Document:

Exhibit 10.3

                             ASSIGNMENT OF SUBLEASE

     This  Assignment of Sublease (the  "Assignment")  is entered into this 30th
day of March,  2001, by and between  HORIZON MEDICAL  PRODUCTS,  INC., a Georgia
Corporation (the "Assignor"),  VASCUTECH ACQUISITION LLC, a Delaware corporation
(the  "Assignee"),  and IDEAS FOR  MEDICINE,  INC.,  formerly  known as CryoLife
Acquisition Corporation, a Florida corporation (the "Sublessor").

     WHEREAS,  Sublessor  entered into that certain  Commercial  Lease Agreement
dated  March 5, 1997,  ("Master  Lease") by which  Sublessor  leased from Secret
Promise, Ltd., as  successor-in-interest to J. Crayton Pruitt Family Trust u/t/a
9/17/76 ("Landlord"),  certain premises ("Premises") located at 3101 37th Avenue
North, St.  Petersburg,  Florida,  as more  particularly  described in Exhibit A
attached hereto;

     WHEREAS,  Assignor, as Sublessee,  entered into that certain Sublease dated
October 9, 2000  ("Sublease"),  by which  Assignor  subleased  the Premises from
Sublessor;

     WHEREAS,   Assignor  entered  into  that  certain  Assignment  of  Sublease
(Sublessee's  Interest)  dated on or about  October  9,  2000  (the  "Collateral
Assignment") with Bank of America ("BOA");

     WHEREAS,  the Master Lease  provides  that  Sublessor  may not enter into a
sublease or permit any other  entity to occupy the Premises  without  Landlord's
prior written approval;

     WHEREAS,  the Sublease  provides that Assignor may not assign its rights or
interests without Sublessor's prior written approval;

     WHEREAS,  the Collateral  Assignment  provides that Assignor may not assign
its rights or interests under the Sublease  without the prior written consent of
BOA; and

     WHEREAS,  Landlord  and  Sublessor  have  approved  and  consented  to this
Assignment  pursuant to that certain  Consent to  Assignment of Sublease of even
date herewith.

     NOW, THEREFORE,  for good and valuable consideration by each of the parties
hereto  to  the  other,   the  receipt  and   sufficiency  of  which  is  hereby
acknowledged, the parties agree as follows:

     1. Assignor hereby assigns to Assignee all of its right, title and interest
in and to the Sublease and the Premises and Assignee  hereby assumes all rights,
promises, covenants, conditions and duties under the Sublease to be performed by
the subtenant under the Sublease which accrue after the date hereof.

     2.  Sublessor  does hereby  consent to the  assignment  of the  Sublease as
provided  herein,  and hereby  acknowledges and agrees that Assignor will not be
liable or  obligated  for the payment of any sums due under the  Sublease or the
performance  of any  obligations  under the Sublease which accrue after the date

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hereof, and Assignee will not be liable or obligated for the payment of any sums
due under the Sublease or the performance of any obligations  under the Sublease
which accrued prior to the date hereof.

     3.  All  notices,   demands,   requests,   elections,   consents  or  other
communications  required or permitted  to be given  pursuant to the terms of the
Sublease shall be addressed as follows:

Sublessor:                 IDEAS for Medicine, Inc.
                           c/o CryoLife, Inc.
                           1655 Roberts Boulevard
                           Kennesaw, Georgia  30144
                           Attn:  Vice president of Finance

with a copy to:            Arnall Golden & Gregory, LLP
                           2800 One Atlantic Center
                           1201 West Peachtree Street
                           Atlantic, Georgia  30309-3450
                           Attn:  Clinton D. Richardson, Esq.

Sublessee:                 Vascutech Acquisition LLC
                           164 Middlesex Turnpike
                           Burlington, MA  01803
                           Attn:  Corporate Controller

     4. By execution  hereof the parties hereto covenant and warrant,  except as
herein  amended and as amended by the Consent to  Assignment  of  Sublease,  the
Sublease  remains  unchanged and is in full force and effect in accordance  with
the terms and provisions contained therein.

