Document:

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                                                                    EXHIBIT 4.10

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

                  THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made
and entered into as of May 13, 2003 by and among RPM International Inc., a
Delaware corporation ("the Company"), and Merrill Lynch & Co., Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and each of the other
Initial Purchasers named in Schedule A to the Purchase Agreement (as defined
below) (collectively, the "Initial Purchasers"), for whom Merrill Lynch is
acting as representative (in such capacity, the "Representative") pursuant to
the Purchase Agreement, dated May 8, 2003 (the "Purchase Agreement"), among the
Company and the Initial Purchasers. In order to induce the Initial Purchasers to
enter into the Purchase Agreement, the Company has agreed to provide the
registration rights set forth in the Agreement. The execution of this Agreement
is a condition to the closing under the Purchase Agreement.

                  The Company agrees with the Initial Purchasers, (i) for their
benefit as Initial Purchasers and (ii) for the benefit of the beneficial owners
(including the Initial Purchasers) from time to time of the Notes (as defined
herein), and the beneficial owners from time to time of the Underlying Common
Stock (as defined herein) issued upon conversion of Notes (each of the foregoing
a "Holder" and together the "Holders"), as follows:

         SECTION 1.        Definitions. Capitalized terms used herein without
definition shall have their respective meanings set forth in the Purchase
Agreement. In addition to the terms that are defined elsewhere in this
Agreement, the following terms shall have the following meanings:

                  "Affiliate" with respect to any specified person, has the
meaning specified in Rule 144.

                  "Applicable Conversion Price" means, as of any date of
determination, the Applicable Principal Amount per $1,000 principal amount at
maturity of Notes as of such date of determination divided by the Conversion
Rate in effect as of such date of determination or, if no Notes are then
outstanding, the Conversion Rate that would be in effect were Notes then
outstanding.

                  "Applicable Principal Amount" means, as of any date of
determination, (1) with respect to each $1,000 principal amount at maturity of
Notes means the sum of the initial issue price of such Notes ($505.19) plus
accrued original issue discount and any accrued cash interest with respect to
such Notes through such date of determination, (2) if the Notes have been
converted to Semi-Annual Coupon Notes upon a Tax Event, the Restated Principal
Amount with respect to the Notes, or (3) if no Notes are then outstanding, such
sum calculated in accordance with clause (1) hereof as if such Notes were then
outstanding.

                  "Business Day" means each Monday, Tuesday, Wednesday, Thursday
and Friday that is not a day on which banking institutions in The City of New
York are authorized or obligated by law or executive order to close.

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                  "Common Stock" means any shares of the common stock, $0.01 par
value, of the Company and any other shares of common stock as may constitute
"Common Stock" for purposes of the Indenture, including the Underlying Common
Stock.

                  "Conversion Rate" has the meaning assigned to such term in the
Indenture.

                  "Damages Accrual Period" has the meaning specified in Section
2(e) hereof.

                  "Damages Payment Date" means each May 13 and November 13.

                  "Deferral Notice" has the meaning specified in Section 3(i)
hereof.

                  "Deferral Period" has the meaning specified in Section 3(i)
hereof.

                  "Effectiveness Deadline Date" has the meaning specified in
Section 2(a) hereof.

                  "Effectiveness Period" means the period of two years from the
Issue Date or such shorter period ending on the date that all Registrable
Securities have ceased to be Registrable Securities.

                  "Event" has the meaning specified in Section 2(e) hereof.

                  "Event Termination Date" has the meaning specified in Section
2(e) hereof.

                  "Event Date" has the meaning specified in Section 2(e) hereof.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder.

                  "Filing Deadline Date" has the meaning specified in Section
2(a) hereof.

                  "Holder" has the meaning specified in the second paragraph of
this Agreement.

                  "Indenture" means the Indenture dated as of the date hereof
between the Company and the Trustee, as trustee, pursuant to which the Notes are
being issued.

                  "Initial Purchasers" shall have the meaning set forth in the
preamble to this Agreement.

                  "Initial Shelf Registration Statement" has the meaning
specified in Section 2(a) hereof.

                  "Issue Date" means May 13, 2003.

                  "Liquidated Damages Amount" has the meaning specified in
Section 2(e) hereof.

                  "Losses" has the meaning specified in Section 6 hereof.

                  "Material Event" has the meaning specified in Section 3(i)
hereof.

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                  "Notes" means the Senior Convertible Notes due 2033 of the
Company to be purchased pursuant to the Purchase Agreement.

                  "Notice and Questionnaire" means a written notice delivered to
the Company containing substantially the information called for by the Selling
Security Holder Notice and Questionnaire attached as Annex A to the Offering
Memorandum of the Company dated May 8, 2003 relating to the Notes.

                  "Notice Holder" means on any date, any Holder that has
delivered a Notice and Questionnaire to the Company on or prior to such date.

                  "Prospectus" means the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 415 promulgated under the
Securities Act), as amended or supplemented by any amendment or prospectus
supplement, including post-effective amendments, and all materials incorporated
by reference or explicitly deemed to be incorporated by reference in such
Prospectus.

                  "Purchase Agreement" has the meaning specified in the first
paragraph of this Agreement.

                  "Record Holder" means with respect to any Damages Payment Date
relating to any Note or shares of Underlying Common Stock as to which any
Liquidated Damages Amount has accrued, the registered holder of such Note or
such shares of Underlying Common Stock, as the case may be, on the 15th day
immediately prior to the next succeeding Damages Payment Date.

                  "Registrable Securities" means the Notes and the Underlying
Common Stock until such securities have been converted or exchanged and, at all
times subsequent to any such conversion or exchange, any securities into or for
which such securities have been converted or exchanged, and any security issued
with respect thereto upon any stock dividend, split, merger or similar event
until, in the case of any such security, the earliest of (i) its effective
registration under the Securities Act and resale in accordance with the
Registration Statement covering it, (ii) expiration of the holding period that
would be applicable thereto under Rule 144(k) were it not held by an Affiliate
of the Company, or (iii) its sale to the public pursuant to Rule 144.

                  "Registration Expenses" has the meaning specified in Section 5
hereof.

                  "Registration Statement" means any registration statement of
the Company that covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits, and all materials incorporated by reference or explicitly deemed
to be incorporated by reference in such registration statement.

                  "Restated Principal Amount" has the meaning assigned to such
term in the Indenture.

                  "Restricted Securities" has the meaning assigned to such term
in Rule 144.

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                  "Rule 144" means Rule 144 under the Securities Act, as such
Rule may be amended from time to time, or any similar or successor rule or
regulation hereafter adopted by the SEC having substantially the same effect as
such Rule.

                  "Rule 144A" means Rule 144A under the Securities Act, as such
Rule may be amended from time to time, or any similar or successor rule or
regulation hereafter adopted by the SEC having substantially the same effect as
such Rule.

                  "SEC" means the United States Securities and Exchange
Commission.

                  "Securities Act" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated by the SEC thereunder.

                  "Semi-Annual Coupon Notes" has the meaning assigned to such
term in the Indenture.

                  "Shelf Registration Statement" has the meaning specified in
Section 2(a) hereof.

                  "Subsequent Shelf Registration Statement" has the meaning
specified in Section 2(b) hereof.

                  "Tax Event" has the meaning assigned to such term in the
Indenture.

                  "TIA" means the Trust Indenture Act of 1939, as amended.

                  "Trustee" means the Bank of New York (or any successor
entity), the Trustee under the Indenture.

                  "Underlying Common Stock" means the Common Stock into which
the Notes are convertible or issued upon any such conversion.

         SECTION 2.        Shelf Registration.

                  (a)      The Company shall prepare and file or cause to be
prepared and filed with the SEC no later than a date which is one-hundred and
twenty (120) days after the Issue Date (the "Filing Deadline Date") a
Registration Statement for an offering to be made on a delayed or continuous
basis pursuant to Rule 415 of the Securities Act (a "Shelf Registration
Statement") registering the resale from time to time by Holders of all of the
Registrable Securities (the "Initial Shelf Registration Statement"). The Initial
Shelf Registration Statement shall be on Form S-3 or another appropriate form
permitting registration of such Registrable Securities for resale by such
Holders in accordance with the methods of distribution reasonably elected by the
Holders and set forth in the Initial Shelf Registration Statement; provided that
in no event will such method(s) of distribution take the form of an underwritten
offering of the Registrable Securities without the prior agreement of the
Company. The Company shall use reasonable best efforts to cause the Initial
Shelf Registration Statement to be declared effective under the Securities Act
no later than the date (the "Effectiveness Deadline Date") that is one-hundred
and eighty (180) days after the Issue Date, and to keep the Initial Shelf
Registration Statement (or any Subsequent Shelf Registration Statement)
continuously effective under the

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Securities Act until the expiration of the Effectiveness Period. Each Holder
that became a Notice Holder on or prior to the date ten (10) Business Days prior
to the time that the Initial Shelf Registration Statement became effective shall
be named as a selling security holder in the Initial Shelf Registration
Statement and the related Prospectus in such a manner as to permit such Holder
to deliver such Prospectus to purchasers of Registrable Securities in accordance
with the Securities Act and applicable state securities laws generally
applicable to all such Holders. Notwithstanding the foregoing, no Holder shall
be entitled to have the Registrable Securities held by it covered by such Shelf
Registration Statement unless such Holder has provided a Notice and
Questionnaire in accordance with Section 2(d) and is in compliance with Section
4. The Company shall not permit any of its security holders (other than the
Holders of Registrable Securities) to include any of the Company's securities in
the Shelf Registration Statement.

                  (b)      If the Initial Shelf Registration Statement or any
Subsequent Shelf Registration Statement ceases to be effective for any reason at
any time during the Effectiveness Period, the Company shall use reasonable
efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof, and in any event shall within thirty (30) days of such
cessation of effectiveness amend the Shelf Registration Statement in a manner
reasonably expected by the Company to obtain the withdrawal of the order
suspending the effectiveness thereof, or file an additional Shelf Registration
Statement covering all of the securities that as of the date of such filing are
Registrable Securities (a "Subsequent Shelf Registration Statement"). If a
Subsequent Shelf Registration Statement is filed, the Company shall use
reasonable efforts to cause the Subsequent Shelf Registration Statement to
become effective as promptly as is reasonably practicable after such filing or,
if filed during a Deferral Period, after the expiration of such Deferral Period,
and to keep such Registration Statement (or subsequent Shelf Registration
Statement) continuously effective until the end of the Effectiveness Period.

                  (c)      The Company shall supplement and amend the Shelf
Registration Statement if required by the rules, regulations or instructions
applicable to the registration form used by the Company for such Shelf
Registration Statement, if required by the Securities Act or, to the extent to
which the Company does not reasonably object, as reasonably requested by the
Initial Purchasers or by the Trustee on behalf of the registered Holders.

