Document:

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                   DATED THIS   15th   DAY OF   September   2000

               (1) THE ROARING WATER BAY SPIRITS COMPANY LIMITED

                                      and

                          (2) COMANS WHOLESALE LIMITED

                      ------------------------------------
                             DISTRIBUTION AGREEMENT
                      ------------------------------------

                            GLEESON MCGRATH BALDWIN,
                                   SOLICITORS
                              29 ANGLESEA STREET,
                                    DUBLIN 2

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                    DATED THIS     DAY OF              2000

PARTIES:

1    'The Manufacturer':  THE ROARING WATER BAY SPIRITS COMPANY LIMITED a
     corporation organised and existing under the laws of Ireland, whose
     registered office is at 4 Herbert Place, Dublin 2.

2    'The Distributor':  COMANS WHOLESALE LIMITED a company organised and
     existing under the laws of Ireland.

RECITALS:

(A)  The Manufacturer manufactures vodka beverages including in particular "Boru
     Vodka" which said products are hereinafter cumulatively defined and
     referred to as "the Products".

(B)  The Distributor has considerable selling and distribution experience in the
     Territory and the Manufacturer wishes that the Distributor act as the
     Manufacturer's exclusive and duly authorised Distributor for the Products
     therein.

OPERATIVE PROVISIONS:

1.   INTERPRETATION

1.1  In this Agreement, unless the context otherwise requires:

     'FORCE MAJEURE'          means, in relation to either party, any
                              circumstances beyond the reasonable control of
                              that party (including, without limitation, any
                              strike, lock-out or other form of industrial
                              action)

     'INTELLECTUAL PROPERTY'  means any patent, copyright, registered design,
                              trademark or other industrial or

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                              intellectual property right subsisting or which
                              the Manufacturer may wish to assert in the
                              Territory or which the Manufacturer may wish to
                              assert in respect of the Products.

'INVOICE VALUE'               means the sum invoiced by the Manufacturer to the
                              Distributor in respect of the Products, less any
                              value added tax (or other taxes, duties or levies)
                              and any amounts for transport or insurance
                              included in the invoice.

'PRODUCTS'                    means, subject as provided in clause 3.2, such of
                              the products listed in Schedule 1 as are at the
                              date of the Agreement in the range of products
                              manufactured by or for the Manufacturer, and such
                              other products as may from time to time be agreed
                              in writing by the parties.

'RESTRICTED INFORMATION'      means any information which is disclosed to the
                              Distributor by the Manufacturer pursuant to or in
                              connection with this Agreement (whether orally or
                              in writing, and whether or not such information is
                              expressly stated to be confidential or marked as
                              such).

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'TERRITORY'                   means the Republic of Ireland excluding for the
                              avoidance of doubt any shops (whether duty free
                              shops or otherwise) located in airports or ferry
                              terminals (but not including public houses
                              therein) and excluding any aeroplanes situate in
                              or emanating from or travelling to the Republic of
                              Ireland.

'TRADE MARKS'                 (a)  any and all trade marks registered in the
                                   name of the Manufacturer; and

                              (b)  such other trade marks as are used by the
                                   Manufacturer on or in relation to the
                                   Products at any time during this Agreement

'YEAR OF THIS AGREEMENT'      means unless otherwise expressly provided a period
                              of 12 months from the date of this Agreement and
                              each subsequent consecutive period of 12 months
                              during the period of this Agreement.

1.2  Any reference in this Agreement to 'writing' or cognate expressions
     includes a reference to telex, cable, facsimile transmission or comparable
     means of communication.

1.3  Any reference in this Agreement to any provision of a statute shall be
     construed as a reference to that provision as amended, re-enacted or
     extended at the relevant time.

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1.4  The headings in this Agreement are for convenience only and shall not
     affect its interpretation.

2.   APPOINTMENT OF DISTRIBUTOR

2.1  The Manufacturer hereby appoints the Distributor as its sole and exclusive
     distributor for the sale of the Products in the Territory, and the
     Distributor agrees to act in that capacity, subject to the terms and
     conditions of this Agreement.

2.2  The Distributor shall be entitled to describe itself as the Manufacturer's
     'Authorised Distributor' for the Products, but shall not hold itself out
     as the Manufacturer's agent for sales of the Products or as being entitled
     to bind the Manufacturer in any way.

2.3  The parties have agreed on the target of rates which the distributor shall
     endeavour to achieve and those targets are as set out in the Second
     Schedule hereto. The price at which the Products shall be invoiced to the
     Distributor shall be set out therein.

2.4  The Distributor shall not:

     2.4.1  seek customers, establish any branch or maintain any distribution
            depot for the Products in any country which is outside the
            Territory or

     2.4.2  sell the Products to any customer in any country which is:

            (a)  outside the Territory or

            (b)  within the Territory if to the knowledge of the Distributor
                 that

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                 customer intends to resell the Products in any country
                 which is outside the Territory.

3.   SUPPLY OF THE PRODUCTS

3.1  Subject as provided in clauses 3.2 hereafter the Manufacturer shall supply
     the Product to the Distributor on such reasonable terms as the parties
     shall agree.

3.2  The Manufacturer shall not be under any obligation to continue the
     manufacture of all or any of the Products, and shall be entitled to make
     such alterations to the specifications of the Products as it may think fit.

3.3  Each order for the Products shall constitute a separate contract, and any
     default by the Manufacturer in relation to any one order shall not entitle
     the Distributor to treat this Agreement as terminated.

3.4  The Distributor shall, in respect of each order for the Products to be
     supplied hereunder, be responsible for:

     3.4.1  ensuring the accuracy of the order;

     3.4.2  providing the Manufacturer with any information which is necessary
            in order to enable the Manufacturer to fulfil the order and to
            comply with all labelling, marketing and other applicable legal
            requirements in the Territory; and

     3.4.3  obtaining any necessary import licences, certificates of origin or
            other requisite documents, and paying all applicable customs, duties
            and taxes in respect of the importation of the Products into the
            Territory and their resale in the Territory.

