  We present VLA \ion{H}{1} and optical spectra of the peculiar galaxy Arp~10.
Originally believed to be an example of a classical colliding ring galaxy with
multiple rings, the new observations show a large disturbed neutral hydrogen
disk extending 2.7 times the radius of the bright optical ring. We also present
evidence for optical shells or ripples in the outer isophotes of the galaxy
reminiscent of the ripples seen in some early type systems. The small
elliptical originally believed to be the companion is shown to be a background
galaxy. The \ion{H}{1} disk consists of two main parts: a very irregular outer
structure, and a more regular inner disk associated with the main bright
optical ring. In both cases, the \ion{H}{1} structures do not exactly trace the
optical morphology. In the outer parts, the \ion{H}{1} distribution does not
correlate well with the optical ripples. Even the inner \ion{H}{1} disk does
not correspond well morphologically nor kinematically to the optical rings.
These peculiarities lead us to believe that the potential in which the
\ion{H}{1} disk resides is significantly out of equilibrium --- a situation
which would inherently produce rings of star formation. We suggest that Arp~10
is the result of the intermediate stage of a merger between a large \ion{H}{1}
rich disk and a gas-poor disk system. As such, it may represent an example of a
class of mergers which lies intermediate between the ``ripple and shell''
accretion systems and the head-on collisional ring galaxies.