                  (d)      Each Holder of Registrable Securities agrees that if
such Holder wishes to sell Registrable Securities pursuant to a Shelf
Registration Statement and related Prospectus, it will do so only in accordance
with this Section 2(d) and Section 3(i) and Section 4. Each Holder of
Registrable Securities wishing to sell Registrable Securities pursuant to a
Shelf Registration Statement and related Prospectus agrees to deliver a Notice
and Questionnaire to the Company at least five (5) Business Days prior to any
intended distribution of Registrable Securities under the Shelf Registration
Statement. From and after the date the Initial Shelf Registration Statement is
declared effective, the Company shall, as promptly as is reasonably practicable
after the date a Notice and Questionnaire is delivered, (i) if required by
applicable law, file with the SEC a post-effective amendment to the Shelf
Registration Statement or prepare and, if required by applicable law, file a
supplement to the related Prospectus or a supplement or amendment to any
document incorporated therein by reference or file any other document required
by the SEC so that the Holder delivering such Notice and Questionnaire is

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named as a selling security holder in the Shelf Registration Statement and the
related Prospectus in such a manner as to permit such Holder to deliver such
Prospectus to purchasers of the Registrable Securities in accordance with the
Securities Act and applicable state securities laws and, if the Company shall
file a post-effective amendment to the Shelf Registration Statement, use
reasonable efforts to cause such post-effective amendment to be declared
effective under the Securities Act as promptly as is reasonably practicable;
(ii) provide such Holder copies of any documents filed pursuant to Section
2(d)(i); and (iii) notify such Holder as promptly as is reasonably practicable
after the effectiveness under the Securities Act of any post-effective amendment
filed pursuant to Section 2(d)(i); provided that if such Notice and
Questionnaire is delivered during a Deferral Period, the Company shall so inform
the Holder delivering such Notice and Questionnaire and shall take the actions
set forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral
Period in accordance with Section 3(i), provided further, that if under
applicable law the Company has more than one option as to the type or manner of
making any such filing, it will make the required filing or filings in the
manner or of a type that is reasonably expected to result in the earliest
availability of the Prospectus for effecting resales of Registrable Securities.
Notwithstanding anything contained herein to the contrary, the Company shall be
under no obligation to name any Holder that is not a Notice Holder as a selling
security holder in any Registration Statement or related Prospectus; provided,
however, that any Holder that becomes a Notice Holder pursuant to the provisions
of Section 2(d) of this Agreement (whether or not such Holder was a Notice
Holder at the time the Registration Statement was initially declared effective)
shall be named as a selling security holder in the Registration Statement or
related Prospectus subject to and in accordance with the requirements of this
Section 2(d).

                  (e)      The parties hereto agree that the Holders of
Registrable Securities will suffer damages, and that it would not be feasible to
ascertain the extent of such damages with precision, if (i) the Initial Shelf
Registration Statement has not been filed on or prior to the Filing Deadline
Date, (ii) the Initial Shelf Registration Statement has not been declared
effective under the Securities Act on or prior to the Effectiveness Deadline
Date, or (iii) the aggregate duration of Deferral Periods in any period exceeds
the number of days permitted in respect of such period pursuant to Section 3(i)
hereof (each of the events of a type described in any of the foregoing clauses
(i) through (iii) are individually referred to herein as an "Event," and the
Filing Deadline Date in the case of clause (i), the Effectiveness Deadline Date
in the case of clause (ii), and the date on which the aggregate duration of
Deferral Periods in any period exceeds the number of days permitted by Section
3(i) hereof in the case of clause (iii), being referred to herein as an "Event
Date"). Events shall be deemed to continue until the "Event Termination Date,"
which shall be the following dates with respect to the respective types of
Events: the date the Initial Shelf Registration Statement is filed in the case
of an Event of the type described in clause (i), the date the Initial Shelf
Registration Statement is declared effective under the Securities Act in the
case of an Event of the type described in clause (ii), termination of the
Deferral Period that caused the limit on the aggregate duration of Deferral
Periods in a period set forth in Section 3(i) to be exceeded in the case of the
commencement of an Event of the type described in clause (iii).

                  Accordingly, commencing on (and including) any Event Date and
ending on (but excluding) the next date after an Event Termination Date (a
"Damages Accrual Period"), the Company agrees to pay, as liquidated damages and
not as a penalty, an amount (the "Liquidated

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Damages Amount"), payable on the Damages Payment Dates to Record Holders of then
outstanding Notes that are Registrable Securities or of then outstanding shares
of Underlying Common Stock issued upon conversion of Notes that are Registrable
Securities, as the case may be, accruing, for each portion of such Damages
Accrual Period beginning on and including a Damages Payment Date (or, in respect
of the first time that the Liquidation Damages Amount is to be paid to Holders
on a Damages Payment Date as a result of the occurrence of any particular Event,
from the Event Date) and ending on but excluding the first to occur of (A) the
date of the end of the Damages Accrual Period or (B) the next Damages Payment
Date, at a rate per annum equal to one-quarter of one percent (0.25%) for the
first 90-day period from the Event Date, and thereafter at a rate per annum
equal to one-half of one percent (0.5%) of the aggregate Applicable Principal
Amount of such Notes, the aggregate Applicable Conversion Price of the shares of
Underlying Common Stock and the Restated Principal Amount of the Semi-Annual
Coupon Notes, as the case may be, in each case determined as of the Business Day
immediately preceding the next Damages Payment Date; provided that any
Liquidated Damages Amount accrued with respect to any Note or portion thereof
called for redemption on a redemption date or converted into Underlying Common
Stock on a conversion date or to Semi-Annual Coupon Notes prior to the Damages
Payment Date, shall, in any such event, be paid instead to the Holder who
submitted such Note or portion thereof for redemption or conversion on the
applicable redemption date or conversion date, as the case may be, on such date
(or promptly following the conversion date, in the case of conversion).
Notwithstanding the foregoing, no Liquidated Damages Amounts shall accrue as to
any Registrable Security from and after the earlier of (x) the date such
security is no longer a Registrable Security and (y) expiration of the
Effectiveness Period. The rate of accrual of the Liquidated Damages Amount with
respect to any period shall not exceed the rate provided for in this paragraph
notwithstanding the occurrence of multiple concurrent Events. Following the cure
of all Events requiring the payment by the Company of Liquidated Damages Amounts
to the Holders of Registrable Securities pursuant to this Section, the accrual
of Liquidated Damages Amounts will cease (without in any way limiting the effect
of any subsequent Event requiring the payment of the Liquidated Damages Amount
by the Company).

                  The Trustee, subject to the applicable provisions of the
Indenture, shall be entitled, on behalf of Holders of Notes, Underlying Common
Stock or Semi-Annual Coupon Notes, to seek any available remedy for the
enforcement of this Agreement, including for the payment of any Liquidated
Damages Amount. Notwithstanding the foregoing, the parties agree that the sole
monetary damages payable for a violation of the terms of this Agreement with
respect to which liquidated damages are expressly provided shall be such
liquidated damages. Nothing shall preclude a Notice Holder or Holder of
Registrable Securities from pursuing or obtaining specific performance or other
equitable relief with respect to this Agreement.

                  All of the Company's obligations set forth in this Section
2(e) that are outstanding with respect to any Registrable Security at the time
such security ceases to be a Registrable Security shall survive until such time
as all such obligations with respect to such security have been satisfied in
full (notwithstanding termination of this Agreement pursuant to Section 8(k)).

                  The parties hereto agree that the liquidated damages provided
for in this Section 2(e) constitute a reasonable estimate of the damages that
may be incurred by Holders of

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Registrable Securities by reason of the failure of the Shelf Registration
Statement to be filed or declared effective or available for effecting resales
of Registrable Securities in accordance with the provisions hereof.

         SECTION 3.        Registration Procedures. In connection with the
registration obligations of the Company under Section 2 hereof, the Company
shall:

                  (a)      Before filing any Registration Statement or
Prospectus or any amendments or supplements (other than amendments or
supplements that do nothing more substantive than name one or more Notice
Holders as selling security holders) thereto with the SEC, furnish to the
Initial Purchasers copies of all such documents proposed to be filed and use
reasonable efforts to reflect in each such document when so filed with the SEC
such comments as the Initial Purchasers reasonably shall propose within three
(3) Business Days of the delivery of such copies to the Initial Purchasers.

                  (b)      Prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to
keep such Registration Statement continuously effective for the applicable
period specified in Section 2(a); cause the related Prospectus to be
supplemented by any required Prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 (or any similar provisions then in force) under the
Securities Act; and use reasonable efforts to comply with the provisions of the
Securities Act applicable to it with respect to the disposition of all
securities covered by such Registration Statement during the Effectiveness
Period in accordance with the intended methods of disposition by the sellers
thereof set forth in such Registration Statement as so amended or such
Prospectus as so supplemented.

                  (c)      As promptly as reasonably practicable give notice to
the Notice Holders and the Initial Purchasers (i) when any Prospectus,
Prospectus supplement, Registration Statement or post-effective amendment to a
Registration Statement has been filed with the SEC and, with respect to a
Registration Statement or any post-effective amendment, when the same has been
declared effective (provided, however, that the Company shall not be required by
this clause (i) to notify (A) the Initial Purchasers of the filing of a
Prospectus supplement that does nothing more substantive than name one or more
Notice Holders as selling security holders or (B) any Notice Holder of the
filing of a Prospectus supplement that does nothing more substantive than name
one or more other Notice Holders as selling security holders), (ii) of any
request, following the effectiveness of the Initial Shelf Registration Statement
under the Securities Act, by the SEC or any other federal or state governmental
authority for amendments or supplements to any Registration Statement or related
Prospectus or for additional information, (iii) of the issuance by the SEC or
any other federal or state governmental authority of any stop order or
injunction suspending or enjoining the use of any Prospectus or the
effectiveness of any Registration Statement or the initiation or threatening of
any proceedings for that purpose, (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose, (v) of the occurrence of (but not the nature of or details concerning)
a Material Event (provided, however, that no notice by the Company shall be
required pursuant to this clause (v) in the event that the Company either
promptly files a Prospectus supplement to update the

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Prospectus or a Current Report on Form 8-K or other appropriate Exchange Act
report that is incorporated by reference into the Registration Statement, which,
in either case, contains the requisite information with respect to such Material
Event that results in such Registration Statement no longer containing any
untrue statement of material fact or omitting to state a material fact necessary
to make the statements contained therein not misleading) and (vi) of the
determination by the Company that a post-effective amendment to a Registration
Statement will be filed with the SEC, which notice may, at the discretion of the
Company (or as required pursuant to Section 3(i)), state that it constitutes a
Deferral Notice, in which event the provisions of Section 3(i) shall apply.