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3.5  The Distributor shall give the Manufacturer not less than 2 months' written
     notice of its estimated requirements of the Products for each month, and
     shall promptly notify the Manufacturer of any changes in circumstances
     which may affect its requirements.

3.6  Upon receipt and confirmation of each order the Manufacturer shall as soon
     as is practicable inform the Distributor of the Manufacturer's estimated
     delivery date for the consignment. The Manufacturer shall use all
     reasonable endeavours to meet the delivery date, but time of delivery shall
     not be of the essence and accordingly the Manufacturer shall have no
     liability to the Distributor if, notwithstanding such endeavours, there is
     any delay in delivery.

3.7  The title to any consignment of the Products shall not pass to the
     Distributor until the Manufacturer has received payment in full of the
     price therefor.

3.8  Risk of loss or of damage to any consignment of the Product shall pass to
     the Distributor from the time the Distributor collects the Product from the
     Manufacturer's premises.

4.   PAYMENT FOR THE PRODUCTS

4.1  All Products to be supplied by the Manufacturer pursuant to this Agreement
     shall be sold on an ex works basis, and accordingly the Distributor shall,
     in addition to the price, be liable for arranging and paying all costs of
     transport and insurance.

4.2  Where the Manufacturer agrees to arrange for transport and insurance as
     agent for the Distributor, the Distributor shall reimburse to the
     Manufacturer the full costs thereof and all the applicable provisions of
     this Agreement shall apply with respect to the payment of such costs as
     they apply to payment of the price of the Products.

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4.3  Subject to the provisions of paragraph 2.4 above and to the invoice
     costings set out in the second schedule hereto, the prices for all Products
     to be supplied hereunder shall be the Manufacturer's ex works list prices
     from time to time, inclusive of packaging costs, and accordingly the
     Manufacturer shall:

     4.3.1  supply to the Distributor up to date copies of all price lists for
            the Products from time to time; and

     4.3.2  give the Distributor not less than 3 month's notice in writing of
            any alteration in such list prices, and the prices as so altered
            shall apply to all Products delivered on and after the applicable
            date of the increase, including outstanding orders.

4.4  If the Distributor fails to pay the price for any Products on or before the
     last day of the month following the month of delivery of the Product by the
     Manufacturer to the Distributor or on or before the last day of the
     calendar month following the date of collection of the Product by the
     Distributor, the Manufacturer will be entitled (without prejudice to any
     other right or remedy it may have) to:

     4.4.1  cancel or suspend any further delivery to the Distributor under any
            order;

     4.4.2  sell or otherwise dispose of any Products which are subject of any
            order by the Distributor, whether or not appropriated thereto, and
            apply the proceeds of sale to the overdue payment.

4.5  All prices for the Products are exclusive of any applicable value added tax
     (VAT) or any other sales tax, for which the Distributor shall be
     additionally liable.

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4.6  All payments shall be made by the Distributor in Irish Pounds (or Euro) to
     the Manufacturer.

5.   MARKETING OF THE PRODUCTS

5.1  The Distributor shall use its best endeavours to promote the sale of the
     Products throughout the Territory and, subject to compliance by the
     Manufacturer of its obligations under clause 3.1 to satisfy market demand
     therefor.

5.2  The Distributor and the Manufacturer shall together consult with each other
     periodically to discuss the implementation of marketing proposals in
     respect of the products. The Distributor shall be entitled to resell the
     Products to its customers at such prices as each of the parties shall
     agree.

5.3  The Distributor shall maintain such stocks of the Products as may be
     necessary to meet its customers' requirements.

5.4  In connection with the distribution and marketing of the Products the
     Distributor shall:

     5.4.1     make clear, in all dealings with customers and prospective
               customers, that it is acting as distributor of the Products and
               not as agent of the Manufacturer;

     5.4.2     comply with all legal requirements from time to time in force
               relating to the storage and sale of the Products;

     5.4.3     from time to time consult with the Manufacturer's representatives
               for the purpose of assessing the state of the market in the
               Territory and permit them to inspect any premises used by the
               Distributor in connection with the sale of Products;

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     5.4.4     use in relation to the Products only such advertising,
               promotional and selling materials as are approved in writing by
               the Manufacturer;

     5.4.5     the Manufacturer will have primary responsibility for the
               marketing of the product and will liase with the Distributor on a
               quarterly basis in relation to the advertising, marketing and
               promotion of the product.

6.   SUPPORT AND TRAINING

6.1  The Manufacturer shall from time to time provide the Distributor with such
     samples, catalogues, brochures and up to date information concerning the
     Products as the Manufacturer may consider appropriate or as the Distributor
     may reasonably require in order to assist the Distributor with the sale of
     the Products in the Territory, and the Manufacturer shall endeavour to
     answer as soon as practicable any technical enquiries concerning the
     Products which are made by the Distributor or its customers.

6.2  In any case where employees of either party visit the premises of the other
     for the purposes of this Agreement, the first mentioned party shall:

     6.2.1     procure that each such employee complies with all security,
               safety and other regulations which apply to or are in force at
               the other party's premises; and

     6.2.2     indemnify the other party against any direct damage to property
               of the other party which is caused by any act or omission of any
               such employee at the other party's premises.

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7.   INTELLECTUAL PROPERTY

7.1  The Manufacturer hereby authorises the Distributor to use the Trade
     Marks in the Territory on or in relation to the Products for the purposes
     only of exercising its rights and performing its obligations under this
     Agreement.

7.2  The Distributor shall ensure that each reference to and use any of the
     Trade Marks by the Distributor is in a manner from time to time approved by
     the Manufacturer and accompanied by an acknowledgement, in a form approved
     by the Manufacturer, that the same is a trade mark (or registered trade
     mark) of the Manufacturer.

