[__________]                                                  PPN ___________

         FOR VALUE RECEIVED, the undersigned, RPM INTERNATIONAL, INC. (herein
called the "Company"), a corporation organized and existing under the laws of
the State of Delaware, hereby promises to pay to [_____________________] or
registered assigns, the principal sum of [______________] DOLLARS on November
15, 2004 with interest (computed on the basis of a 360-day year of twelve 30-day
months) (a) on the unpaid balance thereof at the rate of 6.12% per annum from
the date hereof, payable semi-annually, on the fifteenth day of May and November
in each year and at maturity, commencing with the May or November next
succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Note
Purchase Agreement referred to below), payable semi-annually as aforesaid (or,
at the option of the registered holder hereof, on demand), at a rate per annum
from time to time equal to the greater of (i) 8.12% or (ii) 2% over the rate of
interest publicly announced by JPMorgan Chase Bank from time to time in New
York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at the principal office of JPMorgan Chase Bank in New York, New York or
at such other place as the Company shall have designated by written notice to
the holder of this Note as provided in the Note Purchase Agreement referred to
below.

         This Note is one of a series of Senior Notes (herein called the
"Notes") issued pursuant to the Note Purchase Agreement, dated as of November
15, 2001 between RPM, Inc. and the respective purchasers named therein (as
assumed by the Company pursuant to the Assignment, Assumption and Amendment
Agreement dated as of August 23, 2002 and as further amended, supplemented or
modified from time to time, the "Note Purchase Agreement"), and this Note is
entitled to the benefits thereof. Each holder of this Note will be deemed, by
its acceptance hereof, (i) to have agreed to the confidentiality provisions set
forth in Section 20 of the Note Purchase Agreement and (ii) to have made the
representation set forth in Section 6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the

                                  Exhibit 1(a)
              (to Assignment, Assumption and Amendment Agreement)
<PAGE>

purpose of receiving payment and for all other purposes, and the Company will
not be affected by any notice to the contrary.

         This Note is also subject to optional prepayment, in whole or from time
to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note shall be construed and enforced in accordance with, and the
rights of the issuer and holder hereof shall be governed by, the law of the
State of New York excluding choice-of-law principles of the law of such State
that would require the application of the laws of a jurisdiction other than such
State.

                                    RPM INTERNATIONAL, INC.

                                       By______________________________________
                                       Name: __________________________________
                                       Title: _________________________________

                                    E-1(a)-2

<PAGE>

                             [FORM OF SERIES B NOTE]

                             RPM INTERNATIONAL, INC.

               6.61% SENIOR NOTE, SERIES B, DUE NOVEMBER 15, 2006

No.  [_______]                                                            [Date]
$[__________]                                                   PPN ___________

         FOR VALUE RECEIVED, the undersigned, RPM INTERNATIONAL, INC. (herein
called the "Company"), a corporation organized and existing under the laws of
the State of Delaware, hereby promises to pay to [_____________________] or
registered assigns, the principal sum of [______________] DOLLARS on November
15, 2006 with interest (computed on the basis of a 360-day year of twelve 30-day
months) (a) on the unpaid balance thereof at the rate of 6.61% per annum from
the date hereof, payable semi-annually, on the fifteenth day of May and November
in each year and at maturity, commencing with the May or November next
succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Note
Purchase Agreement referred to below), payable semi-annually as aforesaid (or,
at the option of the registered holder hereof, on demand), at a rate per annum
from time to time equal to the greater of (i) 8.61% or (ii) 2% over the rate of
interest publicly announced by JPMorgan Chase Bank from time to time in New
York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at the principal office of JPMorgan Chase Bank in New York, New York or
at such other place as the Company shall have designated by written notice to
the holder of this Note as provided in the Note Purchase Agreement referred to
below.

         This Note is one of a series of Senior Notes (herein called the
"Notes") issued pursuant to the Note Purchase Agreement, dated as of November
15, 2001 between RPM, Inc. and the respective purchasers named therein (as
assumed by the Company pursuant to the Assignment, Assumption and Amendment
Agreement dated as of August 23, 2002 and as further amended, supplemented or
modified from time to time, the "Note Purchase Agreement"), and this Note is
entitled to the benefits thereof. Each holder of this Note will be deemed, by
its acceptance hereof, (i) to have agreed to the confidentiality provisions set
forth in Section 20 of the Note Purchase Agreement and (ii) to have made the
representation set forth in Section 6.2 of the Note Purchase Agreement.

                                  EXHIBIT 1(b)
              (to Assignment, Assumption and Amendment Agreement)
<PAGE>

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         This Note is also subject to optional prepayment, in whole or from time
to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note shall be construed and enforced in accordance with, and the
rights of the issuer and holder hereof shall be governed by, the law of the
State of New York excluding choice-of-law principles of the law of such State
that would require the application of the laws of a jurisdiction other than such
State.

                                        RPM INTERNATIONAL, INC.

                                        By_____________________________________
                                        Name: _________________________________
                                        Title: ________________________________

                                    E-1(b)-2

<PAGE>

                             [FORM OF SERIES C NOTE]

                             RPM INTERNATIONAL, INC.

