Document:

EXHIBIT 10.17

                                 NON-MANAGEMENT
                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT ("Agreement") is made and entered
into this 6th day of March, 2000, between SmartDisk Corporation, a Delaware
corporation (the "Company") and the stockholders of the Company that have
executed this Agreement or a counterpart hereof in accordance with Section 6(e)
(each a "Holder" and collectively, the "Holders").

                                    RECITALS

         A. The Company is contemporaneously issuing and delivering to Holders
an aggregate of approximately 1,067,481 shares (the "Restricted Shares") of the
Company's common stock, par value $0.001 per share (the "Common Stock"),
pursuant to that certain Agreement and Plan of Merger, dated as of February 23,
2000 (the "Merger Agreement"), among the Company, VST Acquisition, Inc., a
Delaware corporation and wholly owned subsidiary of the Company, VST
Technologies, Inc., a Delaware corporation, and the "Shareholders" named
therein. Capitalized terms used in this Agreement and which are not defined
herein shall have the same meanings ascribed thereto in the Merger Agreement.

         B. As contemplated by the Merger Agreement, the Company has agreed
herein to provide to Holders certain registration rights with respect to the
Restricted Shares.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and covenants set
forth in the Merger Agreement, the parties agree as follows:

         1. REGISTRATION RIGHTS.

                  (a) INCIDENTAL (PIGGYBACK) REGISTRATION. Subject to the
limitations set forth in this Agreement, if the Company at any time within one
(1) year of the date hereof proposes to file on its behalf and/or on behalf of
any of its security holders ("the demanding security holders") a Registration
Statement under the Securities Act of 1933, as amended (the "Securities Act"),
on any form (other than a Registration Statement on Form S-4 or S-8 or any
successor form for securities to be offered in a transaction of the type
referred to in Rule 145 under the Securities Act or to employees of the Company
pursuant to any employee benefit plan, respectively) for the general
registration of securities to be sold for cash with respect to its Common Stock
or any other class of equity security (as defined in Section 3(a)(11) of the
Securities Exchange Act of 1934) of the Company, it will give written notice to
the Holders at least 15 days before the initial filing with the Commission of
such Registration Statement, which notice shall set forth the intended method of
disposition of the securities proposed to be registered by the Company. The
notice shall offer to include in such filing the aggregate number of shares of
Restricted Shares as the Holders may request, subject, however, to the
provisions of this Section 1(a) below.

         If the Holders desire to have Restricted Shares registered under this
Section 1, they shall advise the Company in writing within 10 days after the
date of receipt of such offer from the Company, setting forth the amount of such
Restricted Shares for which registration is requested. The Company shall
thereupon include in such filing the number of shares of Restricted Shares of
each Holder for which registration is so requested, subject to the following
provisions of this paragraph. In the event that the proposed registration by the
Company is, in whole or in part, an underwritten public offering of securities
of the Company, the Company shall not be required to include any of the
Restricted Shares in such underwriting unless Holders agree to accept the
offering on the same terms and conditions as the shares of Common Stock, if any,
otherwise being sold through the underwriters under such registration and
provided further, that: (i) if the managing underwriter determines and advises
the Company that the inclusion of all Restricted Shares proposed to be included
by the Holders in the underwritten public

<PAGE>

offering and other issued and outstanding shares of Common Stock proposed to be
included therein by the persons other than the Holders, the Company and any
holder who has exercised demand registration rights with respect to such
registration (the "Other Shares") would jeopardize the success of the Company's
offering, then (x) the Company shall be required to include in the offering (in
addition to the number of shares to be sold by the Company and any demanding
security holder) only that number of Restricted Shares that the managing
underwriter believes will not jeopardize the success of the Company's offering
and (y) the number of Restricted Shares and Other Shares included in such
underwritten public offering shall be reduced pro rata based upon the number of
shares of Restricted Shares and Other Shares requested by the holders thereof to
be registered in such underwritten public offering subject to the provisions of
that certain Investors' Rights Agreement between the Company and Phoenix House
Investments, LLC, Toshiba Corporation and Fischer International Systems
Corporation (collectively, the "Prior Holders"), requiring that such reduction
in the number of Other Shares included in such offering not reduce the number of
Other Shares owned by the Prior Holders included in the Offering, below 30% of
the total amount of securities included in the offering; and (ii) in each case
all Restricted Shares owned by the Holders which are not included in the
underwritten public offering shall be subject to customary underwriter "lock-up"
arrangements and not sold or otherwise transferred by the Holders for a period,
not to exceed one hundred eighty (180) calendar days, which the managing
underwriter reasonably determines as necessary in order to effect the
underwritten public offering. In the event the Company chooses a registration
form which limits the size of the offering, either in terms of the number of
shares or dollar amount, the Company shall not be required to include in the
offering (in addition to the number of shares to be sold by the Company and any
demanding security holder) Restricted Shares which would exceed such limits and
the number of Restricted Shares and Other Shares included in such underwritten
public offering shall be reduced pro rata based upon the number of shares of
Restricted Shares and Other Shares requested by the holders thereof to be
registered in such underwritten public offering.

                  (b) REGISTRATION AT THE REQUEST OF HOLDERS.

                           (i) Subject to the limitations set forth in this
Agreement, the Company agrees that upon receipt by the Company of a Registration
Demand (as hereinafter defined) satisfying the conditions of paragraph (iii) of
this Section 1(b), the Company will (A) give prompt written notice of such
proposed registration to all Holders, who shall have the right (by providing the
Company a written election within ten (10) days of receipt of such notice) to
have their Restricted Shares included in such registration, and (B) file a
registration statement under the Securities Act, with reasonable promptness, and
in any case not later than sixty (60) days after the Company's receipt of the
Registration Demand for an offering of such number of Restricted Shares as to
which registration is requested in the Registration Demand. The Company shall
use its best efforts to cause such registration statement to promptly become
effective under the Securities Act. No Registration Demand shall be effective or
impose any obligation upon the Company unless the Registration Demand shall
request the registration of Restricted Shares with an aggregate offering value
of at least $5 million. The Company shall be entitled to postpone (upon written
notice to the Holders) for up to sixty (60) days the filing or requested
effectiveness of a registration statement in respect of a Registration Demand
(but no more than once in any nine-month period) if the Company's Board of
Directors determines in good faith and in its reasonable judgment that effecting
the registration in respect of such Registration Demand would have a material
adverse affect on any proposal or plan by the Company to engage in any material
acquisition or disposition of assets (other than in the ordinary course of
business) or any material merger, consolidation, tender offer or other similar
transaction.

                           (ii) The Company shall be entitled to include in any
public offering of Common Stock pursuant to a registration statement filed
pursuant to this Section 1(b) or pursuant to Section 1(d), securities of the
Company entitled generally to vote in the election of directors (or any
securities convertible into or exchangeable for or exercisable for the purchase
of securities so entitled generally to vote in the election of directors) to be
sold by other shareholders of the Company or by the Company for its own account,
except as and to the extent that in the opinion of the managing underwriter

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<PAGE>

(if any), such inclusion would adversely affect the marketing of the Restricted
Shares to be sold by the Holders in such offering, provided that if the managing
underwriter believes that the inclusion of all shares requested to be included
in the proposed underwritten public offering would adversely affect the
marketing of the Restricted Shares, then the aggregate number of shares to be
offered by the Company and the other shareholders of the Company having similar
registration rights shall be reduced so as to permit the offering of all
Restricted Shares requested by the Holders without such adverse effects.

