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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>As filed with the Securities and Exchange Commission on August&nbsp;9, 2004</B>


<P align="right" style="font-size: 10pt"><B>Registration Statement No. </B><U><B>333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<P align="center" style="font-size: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>



<P align="center" style="font-size: 10pt"><B>FORM S-8</B>



<P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>



<P align="center" style="font-size: 10pt"><B>SAFEGUARD SCIENTIFICS, INC.</B><BR>
(Exact name of registrant as specified in its charter)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Pennsylvania</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>23-1609753</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(State of Incorporation)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>800 The Safeguard Building, 435 Devon Park Drive, Wayne, PA 19087-1945</B><BR>
(Address of principal executive offices, including zip code)



<P align="center" style="font-size: 10pt"><B>2004 Equity Compensation Plan</B><BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><B>Karen M. Keating, Esq.<BR>
800 The Safeguard Building, 435 Devon Park Drive<BR>
Wayne, PA 19087-1945</B><BR>
(Name and Address of Agent for Service)



<P align="center" style="font-size: 10pt"><B>(610)&nbsp;293-0600</B><BR>
(Telephone Number of Agent for Service)



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of securities to be registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered<SUP>(1)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per Share<SUP>(2)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price<SUP>(2)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee<SUP>(2)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Common Stock, $.10 per share,
together<BR>with related rights to
purchase Series&nbsp;A<BR>Junior
Participating Preferred Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>

<TD align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,460,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, this Registration
Statement also registers such additional shares as may hereinafter be
offered or issued to prevent dilution resulting from stock splits, stock
dividends, recapitalizations or certain other capital adjustments.
Associated with each share of common stock is the right to purchase one
one-thousandth of a share of Series&nbsp;A Junior Participating Preferred
Stock. The preferred stock purchase rights do not carry a separate price.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated pursuant to Rule 457(c) and 457(h) under the Securities Act of
1933 solely for purposes of calculating the registration fee. The fee is
computed based upon $1.910, the average of the high and low prices for a
share of common stock of the Registrant on August&nbsp;5, 2004, as reported on
the New York Stock Exchange.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</TABLE>


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. <U>Incorporation of Documents by Reference.</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. <U>Description of Securities.</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. <U>Interests of Named Experts and Counsel.</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. <U>Indemnification of Directors and Officers.</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. <U>Exemption from Registration Claimed.</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. <U>Exhibits.</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. <U>Undertakings.</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="w99964exv5w1.htm">OPINION OF KAREN M. KEATING, ESQUIRE</A></TD></TR>
<TR><TD colspan="9"><A HREF="w99964exv23w1.htm">CONSENT OF KPMG LLP</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link1 "PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>


<P align="left" style="font-size: 10pt">The information required by Part&nbsp;I of Form S-8 is included in documents to be
given to the recipient of the securities registered hereby in accordance with
Rule&nbsp;428(b)(1) under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;).


<!-- link1 "PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. <U>Incorporation of Documents by Reference.</U>" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;3. <U><B>Incorporation of Documents by Reference</B>.</U>

<P align="left" style="font-size: 10pt">The following documents, as filed by Safeguard Scientifics, Inc. (the
&#147;Registrant&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;),
are incorporated by reference in this Registration Statement:



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31,
2003.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Reports on Form 10-Q for the quarters ended
March&nbsp;31, 2004 and June&nbsp;30, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed with the Commission on
January&nbsp;28, 2004, February&nbsp;11, 2004, February&nbsp;12, 2004, February&nbsp;24, 2004,
March&nbsp;15, 2004, April&nbsp;12, 2004, April&nbsp;15, 2004, April&nbsp;26, 2004, May&nbsp;5,
2004 (relating to the appointment of Anthony Ibarguen as Chief Executive
Officer and President of Alliance Consulting Group Associates, Inc.), May
17, 2004, May&nbsp;28, 2004, July&nbsp;15, 2004, July&nbsp;23, 2004, and August&nbsp;2, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Common Stock contained in the
Registrant&#146;s Registration Statement on Form 8-A filed by the Registrant to
register such securities under the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Preferred Share Purchase Rights that are deemed to
be attached to each share of the Registrant&#146;s Common Stock (until the
occurrence of certain events) contained in the Registrant&#146;s Registration
Statement on Form 8-A filed under the Exchange Act on March&nbsp;2, 2000 (File
No.&nbsp;001-05620), including any amendment or report filed for the purpose of
updating such description.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this Registration Statement but
prior to the filing of a post-effective amendment that indicates that all
securities offered hereby have been sold or that deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date of filing of each
such document.