     In addition, by execution hereof Assignor hereby represents and warrants to
each of Assignee and Sublessor that the Collateral Assignment has been released,
satisfied and terminated by BOA on or before the date hereof,  and that Assignor
has the full right and authority to enter into and  consummate  this  Assignment
without notice to, or the consent or approval of, BOA. As a condition  precedent
to the effectiveness of the release of Assignor from future obligations accruing
after the date of this  Assignment,  Assignor  agrees to provide to Assignee and
Sublessor a copy of the executed written instrument of release,  satisfaction or
termination of the Collateral Assignment by BOA in recordable form.

                                       2
<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto have hereunto set their hands and
seals as of the day and year first above written.

                            Assignor :

                            Horizon Medical Products, Inc.
                            By:   /s/ William E. Peterson, Jr.
                                  --------------------------------------
                            Its:  President
                                  --------------------------------------

                            Assignee:

                            Vascutech Acquisition LLC
                            By:   /s/ David B. Roberts
                                  --------------------------------------
                            Its:  Chief Financial Officer
                                  --------------------------------------

                            Sublessor:

                            IDEAS for Medicine, Inc.
                            By:   /s/ D.A. Lee
                                  --------------------------------------
                            Its:  VP Finance and CFO
                                  --------------------------------------

                                       3
<PAGE>

                      Guarantee of Payment and Performance

     In consideration of the Sublessor's  consent to this Assignment of Sublease
to Assignee,  the  undersigned  VASCUTECH,  INC., a  corporation  organized  and
existing  under  the laws of  Delaware  and the 100%  parent  of  Assignee  (the
"Guarantor"),  hereby unconditionally guarantees to Sublessor that Assignee will
duly and  punctually  pay or perform all  obligations  under the  Sublease  (the
"Guaranteed  Obligations").  This  Guaranty is an  absolute,  unconditional  and
continuing guaranty of the full and punctual payment and performance by Assignee
of the Guaranteed  Obligations and not of their collectibility only and is in no
way conditioned upon any requirement that Sublessor first attempt to collect any
of the Guaranteed  Obligations  from Assignee or resort to any security or other
means of obtaining payment of any of the Guaranteed Obligations.

     The  Guarantor  further  agrees,  as the  principal  obligor  and  not as a
guarantor only, to pay to Sublessor  forthwith upon demand, in funds immediately
available to Sublessor, all reasonable costs and expenses (including court costs
and legal  expenses)  incurred or expended by Sublessor in connection  with this
Guarantee and the enforcement thereof.

                           VASCUTECH, INC.

                           By: /s/ David B. Roberts
                                   Name: David B. Roberts
                                   Title:  CFO

1358827v1Exhibit 10.4

                                                                  EXECUTION COPY
                               SECURITY AGREEMENT

     THIS SECURITY AGREEMENT  ("Agreement") is made as of the 30th day of March,
2001,  by  VASCUTECH  ACQUISITION  LLC, a  Delaware  limited  liability  company
("Vascutech")  in favor of IDEAS  FOR  MEDICINE,  INC.,  a  Florida  corporation
(together with its successors, assigns and transferees, "IFM").

                              PRELIMINARY STATEMENT

     This  Agreement is made to secure all of the  following  (individually  and
collectively the, "Indebtedness"):

     Payment of the principal  balance,  together with  interest,  costs and all
other sums, to be paid according to that certain  Subordinated  Promissory  Note
dated  October  9,  2000,  originally  made by Horizon  Medical  Products,  Inc.
("Horizon")  in favor of IFM and  assigned by Horizon to  Vascutech  pursuant to
that certain Assignment and Assumption  Agreement dated as of even date herewith
among  Horizon,  IFM and  Vascutech,  together  with  any  and  all  extensions,
renewals, modifications, amendments, restatements, substitutions or replacements
thereof (the "Note");  and the  performance of the covenants and  obligations of
Vascutech due or to become due to IFM under this Agreement  and/or under any and
all other documents and instruments  evidencing  and/or securing  payment of all
amounts  due  under  the Note  (collectively,  the  "Loan  Documents"),  and the
repayment  of all  costs,  expenses,  advances  and other sums  incurred  and/or
expended  by  IFM  in  connection  with   performance  of  those  covenants  and
obligations.