                           (iii) A "REGISTRATION DEMAND" shall be a written
notice from the Holders to the Company in accordance with the requirements of
this Agreement which states that the Holders of a majority of the Restricted
Shares desire that the Company effect the registration of Restricted Shares
pursuant to a registration statement under the Securities Act and requesting
that the Company effect registration with respect to a specified number of each
Holder's Restricted Shares within the limits of this Agreement. No more than one
Registration Demand may be made under this Agreement, and no Registration Demand
may be made after the second anniversary of the Effective Time of the Merger.
The Registration Demand shall not be made prior to the four month anniversary of
the Effective Time of the Merger or after August 12, 2000. No Holder shall at
any time request pursuant to this Section 1(b) the registration of the sale of
more than 50% of the Restricted Shares (net of any Restricted Shares registered
pursuant to Section 1(a) above) received by such Holder pursuant to the Merger.
The Company's obligation to register any Holder's Restricted Shares is further
subject to the requirements of paragraph (c) of this Section 1.

                  (c) UNDERWRITING DOCUMENTS; OTHER LIMITATIONS.

                           (i) Notwithstanding any provision of this Agreement
to the contrary, a Holder may not include any Restricted Shares in any
underwritten offering required or contemplated under this Agreement unless the
Holder timely executes and delivers the form of underwriting agreement, custody
agreement, power of attorney and other agreements and instruments reasonably
required by the underwriters of such offering in connection with the preparation
and consummation of such offering.

                           (ii) Notwithstanding any provision of this Agreement
to the contrary, in no event shall the Company be required to register the sale
of any Restricted Shares held by the Escrow Agent.

                  (d) FORM S-3 REGISTRATION.

                           (i) Subject to the limitations set forth in this
Agreement, the Company will file as promptly as possible after it is eligible to
do so (and in no event later than October 16, 2000) a registration statement on
Form S-3 (the "Shelf Registration Statement") covering all of the Restricted
Shares and thereafter shall use its best efforts to cause the Shelf Registration
Statement to be declared effective as soon as practicable following such filing
and to maintain such effectiveness until the one year anniversary of the date
hereof; PROVIDED, HOWEVER, that the Company shall have the right to prohibit the
sale of Restricted Shares pursuant to the Shelf Registration Statement, upon
notice to the Holders (A) if in the opinion of counsel for the Company, the
Company would thereby be required to disclose information not otherwise then
required by law to be publicly disclosed, provided that the Company shall use
its best efforts to minimize the period of time in which it shall prohibit the
sale of any shares of Common Stock pursuant to this clause (A), which shall in
no event exceed 45 days in any one-year period; or (B) during the period
starting with the date 10 days prior to the Company's estimate of the date of
filing of, and ending on a date 90 days after the effective date of, a
registration in which the Holders are entitled to participate in accordance with
Section 1(a) hereof, or such longer post-effective periods as may be reasonably
required by the underwriter or underwriters if such offering is underwritten.

         2. CERTAIN REGISTRATION PROCEDURES. If the Company is required by the
provisions of Section 1 to use its best efforts to effect the registration of
any Restricted Shares under the Securities Act, the Company will:

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<PAGE>

                  (a) prepare and file with the Securities and Exchange
Commission (the "Commission") a registration statement with respect to such
Restricted Shares and such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to
keep such registration statement effective until the earliest of (i) the
completion of the distribution of the registered securities, and (ii) the three
(3)-month anniversary of the effective date of the registration statement (or,
in the case of a registration statement filed on Form S-3, and subject to the
limitations contemplated by Section 1(d) hereof, the one-year anniversary of the
Effective Time) and to comply with the provisions of the Securities Act with
respect to the sale or other disposition of all securities covered by such
registration statement;

                  (b) furnish to any selling security holders such number of
copies of a summary prospectus or other prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such
other documents, as such selling security holders may reasonably request;

                  (c) use its best efforts to register or qualify the securities
covered by such registration statement under such other securities or "blue sky"
laws of such jurisdictions within the United States and Puerto Rico as each
Holder of securities shall reasonably request (provided, however, that the
Company shall not be obligated to qualify as a foreign corporation to do
business under the laws of any jurisdiction in which it is not then qualified or
to file any general consent to service or process or to qualify as a broker or
dealer in securities), and do such other reasonable acts and things as may be
required of it to enable the Holders to consummate the disposition in such
jurisdiction of the securities covered by such registration statement;

                  (d) take such other actions as are reasonably required in
order to expedite or facilitate the disposition of such Common Stock; and

                  (e) promptly notify in writing the Holders and each
underwriter (if any) of the happening of any event, during the period of
distribution, as a result of which the registration statement includes an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing (in which case, the Company shall
promptly provide the Holders and/or underwriters, as appropriate, with revised
or supplemental prospectuses and if so requested by the Company in writing, the
Holders shall promptly take action to cease making any offers of the Restricted
Shares until receipt and distribution of such revised or supplemental
prospectuses).

         3. EXPENSES. All expenses incurred in complying with this Agreement,
including, without limitation, all registration and filing fees (including all
expenses incident to filing with the NASD), printing expenses, fees and
disbursements of counsel for the Company, expenses of any special audits
incident to or required by any such registration and expenses (including
attorneys' fees) of complying with the securities or blue sky laws of any
jurisdictions pursuant to Section 2(c), except to the extent required to be paid
by participating selling security holders by state securities or blue sky laws,
shall be paid by the Company, except that the Company shall not be liable for
any fees, discounts or commissions to any underwriter or any fees or
disbursements of counsel for Holders in respect of the securities sold by
Holders, which amounts shall be paid by the Holders.

         4. INDEMNIFICATION. In the event of any registration of any Restricted
Shares under the Securities Act pursuant to this Agreement, the Company shall
indemnify and hold harmless the seller of such shares, each underwriter of such
shares, if any, each such broker or any other person, if any, who controls any
of the foregoing persons, within the meaning of the Securities Act, against any
losses, claims, damages or liabilities, joint or several, to which any of the
foregoing persons may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement of a material fact
contained in any registration statement under which such Restricted Shares were
registered under the Securities Act, any final prospectus contained therein, or
any amendment or supplement thereto, or any document prepared and/or furnished

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<PAGE>

by the Company incident to the registration or qualification of any Restricted
Shares, or arise out of or are based upon the omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading or, with respect to any final prospectus, necessary to
make the statements therein in light of the circumstances under which they were
made, not misleading, or any violations by the Company of the Securities Act or
state securities or "blue sky" laws applicable to the Company relating to action
or inaction required of the Company in connection with such registration or
qualification under such state securities or blue sky laws; and shall reimburse
such seller, such underwriter, broker or other person acting on behalf of such
seller and each such controlling person for any legal or any other expenses
reasonably incurred by any of them in connection with investigating or defending
any such loss, claim, damage, liability or action; provided, however, that the
Company shall not be so obligated to indemnify and reimburse any such Holder for
any such loss, claim, damage or liability that arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission
made in said registration statement, said final prospectus or said amendment or
supplement or any document incident to the registration or qualification of any
Restricted Shares in reliance upon and in conformity with information furnished
by such Holder to the Company for use in preparation thereof. Before Restricted
Shares held by the Holders shall be included in any registration pursuant to
this Agreement, the Holders shall have agreed to indemnify and hold harmless (in
the same manner and to the same extent as set forth in this Section 4 for the
indemnification of such prospective seller and underwriter by the Company) the
Company, each director of the Company, each officer of the Company who shall
sign such registration statement and any person who controls the Company within
the meaning of the Securities Act, with respect to any untrue statement or
omission from such registration statement or final prospectus contained therein
or any amendment or supplement thereto, if such untrue statement or omission was
(i) made in reliance upon and in conformity with information furnished to the
Company by any Holder for use in the preparation of such registration statement,
final prospectus or amendment or supplement or (ii) contained in any
registration statement or prospectus which was utilized by any Holder or any
controlling person or affiliate of any Holder either (A) on any date which is in
excess of 90 days after the date of the Prospectus included in the registration
statement, or (B) after the Holders were notified, in accordance with Section
2(e) hereof, that such registration statement contained an untrue statement of a
material fact or omitted to state any material fact. Promptly after receipt by
an indemnified party of notice of the commencement of any action involving a
claim referred to in this Section 4, such indemnified party will, if a claim in
respect thereof is made against any indemnifying party, give written notice to
the latter of such claim and/or the commencement of such action. In case any
such action is brought against an indemnified party, the indemnifying party will
be entitled to participate in and assume the defense thereof, jointly with any
other indemnifying party similarly notified to the extent that it may wish, with
counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying party to such indemnified party of its election to assume the
defense thereof, the indemnifying party shall be responsible for any legal or
other expenses subsequently incurred by the latter in connection with the
defense thereof, provided that if any indemnified party shall have reasonably
concluded that there may be one or more legal defenses available to such
indemnified party which conflict in any material respect with those available to
the indemnifying party, or that such claim or litigation involves or could have
an effect upon matters beyond the scope of the indemnity agreement provided in
this Section 4, such indemnifying party shall reimburse such indemnified party
and shall not have the right to assume the defense of such action on behalf of
such indemnified party and such indemnifying party shall reimburse such
indemnified party and any person controlling such indemnified party for that
portion of the fees and expenses of any counsel retained by the indemnified
party which are reasonably related to the matters covered by the indemnity
agreement provided in this Section 4. The indemnifying party shall not make any
settlement of any claims indemnified against hereunder without the written
consent of the indemnified party or parties, which consent shall not be
unreasonably withheld.