                  (d)      Use reasonable efforts to obtain the withdrawal of
any order suspending the effectiveness of a Registration Statement or the
lifting of any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction in which they
have been qualified for sale, in either case at the earliest possible moment or,
if any such order or suspension is made effective during any Deferral Period, at
the earliest possible moment after the expiration of such Deferral Period.

                  (e)      If reasonably requested by the Initial Purchasers or
any Notice Holder, as promptly as reasonably practicable incorporate in a
Prospectus supplement or post-effective amendment to a Registration Statement
such information as the Initial Purchasers or such Notice Holder shall, on the
basis of a written opinion of nationally-recognized counsel experienced in such
matters (which opinion shall also be addressed to the Company), determine to be
required to be included therein by applicable law and make any required filings
of such Prospectus supplement or such post-effective amendment; provided that
the Company shall not be required to take any actions under this Section 3(e)
that are not, in the reasonable opinion of counsel for the Company, in
compliance with applicable law.

                  (f)      As promptly as reasonably practicable after the
filing of such documents with the SEC furnish to each Notice Holder and the
Initial Purchasers, upon their request and without charge, at least one (1)
conformed copy of the Registration Statement and any amendment thereto,
including financial statements, but excluding schedules, all documents
incorporated or deemed to be incorporated therein by reference and all exhibits
(unless requested in writing to the Company by such Notice Holder or the Initial
Purchasers, as the case may be).

                  (g)      During the Effectiveness Period, deliver to each
Notice Holder in connection with any sale of Registrable Securities pursuant to
a Registration Statement, without charge, as many copies of the Prospectus or
Prospectuses relating to such Registrable Securities (including each preliminary
prospectus) and any amendment or supplement thereto as such Notice Holder may
reasonably request; and the Company hereby consents (except during such periods
that a Deferral Notice is outstanding and has not been revoked) to the use of
such Prospectus or each amendment or supplement thereto by each Notice Holder in
connection with any offering and sale of the Registrable Securities covered by
such Prospectus or any amendment or supplement thereto in the manner set forth
therein.

                  (h)      Subject to Section 3(i), prior to any public offering
of the Registrable Securities pursuant to the Shelf Registration Statement, use
reasonable efforts to cooperate

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with the Notice Holders in connection with the registration or qualification (or
exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such
jurisdictions within the United States as any Notice Holder reasonably requests
in writing (which request may be included in the Notice and Questionnaire), it
being agreed that no such registration or qualification will be made unless so
requested; prior to any public offering of the Registrable Securities pursuant
to the Shelf Registration Statement, use reasonable efforts to keep each such
registration or qualification (or exemption therefrom) effective during the
Effectiveness Period in connection with such Notice Holder's offer and sale of
Registrable Securities pursuant to such registration or qualification (or
exemption therefrom) and do any and all other acts or things necessary to enable
the disposition in such jurisdictions of such Registrable Securities in the
manner set forth in the relevant Registration Statement and the related
Prospectus; provided that the Company will not be required to (i) qualify as a
foreign corporation or as a dealer in securities in any jurisdiction where it is
not otherwise qualified or (ii) take any action that would subject it to general
service of process in suits or to taxation in any such jurisdiction where it is
not then so subject.

                  (i)      Upon (A) the issuance by the SEC of a stop order
suspending the effectiveness of the Shelf Registration Statement or the
initiation of proceedings with respect to the Shelf Registration Statement under
Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or
the existence of any fact (a "Material Event") as a result of which any
Registration Statement shall contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, or any Prospectus shall contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading (including, in
any such case, as a result of the non-availability of financial statements), or
(C) the occurrence or existence of any pending corporate development that, in
the discretion of the Company, makes it appropriate to suspend the availability
of the Shelf Registration Statement and the related Prospectus, (i) in the case
of clause (B) above, subject to the next sentence, as promptly as practicable
prepare and file a post-effective amendment to such Registration Statement or a
supplement to the related Prospectus or any document incorporated therein by
reference or file any other required document that would be incorporated by
reference into such Registration Statement and Prospectus so that such
Registration Statement does not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, and such Prospectus does not contain
any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, as
thereafter delivered to the purchasers of the Registrable Securities being sold
thereunder, and, in the case of a post-effective amendment to a Registration
Statement, subject to the next sentence, use reasonable efforts to cause it to
be declared effective as promptly as is reasonably practicable, and (ii) give
notice to the Notice Holders that the availability of the Shelf Registration
Statement is suspended (a "Deferral Notice") and, upon receipt of any Deferral
Notice, each Notice Holder agrees not to sell any Registrable Securities
pursuant to the Registration Statement until such Notice Holder's receipt of
copies of the supplemented or amended Prospectus provided for in clause (i)
above, or until it is advised in writing by the Company

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that the Prospectus may be used, and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference
in such Prospectus. The Company will use reasonable efforts to ensure that the
use of the Prospectus may be resumed (x) in the case of clause (A) above, as
promptly as is practicable, (y) in the case of clause (B) above, as soon as, in
the sole judgment of the Company, public disclosure of such Material Event would
not be prejudicial to or contrary to the interests of the Company or, if
necessary to avoid unreasonable burden or expense, as soon as reasonably
practicable thereafter and (z) in the case of clause (C) above, as soon as, in
the discretion of the Company, such suspension is no longer appropriate. So long
as the period during which the availability of the Registration Statement and
any Prospectus is suspended (the "Deferral Period") does not exceed forty-five
(45) days during any three (3) month period or one hundred and twenty (120) days
during any twelve (12) month period, the Company shall not incur any obligation
to pay liquidated damages pursuant to Section 2(e).

                  (j)      If reasonably requested in writing in connection with
a disposition of Registrable Securities pursuant to a Registration Statement,
make reasonably available for inspection during normal business hours by a
representative for the Notice Holders of such Registrable Securities and any
broker-dealers, attorneys and accountants retained by such Notice Holders, all
relevant financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries, and cause the appropriate
executive officers, directors and designated employees of the Company and its
subsidiaries to make reasonably available for inspection during normal business
hours all relevant information reasonably requested by such representative for
the Notice Holders or any such broker-dealers, attorneys or accountants in
connection with such disposition, in each case as is customary for similar "due
diligence" examinations; provided, however, that such persons shall first agree
in writing with the Company that any information that is reasonably designated
by the Company in writing as confidential at the time of delivery of such
information shall be kept confidential by such persons and shall be used solely
for the purposes of exercising rights under this Agreement, unless (i)
disclosure of such information is required by court or administrative order or
is necessary to respond to inquiries of regulatory authorities, (ii) disclosure
of such information is required by law (including any disclosure requirements
pursuant to federal securities laws in connection with the filing of any
Registration Statement or the use of any Prospectus referred to in this
Agreement), (iii) such information becomes generally available to the public
other than as a result of a disclosure or failure to safeguard by any such
person or (iv) such information becomes available to any such person on a
non-confidential basis from a source other than the Company and such source is
not bound by a confidentiality agreement; and provided further, that the
foregoing inspection and information gathering shall, to the greatest extent
possible, be coordinated on behalf of all the Notice Holders and the other
parties entitled thereto by the counsel referred to in Section 5.

                  (k)      Comply with all applicable rules and regulations of
the SEC and make generally available to its securityholders earning statements
(which need not be audited) satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any similar rule promulgated under
the Securities Act) no later than 45 days after the end of any 12-month period
(or 90 days after the end of any 12-month period if such period is a fiscal
year) commencing on the first day of the first fiscal quarter of the Company
commencing after the effective date of a Registration Statement, which
statements shall cover said 12-month periods.

                                       11
<PAGE>

                  (l)      Cooperate with each Notice Holder to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities sold pursuant to a Registration Statement, and cause such Registrable
Securities to be in such denominations as are permitted by the Indenture and
registered in such names as such Notice Holder may request in writing at least
five Business Days prior to any sale of such Registrable Securities.

                  (m)      Provide a CUSIP number for all Registrable Securities
covered by each Registration Statement not later than the effective date of such
Registration Statement and provide the Trustee for the Notes and the transfer
agent for the Common Stock with certificates for the Registrable Securities that
are in a form eligible for deposit with The Depository Trust Company.

                  (n)      Make reasonable effort to provide such information as
is required for any filings required to be made with the National Association of
Securities Dealers, Inc.

                  (o)      Upon (i) the filing of the Initial Shelf Registration
Statement and (ii) the effectiveness of the Initial Shelf Registration
Statement, announce the same, in each case by release to Businesswire, Reuters
Economic Services, Bloomberg Business News or any other means of dissemination
reasonably expected to make such information known publicly.

                  (p)      Take all actions necessary, or reasonably requested
by the Holders of a majority of the Registrable Securities being sold, in order
to expedite or facilitate disposition of such Registrable Securities; provided
that the Company shall not be required to take any action in connection with an
underwritten offering without its consent; and

                  (q)      Cause the Indenture to be qualified under the TIA not
later than the effective date of any Registration Statement; and in connection
therewith, cooperate with the Trustee to effect such changes to the Indenture as
may be required for the Indenture to be so qualified in accordance with the
terms of the TIA and execute, and use reasonable efforts to cause the Trustee to
execute, all documents as may be required to effect such changes, and all other
forms and documents required to be filed with the SEC to enable the Indenture to
be so qualified in a timely manner.

         SECTION 4.        Holder's Obligations. Each Holder agrees, by
acquisition of the Registrable Securities, that no Holder of Registrable
Securities shall be entitled to sell any of such Registrable Securities pursuant
to a Registration Statement or to receive a Prospectus relating thereto, unless
such Holder has furnished the Company with a Notice and Questionnaire as
required pursuant to Section 2(d) hereof (including the information required to
be included in such Notice and Questionnaire) and the information set forth in
the next sentence. Each Notice Holder agrees promptly to furnish to the Company
all information required to be disclosed in order to make the information
previously furnished to the Company by such Notice Holder not misleading, any
other information regarding such Notice Holder and the distribution of such
Registrable Securities as may be required to be disclosed in the Registration
Statement under applicable law or pursuant to SEC comments and any information
otherwise required by the Company to comply with applicable law or regulations.
Each Holder further agrees, following termination of the Effectiveness Period,
to notify the Company within ten (10) Business Days of a request, of the amount
of Registrable Securities sold pursuant to the

                                       12
<PAGE>

Registration Statement and, in the absence of a response, the Company may assume
that all of the Holder's Registrable Securities were so sold.