     In consideration of the above facts and the mutual promises of the parties,
and as security for the purposes  stated above and elsewhere in this  Agreement,
the parties agree as follows:

     1.  Grant of  Security  Interest.  Vascutech  hereby  grants IFM a security
interest in the following described property (collectively, the "Collateral"):

          (i)  presently  existing  and  hereafter  arising  accounts,  contract
     rights,  and all other forms of obligations  owing to Vascutech arising out
     of the sale or lease of goods or the  rendition  of services by  Vascutech,
     whether or not  earned by  performance,  and any and all credit  insurance,
     guaranties,  and  other  security  therefor,  as  well  as all  merchandise
     returned to or  reclaimed  by  Vascutech  relating to any of the  foregoing
     (collectively, "Accounts");

          (ii)  present  and  future  general  intangibles  and  other  personal
     property  (including  choses  or things in  action,  goodwill,  blueprints,
     drawings,  purchase orders,  customer lists, monies due or recoverable from
     pension  funds,  route  lists,  monies due under any  royalty or  licensing
     agreements,   infringement  claims,  computer  programs,   computer  discs,
     computer tapes, literature,  reports, catalogs deposit accounts,  insurance
     premium rebates,  tax refunds,  and tax refund claims) other than (A) goods
     and Accounts relating to any of the foregoing, or (B) patents, trade names,
     trademarks,    servicemarks,   or   copyrights   (collectively,    "General
     Intangibles");

<PAGE>

          (iii)   present  and  future   letters  of  credit,   notes,   drafts,
     instruments, certificated and uncertificated securities, documents, leases,
     and  chattel  paper  relating  to  any  of  the  foregoing   (collectively,
     "Negotiable Collateral");

          (iv) present and future  inventory in which Vascutech has any interest
     including  goods held for sale or lease or to be furnished under a contract
     of service and all of Vascutech's present and future raw materials, work in
     process,  finished  goods,  and packing and  shipping  materials,  wherever
     located, and any documents of title representing any of the above, relating
     to any of the foregoing (collectively, "Inventory");

          (v) present and hereafter acquired machinery,  machine tools,  motors,
     equipment,  furniture,  furnishings,  fixtures,  vehicles  (including motor
     vehicles and  trailers),  tools,  parts,  dies,  goods (other than consumer
     goods or farm products),  and any interest in any of the foregoing, and all
     attachments, accessories, accessions, additions, and improvements to any of
     the foregoing, wherever located (collectively, "Equipment");

          (vi) substitutions,  replacements,  additions,  accessions,  proceeds,
     products  to or of  any of  the  foregoing  (other  than  substitutions  or
     replacements  of  Equipment  after  the date  hereof),  including,  but not
     limited to,  proceeds of insurance  covering any of the  foregoing,  or any
     portion thereof, and any and all Accounts, General Intangibles,  Negotiable
     Collateral,  Inventory,  Equipment,  money,  deposits,  accounts,  or other
     tangible  or  intangible   property   resulting  from  the  sale  or  other
     disposition of the Accounts,  General Intangibles,  Negotiable  Collateral,
     Inventory,  Equipment,  or any portion thereof or interest  therein and the
     proceeds thereof.