                  In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in this Section 4 is due
in accordance with its terms but for any reason is held to be unavailable to an
indemnified party in respect to any losses, claims, damages and liabilities
referred to herein, then the indemnifying party shall, in lieu of indemnifying
such indemnified party, contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities

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<PAGE>

to which such party may be subject in such proportion as is appropriate to
reflect the relative fault of the Company on the one hand and the Holders on the
other in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Holders shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of material fact related to information supplied by the Company
or the Holders and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The Company and the Holders agree that it would not be just and equitable if
contribution pursuant to this Section 4 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. Notwithstanding the provisions of
this paragraph of Section 4, (a) in no case shall any one Holder be liable or
responsible for any amount in excess of the net proceeds received by such
selling Holder from the offering of Restricted Shares and (b) the Company shall
be liable and responsible for any amount in excess of such proceeds; PROVIDED,
HOWEVER, that 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. Any party entitled to contribution will, promptly after
receipt of notice of commencement of any action, suit or proceeding against such
party in respect to which a claim for contribution may be made against another
party or parties under this Section, notify such party or parties from whom
contribution may be sought, but the omission so to notify such party or parties
from whom contribution may be sought shall not relieve such party from any other
obligation it or they may have thereunder or otherwise under this Section. No
party shall be liable for contribution with respect to any action, suit,
proceeding or claim settled without its prior written consent, which consent
shall not be unreasonably withheld.

         5. CERTAIN LIMITATIONS ON REGISTRATION RIGHTS. Notwithstanding the
other provisions of this Agreement, the Company shall not be obligated to
register the Restricted Shares of Holders if, in the opinion of counsel to the
Company, the sale or other disposition of Holders' Restricted Shares may be
effected without registering such Restricted Shares under the Securities Act.
The Company's obligations under Section 1 with respect to each Holder are also
expressly conditioned upon such Holder furnishing to the Company in writing such
information concerning such Holder and such Holder's controlling persons and the
terms of such Holder's proposed offering of Restricted Shares as the Company or
the managing underwriter (if any) shall reasonably request for inclusion in the
applicable registration statement.

         6. MISCELLANEOUS.

                  (a) NOTICES. Any notice, request, instruction, correspondence
or other document to be given hereunder by any party hereto to another (herein
collectively called "NOTICE") shall be in writing and delivered personally or
mailed by registered or certified mail, postage prepaid and return receipt
requested, or by telecopier, as follows:

               IF TO THE COMPANY:    SmartDisk Corporation
                                     3506 Mercantile Avenue
                                     Naples, Florida  34104
                                     Attention:  Daniel E. Reed
                                     Telecopy No. (941) 436-2509

                                     WITH A COPY TO:

                                     Greenberg Traurig, LLP
                                     One East Camelback Road, Suite 1100
                                     Phoenix, Arizona 85012
                                     Attention: Bruce E. Macdonough
                                     Telecopy No.  (602) 263-2566

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<PAGE>

               IF TO THE HOLDERS:    To the address set opposite each Holder's
                                     name on the signature page attached hereto

                                     WITH COPIES TO:

                                     Hale and Dorr LLP
                                     60 State Street
                                     Boston, Massachusetts 02109
                                     Attention:  Stuart M. Falber
                                     Telecopy No.  (617) 526-5000

Each of the above addresses for notice purposes may be changed by providing
appropriate notice hereunder. Notice given by personal delivery or registered
mail shall be effective upon actual receipt. Notice given by telecopier shall be
effective upon actual receipt if received during the recipient's normal business
hours, or at the beginning of the recipient's next normal business day after
receipt if not received during the recipient's normal business hours. All
Notices by telecopier shall be confirmed by the sender thereof promptly after
transmission in writing by registered mail or personal delivery. Anything to the
contrary contained herein notwithstanding, notices to any party hereto shall not
be deemed effective with respect to such party until such Notice would, but for
this sentence, be effective both as to such party and as to all other persons to
whom copies are provided above to be given.

                  (b) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of the Company. The
rights granted to each Holder pursuant to the terms of this Agreement may be
transferred by such Holder to (i) another Holder, (ii) any affiliate of such
Holder, (iii) any person or entity acquiring at least 50,000 Restricted Shares
(such number being subject to adjustment for any stock dividend, stock split,
subdivision, combination or other recapitalization of the Common Stock of the
Company) or such lesser number as the Board of Directors of the Company may
agree in writing, or (iv) any person or entity acquiring 100% of such Holder's
Restricted Shares if the number of such Restricted Shares is less than the
amount contemplated by the preceding clause (iii); PROVIDED, HOWEVER, that in
each such case (x) the Company is given written notice by the transferee at the
time of such transfer, stating the name and address of the transferee and
identifying the securities with respect to which such rights are being assigned,
and (y) any transferee (other than a Holder) to whom rights hereunder are
transferred shall, as a condition to such transfer, deliver to the Company a
written instrument by which such transferee agrees to be bound by the
obligations imposed upon Holders under this Agreement to the same extent as if
such transferee were a party hereto. Until the Company receives such notice and
written instrument, the transfer shall not be valid and shall not be reflected
on the books and records of the Company. A transferee to whom rights are
transferred pursuant to this subsection (b) may not again transfer such rights
to any other person or entity, other than as provided in this subsection.

                  (c) GOVERNING LAW. The provisions of this Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware
(excluding any conflict of law rule or principle that would refer to the laws of
another jurisdiction). EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, TRIAL BY
JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING HEREUNDER.

                  (d) ENTIRE AGREEMENT; AMENDMENTS; WAIVERS. This Agreement,
together with the Merger Agreement, constitutes the entire agreement between and
among the parties hereto pertaining to the subject matter hereof and supersedes
all prior agreements, understandings, negotiations and discussions, whether oral
or written, of the parties, and there are no warranties, representations or
other agreements between the parties in connection with the subject matter
hereof except as set forth specifically herein or contemplated hereby. No
supplement, modification or waiver of this Agreement shall be binding unless
executed in writing by the Company and the Holders of at least 50% of the
Restricted

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<PAGE>

Shares. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provision hereof (regardless of whether
similar), nor shall any such waiver constitute a continuing waiver unless
otherwise expressly provided.

                  (e) MULTIPLE COUNTERPARTS. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. In addition, any
former stockholder of [FIRE] who executes a counterpart hereof within 30 days of
date first written above shall be deemed a "Holder" and upon such execution
shall have all of the rights and obligations of a Holder hereunder.