         SECTION 5.        Registration Expenses. The Company shall bear all
fees and expenses incurred in connection with the performance by the Company of
its obligations under Sections 2 and 3 of this Agreement whether or not any of
the Registration Statements are declared effective. Such fees and expenses shall
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (x) with respect to filings required to be
made with the National Association of Securities Dealers, Inc. and (y) of
compliance with federal and state securities or Blue Sky laws to the extent such
filings or compliance are required pursuant to this Agreement (including,
without limitation, reasonable fees and disbursements of the counsel specified
in the next sentence in connection with Blue Sky qualifications of the
Registrable Securities under the laws of such jurisdictions as the Notice
Holders of a majority of the Registrable Securities being sold pursuant to a
Registration Statement may designate)), (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities
in a form eligible for deposit with The Depository Trust Company), (iii)
duplication expenses relating to copies of any Registration Statement or
Prospectus delivered to any Holders hereunder, (iv) fees and disbursements of
counsel for the Company in connection with the Shelf Registration Statement, and
(v) reasonable fees and disbursements of the Trustee and its counsel and of the
registrar and transfer agent for the Common Stock. In addition, the Company
shall bear or reimburse the Notice Holders for the reasonable fees and
disbursements of one firm of legal counsel for the Holders, which shall, upon
the written consent of the Initial Purchasers (which shall not be unreasonably
withheld), be another nationally recognized law firm experienced in securities
law matters designated by the Company. In addition, the Company shall pay the
internal expenses of the Company (including, without limitation, all salaries
and expenses of officers and employees performing legal or accounting duties),
the expense of any annual audit, the fees and expenses incurred in connection
with the listing of the Registrable Securities on any securities exchange on
which the same securities of the Company are then listed and the fees and
expenses of any person, including special experts, retained by the Company.

         SECTION 6.        Indemnification; Contribution.

                  (a)      The Company agrees to indemnify and hold harmless
each Initial Purchaser and each Holder of Registrable Securities and each
person, if any, who controls any Initial Purchaser or any Holder of Registrable
Securities within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, as follows:

                  (i)      against any and all loss, liability, claim, damage
         and expense whatsoever, as incurred, arising out of any untrue
         statement or alleged untrue statement of a material fact contained in
         the Registration Statement (or any amendment or supplement thereto), or
         the omission or alleged omission therefrom of a material fact required
         to be stated therein or necessary in order to make the statements
         therein, in light of the circumstances under which they were made, not
         misleading or arising out of any untrue statement or alleged untrue
         statement of a material fact included in any preliminary prospectus or
         the Prospectus (or any amendment or supplement thereto), or the
         omission or alleged omission therefrom of a material fact required to
         be stated therein or

                                       13
<PAGE>

         necessary in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading;

                  (ii)     against any and all loss, liability, claim, damage
         and expense whatsoever, as incurred, to the extent of the aggregate
         amount paid in settlement of any litigation, or any investigation or
         proceeding by any governmental agency or body, commenced or threatened,
         or of any claim whatsoever based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission, provided
         that (subject to Section 6(d) below) any such settlement is effected
         with the prior written consent of the Company; and

                  (iii)    subject to Section 6(c) below, against any and all
         expense whatsoever, as incurred (including the fees and disbursements
         of counsel), reasonably incurred in investigating, preparing or
         defending against any litigation, or any investigation or proceeding by
         any governmental agency or body, commenced or threatened, or any claim
         whatsoever based upon any such untrue statement or omission, or any
         such alleged untrue statement or omission, to the extent that any such
         expense is not paid under (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by or
on behalf of the Initial Purchasers through Merrill Lynch, such Holder of
Registrable Securities (which also acknowledges the indemnity provisions herein)
or any person, if any, who controls an Initial Purchaser or any such Holder of
Registrable Securities expressly for use in the Registration Statement (or any
amendment thereto), or any preliminary prospectus or the Prospectus (or any
amendment or supplement thereto); provided further, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense (1)
arising from an offer or sale of Registrable Securities occurring during a
Deferral Period, if a Deferral Notice was given to such Notice Holder in
accordance with Section 8(c), or (2) if the Holder fails to deliver at or prior
to the written confirmation of sale, the most recent Prospectus, as amended or
supplemented, and such Prospectus, as amended or supplemented, would have
corrected such untrue statement or omission or alleged untrue statement or
omission of a material fact and the delivery thereof was required by law.

                  (b)      In connection with any Shelf Registration in which a
Holder, including, without limitation, the Initial Purchasers, of Registrable
Securities is participating, in furnishing information relating to such Holder
of Registrable Securities to the Company in writing expressly for use in such
Registration Statement, any preliminary prospectus, the Prospectus or any
amendments or supplements thereto, the Holders of such Registrable Securities
agree, severally and not jointly, to indemnify and hold harmless each Initial
Purchaser and each person, if any, who controls an Initial Purchaser within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act and the Company, and each person, if any, who controls the Company within
the meaning of either such Section, against any and all loss, liability, claim,
damage and expense described in the indemnity contained in subsection (a) of
this Section, as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment

                                       14
<PAGE>

thereto), or any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto) in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such Holder of Registrable
Securities (which also acknowledges the indemnity provisions herein) or any
person, if any, who controls any such Holder of Registrable Securities expressly
for use in the Registration Statement (or any amendment thereto) or such
preliminary prospectus or the Prospectus (or any amendment or supplement
thereto).

                  The Initial Purchasers agree to indemnify and hold harmless
the Company, the Holders of Registrable Securities, and each person, if any, who
controls the Company or any Holder of Registrable Securities within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act
against any and all loss, liability, claim, damage and expense described in the
indemnity contained in subsection (a) of this Section, as incurred, but only
with respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in the Registration Statement (or any amendment thereto), or any
preliminary prospectus or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with written information furnished
to the Company or on behalf of by the Initial Purchasers expressly for use in
the Registration Statement (or any amendment thereto) or such preliminary
prospectus or the Prospectus (or any amendment or supplement thereto).

                  (c)      Each indemnified party shall give notice as promptly
as reasonably practicable to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but
failure to so notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced
as a result thereof and in any event shall not relieve it from any liability
which it may have otherwise than on account of these indemnity provisions. The
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such proceeding.
In any such proceeding, any indemnified party shall have the right to retain a
separate firm as its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of
such counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party
and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is understood
that the indemnifying party shall not, in respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for (a) the reasonable fees and expenses of
more than one firm (in addition to any local counsel) for the Initial
Purchasers, Holders of Registrable Securities, and all persons, if any, who
control an Initial Purchaser or Holders of Registrable Securities within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act (b) the reasonable fees and expenses of more than one firm (in addition to
any local counsel) for the Company, its directors, and each person, if any, who
controls the Company within the meaning of either such Section, and that all
such reasonable fees and expenses shall be reimbursed as they are incurred. In
the event a separate firm is retained for the Initial Purchasers Holders of
Registrable Securities, and control persons of the Initial Purchasers and
Holders of Registrable Securities, such firm shall be designated in writing by
the Initial Purchasers. In the event a

                                       15
<PAGE>

separate firm is retained for the Company, and such directors, officers and
control persons of the Company, such firm shall be designated in writing by the
Company. No indemnifying party shall, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification or contribution could be sought
under this Section 6 (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i)
includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.

                  (d)      If at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel, such indemnifying party agrees that it shall be liable for
any settlement of the nature contemplated by Section 6(a)(ii) effected without
its written consent if (i) such settlement is entered into more than 60 days
after receipt by such indemnifying party of aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 45 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement; provided that
an indemnifying party shall not be liable for any such settlement effected
without its consent if such indemnifying party (1) reimburses such indemnified
party in accordance with such request to the extent it considers such request to
be reasonable and (2) provides written notice to the indemnified party
describing any unpaid balance it believes is unreasonable and the reasons
therefor, in each case prior to the date of such settlement.

                  (e)      If the indemnification to which an indemnified party
is entitled under this Section 6 is for any reason unavailable to or
insufficient although applicable in accordance with its terms to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or
expenses referred to therein, then each indemnifying party shall contribute to
the aggregate amount of such losses, liabilities, claims, damages and expenses
incurred by such indemnified party, as incurred, in such proportion as is
appropriate to reflect the relative fault of the indemnifying party or parties
on the one hand and of the indemnified party on the other hand in connection
with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable
considerations.

                  The relative fault of the Company on the one hand and the
Holders of the Registrable Securities or the Initial Purchasers on the other
hand shall be determined by reference to, among other things, whether any such
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by the Company
or by the Holder of the Registrable Securities or the Initial Purchasers and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

                  The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 6(e) were determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to above in this

                                       16
<PAGE>

Section 6(e). The aggregate amount of losses, liabilities, claims, damages, and
expenses incurred by an indemnified party and referred to above in this Section
6(e) shall be deemed to include any out-of-pocket legal or other expenses
reasonably incurred by such indemnified party in investigating, preparing or
defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission or alleged
omission.

                  Notwithstanding the provisions of this Section 6, neither the
Holder of any Registrable Securities nor an Initial Purchaser, shall be required
to indemnify or contribute any amount in excess of the amount by which the total
price at which the Registrable Securities sold by such Holder of Registrable
Securities or by the Initial Purchaser, as the case may be, and distributed to
the public were offered to the public exceeds the amount of any damages that
such Holder of Registrable Securities or the Initial Purchaser has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.

                  No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

                  For purposes of this Section 6(e), each person, if any, who
controls an Initial Purchaser or any Holder of Registrable Securities within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
shall have the same rights to contribution as the Initial Purchaser or such
Holder, and each person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act shall have
the same rights to contribution as the Company.

         SECTION 7.        Information Requirements. The Company covenants that,
if at any time before the end of the Effectiveness Period the Company is not
subject to the reporting requirements of the Exchange Act, it will cooperate
with any Holder of Registrable Securities and take such further reasonable
action as any Holder of Registrable Securities may reasonably request in writing
(including, without limitation, making such reasonable representations as any
such Holder may reasonably request), all to the extent required from time to
time to enable such Holder to sell Registrable Securities without registration
under the Securities Act within the limitations of Rule 144 and Rule 144A under
the Securities Act and customarily taken in connection with sales pursuant to
such exemptions. Upon the written request of any Holder of Registrable
Securities, the Company shall deliver to such Holder a written statement as to
whether it has complied with such filing requirements, unless such a statement
has been included in the Company's most recent report required to be filed and
filed pursuant to Section 13 or Section 15(d) of Exchange Act. Notwithstanding
the foregoing, nothing in this Section 7 shall be deemed to require the Company
to register any of its securities under any section of the Exchange Act.

         SECTION 8.        Miscellaneous.

                  (a)      No Conflicting Agreements. The Company is not, as of
the date hereof, a party to, nor shall they, on or after the date of this
Agreement, enter into, any agreement with

                                       17
<PAGE>

respect to the Company's securities that conflicts with the rights granted to
the Holders of Registrable Securities in this Agreement. The Company represents
and warrants that the rights granted to the Holders of Registrable Securities
hereunder do not in any way conflict with the rights granted to the holders of
the Company's securities under any other agreements.