7.3  The Distributor shall not:

     7.3.1     make any modifications to the Products or their packaging;

     7.3.2     alter, remove or tamper with any Trade Marks, numbers, or other
               means of identification used on or in relation to the Products;

     7.3.3     use any of the Trade Marks in any way which might prejudice
               their distinctiveness or validity or the goodwill of the
               Manufacturer therein;

     7.3.4     use in relation to the Products any trade marks other than the
               Trade Marks without obtaining the prior written consent of the
               Manufacturer; or

     7.3.5     use in the Territory any trade marks or trade names so
               resembling any trade mark or trade names of the Manufacturer as
               to be likely to cause confusion or deception.

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7.4  Except as provided in clause 7.1 above the Distributor shall have no
     rights in respect of any trade names or trade marks used by the
     Manufacturer in relation to the Products.

7.5  The Distributor shall, at the expense of the Manufacturer, take all such
     steps as the Manufacturer may reasonably require to assist the
     Manufacturer in maintaining the validity and enforceability of the
     Intellectual Property of the Manufacturer during the term of this
     Agreement.

7.6  The Distributor shall at the request of the Manufacturer execute such
     registered user agreements of licences in respect of the use of the Trade
     Marks in the Territory as the Manufacturer may reasonably require,
     provided that the provisions thereof shall not be more onerous or
     restrictive than the provisions of this Agreement.

7.7  Without prejudice to the right of the Distributor or any third party to
     challenge the validity of any Intellectual Property of the Manufacturer,
     the Distributor shall not do or authorise any third party to do any act
     which would or might invalidate or be inconsistent with any Intellectual
     Property of the Manufacturer and shall not omit or authorise any third
     party to omit to do any act which, by its omission, would have that effect
     or character.

7.8  The Distributor shall promptly and fully notify the Manufacturer of any
     actual, threatened or suspected infringement in the Territory of any
     Intellectual Property of the Manufacturer which comes to the Distributor's
     notice, and of any claim by any third party so coming to its notice that
     the importation of the Products into the Territory, or their sale therein,
     infringes any rights of any other person, and the Distributor shall at the
     request and expense of the Manufacturer do all such things as may be
     reasonably required to assist the Manufacturer in taking or resisting any
     proceedings in relation to any such infringement or claim.

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8.   CONFIDENTIALLY

8.1  Except as provided by clauses 8.2 and 8.3, the Distributor shall at all
     times during the continuance of this Agreement and after its termination;

     8.1.1  use its best endeavours to keep all Restricted Information
            confidential and accordingly not to disclose any Restricted
            Information to any other person; and

     8.1.2  not use any Restricted Information for any purpose other than the
            performance of the obligations under this Agreement.

8.2  Any Restricted Information may be disclosed by the Distributor to:

     8.2.1  any customers or prospective customers;

     8.2.2  any governmental or other authority or regulatory body; or

     8.2.3  any employees of the Distributor or of any of the aforementioned
            persons,

     to such extent only as is necessary for the purposes contemplated by this
     Agreement, or as is required by law and subject in each case to the
     Distributor using its best endeavours to ensure that the person in
     question keeps the same confidential and does not use the same except for
     the purposes for which the disclosure is made.

8.3  Any Restricted Information may be used by the Distributor for any purpose,
     or disclosed by the Distributor to any other person, to the extent only
     that:

     8.3.1  it is at the date hereof, or hereafter becomes, public knowledge
            through no fault to the Distributor (provided that in doing so the

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                Distributor shall not disclose any Restricted Information which
                is not public knowledge); or

      8.3.2     it can be shown by the Distributor, to the reasonable
                satisfaction of the Manufacturer, to have been known to it prior
                to its being disclosed by the Manufacturer to the Distributor.

9.    FORCE MAJEURE

9.1   If either party is affected by Force Majeure it shall forthwith notify the
      other party of the nature and extent hereof.

9.2   Neither party shall be deemed to be in breach of this Agreement, or
      otherwise be liable to the other, by reason of any delay in performance,
      or non-performance, of any of its obligations hereunder to the extent that
      such delay or non-performance is due to any Force Majeure of which it has
      notified the other party; and the time for performance of that obligation
      shall be extended accordingly.

9.3   If the Force Majeure in question prevails for a continuous period in
      excess of six months, the parties shall enter into bona fide discussions
      with a view to alleviating its effects, or to agreeing upon such
      alternative arrangements as may by fair and reasonable.

10.   DURATION AND TERMINATION

10.1  This Agreement reflects the arrangements which came into force on 15th
      September, 1998 (hereinafter called "the commencement date") and subject
      as provided herein shall continue in force for a period of five years from
      then and thereafter shall continue on a year to year basis until
      termination by either party, subject to termination by either party on
      giving twelve months notice in

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      writing to the other party, such notice to be served on the receiving
      party on the appropriate anniversary day of the commencement date.

10.2  Either party shall be entitled forthwith to terminate this Agreement by
      written notice to the other if:

      10.2.1    that other party commits any material, significant and
                fundamental breach of any of the provisions of this Agreement
                and, in the case of a breach capable of remedy, fails to remedy
                the same within 30 days after receipt of a written notice giving
                full particulars of the breach and requiring it to be remedied;

      10.2.2    an encumbrancer takes possession or a receiver is appointed over
                any of the property or assets of that other party;

      10.2.3    that other party makes any voluntary arrangement with its
                creditors or becomes subject to an administration order;

      10.2.4    that other party goes into liquidation (except for the purposes
                or amalgamation or reconstruction and in such manner that the
                company resulting therefrom effectively agrees to be bound by or
                assume the obligations imposed on that other party under this
                Agreement);

      10.2.5    anything analogues to any of the foregoing under the law of any
                jurisdiction occurs in relation to that party; or

      10.2.6    that other party ceases, or threatens to cease, to carry on
                business.

10.3  For the purposes of clause 10.2.1, a breach shall be considered capable of
      remedy if the party in breach can comply with the provision in question in
      all

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respects other than as to the time of performance (provided that time of
performance is not of the essence).

10.4  Any waiver by either party of a breach of any provision of this Agreement
      shall not be considered as a waiver of any subsequent breach of the same
      or any other provision thereof.