                  (f) SEVERABILITY. Wherever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be prohibited by or
invalid under applicable law, such provisions shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

                  (g) RULE 144 MATTERS. The Company agrees, during the one-year
period commencing on the first anniversary of the Effective Time, to:

                           (i) use its best efforts to make and keep current
public information about the Company available, as those terms are understood
and defined in Rule 144;

                           (ii) use its best efforts to file with the Commission
in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act; and

                           (iii) furnish to any holder of Restricted Shares upon
request (i) a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 and of the Securities Act and the Exchange
Act, (ii) a copy of the most recent annual or quarterly report of the Company,
and (ii) such other reports and documents of the Company as such holder may
reasonably request to avail itself of any similar rule or regulation of the
Commission allowing it to sell any such securities without registration.

<PAGE>

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

SMARTDISK CORPORATION:

By: /s/ MICHAEL S. BATTAGLIA
   ---------------------------------------------
Name:  Michael S. Battaglia
Title: President and Chief Executive Officer

HOLDERS:                                          ADDRESS:

KEYSTONE VENTURE PARTNERS V, L.P.                 225 West Washington
                                                  Chicago, IL  60606
   By: Keystone V Partners, L.P.

       By: Keystone V MGT Co.

       /s/ John R. Regan
       -----------------------------------------  450 Old Oak Court
       Print Name: John R. Regan
                   Managing Director

/s/ ALLYSSA FEDELE                                P.O. Box 061
------------------------------------------------  Harvard, MA  01451
Print Name: Allyssa Fedele

/s/ CHERYL FEDELE                                 P.O. Box 061
------------------------------------------------  Harvard, MA  01451
Print Name: Cheryl Fedele

/s/ VINCENT FEDELE                                P.O. Box 061
------------------------------------------------  Harvard, MA  01451
Print Name: Vincent Fedele, as father of
              Brent Fedele

/s/ VINCENT FEDELE                                P.O. Box 061
------------------------------------------------  Harvard, MA  01451
Print Name: Vincent Fedele, as father of
              Rebecca Fedele

/s/ CATHERINE E. GIARRUSSO                        14 Pheasant Lane
------------------------------------------------  Bedford, MA 01730
Print Name: Catherine E. Giarrusso

/s/ JAMES M. GIARRUSSO                            14 Pheasant Lane
------------------------------------------------  Bedford, MA  01730
Print Name: James M. Giarrusso, custodian for
            Mathew J. Giarrusso

/s/ HENRY CROUSE                                  51 Pilgrim Path
------------------------------------------------  Carlisle, MA  01741
Print Name: Henry Crouse

/s/ LEONARD AND DENA OPPENHEIM, JOINTLY           138 Diablo View Drive
------------------------------------------------  Orlinda, CA  94563
Print Name: Leonard and Dena Oppenheim, Jointly

/s/ MICHAEL G. BALOG                              19 Winward Road
------------------------------------------------  Tiburon, CA  94920
Print Name: Michael G. Balog

/s/ SHAWNA HUNTER                                 14 Altamira Avenue
------------------------------------------------  Kentfield, CA  94909
Print Name: Shawna Hunter

/s/ ANTHONY P. MORRIS                             8 Niles Lane
------------------------------------------------  Winchester, MA 01890
Print Name: Anthony P. Morris

/s/ MARK S. AIN                                   225 Bishops Forest Drive
------------------------------------------------  Waltham, MA  02452
Print Name: Mark S. Ain

                                       9
<PAGE>

/s/ RICH DUMLER                                   c/o Lambda Fund
------------------------------------------------  380 Lexington Avenue, 54th Fl.
Print Name: Rich Dumler                           New York, NY  10168

/s/ ERIC T. JOHNSON
------------------------------------------------ P.O. Box 4003
Print Name: Eric T. Johnson                      Vineyard Haven, MA 02568

LAWRENCE OWEN BROWN FAMILY TRUST

By: /s/ LAWRENCE OWEN BROWN
    -------------------------------------------- 19753 Farwell Ave.
    Title: Trustee                               Saratoga, CA 95070

/s/ GORDON G. BELL                               c/o Bell Computers
------------------------------------------------ 450 Old Oak Court
Print Name: Gordon G. Bell                       Los Altos, CA  94022

/s/ JUSTINE A. JOHNSON                            640 Knotty Oak Road
------------------------------------------------  Coventry, RI  02816
Print Name: Justine A. Johnson

/s/ JOHN CONSTANTINO                              2 Sutton Place South
------------------------------------------------  New York, NY  10022
Print Name: John Constantino

/s/ ALLEN GREENBERG                               c/o Walden Partners Ltd.
------------------------------------------------  150 E. 58th Street
Print Name: Allen Greenberg                       New York, NY  10155

/s/ JACK C. RICH                                  77 Pinecroft Road
------------------------------------------------  Weston, MA  02943
Print Name: Jack C. Rich

/s/ MARGARET JOHNS
------------------------------------------------  63 Atlantic Avenue #19
Print Name: Margaret Johns                        Boston, MA  01810

GERMANIUM POWER DEVICES CORP.

By: /s/ WILLIAM M. AVERY
   ---------------------------------------------  P.O. Box 3065
   William M. Avery                               Andover, MA  01810

GERMANIUM POWER DEVICES CORP.
PROFIT SHARING TRUST GROUP F

By: /s/ WILLIAM M. AVERY
   ---------------------------------------------  P.O. Box 3065
   William M. Avery                               Andover, MA  01810
   Trustee

/s/ RUFUS R. WARD                                 c/o Germanium Power Devices
------------------------------------------------  Corp.
Print Name: Rufus R. Ward                         P.O. Box 3065
                                                  Andover, MA  01810

/s/ MICHAEL MARK                                  284 Summer Avenue
------------------------------------------------  Reading, MA  01867
Print Name: Michael Mark

                                       10
<PAGE>

RHOVIN ENGINEERING PENSION PLAN

By: /s/ VINCENT SABELLA                           325 Main Street
   ---------------------------------------------  North Reading, MA  01864
   Vincent Sabella

/s/ RICHARD SCHERR                                41 Chatham Road
------------------------------------------------  Newton, MA  02461
Print Name: Richard Scherr

MASSACHUSETTS TECHNOLOGY DEVELOPMENT
    CORPORATION

By: /s/ ROBERT J. CROWLEY                         148 State Street
   ---------------------------------------------  Boston, MA 02109
   Robert J. Crowley
   Vice President

LE SERRE

By: /s/ FRANK M. POLESTRA                         255 State Street
   ---------------------------------------------  Boston, MA  02109
   Frank M. Polestra
   Partner

H & D INVESTMENTS II LP

By: /s/ PAUL BROUNTAS                             Hale & Dorr
   ---------------------------------------------  60 State Street
   Paul Brountas                                  Boston, MA  02109

ADD VENTURE ASSOCIATES

By: /s/ NOEL G. POSTERNAK                         100 Charles River Plaza
   ---------------------------------------------  Boston, MA  02114
   Noel G. Posternak
   Partner

ZERO STAGE CAPITAL V, L.P.

By: /s/ PAUL M. KELLEY                            101 Main Street, 17th Floor
   ---------------------------------------------  Cambridge, MA  01242
   Paul M. Kelley
   General Partner

/s/ MARGARET HOULAHAN                             46 Juniper Circle
------------------------------------------------  Concord, MA  01472
Print Name: Margaret Houlahan

GREEN MOUNTAIN CAPITAL, L.P.