Notwithstanding anything to the contrary contained herein,  Vascutech's grant of
a  security  interest  is only as to (i) the  Accounts,  Negotiable  Collateral,
Inventory,  and  Equipment  acquired  pursuant to that  certain  Asset  Purchase
Agreement  between  Vascutech and Horizon  Medical  Products,  Inc. of even date
herewith and (ii) substitutions,  replacements, additions, accessions, proceeds,
products to or of any of the foregoing (other than substitutions or replacements
of Equipment after the date hereof) (the "Pledged Assets"). It is understood and
agreed by the parties  hereto that IFM's  security  interest shall not attach to
any property of Vascutech other than the Pledged  Assets,  nor any of the assets
of Vascutech's 100% parent, Vascutech, Inc.

     2. WARRANTIES AND REPRESENTATIONS.  Vascutech warrants and covenants to IFM
as follows:

                                       2
<PAGE>

          (a) Payment of  Indebtedness.  Vascutech will pay the Indebtedness and
perform  all  obligations  related  to the  Indebtedness  when due,  whether  by
maturity, acceleration or otherwise.

          (b) Authority.  This Agreement is the valid and binding  obligation of
Vascutech,  enforceable  in  accordance  with its  terms  except as  limited  by
creditors' rights and equity. Vascutech is organized and validly existing and in
good  standing  under  the laws of the  State of  Delaware,  and the  execution,
delivery and  performance  of this  Agreement  has been duly  authorized  by all
necessary  action  of  Vascutech's  board of  directors,  and  will not  violate
Vascutech's governing instruments or other material agreements.

          (c)  Name,  Address;  Location  of  Collateral.  Vascutech's  name and
address  and the  location of the  Collateral  are  accurately  set forth on the
signature page of this Agreement.

          (d) Title to Collateral.  Vascutech has good and  marketable  title to
the  Collateral.  Vascutech  will keep the  Collateral  free of all other liens,
encumbrances  and security  interests  and will defend  title to the  Collateral
against all claims and demands of all persons at any time  claiming any interest
in the  Collateral  except for the  security  interest  associated  with (i) the
indebtedness of Vascutech to Brown Brothers  Harriman  ("BBH") as set forth, and
subject to the limitations,  in that certain Subordination Agreement dated as of
even date herewith, by and between BBH and IFM ("Subordination  Agreement"), and
any future  subordination  agreements  entered into in connection  therewith and
(ii) any ordinary course equipment  leases or purchase money security  interests
(collectively, the "Security Interest").

          (e) Priority of Security Interest.  The execution and delivery of this
Agreement  creates a valid  security  interest in the  Collateral,  and upon the
filing of a UCC-1  financing  statement  with (i) the  Secretary of State of the
Commonwealth  of  Massachusetts  and the Burlington  Clerk's office and (ii) the
Secretary  of State of the State of Florida,  IFM will have a  perfected  second
security  interest in the Collateral,  subject to no other lien,  encumbrance or
security interest except for the Security Interest to the extent one can perfect
by filing a financing statement under Article 9 of the UCC and except for rights
of the landlord under the Sublease or Florida law.

          (f)   Financing   Statements.   Vascutech   will   execute   financing
statement(s) in form acceptable to IFM and will pay the cost of filing financing
statement(s)  in  all  public  offices  wherever  filing  is  deemed  reasonably
necessary by IFM. A carbon, photographic or other reproduction of this Agreement
shall be sufficient as a financing  statement  under the UCC and may be filed by
IFM in any filing office.

          (g) Payment of Taxes and Insurance Premiums.  Vascutech shall pay when
due and before any interest,  collection  fees or penalties  accrue,  all taxes,
expenses, assessments, liens or other charges (collectively,  "Taxes") which may
now or hereafter be levied or assessed  against the Collateral  unless Vascutech
is contesting such Taxes in good faith and has maintained adequate reserves with
respect to the payment thereof Vascutech shall also obtain and pay for insurance
for the  Collateral  in an amount  consistent  with  industry  standards  and/or
reasonably  acceptable to IFM. Vascutech shall furnish proof of payment of taxes
or insurance upon request of IFM.

                                       3
<PAGE>

          (h)  Maintenance of Collateral.  Vascutech will maintain the Equipment
in good condition and repair,  ordinary wear and tear  excepted.  Vascutech will
promptly inform IFM of any material loss or material  diminution in value of the
Collateral.