               7.30% SENIOR NOTE, SERIES C, DUE NOVEMBER 15, 2008

No.  [_______]                                                           [Date]
$[__________]                                                   PPN ___________

         FOR VALUE RECEIVED, the undersigned, RPM INTERNATIONAL, INC. (herein
called the "Company"), a corporation organized and existing under the laws of
the State of Delaware, hereby promises to pay to [_____________________] or
registered assigns, the principal sum of [______________] DOLLARS on November
15, 2008 with interest (computed on the basis of a 360-day year of twelve 30-day
months) (a) on the unpaid balance thereof at the rate of 7.30% per annum from
the date hereof, payable semi-annually, on the fifteenth day of May and November
in each year and at maturity, commencing with the May or November next
succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Note
Purchase Agreement referred to below), payable semi-annually as aforesaid (or,
at the option of the registered holder hereof, on demand), at a rate per annum
from time to time equal to the greater of (i) 9.30% or (ii) 2% over the rate of
interest publicly announced by JPMorgan Chase Bank from time to time in New
York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at the principal office of JPMorgan Chase Bank in New York, New York or
at such other place as the Company shall have designated by written notice to
the holder of this Note as provided in the Note Purchase Agreement referred to
below.

         This Note is one of a series of Senior Notes (herein called the
"Notes") issued pursuant to the Note Purchase Agreement, dated as of November
15, 2001 between RPM, Inc. and the respective purchasers named therein (as
assumed by the Company pursuant to the Assignment, Assumption and Amendment
Agreement dated as of August 23, 2002 and as further amended, supplemented or
modified from time to time, the "Note Purchase Agreement"), and this Note is
entitled to the benefits thereof. Each holder of this Note will be deemed, by
its acceptance hereof, (i) to have agreed to the confidentiality provisions set
forth in Section 20 of the Note Purchase Agreement and (ii) to have made the
representation set forth in Section 6.2 of the Note Purchase Agreement.

                                  Exhibit 1(c)
              (to Assignment, Assumption and Amendment Agreement)
<PAGE>

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         This Note is also subject to optional prepayment, in whole or from time
to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note shall be construed and enforced in accordance with, and the
rights of the issuer and holder hereof shall be governed by, the law of the
State of New York excluding choice-of-law principles of the law of such State
that would require the application of the laws of a jurisdiction other than such
State.

                                         RPM INTERNATIONAL, INC.

                                          By___________________________________
                                          Name: _______________________________
                                          Title: ______________________________

                                    E-1(c)-2
<PAGE>

                        DESCRIPTION OF OPINION OF COUNSEL
                             TO THE COMPANY AND RPM

         The closing opinion of Calfee, Halter & Griswold, counsel to the
Company, which is called for by Section 4.4 of the Assignment, Assumption and
Amendment Agreement, shall be dated the Effective Date and addressed to the
holders, shall be satisfactory in scope and form to each holder and shall be to
the effect that:

          1. The Company is a corporation, duly incorporated, validly existing
and in good standing under the laws of its jurisdiction of incorporation, has
the corporate power and the corporate authority to execute and perform the
Assignment, Assumption and Amendment Agreement and perform the Note Purchase
Agreement and to issue the Notes and has the full corporate power and the
corporate authority to conduct the activities in which it is now engaged and is
duly licensed or qualified and is in good standing as a foreign corporation in
each jurisdiction in which the character of the properties owned or leased by it
or the nature of the business transacted by it makes such licensing or
qualification necessary except in jurisdictions where the failure to be so
qualified or licensed would not have a material adverse affect on the business
of the Company.

          2. The Assignment, Assumption and Amendment Agreement has been duly
authorized by all necessary corporate action on the part of the Company and RPM,
has been duly executed and delivered by the Company and RPM and constitutes the
legal, valid and binding contract of the Company and RPM enforceable in
accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance and similar laws affecting creditors' rights generally, and general
principles of equity (regardless of whether the application of such principles
is considered in a proceeding in equity or at law).

          3. After giving effect to the Assignment, Assumption and Amendment
Agreement, the Note Purchase Agreement constitutes the legal, valid and binding
contract of the Company enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance and similar laws affecting
creditors' rights generally, and general principles of equity (regardless of
whether the application of such principles is considered in a proceeding in
equity or at law).

          4. The Notes have been duly authorized by all necessary corporate
action on the part of the Company, have been duly executed and delivered by the
Company and constitute the legal, valid and binding obligations of the Company
enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent conveyance and similar laws affecting creditors' rights generally,
and general principles of equity (regardless of whether the application of such
principles is considered in a proceeding in equity or at law).

          5. No approval, consent or withholding of objection on the part of, or
filing, registration or qualification with, any governmental body, Federal or
state, is necessary in connection with the execution and delivery of the
Assignment, Assumption and Amendment Agreement or the Notes.

                                  Exhibit 4.4
              (to Assignment, Assumption and Amendment Agreement)

<PAGE>

          6. The issuance and sale of the Notes and the execution, delivery and
performance by the Company and RPM of the Assignment, Assumption and Amendment
Agreement do not conflict with or result in any breach of any of the provisions
of or constitute a default under or result in the creation or imposition of any
Lien upon any of the property of the Company pursuant to the provisions of the
Articles of Incorporation or By-laws of the Company or RPM or any agreement or
other instrument known to such counsel to which the Company or RPM is a party or
by which the Company or RPM may be bound.

          7. The issuance, sale and delivery of the Notes under the
circumstances contemplated by the Assignment, Assumption and Amendment Agreement
do not, under existing law, require the registration of the Notes under the
Securities Act of 1933, as amended, or the qualification of an indenture under
the Trust Indenture Act of 1939, as amended.

          8. The Company is not an "investment company" or a company
"controlled" by an "investment company", within the meaning of the Investment
Company Act of 1940, as amended.

         The opinion of Calfee, Halter & Griswold shall cover such other matters
relating to the sale of the Notes as each holder may reasonably request. With
respect to matters of fact on which such opinion is based, such counsel shall be
entitled to rely on appropriate certificates of public officials and other
officers of the Company.

                                    E-4.4-2

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