By: /s/ I.M. SWEATMAN                             RR1, Box 1503
   ---------------------------------------------  Waterbury, VT  05676
   I.M. Sweatman
   General Manager

                                       11
<PAGE>

T & B INVESTORS, LLC

By: /s/ WILLIAM THALHEIMER                        25 Constitution Drive
   ---------------------------------------------  Bedford, MA  03110
   William Thalheimer
   Managing Partner

/s/ WILLIAM THALHEIMER                            Imaging Automation
------------------------------------------------  25 Constitution Drive
Print Name: William Thalheimer                    Bedford, MA  03110

ALSON PARTNERS III
                                                  c/o William Thalheimer-Imaging
By: /s/ WILLIAM THALHEIMER                        Automation
   ---------------------------------------------  25 Constitution Drive
   William Thalheimer                             Bedford, MA  03110
   Managing Partner

/s/ HENRY APPELBAUM                               1630A 30th Street  #275
------------------------------------------------  Boulder, CO  80301
Print Name: Henry Appelbaum

                                       12EXHIBIT 10.1

                                     FORM OF
                               INDEMNITY AGREEMENT

         THIS INDEMNITY  AGREEMENT (this  "Agreement") is entered into as of the
___ day of ________,  1998,  between RISCORP,  Inc., a Florida  corporation (the
"Corporation"), and _____________ ("Indemnitee").

         WHEREAS, it is essential to the Corporation to retain and attract as
directors and officers the most capable persons available; and

         WHEREAS,  Indemnitee is a director [and officer] of the Corporation and
from time to time may also serve at the  Corporation's  request  as a  director,
officer,  partner,  trustee,  employee,  or agent of another foreign or domestic
corporation,  partnership,  limited  liability  company,  joint venture,  trust,
employee benefit plan, or other entity; and

         WHEREAS,  both the  Corporation  and  Indemnitee  recognize the risk of
litigation  and other claims being  asserted  against  directors and officers of
business corporations in today's environment; and

         WHEREAS, in recognition of Indemnitee's need for substantial protection
against  personal  liability  and in order  to  enhance  Indemnitee's  continued
service to the Corporation and such other entities in an effective  manner,  the
Corporation   desires  to  extend  to  Indemnitee  the  contractual   rights  to
indemnification and advancement of expenses as provided herein;

         NOW,  THEREFORE,  in  consideration of the premises and intending to be
legally bound hereby, the parties hereto agree as follows:

         1. Certain  Definitions for Purposes of this  Agreement.  The following
terms as used in this Agreement shall have the meanings set forth below.

         (a)      "Change in Control" shall have occurred if, during any period
                  of two consecutive years, individuals who at the beginning of
                  such period constitute the Board of Directors of the
                  Corporation cease for any reason to constitute at least a
                  majority thereof, unless the election of each new Director was
                  approved in advance by a vote of at least a majority of the
                  Directors then still in office who were Directors at the
                  beginning of the period.

         (b)      "Corporation"  includes  any  domestic or foreign  predecessor
                  entity of the Corporation in a merger or other  transaction in
                  which the predecessor's  existence ceased upon consummation of
                  the transaction.

<PAGE>

         (c)      "Director" means an individual who is or was a director of the
                  Corporation or an individual who, while a director of the
                  Corporation, is or was serving at the Corporation's request as
                  a director, officer, partner, trustee, employee, or agent of
                  another foreign or domestic corporation, partnership, limited
                  liability company, joint venture, trust, employee benefit
                  plan, or other entity. A Director is considered to be serving
                  an employee benefit plan at the Corporation's request if his
                  duties to the Corporation also impose duties on, or otherwise
                  involve services by, him to the plan or to participants in or
                  beneficiaries of the plan. "Director" includes, unless the
                  context requires otherwise, the estate or personal
                  representative of a Director.

         (d)      "Disinterested  Director" or  "Disinterested  Officer" means a
                  Director or Officer,  respectively,  who at the time of a vote
                  or  selection  referred  to in  Section  3(c) or 4(b) is not a
                  Party to the Proceeding.

         (e)      "Expenses" includes all reasonable counsel fees, retainers,
                  court costs, transcript costs, fees of experts, witness fees,
                  travel expenses, duplicating costs, printing and binding
                  costs, telephone charges, postage, delivery service fees, and
                  all other disbursements or expenses of the types customarily
                  incurred in connection with prosecuting, defending, preparing
                  to prosecute or defend, investigating, being or preparing to
                  be a witness in, or otherwise participating in, a Proceeding,
                  including any appeals.

         (f)      "Independent Legal Counsel" shall mean a law firm, or a member
                  of a law firm, that is experienced in matters of corporation
                  law and neither at the time of retention is, nor in the five
                  years preceding the date of such retention has been, retained
                  to represent (i) the Corporation or Indemnitee in any matter
                  material to either such party or (ii) any other Party to the
                  Proceeding giving rise to a claim for indemnification under
                  this Agreement. Notwithstanding the foregoing, the term
                  "Independent Legal Counsel" shall not include any person who,
                  under the applicable standards of professional conduct then
                  prevailing, would have a conflict of interest in representing
                  either the Corporation or Indemnitee in an action to determine
                  Indemnitee's rights under this Agreement.

         (g)      "Liability"   includes  the  obligation  to  pay  a  judgment,
                  settlement,  penalty,  fine  (including an excise tax assessed
                  with  respect to an  employee  benefit  plan),  or  reasonable
                  Expenses actually incurred with respect to a Proceeding.

         (h)      "Officer"  means an individual who is or was an officer of the
                  Corporation  or an  individual  who,  while an  officer of the
                  Corporation, is or was serving at the Corporation's request as
                  a director,  officer, partner, trustee,  employee, or agent of
                  another foreign or domestic corporation,

                                      -2-
<PAGE>

                  partnership,  limited liability company, joint venture, trust,
                  employee  benefit  plan,  or  other  entity.   An  Officer  is
                  considered  to be  serving  an  employee  benefit  plan at the
                  Corporation's  request if his duties to the  Corporation  also
                  impose duties on, or otherwise involve services by, him to the
                  plan  or to  participants  in or  beneficiaries  of the  plan.
                  "Officer" includes, unless the context requires otherwise, the
                  estate or personal representative of an Officer.

         (i)      "Party"  includes an individual  who was, is, or is threatened
                  to be made a named defendant or respondent in a Proceeding.

         (j)      "Proceeding"  includes any threatened,  pending,  or completed
                  action,  suit,  or other type of  proceeding,  whether  civil,
                  criminal,  administrative,  arbitrative or  investigative  and
                  whether formal or informal.

         (k)      "Reviewing  Party" shall mean the person or persons making the
                  entitlement  determination  pursuant  to  Section  4  of  this
                  Agreement,   and  shall  not   include  a  court   making  any
                  determination under this Agreement or otherwise.

         2.       Basic Indemnification Arrangement.

         (a)      Obligation  to  Indemnify;  Standard  of  Conduct.  Except  as
                  provided  in  Sections  2(e),  2(f),  2(g)  or  6  below,  the
                  Corporation shall indemnify Indemnitee in the event Indemnitee
                  is  made  a  Party  to a  Proceeding  because  he is or  was a
                  Director  or  Officer  against   Liability   incurred  in  the
                  Proceeding if:

                           (1)      Indemnitee  conducted  himself in good faith
                                    and in a manner he reasonably believed to be
                                    in, or not opposed to, the best interests of
                                    the Corporation; and

                           (2)      In  the  case  of any  criminal  Proceeding,
                                    Indemnitee   had  no  reasonable   cause  to
                                    believe such conduct was unlawful.

         (b)      Service with Respect to Employee  Benefit  Plan.  Indemnitee's
                  conduct with respect to an employee benefit plan for a purpose
                  he  believed  in  good  faith  to be in the  interests  of the
                  participants in and  beneficiaries of the plan is conduct that
                  satisfies the requirement of Section 2(a)(1).