     3. PROHIBITION ON TRANSFER OR  MODIFICATION.  Vascutech shall not transfer,
sell, assign,  lease or modify the Collateral or any interest therein,  any part
thereof,  without the prior written consent of IFM except in the ordinary course
of Vascutech's business and on customary terms and at usual prices.

     4. PROHIBITION ON CHANGE OF NAME,  ORGANIZATION OR LOCATION.  Except as set
forth at the end of this Section 4, Vascutech shall not assume a different name,
conduct its  business at any location  other than as appears in this  Agreement,
nor change the  location of any of the  Collateral  without,  in each  instance,
obtaining  the prior  written  consent of IFM thirty (30) days prior to any such
event.  Vascutech  agrees to execute any  amendments  to financing  statement(s)
required in connection  with this Section 4 in form  acceptable to IFM, and will
pay the filing fees and costs  actually  incurred by IFM in connection  with any
such  amendments.  The address of the head office of Vascutech is expected to be
changed in April, 2001 to 26 Ray Avenue,  Burlington, MA 01803, however, neither
the location of the Collateral nor the name of Vascutech will change.

     5.  EXAMINATION OF RECORDS AND  COLLATERAL.  Vascutech  shall keep full and
accurate  records related to the  Collateral,  and such records shall be open to
inspection and duplication by IFM at all reasonable  times upon reasonable prior
notice.  Upon reasonable  notice to Vascutech and at reasonable  times,  IFM may
enter upon any property  owned by or in the  possession  of Vascutech to examine
and inspect the  Collateral.  Vascutech shall provide IFM as soon as practicable
with any information  concerning the Collateral as IFM may reasonably request at
any time.

     6.  REIMBURSEMENT  OF  EXPENSES.  Vascutech  shall  reimburse  IFM  for all
reasonable costs and expenses,  including  reasonable  attorneys' fees, actually
incurred by IFM in enforcing the rights of IFM under this  Agreement  except for
inspection  of  records.  All costs,  expenses  and fees of any nature for which
Vascutech  is  obligated  to  reimburse  or  indemnify   IFM  are  part  of  the
Indebtedness  secured by this  Agreement  and are payable  upon  demand,  unless
expressly  provided  otherwise,  with interest  until repaid at the highest rate
charged on any of the Indebtedness (but not to exceed the maximum rate permitted
by law).

     7. RIGHTS AND  OBLIGATIONS OF IFM. In the event that Vascutech fails to pay
taxes,  maintain  insurance or perform any other  obligation  arising under this
Agreement,  IFM  may pay or  perform  such  obligation(s)  for  the  account  of
Vascutech  and the  same  shall  be  added  to the  Indebtedness  and  shall  be
immediately  due and payable  together with interest at the highest rate charged
by IFM on any of the Indebtedness  (but not to exceed the maximum rate permitted
by law).  IFM shall not be liable for any loss to the  Collateral nor shall such
loss reduce the balance due.

                                       4
<PAGE>

     8.  INDEMNIFICATION.  Vascutech  shall indemnify and save IFM harmless from
all claims, obligations,  costs, expenses, including attorneys' fees, and causes
of action or other  rights  asserted  against IFM and relating to breach of this
Agreement by Vascutech.

     9. EVENTS OF DEFAULT AND REMEDIES.

          (a) Events of Default. Any of the following events shall, for purposes
of this Agreement, constitute an "Event of Default":

          (i) Failure by Vascutech to pay any amount owing on or with respect to
     the Indebtedness when due, whether by maturity,  acceleration or otherwise,
     which failure continues for ten (10) days after Vascutech  receives written
     notice from IFM of such failure.