                  (b)      Amendments and Waivers. The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company has obtained the written
consent of Holders of a majority of the then outstanding Underlying Common Stock
constituting Registrable Securities (with Holders of Notes or Semi-Annual Coupon
Notes deemed to be the Holders, for purposes of this Section, of the number of
outstanding shares of Underlying Common Stock into which such Notes or
Semi-Annual Coupon Notes are or would be convertible or exchangeable as of the
date on which such consent is requested). Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter
that relates exclusively to the rights of Holders of Registrable Securities
whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect the rights of other Holders of
Registrable Securities may be given by Holders of at least a majority of the
Registrable Securities being sold by such Holders pursuant to such Registration
Statement; provided that the provisions of this sentence may not be amended,
modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence. Each Holder of Registrable Securities
outstanding at the time of any such amendment, modification, supplement, waiver
or consent or thereafter shall be bound by any such amendment, modification,
supplement, waiver or consent effected pursuant to this Section 8(b), whether or
not any notice, writing or marking indicating such amendment, modification,
supplement, waiver or consent appears on the Registrable Securities or is
delivered to such Holder.

                  (c)      Notices. All notices and other communications
provided for or permitted hereunder shall be made in writing by hand delivery,
by telecopier, by courier guaranteeing overnight delivery or by first-class
mail, return receipt requested, and shall be deemed given (i) when made, if made
by hand delivery, (ii) upon confirmation, if made by telecopier, (iii) one (1)
Business Day after being deposited with such courier, if made by overnight
courier or (iv) on the date indicated on the notice of receipt, if made by
first-class mail, to the parties as follows:

         (A)      if to a Holder of Registrable Securities that is not a Notice
Holder, at the address for such Holder then appearing in the Registrar (as
defined in the Indenture);

         (B)      if to a Notice Holder, at the most current address given by
such Holder to the Company in a Notice and Questionnaire or any amendment
thereto;

                  if to the Company, to:

                           RPM International Inc.
                           P.O. Box 777
                           2628 Pearl Road
                           Medina, Ohio 44258

                                       18
<PAGE>

                           Telephone No. (330) 273-5090
                           Facsimile No. (330) 225-6574
                           Attention: General Counsel

                  and

                           Calfee, Halter & Griswold LLP
                           800 Superior Avenue, Suite 1400
                           Cleveland, Ohio 44114
                           Telephone No. (216) 622-8200
                           Facsimile No. (216) 241-0816
                           Attention: Edward W. Moore

                  and

                  if to the Initial Purchasers, to:

                           Merrill Lynch & Co.,
                           Merrill Lynch, Pierce, Fenner & Smith Incorporated
                           4 World Financial Center
                           New York, New York 10080
                           Attention: Syndicate Department
                           Telecopier: (212) 738-1069

or to such other address as such person may have furnished to the other persons
identified in this Section 8(c) in writing in accordance herewith.

                  (d)      Approval of Holders. Whenever the consent or approval
of Holders of a specified percentage of Registrable Securities is required
hereunder, Registrable Securities held by the Company or its Affiliates (other
than the Initial Purchasers or subsequent Holders of Registrable Securities if
such subsequent Holders are deemed to be such affiliates solely by reason of
their holdings of such Registrable Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

                  (e)      Successors and Assigns. This Agreement shall inure to
the benefit of and be binding upon the successors and assigns of each of the
parties and, without requiring any express assignment, shall inure to the
benefit of and be binding upon each Holder of any Registrable Securities.

                  (f)      Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be original and all of which taken
together shall constitute one and the same agreement.

                  (g)      Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                                       19
<PAGE>

                  (h)      Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  (i)      Severability. If any term, provision, covenant or
restriction of this Agreement is held to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in
no way be affected, impaired or invalidated thereby, and the parties hereto
shall use their best efforts to find and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction, it being intended that all of the rights and
privileges of the parties shall be enforceable to the fullest extent permitted
by law.

                  (j)      Entire Agreement. This Agreement is intended by the
parties as a final expression of their agreement and is intended to be a
complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein and the
registration rights granted by the Company with respect to the Registrable
Securities. Except as provided in the Purchase Agreement, there are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein, with respect to the registration rights granted by the
Company with respect to the Registrable Securities. This Agreement supersedes
all prior agreements and undertakings among the parties with respect to such
registration rights.

                  (k)      Termination. This Agreement and the obligations of
the parties hereunder shall terminate upon the end of the Effectiveness Period,
except for any liabilities or obligations under Sections 4, 5 or 6 hereof, the
obligations to make payments of and provide for liquidated damages under Section
2(e) hereof to the extent such damages accrue prior to the end of the
Effectiveness Period, each of which shall remain in effect in accordance with
its terms.

                                       20
<PAGE>

                  IN WITNESS WHEREOF, the parties have executed this
Registration Rights Agreement as of the date first written above.

                                    Very truly yours,

                                    RPM INTERNATIONAL INC.

                                    By /s/ P. KELLY TOMPKINS
                                       -----------------------------------------
                                      Name: P. KELLY TOMPKINS
                                      Title: Senior Vice President, General
                                             Counsel and Secretary

Accepted as of the date
first above written:

MERRILL LYNCH & CO.
MERRILL LYNCH, PIERCE, FENNER & SMITH
            INCORPORATED

By: MERRILL LYNCH, PIERCE, FENNER & SMITH
               INCORPORATED

By: /s/ Purna R. Saggurti
   -------------------------------------
     Name: PURNA R. SAGGURTI
     Title: Managing Director

For itself and the other several Initial Purchasers
named in Schedule A to the Purchase Agreement.<PAGE>

                                                                   EXHIBIT 10.21

                        COMMERCIAL PAPER DEALER AGREEMENT
                                [ 4(2) Program ]

Between:

RPM INTERNATIONAL INC., AS ISSUER

and

U.S. BANCORP PIPER JAFFRAY INC., AS DEALER

Concerning short-term promissory notes (the "Notes") to be issued pursuant to an
Issuing and Paying Agency Agreement dated as of April 21, 2003 between the
Issuer and U.S. Bank Trust National Association as Issuing and Paying Agent.

Dated as of: April 21, 2003.

COMMERCIAL PAPER DEALER AGREEMENT
[ 4(2) PROGRAM ]

This Commercial Paper Dealer Agreement (the "Agreement") sets forth the
understandings between the Issuer and the Dealer in connection with the issuance
and sale by the Issuer of the Notes through the Dealer.

Certain terms used in this Agreement are defined in Section 6 hereof.

The Addendum to this Agreement, and any Annexes or Exhibits described in this
Agreement or such Addendum, are hereby incorporated into this Agreement and made
fully a part hereof.

1.       Offers, Sales and Resales of Notes.

         1.1      While (i) the Issuer has and shall have no obligation to sell
                  the Notes to the Dealer or to permit the Dealer to arrange any
                  sale of the Notes for the account of the Issuer, and (ii) the
                  Dealer has and shall have no obligation to purchase the Notes
                  from the Issuer or to arrange any sale of the Notes for the
                  account of the Issuer, the parties hereto agree that in any
                  case where the Dealer purchases Notes from the Issuer, or
                  arranges for the sale of Notes by the Issuer, such Notes will
                  be purchased or sold by the Dealer in reliance on the
                  representations, warranties, covenants and agreements of the
                  Issuer contained herein or made pursuant hereto and on the
                  terms and conditions and in the manner provided herein.

         1.2      So long as this Agreement shall remain in effect, and in
                  addition to the limitations contained in Section 1.7 hereof,
                  the Issuer shall not, without the consent of the

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                  Dealer, offer, solicit or accept offers to purchase, or sell,
                  any Notes except (a) in transactions with one or more dealers
                  which may from time to time after the date hereof become
                  dealers with respect to the Notes by executing with the Issuer
                  one or more agreements which contain provisions substantially
                  identical to those contained in Section 1 of this Agreement,
                  of which the Issuer hereby undertakes to provide the Dealer
                  prompt notice or (b) in transactions with the other dealers
                  listed on the Addendum hereto, which are executing agreements
                  with the Issuer which contain provisions substantially
                  identical to Section 1 of this Agreement contemporaneously
                  herewith. In no event shall the Issuer offer, solicit or
                  accept offers to purchase, or sell, any Notes directly on its
                  own behalf in transactions with persons other than
                  broker-dealers as specifically permitted in this Section 1.2.

         1.3      The Notes shall be in a minimum denomination of $250,000 or
                  integral multiples of $1,000 in excess thereof, will bear such
                  interest rates, if interest bearing, or will be sold at such
                  discount from their face amounts, as shall be agreed upon by
                  the Dealer and the Issuer, shall have a maturity not exceeding
                  270 days from the date of issuance (exclusive of days of
                  grace) and shall not contain any provision for extension,
                  renewal or automatic "rollover."

         1.4      The authentication and issuance of, and payment for, the Notes
                  shall be effected in accordance with the Issuing and Paying
                  Agency Agreement, and the Notes shall be either individual
                  physical certificates or book-entry notes evidenced by a
                  Master Note registered in the name of DTC or its nominee, in
                  the form or forms annexed to the Issuing and Paying Agency
                  Agreement.

         1.5      If the Issuer and the Dealer shall agree on the terms of the
                  purchase of any Note by the Dealer or the sale of any Notes
                  arranged by the Dealer (including, but not limited to,
                  agreement with respect to the date of issue, purchase price,
                  principal amount, maturity and interest rate (in the case of
                  interest-bearing Notes) or discount thereof (in the case of
                  Notes issued on a discount basis), and appropriate
                  compensation for the Dealer's services hereunder) pursuant to
                  this Agreement, the Issuer shall cause such Note to be issued
                  and delivered in accordance with the terms of the Issuing and
                  Paying Agency Agreement and payment for such Note shall be
                  made by the purchaser thereof, either directly or through the
                  Dealer, to the Issuing and Paying Agent, for the account of
                  the Issuer. Except as otherwise agreed, in the event that the
                  Dealer is acting as an agent and a purchaser shall either fail
                  to accept delivery of or make payment for a Note on the date
                  fixed for settlement, the Dealer shall promptly notify the
                  Issuer, and if the Dealer has theretofore paid the Issuer for
                  the Note, the Issuer will promptly return such funds to the
                  Dealer against its return of the Note to the Issuer, in the
                  case of a certificated Note, and upon notice of such failure
                  in the case of a book-entry Note. If such failure occurred for
                  any reason other than default by the Dealer, the Issuer shall
                  reimburse the Dealer on an equitable basis for the Dealer's
                  loss of the use of such funds for the period such funds were
                  credited to the Issuer's account.