         (c)      Reliance as Safe Harbor.  For purposes of any determination of
                  good faith,  Indemnitee  shall be deemed to have acted in good
                  faith if  Indemnitee's  conduct  was  based  primarily  on the
                  records  or books of account of the  Corporation  or  relevant
                  entity,  including  financial  statements,  or on  information
                  supplied to Indemnitee by the officers of the Corporation or

                                      -3-
<PAGE>

                  relevant  entity  in the  course  of their  duties,  or on the
                  advice  of  legal  counsel  for the  Corporation  or  relevant
                  entity,  or on information or records given or reports made to
                  the Corporation or relevant entity by an independent certified
                  public accountant, or by an appraiser or other expert selected
                  with reasonable  care by the  Corporation or relevant  entity.
                  The  provisions of this Section 2(c) shall not be deemed to be
                  exclusive  or to limit in any way the other  circumstances  in
                  which  Indemnitee  may be  deemed  to have  met  the  relevant
                  standard of conduct set forth in this Agreement.

           (d)    Termination of Proceeding Not  Determinative.  The termination
                  of a Proceeding by judgment, order, settlement, or conviction,
                  or upon a plea of nolo contendere or its equivalent shall not,
                  of  itself,  create a  presumption  or be  determinative  that
                  Indemnitee  did not meet the relevant  standard of conduct set
                  forth in Section 2(a).

           (e)    Limits on Indemnification. Unless, and then only to the extent
                  that, a court of  competent  jurisdiction  acting  pursuant to
                  Section 5 of this  Agreement  or  Section  607.0850(9)  of the
                  Florida Business  Corporation Act, determines that, in view of
                  the  circumstances  of the  case,  Indemnitee  is  fairly  and
                  reasonably entitled to indemnification,  the Corporation shall
                  not indemnify Indemnitee under this Agreement:

                  (1)      In connection with a Proceeding by or in the right of
                           the  Corporation,   except  for  reasonable  Expenses
                           (including  an excise tax assessed with respect to an
                           employee benefit plan) and amounts paid in settlement
                           not  exceeding,  in the  judgment  of the Board,  the
                           estimated  expense of  litigating  the  Proceeding to
                           conclusion,   actually  and  reasonably  incurred  in
                           connection  with the  defense  or  settlement  of the
                           Proceeding, including any appeal thereof; or

                  (2)      In connection with a Proceeding by or in the right of
                           the Corporation  with respect to any claim,  issue or
                           matter  as  to  which   Indemnitee  shall  have  been
                           adjudged liable to the Corporation.

           (f)    Proceeding Brought by Indemnitee. Notwithstanding any other
                  provision of this Agreement, Indemnitee shall not be entitled
                  to indemnification or advancement of Expenses hereunder with
                  respect to any Proceeding or claim brought or made by him
                  against the Corporation, other than a Proceeding or claim
                  seeking or defending Indemnitee's right to indemnification or
                  advancement of Expenses pursuant to Section 5 hereof or
                  otherwise.

           (g)    Settlements. Notwithstanding any other provision of this
                  Agreement, the Corporation shall not be liable for any amount
                  paid by Indemnitee in

                                      -4-
<PAGE>

                  settlement  of any  Proceeding  that  is not  defended  by the
                  Corporation,  unless the  Corporation  has  consented  to such
                  settlement,  which consent shall not be unreasonably withheld.
                  The Corporation shall not be required to obtain the consent of
                  Indemnitee  to the  settlement  of any  Proceeding  which  the
                  Corporation  has  undertaken  to  defend  if  the  Corporation
                  assumes full and sole  responsibility  for such settlement and
                  the settlement  grants  Indemnitee a complete and  unqualified
                  release in respect of the potential Liability.

           (h)    Partial  Indemnification.  If Indemnitee is entitled under any
                  provision of this Agreement or otherwise to indemnification by
                  the Corporation for some portion of Liability incurred by him,
                  but  not the  total  amount  thereof,  the  Corporation  shall
                  indemnify  Indemnitee  for the  portion of such  Liability  to
                  which he is entitled.

           (i)    Mandatory  Indemnification.  The  Corporation  shall indemnify
                  Indemnitee to the extent that he has been  successful,  on the
                  merits or otherwise, in the defense of any Proceeding to which
                  he was a Party,  or in defense  of any claim,  issue or matter
                  therein,  because he is or was a Director or Officer,  against
                  reasonable  Expenses  incurred by him in  connection  with the
                  Proceeding.

         3.       Advances for Expenses.

         (a)      Obligations and Requirements. The Corporation shall, before
                  final disposition of a Proceeding, advance funds to pay for or
                  reimburse the reasonable Expenses incurred by Indemnitee as a
                  Party to such Proceeding if Indemnitee delivers to the
                  Corporation Indemnitee's written undertaking (meeting the
                  qualifications set forth below in Section 3(b)) to repay any
                  funds advanced if it is ultimately determined that Indemnitee
                  is not entitled to indemnification under this Agreement, the
                  Florida Business Corporation Act or otherwise.

         (b)      Undertaking. The undertaking required by Section 3(a) above
                  must be an unlimited general obligation of Indemnitee but need
                  not be secured and shall be accepted without reference to
                  Indemnitee's financial ability to make repayment. If
                  Indemnitee seeks to enforce his rights to indemnification in a
                  court pursuant to Section 5, such undertaking to repay shall
                  not be applicable or enforceable unless and until there is a
                  final court determination that he is not entitled to
                  indemnification, as to which all rights of appeal have been
                  exhausted or have expired.

         (c)      Evaluation  of  Reasonableness  of Expenses.  Evaluation as to
                  reasonableness  of Expenses of Indemnitee in the specific case
                  shall be made in the same  manner  as the  determination  that
                  indemnification  is permissible,  as described in Section 4(b)
                  below, except that if the determination is made

                                      -5-
<PAGE>

                  by Independent Legal Counsel,  evaluation as to reasonableness
                  of  Expenses  shall be made by those  entitled  under  Section
                  4(b)(3) to select  Independent Legal Counsel.  Notwithstanding
                  the  foregoing  sentence,  any Expenses  claimed by Indemnitee
                  shall be deemed  reasonable  if the  Reviewing  Party fails to
                  make the  reasonableness  evaluation  within fifteen (15) days
                  following  the later of (i) the  Corporation's  receipt of the
                  undertaking   required   by   Section   3(a),   or  (ii)   the
                  Corporation's  receipt of invoices for specific Expenses to be
                  reimbursed or advanced.

         (d)      Timing  of   Payments.   Subject   to  Section   3(c)   above,
                  reimbursement  or advances for  Expenses  under this Section 3
                  shall be made not later than  thirty (30) days after the later
                  of (i) the Corporation's  receipt of the undertaking  required
                  by Section 3(a), or (ii) the Corporation's receipt of invoices
                  for specific Expenses to be reimbursed or advanced.

         4.       Authorization of and Determination of Entitlement to
                  Indemnification.

         (a)      Entitlement Determination. The Corporation and Indemnitee
                  hereby acknowledge that indemnification of Indemnitee under
                  Section 2 of this Agreement has been pre-authorized by the
                  Corporation as permitted by the Florida Business Corporation
                  Act. Nevertheless, the Corporation shall not indemnify
                  Indemnitee under Section 2 unless a separate determination has
                  been made in the specific case that indemnification of
                  Indemnitee is permissible in the circumstances because he has
                  met the relevant standard of conduct set forth in Section
                  2(a); provided, however, that (i) no such entitlement decision
                  need be made prior to the advancement of Expenses, and (ii)
                  regardless of the result or absence of any such determination,
                  the Corporation shall make any indemnification mandated by
                  Section 2(i) above.