<P align="left" style="font-size: 10pt">Any statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes hereof to the extent that a
statement contained herein (or in any other subsequently filed document that is
also incorporated by reference herein) modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part hereof.


<!-- link2 "Item&nbsp;4. <U>Description of Securities.</U>" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;4. <U><B>Description of Securities</B>.</U>

<P align="left" style="font-size: 10pt">Not Applicable.


<!-- link2 "Item&nbsp;5. <U>Interests of Named Experts and Counsel.</U>" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;5. <U><B>Interests of Named Experts and Counsel</B>.</U>

<P align="left" style="font-size: 10pt">The validity of the issuance of the shares of common stock offered hereby has
been passed upon for the Registrant by Karen M. Keating, Esquire, 800 The
Safeguard Building, 435 Devon Park Drive, Wayne, PA 19087-1945. Ms.&nbsp;Keating is
Senior Corporate Counsel of Safeguard Scientifics, Inc. and beneficially owns
18,876 shares of the

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">Registrant and holds options to purchase up to 92,437 shares of Registrant, of
which 36,396 options are currently exercisable.


<!-- link2 "Item&nbsp;6. <U>Indemnification of Directors and Officers.</U>" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;6. <U><B>Indemnification of Directors and Officers</B>.</U>

<P align="left" style="font-size: 10pt">Sections&nbsp;1741 and 1742 of the Pennsylvania Business Corporation Law of 1988, as
amended (the &#147;PBCL&#148;) provide that a business corporation may indemnify
directors and officers against liabilities they may incur as such provided that
the particular person acted in good faith and in a manner he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation,
and, with respect to any criminal proceeding, had no reasonable cause to
believe his or her conduct was unlawful. In general, the power to indemnify
under these sections does not exist in the case of actions against a director
or officer by or in the right of the corporation if the person otherwise
entitled to indemnification shall have been adjudged to be liable to the
corporation unless it is judicially determined that, despite the adjudication
of liability but in view of all the circumstances of the case, the person is
fairly and reasonably entitled to indemnification for specified expenses. The
corporation is required to indemnify directors and officers against expenses
they actually and reasonably incur in defending actions against them in such
capacities if they are successful on the merits or otherwise in the defense of
such actions.


<P align="left" style="font-size: 10pt">Section&nbsp;1713 of the PBCL permits the shareholders to adopt a bylaw provision
relieving a director (but not an officer) of personal liability for monetary
damages except where (i)&nbsp;the director has breached the applicable standard of
care, and (ii)&nbsp;such conduct constitutes self-dealing, willful misconduct or
recklessness. The statute provides that a director may not be relieved of
liability for the payment of taxes pursuant to any federal, state or local law
or responsibility under a criminal statute.


<P align="left" style="font-size: 10pt">Section&nbsp;1746 of the PBCL grants a corporation broad authority to indemnify its
directors, officers and other agents for liabilities and expenses incurred in
such capacity, except in circumstances where the act or failure to act giving
rise to the claim for indemnification is determined by a court to have
constituted willful misconduct or recklessness.


<P align="left" style="font-size: 10pt">The Registrant&#146;s Articles of Incorporation provide that a director or officer
of the Registrant shall not be personally liable for monetary damages as such
(including, without limitation, any judgment, amount paid in settlement,
penalty, punitive damages or expense of any nature (including, without
limitation, attorneys&#146; fees and disbursements)) for any action taken, or any
failure to take any action, unless the director or officer has breached or
failed to perform the duties of his or her office under the Articles or the
bylaws of the Registrant or applicable provisions of law and the breach or
failure to perform constitutes self-dealing, willful misconduct or recklessness
provided that such limitation on monetary damages does not relieve a director
or officer of liability for the payment of any taxes pursuant to local, state
or federal law, or liability or responsibility pursuant to any criminal
statute.


