Document:

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                                                                    EXHIBIT 10.3

                             SUBSCRIPTION AGREEMENT

      1.    Subscription.

      Subject to the terms and conditions hereinafter set forth in this
Subscription Agreement, the undersigned hereby offers to purchase 220,000 shares
of common stock (the "Common Stock") of Metropolitan Health Networks, Inc. (the
"Company") for $0.60 per share. If the Offer is accepted, the shares of Common
Stock shall be paid for by the undersigned by the delivery to the Company of
that certain Promissory Note issued by the Company to the undersigned in the
principal amount of $132,000 (the "Note") marked "Paid in Full".

      2.    Conditions to Offer.

      The offering is made subject to the following conditions: (i) that the
Company shall have the right to accept or reject this Offer, in whole or in
part, for any reason whatsoever; and (ii) that the undersigned agrees to comply
with the terms of this Subscription Agreement and to execute and deliver any and
all further documents necessary to complete the transaction.

      Acceptance of this Offer shall be deemed given by the countersigning of
this Subscription Agreement on behalf of the Company.

      3.    Representations and Warranties of the Undersigned.

      The undersigned, in order to induce the Company to accept this Offer,
hereby warrants and represents as follows:

      (A)   The undersigned has sufficient liquid assets to sustain a loss of
the undersigned's entire investment.

      (B)   The undersigned represents that he/she/it is an Accredited Investor
as that term is defined in Regulation D promulgated under the Act. In general,
an "Accredited Investor" is deemed to be an institution with assets in excess of
$5,000,000 or individuals with net worth in excess of $1,000,000 or annual
income exceeding $200,000 or $300,000 jointly with their spouse.

      (C)   The Company has not made any other representations or warranties to
the undersigned with respect to the Company or rendered any investment advice.

      (D)   The undersigned has not authorized any person or institution to act
as the undersigned's Purchaser Representative (as that term is defined in
Regulation D of the General Rules and Regulations under the Act) in connection
with this transaction. The undersigned has such knowledge and experience in
financial, investment and business matters that the undersigned is capable of
evaluating the merits and risks of the

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prospective investment in the securities of the Company. The undersigned has
consulted with such independent legal counsel or other advisers, as the
undersigned has deemed appropriate to assist the undersigned in evaluating the
proposed investment in the Company.

      (E)   The undersigned represents that the undersigned (i) has adequate
means of providing for the undersigned's current financial needs and possible
personal contingencies and has no need for liquidity of investment in the
Company; (ii) can afford (a) to hold unregistered securities for an indefinite
period of time as required; and (b) sustain a complete loss of the entire amount
of the subscription; and (iii) has not made an overall commitment to investments
which are not readily marketable which is disproportionate so as to cause such
overall commitment to become excessive.

      (F)   The undersigned has been afforded the opportunity to ask questions
of, and receive answers from the officers and/or directors of the Company acting
on its behalf concerning the terms and conditions of this transaction and to
obtain any additional information, to the extent that the Company possesses such
information or can acquire it without unreasonable effort or expense, necessary
to verify the accuracy of the information furnished; and has availed himself of
such opportunity to the extent the undersigned considers appropriate in order to
permit the undersigned to evaluate the merits and risks of an investment in the
Company. It is understood that all documents, records and books pertaining to
this investment have been made available for inspection, and that the books and
records of the Company will be available upon reasonable notice for inspection
by investor during reasonable business hours at its principal place of business.

      (G)   The undersigned further acknowledges that this offering has not been
passed upon or the merits thereof endorsed or approved by any state or federal
authorities.

      (H)   The shares being subscribed for are being acquired solely for the
account of the undersigned for investment purposes and not with a view to, or
for resale in connection with, any distribution in any jurisdiction where such
sale or distribution would be precluded. The undersigned does not intend to
dispose of all or any part of the shares except in compliance with the
provisions of the Act and applicable state securities laws, and understands that
the shares are being offered pursuant to a specific exemption under the
provisions of the Act, which exemption(s) depends, among other things, upon the
compliance with the provisions of the Act.

      (I)   The undersigned acknowledges that the undersigned has been provided
with copies of the Company's periodic report on Form 10-K for the fiscal year
ended December 31, 2002, and 10-Q for the 3 months ended September 30, 2003, as
filed with the United States Securities and Exchange Commission. The undersigned
acknowledges that the undersigned has reviewed the foregoing.

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      (J)   The undersigned hereby agrees that the Company may insert the
following or similar legend on the face of the certificates evidencing the
shares if required in compliance with the Securities Act or state securities
laws:

      "These securities have not been registered under the Securities Act of
      1933, as amended ("Act"), or any state securities laws and may not be sold
      or otherwise transferred or disposed of except pursuant to an effective
      registration statement under the Act and any applicable state securities
      laws, or an opinion of counsel satisfactory to counsel to the issuer that
      an exemption from registration under the act and any applicable state
      securities laws is available."

      The undersigned certifies that each of the foregoing representations and
warranties set forth in subsections (A) through (J) inclusive of this Section 3
are true as of the date hereof and shall survive such date.