         (b)      Reviewing Party. The determination referred to in Section 4(a)
                  shall be made, at the election of the Board of Directors, by
                  any of the following Reviewing Parties (unless a Change in
                  Control shall have occurred after Indemnitee first began
                  serving as a Director or Officer, in which case Indemnitee
                  shall be entitled to designate that the determination shall be
                  made by Independent Legal Counsel selected in the manner set
                  forth in Section 4(c) below):

                  (1)      By the Board of Directors by a majority vote of a
                           quorum consisting of Disinterested Directors; or

                  (2)      By a majority vote of a committee duly  designated by
                           the  Board  of   Directors   (in  which   designation
                           directors   who  do  not  qualify  as   Disinterested
                           Directors may participate)  consisting  solely of two
                           or more Disinterested Directors; or

                                      -6-
<PAGE>

                  (3)      By Independent Legal Counsel:

                           (A)      Selected in the manner prescribed in
                                    paragraph (1) or (2) of this Section 4(b);
                                    or

                           (B)      If a quorum of Directors  cannot be obtained
                                    for  purposes  of  paragraph   (1)  and  the
                                    committee   cannot   be   designated   under
                                    paragraph  (2),  selected by a majority vote
                                    of the full  Board of  Directors  (in  which
                                    selection  directors  who do not  qualify as
                                    Disinterested Directors may participate); or

                  (4)      By the shareholders of the Corporation, by a majority
                           vote of a quorum  consisting of shareholders who were
                           not Parties to such  Proceeding or, if no such quorum
                           is obtainable, by a majority vote of shareholders who
                           were not Parties to such Proceeding.

         (c)      Selection of Counsel after Change in Control. If a Change in
                  Control shall have occurred, Independent Legal Counsel shall
                  be selected by Indemnitee (unless Indemnitee requests that
                  such selection be made in the manner described in Section
                  4(b)(3)), and Indemnitee shall give written notice to the
                  Corporation advising it of the identity of the Independent
                  Legal Counsel so selected. In either event, Indemnitee or the
                  Corporation, as the case may be, may, within ten (10) days
                  after such written notice of selection has been given, deliver
                  to the Corporation or to Indemnitee, as the case may be, a
                  written objection to such selection; provided, however, that
                  such objection may be asserted only on the ground that such
                  counsel so selected does not meet the requirements of
                  "Independent Legal Counsel" as defined in Section 1 of this
                  Agreement, and the objection shall set forth with
                  particularity the factual basis of such assertion. If such
                  written objection is so made and substantiated, the counsel so
                  selected may not serve as Independent Legal Counsel unless and
                  until such objection is withdrawn or a court has determined
                  that such objection is without merit. If, within twenty (20)
                  days after submission by Indemnitee of a written request for
                  indemnification, no Independent Legal Counsel shall have been
                  selected and not objected to, either the Corporation or
                  Indemnitee may petition the court conducting the Proceeding,
                  or another court of competent jurisdiction, for resolution of
                  any objection which shall have been made by the Corporation or
                  Indemnitee to the other's selection of Independent Legal
                  Counsel and/or for the appointment as Independent Legal
                  Counsel of a person selected by the court or by such other
                  person as the court shall designate, and the person with
                  respect to whom all objections are so resolved or the person
                  so appointed shall act as Independent Legal Counsel under
                  Section 4(b).

                                      -7-
<PAGE>

           (d)    Cooperation by Indemnitee. Indemnitee shall cooperate with the
                  Reviewing Party with respect to its determination of
                  Indemnitee's entitlement to indemnification, including
                  providing to the Reviewing Party upon reasonable advance
                  request any documentation or information which is not
                  privileged or otherwise protected from disclosure and which is
                  reasonably available to Indemnitee and reasonably necessary to
                  such determination. Any Expenses incurred by Indemnitee in so
                  cooperating with the Reviewing Party shall be borne by the
                  Corporation (irrespective of the determination as to
                  Indemnitee's entitlement to indemnification).

           (e)    Other.

                           (i) The Reviewing Party,  however chosen,  shall make
                  the   requested   determination   as  promptly  as  reasonably
                  practicable after a request for indemnification is presented.

                           (ii) Any  determination by Independent  Legal Counsel
                  under  this  Section  4 shall  be  delivered  in the form of a
                  written  option  to the  Board  of  Directors  with a copy  to
                  Indemnitee.

                           (iii)   The   Corporation   shall  pay  any  and  all
                  reasonable  fees and  expenses of  Independent  Legal  Counsel
                  incurred by such counsel in connection with acting pursuant to
                  Section 4(b),  and the  Corporation  shall pay all  reasonable
                  fees and expenses  incident to the procedures of Section 4(d),
                  regardless  of the  manner  in which  such  Independent  Legal
                  Counsel was selected or appointed.

                           (iv) Upon the due  commencement of any action to seek
                  court-ordered  indemnification  pursuant  to Section 5 of this
                  Agreement,  Independent  Legal Counsel shall be discharged and
                  relieved  of  any  further  responsibility  in  such  capacity
                  (subject to the applicable  standards of professional  conduct
                  then prevailing).

         5.       Court-Ordered Indemnification and Advances for Expenses.

         (a)      Procedure. If Indemnitee is a Party to a Proceeding, he may
                  apply for indemnification or for advances for Expenses to the
                  court conducting the Proceeding or to another court of
                  competent jurisdiction. For purposes of this Agreement, the
                  Corporation hereby consents to personal jurisdiction and venue
                  in any court in which is pending a Proceeding to which
                  Indemnitee is a Party. Regardless of any determination by the
                  Reviewing Party that Indemnitee is not entitled to
                  indemnification or to advancement of Expenses or as to the
                  reasonableness of Expenses, and regardless of any failure by
                  the Reviewing Party to make a determination as to such
                  entitlement or the reasonableness of Expenses, such court's
                  review shall be

                                      -8-
<PAGE>

                  a de novo review.  After receipt of an  application  and after
                  giving any notice it considers necessary, the court may:

                  (1)      Order  indemnification or the advance for Expenses if
                           it   determines   that   Indemnitee  is  entitled  to
                           indemnification or to advance for Expenses under this
                           Agreement,  the Florida  Business  Corporation Act or
                           otherwise; or

                  (2)      Order  indemnification or the advance for Expenses if
                           it  determines  that,  in view  of all  the  relevant
                           circumstances, it is fair and reasonable to indemnify
                           Indemnitee,  or to advance  Expenses  to  Indemnitee,
                           regardless  of whether  Indemnitee  has the  relevant
                           standard of conduct,  complied with the  requirements
                           for advancement of Expenses,  or been adjudged liable
                           in a Proceeding referred to in Section 2(e) above (in
                           which case any court-ordered indemnification need not
                           be limited to Expenses  incurred by  Indemnitee,  but
                           may  include  penalties,   fines,   amounts  paid  in
                           settlement,  judgments and any other amounts  ordered
                           by the court to be indemnified or advanced).

         (b)      Payment of Expenses to Seek Court-Ordered Indemnification.  If
                  the  court   determines   that   Indemnitee   is  entitled  to
                  indemnification  or to advance for Expenses,  the  Corporation
                  shall pay  Indemnitee's  reasonable  Expenses  to obtain  such
                  court-ordered indemnification or advance for Expenses.

         6. Limitations on Indemnification. Regardless of whether Indemnitee has
met the relevant standard of conduct set forth in Section 2(a),  nothing in this
Agreement  shall  require  or  permit  indemnification  of  Indemnitee  for  any
Liability  or  Expenses  incurred in a  Proceeding  in which a judgment or other
final adjudication  establishes that Indemnitee's  actions, or omissions to act,
were material to the cause of action so adjudicated and constitute:

         (a)      a violation of criminal law, unless  Indemnitee had reasonable
                  cause to believe his  conduct was lawful or had no  reasonable
                  cause to believe his conduct was unlawful;

         (b)      a transaction from which Indemnitee derived an improper
                  personal benefit;

         (c)      in the case of a  Director,  a  circumstance  under  which the
                  liability  provisions  of  Section  607.0834  of  the  Florida
                  Business Corporation Act are applicable; or

         (d)      willful misconduct or a conscious disregard for the best
                  interests of the Corporation in a Proceeding by or in the
                  right of the Corporation to

                                      -9-
<PAGE>

                  procure a judgment in its favor or in a Proceeding by or in
                  the right of a shareholder of the Corporation.