<P align="left" style="font-size: 10pt">Section&nbsp;6 of Article&nbsp;II of the bylaws also limits the monetary liability of
directors for any action taken, or any failure to take any action, unless the
director has breached or failed to perform the duties of his or her office.
The limitation on monetary liability does not extend to breaches of duty
constituting self-dealing, willful misconduct or recklessness and does not
relieve a director of liability for the payment of any taxes pursuant to local,
state or federal law, or liability or responsibility pursuant to any criminal
statute.


<P align="left" style="font-size: 10pt">Article&nbsp;VIII of the bylaws provides, except as expressly prohibited by law, an
unconditional right to indemnification for expenses and any liability paid or
incurred by any director or officer of the Registrant, or any other person
designated by the board of directors as an indemnified representative, in
connection with any proceeding in which the indemnified representative may be
involved as a party or otherwise, by reason of the fact that such person is or
was serving in an indemnified capacity, including without limitation
liabilities resulting from any actual or alleged breach or neglect of duty,
error, misstatement or misleading statement, negligence, gross negligence or
act giving rise to stricter products liability, except where such
indemnification is expressly prohibited by applicable law or where the conduct
of the indemnified representative has been determined to constitute willful
misconduct, recklessness or self-dealing sufficient in the circumstances to bar
indemnification against liabilities arising from the conduct.

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">The Registrant has a directors&#146; and officers&#146; liability insurance policy that
affords directors and officers with insurance coverage for losses arising from
claims based on breaches of duty, negligence, error and other wrongful acts.


<!-- link2 "Item&nbsp;7. <U>Exemption from Registration Claimed.</U>" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;7. <U><B>Exemption from Registration Claimed</B>.</U>

<P align="left" style="font-size: 10pt">None.


<!-- link2 "Item&nbsp;8. <U>Exhibits.</U>" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;8. <U><B>Exhibits</B>.</U>

<P align="left" style="font-size: 10pt">The following exhibits are filed as part of this Registration Statement.



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2004 Equity Compensation Plan <SUP>(1)</SUP></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Karen M. Keating, Esquire</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of KPMG LLP</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Counsel (included in opinion filed as Exhibit&nbsp;5.1 hereto)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included with signature page of this Registration Statement)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><SUP>(1)</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filed on August&nbsp;6, 2004 as Exhibit&nbsp;10.1 to Form 10-Q for the quarter
ended June&nbsp;30, 2004.</TD>
</TR>

</TABLE>

<!-- link2 "Item&nbsp;9. <U>Undertakings.</U>" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;9. <U><B>Undertakings</B>.</U>

<P align="left" style="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the Registration Statement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;

<P align="left" style="font-size: 10pt">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

<P align="left" style="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to section

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">15(d) of the Exchange Act) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B><u>SIGNATURES</u></B>