10.5  The rights to terminate this Agreement given by this clause shall be
      without prejudice to any other right or remedy of either party in respect
      of the breach concerned (if any) or any other breach.

11.   CONSEQUENCES OF TERMINATION

11.1  Upon the termination of this Agreement for any reason:-

      11.1.1   the Manufacturer shall be entitled (but not obliged) to
               repurchase from the Distributor all or part of any stocks of the
               Products then held by the Distributor at its Invoice value
               provided that:

               (a)  the Manufacturer shall be responsible for arranging and for
                    the cost of, transport and insurance; and

               (b)  the Distributor may sell stock for which it has accepted
                    orders from customers prior to the date of termination, or
                    in respect of which the Manufacturer does not, by written
                    notice given to the Distributor within 7 days after the date
                    of termination exercise its right to repurchase, and for
                    those purposes and to that extent the provisions of this
                    Agreement shall continue in full force and effect;

      11.1.2   the Distributor shall at its own expense within 30 days send to
               the Manufacturer or otherwise dispose of in accordance with the

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             directions of the Manufacturer all samples of the Products and any
             advertising, promotional or sales material relating to the Products
             then in the possession of the Distributor.

     11.1.3  the Distributor shall cease to promote, market or advertise the
             Products or to make any use of the Trade Marks other than for the
             purpose of selling stock in respect of which the seller does not
             exercise its right of repurchase;

     11.1.4  the Distributor shall at its own expense join with the Manufacturer
             in procuring the cancellation of any registered user agreements
             entered into pursuant to clause 7.6;

     11.1.5  the provisions of clauses 8 shall continue in force.

12.  NATURE OF AGREEMENT

     12.1.1  Each of The Parties hereto shall be entitled to perform any of the
             obligations undertaken by it and to exercise any of the rights
             granted to it under this Agreement through any other company which
             at the relevant time is its holding company of subsidiary (as
             defined by S155 of the Companies Act 1963) or the subsidiary of any
             such holding company and any act or omission of any such company
             shall for the purposes of this Agreement be deemed to be the act or
             omission of the Manufacturer.

     12.1.2  the Manufacturer shall maintain a full and adequate policy of
             product liability insurance in respect of all of the Products
             manufactured by our supplied to the Distributor, such policy of
             insurance to be maintained with a level and degree of cover which
             will in all respects be satisfactory and acceptable to the
             Distributor's insurance advisors from time to time and the
             Manufacturer hereby indemnifies the

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             Distributor against all actions, costs, claims, expenses,
             proceedings and remand arising directly or indirectly as a result
             of any third party claim being made against the Distributor in
             respect of any defective products or products of unmarketable
             quality being manufactured by or made available to the Distributor.

      12.2   This Agreement is personal as between the parties hereto and the
             Manufacturer may not assign this Agreement or the rights or
             obligation arising hereunder.

      12.3   This Agreement is personal to the Distributor, which may not
             without the written consent of the Manufacturer, assign, mortgage,
             charge (otherwise than by floating charge) or dispose of any of its
             rights hereunder, or sub-contract of otherwise delegate any of its
             obligations hereunder.

      12.4   It is agreed that in the event of the Manufacturer selling the
             "Boru Vodka" brand during this Agreement, the Distributor will be
             entitled to continue to sell and distribute the products for the
             following eighteen months or (at its manufacturer's sole
             discretion) be compensated by an amount equivalent to the Gross
             Margin earned on the previous 15 months sale of Boru brands.

      12.5   If any provision of this Agreement is held by any court or other
             competent authority to be void or unenforceable in whole or in
             part, this Agreement shall continue to be valid as to the other
             provisions thereof and the remainder of the affected provision.

13.  ARBITRATION AND PROPER LAW

      13.1   Any dispute arising out of or in connection with this Agreement
             shall be referred to the arbitration of a single arbitrator
             appointed by agreement

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      between the parties or, in default of agreement, nominated on the
      application of either party by the President for the time being of The Law
      Society.

13.2  This Agreement shall be governed by and construed in all respects in
      accordance with the Laws of Ireland and each party hereby submits to the
      non-exclusive jurisdiction of the Irish Courts.

14.   NOTICES AND SERVICE

14.1  Any notice or other information required or authorised by this Agreement
      to be given by either party to the other may be given by hand or sent (by
      first class pre-paid post, telex, cable, facsimile transmission or
      comparable means of communication) to the other party at the address
      referred to in clause 14.4.

14.2  Any notice or other information given by post pursuant to clause 14.1
      which is not returned to the sender as undelivered shall be deemed to have
      been given on the [  ] day after the envelope containing the same was so
      posted; and proof that the envelope containing any such notice of
      information was properly addressed, pre-paid, registered and posted, and
      that it has not been so returned to the sender, shall be sufficient
      evidence that such notice or information has been duly given.

14.3  Any notice or other information sent by telex, cable, facsimile
      transmission or comparable means of communication shall be deemed to have
      been duly sent on the date of transmission, provided that a confirming
      copy thereof is sent by first class pre-paid post to the other party at
      the address referred to in clause 14.4 within 24 hours after transmission.

14.4  Service of any legal proceedings concerning or arising out of this
      Agreement shall be effected by causing the same to be delivered to [the
      Company Secretary of] the party to be served at its principal place of
      business (in the case of the Manufacturer) or its registered office (in
      the case of the

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Distributor), or to such other address as may from time to time be notified in
writing by the party concerned.