         7. Vested Rights; Specific Performance. No amendment to the Articles of
Incorporation  or Bylaws of the Corporation or any other corporate  action shall
in any way limit  Indemnitee's  rights under this  Agreement.  In any Proceeding
brought by or on behalf of Indemnitee to specifically  enforce the provisions of
this Agreement,  the Corporation hereby waives the claim or defense therein that
the  plaintiff  or claimant has an adequate  remedy at law, and the  Corporation
shall not urge in any such  Proceeding  the claim or defense that such remedy at
law  exists.  The  provisions  of this  Section 7,  however,  shall not  prevent
Indemnitee  from seeking a remedy at law in  connection  with any breach of this
Agreement.

         8.  Liability  Insurance.  To the extent the  Corporation  maintains an
insurance  policy  or  policies  providing  directors'  or  officers'  liability
insurance, Indemnitee shall be covered by such policy or policies, in accordance
with its or their terms,  to the maximum  extent of the coverage  provided under
such  policy or  policies  in effect  for any other  Director  or Officer of the
Corporation, as the case may be.

         9.  Witness   Fees.   Nothing  in  this   Agreement   shall  limit  the
Corporation's  power to pay or  reimburse  Expenses  incurred by  Indemnitee  in
connection  with his  appearance  as a witness in a Proceeding at a time when he
has not been made a named defendant or respondent in the Proceeding.

         10. Security for  Indemnification  Obligations.  The Corporation may at
any time and in any manner, at the discretion of the Board of Directors,  secure
the  Corporation's  obligations  to indemnify or advance  Expenses to Indemnitee
pursuant to this Agreement.

         11.  Non-exclusivity,   No  Duplication  of  Payments.  The  rights  of
Indemnitee  hereunder  shall be in addition to any other  rights with respect to
indemnification,  advancement of Expenses or otherwise that  Indemnitee may have
under the  Corporation's  Articles  of  Incorporation  or  Bylaws,  the  Florida
Business Corporation Act or otherwise;  provided,  however, that the Corporation
shall not be liable  under this  Agreement  to make any  payment  to  Indemnitee
hereunder to the extent  Indemnitee  has  otherwise  actually  received  payment
(under any  insurance  policy,  provision  of the Articles of  Incorporation  or
Bylaws,  or  otherwise)  of  the  amounts  otherwise  payable   hereunder.   The
Corporation's   obligation  to  indemnify  or  advance  expenses   hereunder  to
Indemnitee  who is or  was  serving  at the  request  of  the  Corporation  as a
director, officer, partner, trustee, employee or agent of any other entity shall
be reduced by any amount Indemnitee has actually received as  indemnification or
advancement of expenses from such other entity.

         12. Amendments. To the extent that the provisions of this Agreement are
held to be inconsistent with the provisions of the Florida Business  Corporation
Act (including  Section  607.0850(7)  thereof),  such provisions of such statute
shall  govern.  To the  extent  that the  Florida  Business  Corporation  Act is
hereafter amended to permit a Florida

                                      -10-
<PAGE>

business  corporation,  without the need for shareholder approval, to provide to
its directors greater rights to  indemnification or advancement of Expenses than
those specifically set forth hereinabove, this Agreement shall be deemed amended
to require such greater  indemnification or more liberal advancement of Expenses
to Indemnitee, in each case consistent with the Florida Business Corporation Act
as so amended  from time to time.  Otherwise,  no  supplement,  modification  or
amendment of this Agreement  shall be binding unless  executed in writing by the
Corporation and Indemnitee.

         13.  Subrogation.  In the event of payment  under this  Agreement,  the
Corporation  shall be  subrogated  to the  extent of such  payment to all of the
rights of recovery of  Indemnitee,  who shall  execute all papers  required  and
shall do everything  that may be necessary to secure such rights,  including the
execution of such documents  necessary to enable the Corporation  effectively to
bring suit to enforce such rights.

         14. Waiver.  No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other  provisions  hereof (whether
or not similar) nor shall such waiver constitute a continuing waiver.

         15. Binding Effect, Etc. This Agreement shall be binding upon and inure
to the benefit of and be enforceable by the parties hereto and their  respective
successors or assigns  (including any direct or indirect  successor or assign by
purchase, merger,  consolidation or otherwise to all or substantially all of the
business and/or assets of the  Corporation),  spouses,  heirs,  and personal and
legal representatives.

         16.   Applicability   of   Agreement.   This   Agreement   shall  apply
retroactively  with respect to acts or omissions of Indemnitee  occurring  since
the date that Indemnitee first became a Director or Officer,  and this Agreement
shall continue in effect regardless of whether Indemnitee  continues to serve as
a Director or Officer,  but only in respect of acts or omissions occurring prior
to the termination of Indemnitee's service as a Director or Officer.

         17.  Severability.  If any provision or  provisions  of this  Agreement
shall  be  held  to  be  invalid,  illegal,  or  unenforceable  for  any  reason
whatsoever:  (a) the validity,  legality,  and  enforceability  of the remaining
provisions of this Agreement (including without limitation,  each portion of any
Section of this  Agreement  containing  any such  provision  held to be invalid,
illegal,   or   unenforceable,   that  is  not  itself  invalid,   illegal,   or
unenforceable)  shall not in any way be affected or impaired  thereby;  (b) such
provision  or  provisions  shall be deemed  reformed to the extent  necessary to
conform to  applicable  law and to give the maximum  effect to the intent of the
parties hereto;  and (c) to the fullest extent possible,  the provisions of this
Agreement  (including,  without limitation,  each portion of any Section of this
Agreement  containing  any  such  provision  held  to be  invalid,  illegal,  or
unenforceable,  that is not itself invalid,  illegal, or unenforceable) shall be
construed so as to give effect to the intent manifested thereby.

                                      -11-
<PAGE>

         18.  Governing Law. This  Agreement  shall be governed by and construed
and enforced in accordance  with the laws of the State of Florida  applicable to
contracts  made and to be performed in such state  without  giving effect to the
principles of conflicts of laws.

         19.  Headings.  The  headings  of the  Sections of this  Agreement  are
inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

         20. Inducement.  The Corporation  expressly confirms and agrees that it
has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve or continue to serve as a Director and/or
Officer,  and the Corporation  acknowledges that Indemnitee is relying upon this
Agreement  in  serving  as  a  director,  officer,  employee  or  agent  of  the
Corporation  or, at the  request of the  Corporation,  as a  director,  officer,
partner, trustee, employee, or agent of another foreign or domestic corporation,
partnership,  limited liability company, joint venture,  trust, employee benefit
plan, or other entity.

         21. Notice by the Indemnitee.  Indemnitee agrees promptly to notify the
Corporation in writing upon being served with any summons,  citation,  subpoena,
complaint, indictment, information, or other document relating to any Proceeding
or matter which may be subject to  indemnification  or  advancement  of Expenses
covered hereunder.  The failure of Indemnitee so to notify the Corporation shall
not relieve the  Corporation of any  obligation  which it may have to Indemnitee
under this Agreement or otherwise.

         22. Notices. All notices,  requests,  demands, and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i)
delivered  by hand and  receipted  for by the party to whom said notice or other
communication shall have been directed or (ii) mailed by certified or registered
mail with postage prepaid,  on the third business day after the date on which it
is so mailed if to the  Corporation,  to the  principal  office  address  of the
Corporation, or if to Indemnitee, to the address of Indemnitee last on file with
the  Corporation,  or to such  other  address  as may  have  been  furnished  to
Indemnitee by the Corporation or to the  Corporation by Indemnitee,  as the case
may be.

                         (signatures on following page)

                                      -12-
<PAGE>

         Executed as of the date first above written.

                                    RISCORP, INC.:

                                    By:
                                        --------------------------------

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

                                    INDEMNITEE:

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

                                      -13-

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