          (ii) Any failure by Vascutech  to comply with,  or breach by Vascutech
     of, any of the non-monetary terms,  provisions,  warranties or covenants of
     the  Note,   this   Agreement   or  the  other  Loan   Documents,   or  the
     representations  and  warranties  of  Vascutech  to IFM  contained  in that
     certain  Assignment  and  Assumption  Agreement of even date herewith among
     Horizon, Vascutech, IFM and (for the limited purpose of Paragraph D thereof
     only) Vascutech,  Inc., which failure  continues for thirty (30) days after
     the receipt by Vascutech (or any guarantor of the Note (a  "Guarantor")) of
     written notice from IFM of such failure.

          (iii) The  insolvency of Vascutech (or any Guarantor) or the admission
     in writing of Vascutech's or any Guarantor's inability to pay debts as they
     mature.

          (iv)  Institution of bankruptcy,  reorganization,  insolvency or other
     similar  proceedings by or against  Vascutech or any Guarantor,  unless the
     same is dismissed within sixty (60) days of filing.

          (v) The  issuance  or  filing  of any  judgment,  attachment,  levy or
     garnishment  against the  Collateral in which the amount of such  judgment,
     attachment,  levy,  garnishment  or the amount in  controversy  in any such
     related proceeding exceeds $250,000, which such judgment,  attachment, levy
     or garnishment shall continue undischarged or unstayed for 30 days.

          (vi)  Termination of Vascutech's  existence by dissolution,  merger or
     consolidation in which Vascutech is not the surviving entity, or otherwise.

          (vii) The default by Vascutech  (after  giving of any required  notice
     and expiration of any applicable  cure period) under Section 11.1(a) of the
     Sublease  Agreement by and between IFM and Vascutech (as successor interest
     to Horizon Medical Products, Inc.), dated as of October 9, 2000.

                                       5
<PAGE>

          (b) Remedies Upon Event of Default.  Upon the  occurrence of any Event
of Default, IFM shall have the following rights:

          (i)  Declare  all or  part  of the  Indebtedness  immediately  due and
     payable.

          (ii) Vascutech agrees, upon request of IFM, to assemble the Collateral
     and make it  available to IFM at any place which is  reasonably  convenient
     for Vascutech and IFM.  Vascutech  grants IFM  permission to enter upon any
     premises  owned  or  occupied  by  Vascutech  for the  purpose  of  taking,
     possession of the Collateral.

          (iii) Subject to the rights of BBH under the Subordination  Agreement,
     IFM shall  have the right to take  possession  of the  Collateral,  with or
     without demand,  and with or without process of law.  Subject to the rights
     of BBH under the Subordination  Agreement, IFM shall have the right to sell
     and dispose of the Collateral  and to distribute the proceeds  according to
     law.  In  connection  with  the  right  of IFM to  take  possession  of the
     Collateral, IFM may take possession of any other items of property in or on
     the  Collateral  at the  time of  taking  possession,  and  hold  them  for
     Vascutech  without  liability on the part of IFM. If there is any statutory
     requirement  for notice,  that  requirement  shall be met if IFM shall send
     notice  to  Vascutech  at least  ten (10)  days  prior to the date of sale,
     disposition  or other event giving rise to the required  notice.  Vascutech
     shall be liable  for any  deficiency  remaining  after  disposition  of the
     Collateral.

          (iv) IFM shall also have any one or more of the  rights  and  remedies
     under  the  UCC  or at  law  or  equity  to  enforce  the  payment  of  the
     Indebtedness.

          (c) Remedies Generally.

          (i) All  remedies  provided  for in Section 9(b) shall be available to
     the extent not  prohibited  by law.  Each remedy  shall be  cumulative  and
     additional  to any other remedy of IFM at law, in equity or by statute.  No
     delay or omission to exercise any night or power  accruing upon any default
     or Event  of  Default  shall  impair  any  such  right or power or shall be
     construed to be a waiver of, or  acquiescence  in any such default or Event
     of Default.