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         1.6      The Dealer and the Issuer hereby establish and agree to
                  observe the following procedures in connection with offers,
                  sales and subsequent resales or other transfers of the Notes;

                  (a)      Offers and sales of the Notes by or through the
                           Dealer shall be made only to: (i) investors
                           reasonably believed by the Dealer to be Qualified
                           Institutional Buyers, Institutional Accredited
                           Investors or Sophisticated Individual Accredited
                           Investors and (ii) non-bank fiduciaries or agents
                           that will be purchasing Notes for one or more
                           accounts, each of which is reasonably believed by the
                           Dealer to be an Institutional Accredited Investor or
                           Sophisticated Individual Accredited Investor.

                  (b)      Resales and other transfers of the Notes by the
                           holders thereof shall be made only in accordance with
                           the restrictions in the legend described in clause
                           (e) below.

                  (c)      No general solicitation or general advertising shall
                           be used in connection with the offering of the Notes.
                           Without limiting the generality of the foregoing,
                           without the prior written approval of the Dealer, the
                           Issuer shall not issue any press release or place or
                           publish any "tombstone" or other advertisement
                           relating to the Notes.

                  (d)      No sale of Notes to any one purchaser shall be for
                           less than $250,000 principal or face amount, and no
                           Note shall be issued in a smaller principal or face
                           amount. If the purchaser is a non-bank fiduciary
                           acting on behalf of others, each person for whom such
                           purchaser is acting must purchase at least $250,000
                           principal or face amount of Notes.

                  (e)      Offers and sales of the Notes by the Issuer through
                           the Dealer acting as agent for the Issuer shall be
                           made in accordance with Rule 506 under the Securities
                           Act, and shall be subject to the restrictions
                           described in the legend appearing on Exhibit A
                           hereto. A legend substantially to the effect of such
                           Exhibit A shall appear as part of the CP Memorandum
                           used in connection with offers and sales of Notes
                           hereunder, as well as on each individual certificate
                           representing a Note and each Master Note representing
                           book-entry Notes offered and sold pursuant to this
                           Agreement.

                  (f)      The Dealer shall furnish or shall have furnished to
                           each purchaser of Notes for which it has acted as the
                           Dealer a copy of the then-current CP Memorandum
                           unless such purchaser has previously received a copy
                           of the CP Memorandum as then in effect. The CP
                           Memorandum shall expressly state that any person to
                           whom Notes are offered shall have an opportunity to
                           ask questions of, and receive information from, the
                           Issuer and the

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                           Dealer and shall provide the names, addresses and
                           telephone numbers of the persons from whom
                           information regarding the Issuer may be obtained.

                  (g)      The Issuer agrees, for the benefit of the Dealer and
                           each of the holders and prospective purchasers from
                           time to time of the Notes that, if at any time the
                           Issuer shall not be subject to Section 13 or 15(d) of
                           the Exchange Act, the Issuer will furnish, upon
                           request and at its expense, to the Dealer and to
                           holders and prospective purchasers of Notes
                           information required by Rule 144A(d)(4)(i) in
                           compliance with Rule 144A(d).

                  (h)      In the event that any Note offered or to be offered
                           by the Dealer would be ineligible for resale under
                           Rule 144A, the Issuer shall immediately notify the
                           Dealer (by telephone, confirmed in writing) of such
                           fact and shall promptly prepare and deliver to the
                           Dealer an amendment or supplement to the CP
                           Memorandum describing the Notes that are ineligible,
                           the reason for such ineligibility and any other
                           relevant information relating thereto.

                  (i)      Dealer acknowledges that during the period of time
                           the Notes are outstanding the Issuer may issue
                           commercial paper in the United States market in
                           reliance upon, and in compliance with, the exemption
                           provided by Section 3(a)(3) of the Securities Act. In
                           that connection, the Issuer agrees that (a) the
                           proceeds from the sale of the Notes will be
                           segregated from the proceeds of the sale of any such
                           commercial paper by being placed in a separate
                           account; (b) the Issuer will institute appropriate
                           corporate procedures to ensure that the offers and
                           sales of notes issued by the Issuer pursuant to the
                           Section 3(a)(3) exemption are not integrated with
                           offerings and sales of Notes hereunder; and (c) the
                           Issuer will comply with each of the requirements of
                           Section 3(a)(3) of the Act in selling commercial
                           paper or other short-term debt securities other than
                           the Notes in the United States.

         1.7      The Issuer hereby represents and warrants to the Dealer, in
                  connection with offers, sales and resales of Notes, as
                  follows:

                  (a)      Issuer hereby confirms to the Dealer that (except as
                           permitted by Section 1.6(i)) within the preceding six
                           months neither the Issuer nor any person other than
                           the Dealer or the other dealers referred to in
                           Section 1.2 hereof acting on behalf of the Issuer has
                           offered or sold any Notes, or any substantially
                           similar security of the Issuer (including, without
                           limitation, medium-term notes issued by the Issuer),
                           to or solicited offers to buy any such security from,
                           any person other than the Dealer or the other dealers
                           referred to in Section 1.2 hereof. The Issuer also
                           agrees that (except as permitted by Section 1.6(i)),
                           as long as the Notes are being offered for sale

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                           by the Dealer and the other dealers referred to in
                           Section 1.2 hereof as contemplated hereby and until
                           at least six months after the offer of Notes
                           hereunder has been terminated, neither the Issuer nor
                           any person other than the Dealer or the other dealers
                           referred to in Section 1.2 hereof (except as
                           contemplated by Section 1.2 hereof) will offer the
                           Notes or any substantially similar security of the
                           Issuer for sale to, or solicit offers to buy any such
                           security from, any person other than the Dealer or
                           the other dealers referred to in Section 1.2 hereof,
                           it being understood that such agreement is made with
                           a view to bringing the offer and sale of the Notes
                           within the exemption provided by Section 4(2) of the
                           Securities Act and Rule 506 thereunder and shall
                           survive any termination of this Agreement.

                  (b)      The Issuer represents and agrees that the proceeds of
                           the sale of the Notes are not currently contemplated
                           to be used for the purpose of buying, carrying or
                           trading securities within the meaning of Regulation T
                           and the interpretations thereunder by the Board of
                           Governors of the Federal Reserve System. In the event
                           that the Issuer determines to use such proceeds for
                           the purpose of buying, carrying or trading
                           securities, whether in connection with an acquisition
                           of another company or otherwise, the Issuer shall
                           give the Dealer at least five business days' prior
                           written notice to that effect. The Issuer shall also
                           give the Dealer prompt notice of the actual date that
                           it commences to purchase securities with the proceeds
                           of the Notes. Thereafter, in the event that the
                           Dealer purchases Notes as principal and does not
                           resell such Notes on the day of such purchase, to the
                           extent necessary to comply with Regulation T and the
                           interpretations thereunder, the Dealer will sell such
                           Notes either (i) only to offerees it reasonably
                           believes to be QIBs or to QIBs it reasonably believes
                           are acting for other QIBs, in each case in accordance
                           with Rule 144A or (ii) in a manner which would not
                           cause a violation of Regulation T and the
                           interpretations thereunder.

2.       Representations and Warranties of Issuer.

         The Issuer represents and warrants that:

                  2.1      The Issuer is a corporation duly organized, validly
                           existing and in good standing under the laws of the
                           jurisdiction of its incorporation and has all the
                           requisite power and authority to execute, deliver and
                           perform its obligations under the Notes, this
                           Agreement and the Issuing and Paying Agency
                           Agreement.

                  2.2      This Agreement and the Issuing and Paying Agency
                           Agreement have been duly authorized, executed and
                           delivered by the Issuer and constitute legal, valid
                           and binding obligations of the Issuer enforceable
                           against the Issuer in accordance with their terms,
                           subject to applicable bankruptcy, insolvency

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                           and similar laws affecting creditors' rights
                           generally, and subject, as to enforceability, to
                           general principles of equity (regardless of whether
                           enforcement is sought in a proceeding in equity or at
                           law).

                  2.3      The Notes have been duly authorized, and when issued
                           as provided in the Issuing and Paying Agency
                           Agreement, will be duly and validly issued and will
                           constitute legal, valid and binding obligations of
                           the Issuer enforceable against the Issuer in
                           accordance with their terms, subject to applicable
                           bankruptcy, insolvency and similar laws affecting
                           creditors' rights generally, and subject, as to
                           enforceability, to general principles of equity
                           (regardless of whether enforcement is sought in a
                           proceeding in equity or at law).

                  2.4      The offer and sale of Notes in the manner
                           contemplated hereby will constitute exempt
                           transactions under the Securities Act and,
                           accordingly registration of the Notes under the
                           Securities Act will not be required, and no indenture
                           in respect of the Notes is required to be qualified
                           under the Trust Indenture Act of 1939, as amended.

                  2.5      The Notes will rank at least pari passu with all
                           other unsecured and unsubordinated indebtedness of
                           the Issuer.

                  2.6      No consent or action of, or filing or registration
                           with, any governmental or public regulatory body or
                           authority, including the SEC, is required to
                           authorize, or is otherwise required in connection
                           with the execution, delivery or performance of, this
                           Agreement, the Notes or the Issuing and Paying Agency
                           Agreement, except as may be required by the
                           securities or Blue Sky laws of the various states in
                           connection with the offer and sale of the Notes.

                  2.7      Neither the execution and delivery of this Agreement
                           and the Issuing and Paying Agency Agreement, nor the
                           issuance of the Notes in accordance with the Issuing
                           and Paying Agency Agreement, nor the fulfillment of
                           or compliance with the terms and provisions hereof or
                           thereof by the Issuer, will (i) result in the
                           creation or imposition of any mortgage, lien, charge
                           or encumbrance of any nature whatsoever upon any of
                           the properties or assets of the Issuer, or (ii)
                           violate or result in a breach or a default under any
                           of the terms of the Issuer's charter documents or
                           by-laws, any contract or instrument to which the
                           Issuer is a party or by which it or its property is
                           bound, or any law or regulation, or any order, writ,
                           injunction or decree of any court or government
                           instrumentality, to which the Issuer is subject or by
                           which it or its property is bound, which breach or
                           default might have a material adverse effect on the
                           condition (financial or otherwise), operations or
                           business prospects of the Issuer or the ability of
                           the Issuer to

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                           perform its obligations under this Agreement, the
                           Notes or the Issuing and Paying Agency Agreement.

                  2.8      Except as disclosed in the Company Information, there
                           is no litigation or governmental proceeding pending,
                           or to the knowledge of the Issuer threatened, against
                           or affecting the Issuer or any of its subsidiaries
                           which might result in a material adverse change in
                           the condition (financial or otherwise), operations or
                           business of the Issuer or the ability of the Issuer
                           to perform its obligations under this Agreement, the
                           Notes or the Issuing and Paying Agency Agreement.

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

                  2.10     Neither the CP Memorandum (excluding any information
                           furnished by the Dealer for inclusion therein) nor
                           the Company Information contains any untrue statement
                           of a material fact or omits to state a material fact
                           required to be stated therein or necessary to make
                           the statements therein, in light of the circumstances
                           under which they were made, not misleading.