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                                   SCHEDULE 1

                                    PRODUCTS

(1) Boru Vodka    (Original)                  12 x 700 ml Bottles
(2) Boru Vodka    (Strong)                    12 x 1.0 Litre Bottles
(3) Boru Vodka    (Trinity)                   6 x 3 x 200 ml Bottles

                                   SCHEDULE 2

                                    TARGETS

(1)                               (2)                     (3)
Year                              9 Litre Cases           Aggregate Invoice
                                                          Value (IRL)

1 (15/9/98 - 14/9/99)             10,000                  IRL400,000
2 (15/9/99 - 14/9/2000)           20,000                  IRL800,000
3 (15/9/2000 - 14/9/2001)         40,000                  IRL1,600,000
4 (15/9/2001 - 14/9/2002)         50,000                  IRL2,000,000
5 (15/9/2002 and each
twelve month period thereafter    60,000                  IRL2,400,000

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SIGNED on behalf of

THE ROARING WATER BAY SPIRITS COMPANY LIMITED

in the presence of:-

                                        /s/ [illegible]

                                        /s/ [illegible]

SIGNED on behalf of

COMANS WHOLESALE LIMITED

in the presence of:-

                                        /s/ [illegible]

                                        /s/ [illegible]

                                       21<PAGE>
                                                                   Exhibit 10.54

                            INDEMNIFICATION AGREEMENT

            This Indemnification Agreement, dated as of ___, 200_, is made by
and between Castle Brands Inc., a Delaware corporation (the "Corporation") and
[name] (the "Indemnitee").

            WHEREAS, the Company desires to attract and retain the services of
highly qualified individuals, such as Indemnitee, to serve the Company and its
related entities;

            WHEREAS, in order to induce Indemnitee to continue to provide
services to the Company, the Company wishes to provide for the indemnification
of, and advancement of expenses to, Indemnitee to the maximum extent permitted
by law; and

            WHEREAS, in view of the considerations as set forth above, the
Company desires that Indemnitee shall be indemnified by the Company as set forth
herein;

            NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth below, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

      Section 1. Generally.

      To the fullest extent permitted by the laws of the State of Delaware:

            (a) The Corporation shall indemnify Indemnitee if Indemnitee was or
is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that Indemnitee is or was or has agreed to
serve at the request of the Corporation as a director, officer, employee or
agent of the Corporation, or while serving as a director or officer of the
Corporation, is or was serving or has agreed to serve at the request of the
Corporation as a director, officer, employee or agent (which, for purposes
hereof, shall include a trustee, partner or manager or similar capacity) of
another corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise, or by reason of any action alleged to have been taken or
omitted in such capacity. For the avoidance of doubt, the foregoing
indemnification obligation includes, without limitation, claims for monetary
damages against Indemnitee in respect of an alleged breach of fiduciary duties,
to the fullest extent permitted under Section 102(b)(7) of the DGCL as in
existence on the date hereof.

            (b) The indemnification provided by this Section 1 shall be from and
against expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by Indemnitee or on Indemnitee's
behalf in connection with such action, suit or proceeding and any appeal
therefrom, but shall only be provided if Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Corporation, and, with respect to any criminal action, suit or
proceeding, had no reasonable cause to believe Indemnitee's conduct was
unlawful.
<PAGE>
            (c) Notwithstanding the foregoing provisions of this Section 1, in
the case of any threatened, pending or completed action or suit by or in the
right of the Corporation to procure a judgment in its favor by reason of the
fact that Indemnitee is or was a director, officer, employee or agent of the
Corporation, or while serving as a director or officer of the Corporation, is or
was serving or has agreed to serve at the request of the Corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise, no indemnification
shall be made in respect of any claim, issue or matter as to which Indemnitee
shall have been adjudged to be liable to the Corporation unless, and only to the
extent that, the Delaware Court of Chancery or the court in which such action or
suit was brought shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, Indemnitee is
fairly and reasonably entitled to indemnity for such expenses which the Delaware
Court of Chancery or such other court shall deem proper.

            (d) The termination of any action, suit or proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that Indemnitee did not
act in good faith and in a manner which Indemnitee reasonably believed to be in
or not opposed to the best interests of the Corporation, and, with respect to
any criminal action or proceeding, had reasonable cause to believe that
Indemnitee's conduct was unlawful.

            Section 2. Successful Defense; Partial Indemnification.
Notwithstanding any other provisions of this Agreement, to the extent that
Indemnitee has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in Section 1 hereof or in defense of any
claim, issue or matter therein, Indemnitee shall be indemnified against expenses
(including attorneys' fees) actually and reasonably incurred in connection
therewith. For purposes of this Agreement and without limiting the foregoing, if
any action, suit or proceeding is disposed of, on the merits or otherwise
(including a disposition without prejudice), without (i) the disposition being
adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to the
Corporation, (iii) a plea of guilty or nolo contendere by Indemnitee, (iv) an
adjudication that Indemnitee did not act in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Corporation, and (v) with respect to any criminal proceeding, an
adjudication that Indemnitee had reasonable cause to believe Indemnitee's
conduct was unlawful, Indemnitee shall be considered for the purposes hereof to
have been wholly successful with respect thereto.

            If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Corporation for some or a portion of the expenses
(including attorneys' fees), judgments, fines or amounts paid in settlement
actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection with any action, suit, proceeding or investigation, or in defense of
any claim, issue or matter therein, and any appeal therefrom but not, however,
for the total amount thereof, the Corporation shall nevertheless indemnify
Indemnitee for the portion of such expenses (including attorneys' fees),
judgments, fines or amounts paid in settlement to which Indemnitee is entitled.

      Section 3. Determination That Indemnification Is Proper. Any
indemnification hereunder shall (unless otherwise ordered by a court) be made by
the Corporation unless a determination is made that indemnification of such
person is not proper in the circumstances because he or she

                                        2
<PAGE>
has not met the applicable standard of conduct set forth in Section 1(b) hereof.
Any such determination shall be made (i) by a majority vote of the directors who
are not parties to the action, suit or proceeding in question ("disinterested
directors"), even if less than a quorum, (ii) by a majority vote of a committee
of disinterested directors designated by majority vote of disinterested
directors, even if less than a quorum, (iii) by a majority vote of a quorum of
the outstanding shares of stock of all classes entitled to vote on the matter,
voting as a single class, which quorum shall consist of stockholders who are not
at that time parties to the action, suit or proceeding in question, (iv) by
independent legal counsel, or (v) by a court of competent jurisdiction.