          (ii)  IFM  may  waive  any  Event  of  Default  and  may  rescind  any
     declaration  of maturity of payments on the  Indebtedness.  In case of such
     waiver  or  rescission  Vascutech  and  IFM  shall  be  restored  to  their
     respective former positions and rights under this Agreement.  Any waiver by
     IFM of any  default  or Event of Default  shall be in writing  and shall be
     limited to the  particular  default waived and shall not be deemed to waive
     any other default.

                                       6
<PAGE>

          (d)  Application  of Proceeds.  Any proceeds  received by IFM from the
exercise of remedies pursuant to Section 9(b) of this Agreement shall be applied
as follows:

          (i) First,  to pay all costs and  expenses  incidental  to the leasing
     foreclosure,  sale or other disposition of the Collateral.  These costs and
     expenses shall include,  without limit, any costs and expenses  incurred by
     IFM (including,  without limit,  attorneys' fees and disbursements actually
     incurred),  and any taxes and  assessments or other liens and  encumbrances
     prior to the lien of this Agreement.

          (ii)  Second,  to all sums  expended or  incurred by IFM,  directly or
     indirectly  in  carrying  out any term,  covenant or  agreement  under this
     Agreement or any related  document,  together  with interest as provided in
     this Agreement.

          (iii) Third, to the payment of the  Indebtedness.  If the proceeds are
     insufficient to fully pay the Indebtedness,  then application shall be made
     first  to  late  charges  and  interest  accrued  and  unpaid,  then to any
     applicable prepayment premiums,  and then to unpaid fees and other charges,
     then to the outstanding principal balance.

          (iv) Fourth,  any surplus  remaining  shall be paid to Vascutech or to
     whomsoever may be lawfully entitled.

          (e) Further  Actions.  Promptly  upon the  reasonable  request of IFM,
Vascutech shall execute,  acknowledge and deliver any and all further documents,
security agreements,  financing statements and assurances, and do or cause to be
done all further acts as IFM may  reasonably  require to confirm and protect the
lien  of  this  Agreement  or  otherwise  to  accomplish  the  purposes  of this
Agreement.

          (f) Attorneys Fees. Any reference in this Agreement to attorneys' fees
shall refer to reasonable fees, charges, costs and expenses of outside attorneys
and  paralegals  actually  incurred,  whether  or not a suit  or  proceeding  is
instituted,  and  whether  incurred at the trial court  level,  on appeal,  in a
bankruptcy,  administrative or probate proceeding, in consultation with counsel,
or otherwise.

     10. TERMINATION OF FINANCING  STATEMENTS.  IFM shall execute and deliver to
Vascutech, within ten (10) business days after the written request of Vascutech,
UCC  termination  statements with respect to the Collateral  secured  hereunder,
provided  that (a)  Vascutech  shall not be in  default  under any of the terms,
covenants or conditions of any document or instrument evidencing or securing the
Indebtedness;  (b) the outstanding  principal balance of the Note, together with
interest,  premiums,  costs and all other sums on that amount,  shall be paid in
full; and (c) all termination statements shall be prepared by IFM at Vascutech's
expense.  Upon the filing of such termination  statements in accordance with the
applicable provisions of the UCC, this Agreement shall be terminated.

                                       7
<PAGE>

     11. MISCELLANEOUS.

          (a) Governing Law. This Agreement shall be construed  according to the
laws of the State of New York.

          (b) Successors and Assigns.  This Agreement  shall be binding upon the
successors and assigns of Vascutech  including,  without  limit,  any trustee in
possession or trustee in bankruptcy for Vascutech, and the rights and privileges
of IFM under this  Agreement  shall inure to the benefit of its  successors  and
assigns.  This shall not be deemed a consent by IFM to a conveyance by Vascutech
of all or any part of the Collateral or of any ownership interest in Vascutech.

          (c)  Notices.  Notice  from one  party  to  another  relating  to this
Agreement shall be made pursuant to the Note.

          (d)   Entire   Agreements;   Amendments.   This   Agreement   and  the
Subordination  Agreement  state all rights and  obligations  of the  parties and
supersede  all other  agreements  (oral or written) with respect to the security
interests granted by this Agreement. Any amendment of this Agreement shall be in
writing and shall require the signature of Vascutech and IFM.