<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Wayne, Pennsylvania on August&nbsp;9, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SAFEGUARD SCIENTIFICS, INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANTHONY L. CRAIG</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anthony L. Craig</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated. Each person whose signature appears
below hereby appoints Anthony L. Craig and Christopher J. Davis, and each of
them acting individually, as his true and lawful attorneys-in-fact, with full
power of substitution and resubstitution, with the authority to execute in the
name of each such person, and to file with the Commission, together with any
exhibits thereto and other documents therewith, any and all amendments
(including post-effective amendments) to this Registration Statement, and any
Registration Statements filed pursuant to General Instruction E to Form S-8 in
respect of this Registration Statement and any and all amendments thereto
(including post-effective amendments and all other related documents) necessary
or advisable to enable the Registrant to comply with the Securities Act of
1933, and any rules, regulations and requirements of the Commission in respect
thereof, which amendments or Registration Statements may make such other
changes in the Registration Statement as the aforesaid attorney-in-fact
executing the same deems appropriate.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B></TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">ANTHONY L. CRAIG
<HR size="1" noshade>
Anthony L. Craig
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive
Officer and
President, and
Director (Principal
Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;9, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">CHRISTOPHER J. DAVIS
<HR size="1" noshade>
Christopher J. Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice
President and Chief
Administrative &#038;
Financial Officer
(Principal
Financial and
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;9, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">JULIE A. DOBSON
<HR size="1" noshade>
Julie A. Dobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;3, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">ROBERT E. KEITH, JR.
<HR size="1" noshade>
Robert E. Keith, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman of the<BR>
Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;4, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">ANDREW E. LIETZ
<HR size="1" noshade>
Andrew E. Lietz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;3, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">GEORGE MACKENZIE
<HR size="1" noshade>
George MacKenzie
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;3, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">JACK L. MESSMAN
<HR size="1" noshade>
Jack L. Messman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;3, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<HR size="1" noshade>
John
W. Poduska Sr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August
<U>&nbsp;&nbsp;&nbsp;</U>, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">ROBERT RIPP
<HR size="1" noshade>
Robert Ripp
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;4, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">JOHN J. ROBERTS
<HR size="1" noshade>
John J. Roberts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: August&nbsp;5, 2004</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left"><B><u>Number</u></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><u>Description of
Exhibit</u></B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 Equity Compensation Plan <SUP>(1)</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Karen M. Keating, Esquire</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Counsel (included in opinion filed as Exhibit&nbsp;5.1 hereto)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included with signature page of this Registration Statement)</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><SUP>(1)</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filed on August&nbsp;6, 2004 as Exhibit&nbsp;10.1 to Form 10-Q for the quarter
ended June&nbsp;30, 2004.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on August 9, 2004
Registration Statement No.
333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SAFEGUARD SCIENTIFICS, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
23-1609753
(State of Incorporation)
(I.R.S. Employer Identification No.)
800 The Safeguard Building, 435 Devon Park Drive, Wayne, PA 19087-1945
(Address of principal executive offices, including zip code)
2004 Equity Compensation Plan
(Full title of the plan)
Karen M. Keating, Esq.
800 The Safeguard Building, 435 Devon Park Drive
Wayne, PA 19087-1945
(Name and Address of Agent for Service)
(610) 293-0600
(Telephone Number of Agent for Service)
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount to
Maximum
Maximum
Amount of
Be
Offering Price
Aggregate
Registration
Title of securities to be registered
Registered
(1)
Per Share
(2)
Offering Price
(2)
Fee
(2)
Common Stock, $.10 per share,
together
with related rights to
purchase Series A
Junior
Participating Preferred Stock
6,000,000
$
1.910
$
11,460,000
$
1,452
(1)
Pursuant to Rule 416 under the Securities Act of 1933, this Registration
Statement also registers such additional shares as may hereinafter be
offered or issued to prevent dilution resulting from stock splits, stock
dividends, recapitalizations or certain other capital adjustments.
Associated with each share of common stock is the right to purchase one
one-thousandth of a share of Series A Junior Participating Preferred
Stock. The preferred stock purchase rights do not carry a separate price.
(2)
Estimated pursuant to Rule 457(c) and 457(h) under the Securities Act of
1933 solely for purposes of calculating the registration fee. The fee is
computed based upon $1.910, the average of the high and low prices for a