                  2.11     Each (a) issuance of Notes by the Issuer hereunder
                           and (b) amendment or supplement of the CP Memorandum
                           shall be deemed a representation and warranty by the
                           Issuer to the Dealer, as of the date thereof, that,
                           both before and after giving effect to such issuance
                           and after giving effect to such amendment or
                           supplement, (i) the representations and warranties
                           given by the Issuer set forth above in this Section 2
                           remain true and correct on and as of such date as if
                           made on and as of such date, (ii) in the case of an
                           issuance of Notes, the Notes being issued on such
                           date have been duly and validly issued and constitute
                           legal, valid and binding obligations of the Issuer,
                           enforceable against the Issuer in accordance with
                           their terms, subject to applicable bankruptcy,
                           insolvency and similar laws affecting creditors'
                           rights generally and subject, as to enforceability,
                           to general principles of equity (regardless of
                           whether enforcement is sought in a proceeding in
                           equity or at law) and (iii) in the case of an
                           issuance of Notes, since the date of the most recent
                           CP Memorandum, there has been no material adverse
                           change in the condition (financial or otherwise),
                           operations or business of the Issuer which has not
                           been disclosed to the Dealer in writing.

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3.       Covenants and Agreements of Issuer.

         The Issuer covenants and agrees that:

                  3.1      The Issuer will provide the Dealer written notice of
                           any amendment to, modification of or waivers with
                           respect to, the Notes or the Issuing and Paying
                           Agency Agreement, including a complete copy of any
                           such amendment, modification or waiver.

                  3.2      The Issuer shall, whenever there shall occur any
                           change in the Issuer's condition (financial or
                           otherwise), operations or business or any development
                           or occurrence in relation to the Issuer that would be
                           material to holders of the Notes or potential holders
                           of the Notes (including any downgrading or receipt of
                           any notice of intended or potential downgrading or
                           any review for potential change in the rating
                           accorded any of the Issuer's securities by any
                           nationally recognized statistical rating organization
                           which has published a rating of the Notes), promptly,
                           and in any event prior to any subsequent issuance of
                           Notes hereunder, notify the Dealer of such change,
                           development or occurrence.

                  3.3      The Issuer will provide the Dealer any press releases
                           or material public information provided by the Issuer
                           to any national securities exchange.

                  3.4      The Issuer will take all such action as the Dealer
                           may reasonably request to ensure that each offer and
                           each sale of the Notes will comply with any
                           applicable state Blue Sky laws; provided, however,
                           that the Issuer shall not be obligated to file any
                           general consent to service of process or to qualify
                           as a foreign corporation in any jurisdiction in which
                           it is not so qualified or subject itself to taxation
                           in respect of doing business in any jurisdiction in
                           which it is not otherwise so subject.

                  3.5      The Issuer will not be in default of any of its
                           obligations hereunder, under the Notes or under the
                           Issuing and Paying Agency Agreement, at any time that
                           any of the Notes are outstanding.

                  3.6      The Issuer shall not issue Notes hereunder until the
                           Dealer shall have received (a) an opinion of counsel
                           to the Issuer, addressed to the Dealer, satisfactory
                           in form and substance to the Dealer, (b) a copy of
                           the executed Issuing and Paying Agency Agreement as
                           then in effect, (c) a copy of resolutions adopted by
                           the Board of Directors of the Issuer, and certified
                           by the Secretary or similar officer of the Issuer,
                           authorizing execution and delivery by the Issuer of
                           this Agreement, the Issuing and Paying Agency
                           Agreement and the Notes and consummation by the
                           Issuer of the transactions contemplated hereby and
                           thereby, and (d) prior to the issuance

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                           of any Notes represented by a book-entry note
                           registered in the name of DTC or its nominee, a copy
                           of the executed Letter of Representations among the
                           Issuer, the Issuing and Paying Agent and DTC.

                  3.7      The Issuer shall reimburse the Dealer for all of the
                           Dealer's out-of-pocket expenses related to this
                           Agreement, including expenses incurred in connection
                           with its preparation and negotiation, and the
                           transactions contemplated hereby (including, but not
                           limited to, the printing and distribution of the CP
                           Memorandum), and, if applicable, for the reasonable
                           fees and out-of-pocket expenses of the Dealer's
                           counsel.

                  3.8      Without limiting any obligation of the Issuer
                           pursuant to this Agreement to provide the Dealer with
                           credit and financial information, the Issuer hereby
                           acknowledges and agrees that the Dealer may share the
                           Company Information and any other information or
                           matters relating to the Issuer or the transactions
                           contemplated hereby with affiliates of the Dealer,
                           including, but not limited, to U.S. Bank, National
                           Association, and that such affiliates may likewise
                           share information relating to the Issuer or such
                           transactions with the Dealer.

                  3.9      The Issuer shall maintain one or more legally
                           committed, immediately available credit facilities
                           under which draws are allowable to repay outstanding
                           commercial paper, such credit facilities (i) being in
                           an aggregate amount equal to or greater than the
                           aggregate amount of the Notes outstanding and having
                           an expiration date later than the last maturity date
                           of any of the Notes issued and outstanding and (ii)
                           having undrawn, available commitments in an aggregate
                           amount equal to or greater than the aggregate amount
                           equal to any of the Notes issued and outstanding.

         4.       Disclosure.

                  4.1      The CP Memorandum and its contents (other than the
                           Dealer Information) shall be the sole responsibility
                           of the Issuer. The CP Memorandum shall contain a
                           statement expressly offering an opportunity for each
                           prospective purchaser to ask questions of, and
                           receive answers from, the Issuer concerning the
                           offering of Notes and to obtain relevant additional
                           information which the Issuer possesses or can acquire
                           without unreasonable effort or expense.

                  4.2      The Issuer agrees to promptly furnish the Dealer the
                           Company Information as it becomes available.

                  4.3      (a) The Issuer further agrees to notify the Dealer
                           promptly upon the occurrence of any event relating to
                           or affecting the Issuer that would cause

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                           the Company Information then in existence to include
                           an untrue statement of a material fact or to omit to
                           state a material fact necessary in order to make the
                           statements contained therein, in light of the
                           circumstances under which they are made, not
                           misleading.

                           (b) In the event that the Issuer gives the Dealer
                           notice pursuant to Section 4.3(a) and the Dealer
                           notifies the Issuer that it then has Notes it is
                           holding in inventory, the Issuer agrees promptly to
                           supplement or amend the CP Memorandum so that the CP
                           Memorandum, as amended or supplemented, shall not
                           contain an untrue statement of a material fact or
                           omit to state a material fact necessary in order to
                           make the statements therein, in light of the
                           circumstances under which they were made, not
                           misleading, and the Issuer shall make such supplement
                           or amendment available to the Dealer.

                           (c) In the event that (i) the Issuer gives the Dealer
                           notice pursuant to Section 4.3(a), (ii) the Dealer
                           does not notify the Issuer that it is then holding
                           Notes in inventory and (iii) the Issuer chooses not
                           to promptly amend or supplement the CP Memorandum in
                           the manner described in clause (b) above, then all
                           solicitations and sales of Notes shall be suspended
                           until such time as the Issuer has so amended or
                           supplemented the CP Memorandum, and made such
                           amendment or supplement available to the Dealer.

         5.       Indemnification and Contribution.

                  5.1      The Issuer will indemnify and hold harmless the
                           Dealer, each individual, corporation, partnership,
                           trust, association or other entity controlling the
                           Dealer, any affiliate of the Dealer or any such
                           controlling entity and their respective directors,
                           officers, employees, partners, incorporators,
                           shareholders, servants, trustees and agents
                           (hereinafter the "Indemnitees") against any and all
                           liabilities, penalties, suits, causes of action,
                           losses, damages, claims, costs and expenses
                           (including, without limitation, reasonable fees and
                           disbursements of counsel) or judgments of whatever
                           kind or nature (each a "Claim"), imposed upon,
                           incurred by or asserted against the Indemnitees
                           arising out of or based upon (i) any allegation that
                           the CP Memorandum, the Company Information or any
                           written information provided by the Issuer to the
                           Dealer included (as of any relevant time) or includes
                           an untrue statement of a material fact or omitted (as
                           of any relevant time) or omits to state any material
                           fact necessary to make the statements therein, in
                           light of the circumstances under which they were
                           made, not misleading . This indemnification shall not
                           apply to the extent that the Claim arises out of or
                           is based upon Dealer Information. In addition, and
                           subject thereto, Dealer shall indemnify and hold the
                           Issuer harmless to the same extent as provided above
                           in the event that any claim

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                           arises from or is based upon the information of
                           Dealer contained in the last two paragraphs of the CP
                           Memorandum.

                  5.2      Provisions relating to claims made for
                           indemnification under this Section 5 are set forth on
                           Exhibit B to this Agreement.

                  5.3      In order to provide for just and equitable
                           contribution in circumstances in which the
                           indemnification provided for in this Section 5 is
                           held to be unavailable or insufficient to hold
                           harmless the Indemnitees, although applicable in
                           accordance with the terms of this Section 5, the
                           Issuer shall contribute to the aggregate costs
                           incurred by the Dealer in connection with any Claim
                           in the proportion of the respective economic
                           interests of the Issuer and the Dealer; provided,
                           however, that such contribution by the Issuer shall
                           be in an amount such that the aggregate costs
                           incurred by the Dealer do not exceed the aggregate of
                           the commissions and fees earned by the Dealer
                           hereunder with respect to the issue or issues of
                           Notes to which such Claim relates. The respective
                           economic interests shall be calculated by reference
                           to the aggregate proceeds to the Issuer of the Notes
                           issued hereunder and the aggregate commissions and
                           fees earned by the Dealer hereunder.

         6.       Definitions.

                  6.1      "Claim" shall have the meaning set forth in Section
                           5.1.

                  6.2      "Company Information" at any given time shall mean
                           the CP Memorandum together with, to the extent
                           applicable, (i) the Issuer's most recent report on
                           Form 10-K filed with the SEC and each report on Form
                           10-Q or 8-K filed by the Issuer with the SEC since
                           the most recent Form 10-K, and if not included in
                           item (i) above, (ii) the Issuer's most recent annual
                           audited financial statements and each interim
                           financial statement or report prepared subsequent
                           thereto, and if not included in item (i) or (ii)
                           above, (iii) any other information or disclosure
                           prepared pursuant to Section 4.3 hereof.

                  6.3      "CP Memorandum" shall mean offering materials
                           prepared in accordance with Section 4 (including
                           materials referred to therein or incorporated by
                           reference therein) provided to purchasers and
                           prospective purchasers of the Notes, and shall
                           include amendments and supplements thereto which may
                           be prepared from time to time in accordance with this
                           Agreement (other than any amendment or supplement
                           that has been completely superseded by a later
                           amendment or supplement).