          (e) Partial  Invalidity.  The  invalidity or  unenforceability  of any
provision of this Agreement shall not affect the validity or  enforceability  of
the remaining provisions of this Agreement.

          (f) Inspections.  Any inspection,  audit,  appraisal or examination by
IFM or its agents of the Collateral or of information or documents pertaining to
the  Collateral is for the sole purpose of protecting  IFM's interest under this
Agreement  and is not for the benefit or  protection  of  Vascutech or any third
party.

          (g) Automatic  Reinstatement.  Notwithstanding  any prior  revocation,
termination, surrender or discharge of this Agreement, the effectiveness of this
Agreement shall automatically continue or be reinstated,  as the case may be, in
the event that:

          (i) Any  payment  received  or credit  given by IFM in  respect of the
     Indebtedness  is  determined  to  be a  preference,  impermissible  setoff,
     fraudulent  conveyance,  diversion of trust funds, or otherwise required to
     be returned to Vascutech or any third party under any  applicable  state or
     federal law,  including,  without limit,  laws  pertaining to bankruptcy or
     insolvency,  in which case this  Agreement  shall be  enforceable as if any
     such payment or credit had not been  received or given,  whether or not IFM
     relied upon this payment or credit or changed its position as a consequence
     of it.

                                       8
<PAGE>

          (ii) In the event of continuation or  reinstatement of this Agreement,
     Vascutech  agrees  upon  demand by IFM to execute  and deliver to IFM those
     documents which IFM determines are appropriate to further  evidence (in the
     public records or otherwise) this continuation or  reinstatement,  although
     the  failure  of  Vascutech  to do so  shall  not  affect  in any  way  the
     reinstatement or continuation. If Vascutech does not execute and deliver to
     IFM such documents upon demand,  IFM and each officer of IFM is irrevocably
     appointed  (which  appointment  is coupled with an  interest)  the true and
     lawful attorney of Vascutech (with full power of  substitution)  to execute
     and deliver such documents in the name and on behalf of Vascutech.

          (h) Assignment.  This Agreement is freely  assignable,  in whole or in
part, by IFM. IFM agrees,  however,  that it shall give prompt written notice of
any such  assignment  to  Vascutech.  IFM  shall be  fully  discharged  from all
responsibility  accruing hereunder from and after the effective date of any such
assignment.  IFM's assignee shall,  to the extent of the  assignment,  be vested
with all the powers and rights of IFM hereunder  (including  those granted under
Section  10 hereof or  otherwise  with  respect to the  Collateral),  and to the
extent of such  assignment the assignee may fully enforce such rights and powers
and all  references  to IFM  shall  mean and refer to such  assignee.  IFM shall
retain all rights and powers  hereby given not so assigned,  transferred  and/or
delivered.  Vascutech hereby waives all defenses which Vascutech may be entitled
to assert  against IFM's assignee with respect to liability  accruing  hereunder
prior  to the  effective  date  of any  assignment  of  IFM's  interest  herein.
Vascutech  may not,  in whole or in part,  directly or  indirectly,  assign this
Agreement or its rights hereunder or delegate its duties hereunder  without,  in
each instance, the prior written consent of IFM.

                      [THE NEXT PAGE IS THE SIGNATURE PAGE]

                                       9
<PAGE>

     Vascutech  has  executed  this  Agreement  on the day and year first  above
written.

                                   VASCUTECH:

                                   VASCUTECH ACQUISITION CORP.

                                   By:  /s/ David B. Roberts
                                        ----------------------------------------

                                   Its: Chief Financial Officer
                                        ----------------------------------------

                                   Collateral

     Vascutech's  principal  place of  business  is  located  in the  County  of
Middlesex, Commonwealth of Massachusetts.

     Collateral is located at: 3101 37th Avenue North, St. Petersburg, Florida.

1358825v1

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