share of common stock of the Registrant on August 5, 2004, as reported on
the New York Stock Exchange.
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
Item 4.
Description of Securities.
Item 5.
Interests of Named Experts and Counsel.
Item 6.
Indemnification of Directors and Officers.
Item 7.
Exemption from Registration Claimed.
Item 8.
Exhibits.
Item 9.
Undertakings.
SIGNATURES
EXHIBIT INDEX
OPINION OF KAREN M. KEATING, ESQUIRE
CONSENT OF KPMG LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information required by Part I of Form S-8 is included in documents to be
given to the recipient of the securities registered hereby in accordance with
Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities
Act").
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The following documents, as filed by Safeguard Scientifics, Inc. (the
"Registrant") with the Securities and Exchange Commission (the "Commission"),
are incorporated by reference in this Registration Statement:
1.
The Registrant's Annual Report on Form 10-K for the year ended December 31,
2003.
2.
The Registrant's Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2004 and June 30, 2004.
3.
The Registrant's Current Reports on Form 8-K filed with the Commission on
January 28, 2004, February 11, 2004, February 12, 2004, February 24, 2004,
March 15, 2004, April 12, 2004, April 15, 2004, April 26, 2004, May 5,
2004 (relating to the appointment of Anthony Ibarguen as Chief Executive
Officer and President of Alliance Consulting Group Associates, Inc.), May
17, 2004, May 28, 2004, July 15, 2004, July 23, 2004, and August 2, 2004.
4.
The description of the Registrant's Common Stock contained in the
Registrant's Registration Statement on Form 8-A filed by the Registrant to
register such securities under the Securities Exchange Act of 1934, as
amended (the "Exchange Act").
5.
The description of the Preferred Share Purchase Rights that are deemed to
be attached to each share of the Registrant's Common Stock (until the
occurrence of certain events) contained in the Registrant's Registration
Statement on Form 8-A filed under the Exchange Act on March 2, 2000 (File
No. 001-05620), including any amendment or report filed for the purpose of
updating such description.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this Registration Statement but
prior to the filing of a post-effective amendment that indicates that all
securities offered hereby have been sold or that deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date of filing of each
such document.
Any statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes hereof to the extent that a
statement contained herein (or in any other subsequently filed document that is
also incorporated by reference herein) modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part hereof.
Item 4.
Description of Securities
.
Not Applicable.
Item 5.
Interests of Named Experts and Counsel
.
The validity of the issuance of the shares of common stock offered hereby has
been passed upon for the Registrant by Karen M. Keating, Esquire, 800 The
Safeguard Building, 435 Devon Park Drive, Wayne, PA 19087-1945. Ms. Keating is
Senior Corporate Counsel of Safeguard Scientifics, Inc. and beneficially owns
18,876 shares of the
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Registrant and holds options to purchase up to 92,437 shares of Registrant, of
which 36,396 options are currently exercisable.
Item 6.
Indemnification of Directors and Officers
.
Sections 1741 and 1742 of the Pennsylvania Business Corporation Law of 1988, as
amended (the "PBCL") provide that a business corporation may indemnify
directors and officers against liabilities they may incur as such provided that
the particular person acted in good faith and in a manner he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation,
and, with respect to any criminal proceeding, had no reasonable cause to
believe his or her conduct was unlawful. In general, the power to indemnify
under these sections does not exist in the case of actions against a director
or officer by or in the right of the corporation if the person otherwise
entitled to indemnification shall have been adjudged to be liable to the
corporation unless it is judicially determined that, despite the adjudication
of liability but in view of all the circumstances of the case, the person is
fairly and reasonably entitled to indemnification for specified expenses. The
corporation is required to indemnify directors and officers against expenses
they actually and reasonably incur in defending actions against them in such
capacities if they are successful on the merits or otherwise in the defense of
such actions.
Section 1713 of the PBCL permits the shareholders to adopt a bylaw provision
relieving a director (but not an officer) of personal liability for monetary
damages except where (i) the director has breached the applicable standard of
care, and (ii) such conduct constitutes self-dealing, willful misconduct or
recklessness. The statute provides that a director may not be relieved of
liability for the payment of taxes pursuant to any federal, state or local law
or responsibility under a criminal statute.
Section 1746 of the PBCL grants a corporation broad authority to indemnify its
directors, officers and other agents for liabilities and expenses incurred in
such capacity, except in circumstances where the act or failure to act giving
rise to the claim for indemnification is determined by a court to have
constituted willful misconduct or recklessness.
The Registrant's Articles of Incorporation provide that a director or officer
of the Registrant shall not be personally liable for monetary damages as such
(including, without limitation, any judgment, amount paid in settlement,
penalty, punitive damages or expense of any nature (including, without
limitation, attorneys' fees and disbursements)) for any action taken, or any
failure to take any action, unless the director or officer has breached or
failed to perform the duties of his or her office under the Articles or the