                  6.4      "Dealer Information" shall mean material concerning
                           the Dealer provided by the Dealer in writing
                           expressly for inclusion in the CP Memorandum.

                                       11

<PAGE>

                  6.5      "DTC" shall mean The Depository Trust Company.

                  6.6      "Exchange Act" shall mean the U.S. Securities
                           Exchange Act of 1934, as amended.

                  6.7      "Indemnitee" shall have the meaning set forth in
                           Section 5.1.

                  6.8      "Institutional Accredited Investor" shall mean an
                           institutional investor that is an accredited investor
                           within the meaning of Rule 501 under the Securities
                           Act and that has such knowledge and experience in
                           financial and business matters that it is capable of
                           evaluating and bearing the economic risk of an
                           investment in the Notes, including, but not limited
                           to, a bank, as defined in Section 3(a)(2) of the
                           Securities Act, or a savings and loan association or
                           other institution, as defined in Section 3(a)(5)(A)
                           of the Securities Act, whether acting in its
                           individual or fiduciary capacity.

                  6.9      "Issuing and Paying Agency Agreement" shall mean the
                           issuing and paying agency agreement described on the
                           cover page of this Agreement, as such agreement may
                           be amended or supplemented from time to time.

                  6.10     "Issuing and Paying Agent" shall mean the party
                           designated as such on the cover page of this
                           Agreement, as issuing and paying agent under the
                           Issuing and Paying Agency Agreement, or any successor
                           thereto in accordance with the Issuing and Paying
                           Agency Agreement.

                  6.11     "Non-bank fiduciary or agent" shall mean a fiduciary
                           or agent other than (a) a bank, as defined in Section
                           3(a)(2) of the Securities Act, or (b) a savings and
                           loan association, as defined in Section 3(a)(5)(A) of
                           the Securities Act.

                  6.12     "Qualified Institutional Buyer" shall have the
                           meaning assigned to that term in Rule 144A under the
                           Securities Act.

                  6.13     "Rule 144A" shall mean Rule 144A under the Securities
                           Act.

                  6.14     " Regulation D" shall mean Regulation D (Rules 501 et
                           seq.) under the Securities Act.

                  6.15     "SEC" shall mean the U.S. Securities and Exchange
                           Commission.

                  6.16     "Securities Act" shall mean the U.S. Securities Act
                           of 1933, as amended.

                  6.17     "Sophisticated Individual Accredited Investor" shall
                           mean an individual who is an accredited investor
                           within the meaning of Rule 501 under the

                                       12

<PAGE>

                           Securities Act and who has such knowledge and
                           experience in financial and business matters that he
                           or she is capable of evaluating and bearing the
                           economic risk of an investment in the Notes.

         7.       General

                  7.1      Unless otherwise expressly provided herein, all
                           notices under this Agreement to parties hereto shall
                           be in writing and shall be effective when received at
                           the address of the respective party set forth in the
                           Addendum to this Agreement.

                  7.2      This Agreement shall be governed by and construed in
                           accordance with the laws of the State of Minnesota,
                           without regard to its conflict of laws provisions.

                  7.3      The Issuer and Dealer agree that any suit, action or
                           proceeding brought in in connection with or arising
                           out of this Agreement or the Notes or the offer and
                           sale of the Notes may only be brought in either the
                           United States federal courts located in Minneapolis,
                           Minnesota or Cleveland, Ohio. Each of the Dealer and
                           the Issuer waives its right to trial by jury in any
                           suit, action or proceeding with respect to this
                           Agreement or the transactions contemplated hereby.

                  7.4      This Agreement may be terminated, at any time, by the
                           Issuer, upon one business day's prior notice to such
                           effect to the Dealer, or by the Dealer upon one
                           business day's prior notice to such effect to the
                           Issuer. Any such termination, however, shall not
                           affect the obligations of the Issuer under Sections
                           3.7, 5 and 7.3 hereof or the respective
                           representations, warranties, agreements, covenants,
                           rights or responsibilities of the parties made or
                           arising prior to the termination of this Agreement.

                  7.5      This Agreement is not assignable by either party
                           hereto without the written consent of the other
                           party; provided, however, that (a) the Dealer may
                           assign its rights and obligations under this
                           Agreement to any affiliate of the Dealer upon written
                           notice to the Issuer.

                  7.6      This Agreement may be signed in any number of
                           counterparts, each of which shall be an original,
                           with the same effect as if the signatures thereto and
                           hereto were upon the same instrument.

                  7.7      This Agreement is for the exclusive benefit of the
                           parties hereto, and their respective permitted
                           successors and assigns hereunder, and shall not be
                           deemed to give any legal or equitable right, remedy
                           or claim to any other person whatsoever.

                                       13

<PAGE>

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

RPM International Inc., as Issuer

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

U.S. Bancorp Piper Jaffray Inc., as Dealer

By:     /s/ Lou Martine
      ------------------------------------------------
Name:   Lou Martine
      ------------------------------------------------
Title:  Managing Director
       -----------------------------------------------

                                       14

<PAGE>

ADDENDUM

The following additional clauses shall apply to the Agreement and be deemed a
part thereof:

1.       The other dealer(s) referred to in clause (b) of Section 1.2 of the
         Agreement is (are):___________________________________________________.

2.       The addresses of the respective parties for purposes of notices under
         Section 7.1 are as follows:

              FOR THE ISSUER:       RPM International Inc.

              Address:              2628 Pearl Road
                                    P.O. Box 777
                                    Medina, OH 44258

              Attention:            Keith Smiley, Vice President and Treasurer
              Telephone:            (330) 273-8837
              Fax number:           (330) 225-6574

              With copy to:

              P. Kelly Tompkins
              Senior Vice President, General Counsel and Secretary
              RPM International Inc.
              2628 Pearl Road
              Medina, Ohio 44258

              Edward W. Moore, Esq.
              Calfee, Halter & Griswold LLP
              1400 McDonald Investment Center
              800 Superior Avenue
              Cleveland, Ohio 44114-2688

<PAGE>

              FOR THE DEALER:       U.S. Bancorp Piper Jaffray Inc.

              Address:              111 SW Fifth Avenue, Suite 1900
                                    Portland, OR 97204

              Attention:            Corporate Finance
              Telephone:            (503) 275-4920
              Fax number:           (503) 275-3490

<PAGE>

EXHIBIT A

FORM OF LEGEND FOR CP MEMORANDUM AND NOTES

THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES
THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT
HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER
AND THE NOTES, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY
DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL INVESTOR OR
SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE
MEANING OF RULE 501(a) UNDER THE ACT (AN "INSTITUTIONAL ACCREDITED INVESTOR" OR
"SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR", RESPECTIVELY) AND THAT EITHER IS
PURCHASING NOTES FOR ITS OWN ACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION
3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS
DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY
CAPACITY OR IS A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN)
PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR (i) WHICH
ITSELF POSSESSES SUCH KNOWLEDGE AND EXPERIENCE OR (ii) WITH RESPECT TO WHICH
SUCH PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL
BUYER ("QIB") WITHIN THE MEANING OF RULE 144A UNDER THE ACT WHICH IS ACQUIRING
NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB
AND WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION;
AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON
THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED
BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE
DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A)
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE
ISSUER OR TO U.S. BANCORP INVESTMENTS INC. OR ANOTHER PERSON DESIGNATED BY THE
ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE "PLACEMENT
AGENTS"), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2)
THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED
INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT
MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000.

<PAGE>

EXHIBIT B

Further Provisions Relating to Indemnification

(a)      The Issuer agrees to reimburse each Indemnitee for all expenses
(including reasonable fees and disbursements of internal and external counsel)
as they are incurred by it in connection with investigating or defending any
loss, claim, damage, liability or action in respect of which indemnification may
be sought under Section 5 of the Agreement (whether or not it is a party to any
such proceedings).

(b)      Promptly after receipt by an Indemnitee of notice of the existence of a
Claim, such Indemnitee will, if a claim in respect thereof is to be made against
the Issuer, notify the Issuer in writing of the existence thereof; provided that
(i) the omission so to notify the Issuer will not relieve the Issuer from any
liability which it may have hereunder unless and except to the extent it did not
otherwise learn of such Claim and such failure results in the forfeiture by the
Issuer of substantial rights and defenses, and (ii) the omission so to notify
the Issuer will not relieve it from liability which it may have to an Indemnitee
otherwise than on account of this indemnity agreement. In case any such Claim is
made against any Indemnitee and it notifies the Issuer of the existence thereof,
the Issuer will be entitled to participate therein, and to the extent that it
may elect by written notice delivered to the Indemnitee, to assume the defense
thereof, with counsel reasonably satisfactory to such Indemnitee; provided that
if the defendants in any such Claim include both the Indemnitee and the Issuer,
and the Indemnitee shall have concluded that there may be legal defenses
available to it which are different from or additional to those available to the
Issuer, the Issuer shall not have the right to direct the defense of such Claim
on behalf of such Indemnitee, and the Indemnitee shall have the right to select
separate counsel to assert such legal defenses on behalf of such Indemnitee.
Upon receipt of notice from the Issuer to such Indemnitee of the Issuer's
election so to assume the defense of such Claim and approval by the Indemnitee
of counsel, the Issuer will not be liable to such Indemnitee for expenses
incurred thereafter by the Indemnitee in connection with the defense thereof
(other than reasonable costs of investigation) unless (i) the Indemnitee shall
have employed separate counsel in connection with the assertion of legal
defenses in accordance with the proviso to the next preceding sentence (it being
understood, however, that the Issuer shall not be liable for the expenses of
more than one separate counsel (in addition to any local counsel in the
jurisdiction in which any Claim is brought), approved by the Dealer,
representing the Indemnitee who is party to such Claim), (ii) the Issuer shall
not have employed counsel reasonably satisfactory to the Indemnitee to represent
the Indemnitee within a reasonable time after notice of existence of the Claim
or (iii) the Issuer has authorized in writing the employment of counsel for the
Indemnitee. The indemnity, reimbursement and contribution obligations of the
Issuer hereunder shall be in addition to any other liability the Issuer may
otherwise have to an Indemnitee and shall be binding upon and inure to the
benefit of any successors, assigns, heirs and personal representatives of the
Issuer and any Indemnitee. The Issuer agrees that without the Dealer's prior
written consent, it will not settle, compromise or consent to the entry of any
judgment in any Claim in respect of which indemnification may be sought under
the indemnification provision of the Agreement (whether or not the Dealer or any
other Indemnitee is an actual or potential party to such Claim), unless such
settlement, compromise or consent includes an unconditional release of each
Indemnitee from all liability arising out of such Claim.

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