      Section 4. Advance Payment of Expenses; Notification and Defense of Claim.

            (a) Expenses (including attorneys' fees) incurred by Indemnitee in
defending a threatened or pending civil, criminal, administrative or
investigative action, suit or proceeding, or in connection with an enforcement
action pursuant to Section 5(b), shall be paid by the Corporation in advance of
the final disposition of such action, suit or proceeding within thirty (30) days
after receipt by the Corporation of (i) a statement or statements from
Indemnitee requesting such advance or advances from time to time, and (ii) an
undertaking by or on behalf of Indemnitee to repay such amount or amounts, only
if, and to the extent that, it shall ultimately be determined that Indemnitee is
not entitled to be indemnified by the Corporation as authorized by this
Agreement or otherwise. Such undertaking shall be accepted without reference to
the financial ability of Indemnitee to make such repayment. Advances shall be
unsecured and interest-free.

            (b) Promptly after receipt by Indemnitee of notice of the
commencement of any action, suit or proceeding, Indemnitee shall, if a claim
thereof is to be made against the Corporation hereunder, notify the Corporation
of the commencement thereof. The failure to promptly notify the Corporation of
the commencement of the action, suit or proceeding, or Indemnitee's request for
indemnification, will not relieve the Corporation from any liability that it may
have to Indemnitee hereunder, except to the extent the Corporation is prejudiced
in its defense of such action, suit or proceeding as a result of such failure.

            (c) In the event the Corporation shall be obligated to pay the
expenses of Indemnitee with respect to an action, suit or proceeding, as
provided in this Agreement, the Corporation, if appropriate, shall be entitled
to assume the defense of such action, suit or proceeding, with counsel
reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written
notice of its election to do so. After delivery of such notice, approval of such
counsel by Indemnitee and the retention of such counsel by the Corporation, the
Corporation will not be liable to Indemnitee under this Agreement for any fees
of counsel subsequently incurred by Indemnitee with respect to the same action,
suit or proceeding, provided that (1) Indemnitee shall have the right to employ
Indemnitee's own counsel in such action, suit or proceeding at Indemnitee's
expense and (2) if (i) the employment of counsel by Indemnitee has been
previously authorized in writing by the Corporation, (ii) counsel to the
Corporation or Indemnitee shall have reasonably concluded that there may be a
conflict of interest or position, or reasonably believes that a conflict is
likely to arise, on any significant issue between the Corporation and Indemnitee
in the conduct of any such defense or (iii) the Corporation shall not, in fact,
have employed counsel to assume the defense of such action, suit or proceeding,
then the fees and expenses of

                                        3
<PAGE>
Indemnitee's counsel shall be at the expense of the Corporation, except as
otherwise expressly provided by this Agreement. The Corporation shall not be
entitled, without the consent of Indemnitee, to assume the defense of any claim
brought by or in the right of the Corporation or as to which counsel for the
Corporation or Indemnitee shall have reasonably made the conclusion provided for
in clause (ii) above.

            (d) Notwithstanding any other provision of this Agreement to the
contrary, to the extent that Indemnitee is, by reason of Indemnitee's corporate
status with respect to the Corporation or any corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise which Indemnitee is or
was serving or has agreed to serve at the request of the Corporation, a witness
or otherwise participates in any action, suit or proceeding at a time when
Indemnitee is not a party in the action, suit or proceeding, the Corporation
shall indemnify Indemnitee against all expenses (including attorneys' fees)
actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection therewith.

      Section 5. Procedure for Indemnification

            (a) To obtain indemnification, Indemnitee shall promptly submit to
the Corporation a written request, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification. The Corporation shall, promptly upon receipt of
such a request for indemnification, advise the Board of Directors in writing
that Indemnitee has requested indemnification.

            (b) The Corporation's determination whether to grant Indemnitee's
indemnification request shall be made promptly, and in any event within 60 days
following receipt of a request for indemnification pursuant to Section 5(a). The
right to indemnification as granted by Section 1 of this Agreement shall be
enforceable by Indemnitee in any court of competent jurisdiction if the
Corporation denies such request, in whole or in part, or fails to respond within
such 60-day period. It shall be a defense to any such action (other than an
action brought to enforce a claim for the advance of costs, charges and expenses
under Section 4 hereof where the required undertaking, if any, has been received
by the Corporation) that Indemnitee has not met the standard of conduct set
forth in Section 1 hereof, but the burden of proving such defense by clear and
convincing evidence shall be on the Corporation. Neither the failure of the
Corporation (including its Board of Directors or one of its committees, its
independent legal counsel, and its stockholders) to have made a determination
prior to the commencement of such action that indemnification of Indemnitee is
proper in the circumstances because Indemnitee has met the applicable standard
of conduct set forth in Section 1 hereof, nor the fact that there has been an
actual determination by the Corporation (including its Board of Directors or one
of its committees, its independent legal counsel, and its stockholders) that
Indemnitee has not met such applicable standard of conduct, shall be a defense
to the action or create a presumption that Indemnitee has or has not met the
applicable standard of conduct. The Indemnitee's expenses (including attorneys'
fees) incurred in connection with successfully establishing Indemnitee's right
to indemnification, in whole or in part, in any such proceeding or otherwise
shall also be indemnified by the Corporation.

                                        4
<PAGE>
            (c) The Indemnitee shall be presumed to be entitled to
indemnification under this Agreement upon submission of a request for
indemnification pursuant to this Section 5, and the Corporation shall have the
burden of proof in overcoming that presumption in reaching a determination
contrary to that presumption. Such presumption shall be used as a basis for a
determination of entitlement to indemnification unless the Corporation overcomes
such presumption by clear and convincing evidence.

      Section 6. Insurance and Subrogation.