bylaws of the Registrant or applicable provisions of law and the breach or
failure to perform constitutes self-dealing, willful misconduct or recklessness
provided that such limitation on monetary damages does not relieve a director
or officer of liability for the payment of any taxes pursuant to local, state
or federal law, or liability or responsibility pursuant to any criminal
statute.
Section 6 of Article II of the bylaws also limits the monetary liability of
directors for any action taken, or any failure to take any action, unless the
director has breached or failed to perform the duties of his or her office.
The limitation on monetary liability does not extend to breaches of duty
constituting self-dealing, willful misconduct or recklessness and does not
relieve a director of liability for the payment of any taxes pursuant to local,
state or federal law, or liability or responsibility pursuant to any criminal
statute.
Article VIII of the bylaws provides, except as expressly prohibited by law, an
unconditional right to indemnification for expenses and any liability paid or
incurred by any director or officer of the Registrant, or any other person
designated by the board of directors as an indemnified representative, in
connection with any proceeding in which the indemnified representative may be
involved as a party or otherwise, by reason of the fact that such person is or
was serving in an indemnified capacity, including without limitation
liabilities resulting from any actual or alleged breach or neglect of duty,
error, misstatement or misleading statement, negligence, gross negligence or
act giving rise to stricter products liability, except where such
indemnification is expressly prohibited by applicable law or where the conduct
of the indemnified representative has been determined to constitute willful
misconduct, recklessness or self-dealing sufficient in the circumstances to bar
indemnification against liabilities arising from the conduct.
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The Registrant has a directors' and officers' liability insurance policy that
affords directors and officers with insurance coverage for losses arising from
claims based on breaches of duty, negligence, error and other wrongful acts.
Item 7.
Exemption from Registration Claimed
.
None.
Item 8.
Exhibits
.
The following exhibits are filed as part of this Registration Statement.
4.1
2004 Equity Compensation Plan
(1)
5.1
Opinion of Karen M. Keating, Esquire
23.1
Consent of KPMG LLP
23.2
Consent of Counsel (included in opinion filed as Exhibit 5.1 hereto)
24.1
Power of Attorney (included with signature page of this Registration Statement)
(1)
Filed on August 6, 2004 as Exhibit 10.1 to Form 10-Q for the quarter
ended June 30, 2004.
Item 9.
Undertakings
.
(a)      The undersigned Registrant hereby undertakes:
(1)     To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)     To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii)     To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the Registration Statement;
(iii)     To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.
(2)     That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3)     To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
(b)      The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to section
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15(d) of the Exchange Act) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)      Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Wayne, Pennsylvania on August 9, 2004.
SAFEGUARD SCIENTIFICS, INC.
By:
ANTHONY L. CRAIG
Anthony L. Craig
Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated. Each person whose signature appears
below hereby appoints Anthony L. Craig and Christopher J. Davis, and each of
them acting individually, as his true and lawful attorneys-in-fact, with full
power of substitution and resubstitution, with the authority to execute in the
name of each such person, and to file with the Commission, together with any
exhibits thereto and other documents therewith, any and all amendments
(including post-effective amendments) to this Registration Statement, and any
Registration Statements filed pursuant to General Instruction E to Form S-8 in
respect of this Registration Statement and any and all amendments thereto
(including post-effective amendments and all other related documents) necessary
or advisable to enable the Registrant to comply with the Securities Act of
1933, and any rules, regulations and requirements of the Commission in respect
thereof, which amendments or Registration Statements may make such other
changes in the Registration Statement as the aforesaid attorney-in-fact
executing the same deems appropriate.
Signature
Title
Date
ANTHONY L. CRAIG
Anthony L. Craig
Chief Executive
Officer and
President, and
Director (Principal
Executive Officer)
Dated: August 9, 2004
CHRISTOPHER J. DAVIS
Christopher J. Davis
Executive Vice
President and Chief
Administrative &
Financial Officer
(Principal
Financial and
Accounting Officer)
Dated: August 9, 2004
JULIE A. DOBSON
Julie A. Dobson
Director
Dated: August 3, 2004
ROBERT E. KEITH, JR.
Robert E. Keith, Jr.
Chairman of the
Board of Directors
Dated: August 4, 2004
ANDREW E. LIETZ
Andrew E. Lietz
Director
Dated: August 3, 2004
GEORGE MACKENZIE
George MacKenzie
Director
Dated: August 3, 2004
JACK L. MESSMAN
Jack L. Messman
Director
Dated: August 3, 2004
John
W. Poduska Sr.
Director
Dated: August
, 2004
ROBERT RIPP
Robert Ripp
Director
Dated: August 4, 2004
JOHN J. ROBERTS
John J. Roberts
Director
Dated: August 5, 2004
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EXHIBIT INDEX
Exhibit
Number
Description of
Exhibit
4.1
2004 Equity Compensation Plan
(1)
5.1
Opinion of Karen M. Keating, Esquire
23.1
Consent of KPMG LLP
23.2
Consent of Counsel (included in opinion filed as Exhibit 5.1 hereto)
24.1
Power of Attorney (included with signature page of this Registration Statement)
(1)
Filed on August 6, 2004 as Exhibit 10.1 to Form 10-Q for the quarter
ended June 30, 2004.