            (a) To the extent the Company maintains liability insurance
applicable to directors, officers, managers, members, employees, agents or
fiduciaries, Indemnitee shall be covered by such policies in such a manner as to
provide Indemnitee the same rights and benefits as are provided to the most
favorably insured of the Company's directors, if Indemnitee is director; or of
the Company's officers. If the Corporation has such insurance in effect at the
time the Corporation receives from Indemnitee any notice of the commencement of
a proceeding, the Corporation shall give prompt notice of the commencement of
such proceeding to the insurers in accordance with the procedures set forth in
the policy. The Corporation shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of the Indemnitee, all amounts
payable as a result of such proceeding in accordance with the terms of such
policy.

            (b) In the event of any payment by the Corporation under this
Agreement, the Corporation shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee with respect to any insurance
policy, who shall execute all papers required and take all action necessary to
secure such rights, including execution of such documents as are necessary to
enable the Corporation to bring suit to enforce such rights in accordance with
the terms of such insurance policy. The Corporation shall pay or reimburse all
expenses actually and reasonably incurred by Indemnitee in connection with such
subrogation.

            (c) The Corporation shall not be liable under this Agreement to make
any payment of amounts otherwise indemnifiable hereunder (including, but not
limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid
in settlement) if and to the extent that Indemnitee has otherwise actually
received such payment under this Agreement or any insurance policy, contract,
agreement or otherwise.

      Section 7. Certain Definitions. For purposes of this Agreement, the
following definitions shall apply:

            (a) The term "action, suit or proceeding" shall be broadly construed
and shall include, without limitation, the investigation, preparation,
prosecution, defense, settlement, arbitration and appeal of, and the giving of
testimony in, any threatened, pending or completed claim, action, suit or
proceeding, whether civil, criminal, administrative or investigative.

            (b) The term "by reason of the fact that Indemnitee is or was a
director, officer, employee or agent of the Corporation, or while serving as a
director or officer of the Corporation, is or was serving or has agreed to serve
at the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust, employee benefit plan

                                        5
<PAGE>
or other enterprise" shall be broadly construed and shall include, without
limitation, any actual or alleged act or omission to act.

            (c) The term "expenses" shall be broadly and reasonably construed
and shall include, without limitation, all direct and indirect costs of any type
or nature whatsoever (including, without limitation, all attorneys' fees and
related disbursements, appeal bonds, other out-of-pocket costs and reasonable
compensation for time spent by Indemnitee for which Indemnitee is not otherwise
compensated by the Corporation or any third party, provided that the rate of
compensation and estimated time involved is approved by the Board, which
approval shall not be unreasonably withheld), actually and reasonably incurred
by Indemnitee in connection with either the investigation, defense or appeal of
a proceeding or establishing or enforcing a right to indemnification under this
Agreement, Section 145 of the General Corporation Law of the State of Delaware
or otherwise.

            (d) The term "judgments, fines and amounts paid in settlement" shall
be broadly construed and shall include, without limitation, all direct and
indirect payments of any type or nature whatsoever (including, without
limitation, all penalties and amounts required to be forfeited or reimbursed to
the Corporation), as well as any penalties or excise taxes assessed on a person
with respect to an employee benefit plan).

            (e) The term "Corporation" shall include, without limitation and in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to
indemnify its directors, officers, and employees or agents, so that any person
who is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise, shall stand in
the same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as he or she would have with respect to such
constituent corporation if its separate existence had continued.

            (f) The term "other enterprises" shall include, without limitation,
employee benefit plans.

            (g) The term "serving at the request of the Corporation" shall
include, without limitation, any service as a director, officer, employee or
agent of the Corporation which imposes duties on, or involves services by, such
director, officer, employee or agent with respect to an employee benefit plan,
its participants or beneficiaries.

            (h) A person who acted in good faith and in a manner such person
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner "not
opposed to the best interests of the Corporation" as referred to in this
Agreement.

      Section 8. Limitation on Indemnification.  Notwithstanding any other
provision herein to the contrary, the Corporation shall not be obligated
pursuant to this Agreement:

                                        6
<PAGE>
            (a) Claims Initiated by Indemnitee. To indemnify or advance expenses
to Indemnitee with respect to an action, suit or proceeding (or part thereof)
initiated by Indemnitee, except with respect to an action, suit or proceeding
brought to establish or enforce a right to indemnification (which shall be
governed by the provisions of Section 8(b) of this Agreement), unless such
action, suit or proceeding (or part thereof) was authorized or consented to by
the Board of Directors of the Corporation.

            (b) Action for Indemnification. To indemnify Indemnitee for any
expenses incurred by Indemnitee with respect to any action, suit or proceeding
instituted by Indemnitee to enforce or interpret this Agreement, unless
Indemnitee is successful in establishing Indemnitee's right to indemnification
in such action, suit or proceeding, in whole or in part, or unless and to the
extent that the court in such action, suit or proceeding shall determine that,
despite Indemnitee's failure to establish their right to indemnification,
Indemnitee is entitled to indemnity for such expenses; provided, however, that
nothing in this Section 8(b) is intended to limit the Corporation's obligation
with respect to the advancement of expenses to Indemnitee in connection with any
such action, suit or proceeding instituted by Indemnitee to enforce or interpret
this Agreement, as provided in Section 4 hereof.

            (c) Section 16 Violations. To indemnify Indemnitee on account of any
proceeding with respect to which final judgment is rendered against Indemnitee
for payment or an accounting of profits arising from the purchase or sale by
Indemnitee of securities in violation of Section 16(b) of the Securities
Exchange Act of 1934, as amended, or any similar successor statute.

      Section 9. Certain Settlement Provisions. The Corporation shall have no
obligation to indemnify Indemnitee under this Agreement for amounts paid in
settlement of any action, suit or proceeding without the Corporation's prior
written consent, which shall not be unreasonably withheld. The Corporation shall
not settle any action, suit or proceeding in any manner that would impose any
fine or other obligation on Indemnitee without Indemnitee's prior written
consent, which shall not be unreasonably withheld.

      Section 10. Savings Clause. If any provision or provisions of this
Agreement shall be invalidated on any ground by any court of competent
jurisdiction, then the Corporation shall nevertheless indemnify Indemnitee as to
costs, charges and expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement with respect to any action, suit or proceeding,
whether civil, criminal, administrative or investigative, including an action by
or in the right of the Corporation, to the full extent permitted by any
applicable portion of this Agreement that shall not have been invalidated and to
the full extent permitted by applicable law.

      Section 11. Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnification provided for herein
is held by a court of competent jurisdiction to be unavailable to Indemnitee in
whole or in part, it is agreed that, in such event, the Corporation shall, to
the fullest extent permitted by law, contribute to the payment of Indemnitee's
costs, charges and expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement with respect to any action, suit or proceeding,
whether civil, criminal, administrative or investigative, in an amount that is
just and equitable in the circumstances, taking into account, among other
things, contributions by other directors and officers of the

                                        7
<PAGE>
Corporation or others pursuant to indemnification agreements or otherwise;
provided, that, without limiting the generality of the foregoing, such
contribution shall not be required where such holding by the court is due to (i)
the failure of Indemnitee to meet the standard of conduct set forth in Section 1
hereof, or (ii) any limitation on indemnification set forth in Section 6(c), 8
or 9 hereof.

      Section 12. Form and Delivery of Communications. Any notice, request or
other communication required or permitted to be given to the parties under this
Agreement shall be in writing and either delivered in person or sent by
telecopy, telex, telegram, overnight mail or courier service, or certified or
registered mail, return receipt requested, postage prepaid, to the parties at
the following addresses (or at such other addresses for a party as shall be
specified by like notice):

            If to the Corporation:

            Attn:
            Facsimile:

            If to Indemnitee:

      Section 13. Subsequent Legislation. If the General Corporation Law of
Delaware is amended after adoption of this Agreement to expand further the
indemnification permitted to directors or officers, then the Corporation shall
indemnify Indemnitee to the fullest extent permitted by the General Corporation
Law of Delaware, as so amended.

      Section 14. Nonexclusivity. The provisions for indemnification and
advancement of expenses set forth in this Agreement shall not be deemed
exclusive of any other rights which Indemnitee may have under any provision of
law, the Corporation's Certificate of Incorporation or ByLaws, in any court in
which a proceeding is brought, the vote of the Corporation's stockholders or
disinterested directors, other agreements or otherwise, and Indemnitee's rights
hereunder shall continue after Indemnitee has ceased acting as an agent of the
Corporation and shall inure to the benefit of the heirs, executors and
administrators of Indemnitee. However, no amendment or alteration of the
Corporation's Certificate of Incorporation or ByLaws or any other agreement
shall adversely affect the rights provided to Indemnitee under this Agreement

      Section 15. Enforcement. The Corporation shall be precluded from asserting
in any judicial proceeding that the procedures and presumptions of this
Agreement are not valid, binding and enforceable. The Corporation agrees that
its execution of this Agreement shall constitute a stipulation by which it shall
be irrevocably bound in any court of competent jurisdiction in which a
proceeding by Indemnitee for enforcement of his rights hereunder shall have been
commenced, continued or appealed, that its obligations set forth in this
Agreement are unique and special, and that failure of the Corporation to comply
with the provisions of this Agreement will cause irreparable and irremediable
injury to Indemnitee, for which a remedy at law will be inadequate. As a result,
in addition to any other right or remedy Indemnitee may have

                                        8
<PAGE>
at law or in equity with respect to breach of this Agreement, Indemnitee shall
be entitled to injunctive or mandatory relief directing specific performance by
the Corporation of its obligations under this Agreement.

      Section 16. Interpretation of Agreement. It is understood that the parties
hereto intend this Agreement to be interpreted and enforced so as to provide
indemnification to Indemnitee to the fullest extent now or hereafter permitted
by law.

      Section 17. Entire Agreement. This Agreement and the documents expressly
referred to herein constitute the entire agreement between the parties hereto
with respect to the matters covered hereby, and any other prior or
contemporaneous oral or written understandings or agreements with respect to the
matters covered hereby are expressly superceded by this Agreement.

      Section 18. Modification and Waiver. No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provision hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

      Section 19. Successor and Assigns. All of the terms and provisions of this
Agreement shall be binding upon, shall inure to the benefit of and shall be
enforceable by the parties hereto and their respective successors, assigns,
heirs, executors, administrators and legal representatives. The Corporation
shall require and cause any direct or indirect successor (whether by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Corporation, by written agreement in form and substance
reasonably satisfactory to Indemnitee, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Corporation
would be required to perform if no such succession had taken place.

      Section 20. Service of Process and Venue. For purposes of any claims or
proceedings to enforce this agreement, the Corporation consents to the
jurisdiction and venue of any federal or state court of competent jurisdiction
in the states of Delaware and New York, and waives and agrees not to raise any
defense that any such court is an inconvenient forum or any similar claim.

      Section 21. Supercedes Prior Agreement.  This Agreement supercedes any
prior indemnification agreement between Indemnitee and the Corporation or
its predecessors.

      Section 22. Governing Law. This Agreement shall be governed exclusively by
and construed according to the laws of the State of Delaware, as applied to
contracts between Delaware residents entered into and to be performed entirely
within Delaware. If a court of competent jurisdiction shall make a final
determination that the provisions of the law of any state other than Delaware
govern indemnification by the Corporation of its officers and directors, then
the indemnification provided under this Agreement shall in all instances be
enforceable to the fullest extent permitted under such law, notwithstanding any
provision of this Agreement to the contrary.

                                        9
<PAGE>
      Section 23. Employment Rights. Nothing in this Agreement is intended to
create in Indemnitee any right to employment or continued employment.

      Section 24. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument, notwithstanding that
both parties are not signatories to the original or same counterpart.

      Section 25. Headings. The section and subsection headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

      IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to
be effective as of the date first above written.

                                    CASTLE BRANDS INC.

                                    By _____________________________
                                       Name:
                                       Title:

                                    INDEMNITEE:

                                    By _____________________________
                                       Name:

                                       10

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