      4.    Representations and Warranties of the Company. To induce the
undersigned to make this Offer, the Company represents and warrants to the
undersigned that:

      (A)   Organization, Good Standing and Qualification. The Company and each
of its subsidiaries (each a "Subsidiary") is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of
incorporation. The Company and each Subsidiary has full corporate power and
authority to own and hold its properties and to conduct its business. The
Company and each Subsidiary is duly licensed or qualified to do business, and in
good standing, in each jurisdiction in which the nature of its business requires
licensing, qualification or good standing, except for any failure to be so
licensed or qualified or in good standing that would not have a material adverse
effect on the Company and each of its Subsidiaries taken as a whole or the
consolidated results of operations, assets, or financial condition of the
Company or on the Company's ability to perform its obligations hereunder (a
"Material Adverse Effect").

      (B)   Corporate Power, Authorization; Enforceability. The Company has full
corporate power and authority to consummate the transactions contemplated
hereby. All action on the part of the Company, its directors and stockholders
necessary for the authorization, sale, issuance and delivery of the Common Stock
contemplated hereby and the performance of the Company's obligations hereunder
has been taken. The Common Stock to be purchased has been duly authorized and,
when issued in accordance with the terms hereof, will be validly issued, fully
paid and nonassessable and will be free and clear of all liens and encumbrances
imposed by or through the Company other than restrictions imposed herein and
applicable securities laws. This Agreement constitutes a legal, valid, and
binding Agreement of the Company, enforceable against the Company in accordance
with its terms.

      (C)   Financial Statements and Commission Filings: Undisclosed
Liabilities, (i) Included in the Company's Annual Report on Form 10-K for the
year ended December 31, 2002 (the "2002 10-K") are true and complete copies of
the Company's consolidated

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audited balance sheets (the "Balance Sheets") as of December 31, 2002, and the
related consolidated audited statements of operations, changes in stockholders'
equity (deficit) and comprehensive income (loss) and cash flows for the year
ended December 31, 2002 (the "Financial Statements"), accompanied by the reports
of the Company's auditor. The Financial Statements have been prepared in
accordance with United States generally accepted accounting principles ("GAAP"),
applied consistently with past practices (except as may be indicated in the
notes thereto), and as of their respective dates, fairly present, in all
material respects, the Company's consolidated financial position and the results
of the Company's operations as of the time and for the periods indicated
therein. The Financial Statements have been prepared and are in accordance with
the Company's accounting books and records.

      (ii)  A copy of each report, schedule, effective registration statement
and definitive proxy statement filed by the Company with the Commission since
December 31, 2002 (as the documents may have been amended since the time of
their filing, the "Commission Documents") has also been made available to the
undersigned either by physical delivery or via the Commission's EDGAR System. As
of their respective filing dates, each Commission Document complied in all
material respects with the requirements of the Act or the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), as applicable, and the rules and
regulations of the Commission thereunder applicable to the Commission Documents.
The Company's financial statements included in the Commission Documents complied
as to form in all material respects with then applicable accounting requirements
and with the published rules and regulations of the Commission with respect
thereto, were prepared in accordance with GAAP, applied consistently with the
Company's past practices, and as of their respective dates, fairly presented in
all material respects the Company's financial position and the results of the
Company's operations as of the time and for the periods indicated therein
(except as may be indicated in the notes thereto or, in the case of the
unaudited statements, as permitted by Form 10-Q, and Regulations S-K and S-X of
the Commission).

      (D)   No Material Adverse Changes. Since September 30, 2003, except as
disclosed in the Commission Documents filed subsequent to that date, there has
not been any material adverse change in the business, financial condition or
operating results of the Company or its Subsidiaries.

      (E)   Compliance. Except as is disclosed in the Commission Documents or
herein the Company and each Subsidiary in compliance in all material respects
with all applicable laws and all orders of, and agreements with, any
governmental authority applicable to it or any of its assets. The Company and
each Subsidiary has all permits, certificates, licenses, approvals and other
authorizations required under applicable laws or necessary in connection with
the conduct of its business, except where the failure to have such permits,
certificates, licenses, approvals and other authorizations would not have a
Material Adverse Effect.

      (F)   No Conflict; Governmental Consents. (i) The execution and delivery
by the Company of this Agreement and the consummation of the transactions
contemplated

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hereby will not (a) result in the violation of any provision of the Certificate
of Incorporation or By-laws of the Company, or (b) result in any violation of
any law, statute, rule, regulation, order, writ, injunction, judgment or decree
of any court or governmental authority to or by which the Company or any
Subsidiary is bound.

      (ii)  No consent, approval, license, permit, order or authorization of, or
registration, declaration or filing with, any court, administrative agency or
commission or other governmental authority remains to be obtained or is
otherwise required to be obtained by the Company in connection with the
authorization, execution and delivery of this Agreement or the consummation of
the transactions contemplated hereby, including, without limitation the issue
and sale of the Common Stock, except filings as may be required to be made by
the Company after the closing with (a) the Commission, and (b) state blue sky or
other securities regulatory authorities.

      The Company certifies that each of the foregoing representations and
warranties set forth in this Section 4 are true as of the date hereof and shall
survive such date.

      5.    Indemnification.

      The undersigned understands that the shares acquired as a result of the
subscription right provided in Section 1 hereof are being offered without
registration under the Act and applicable state securities laws and in reliance
upon the exemption for transactions by the Company not involving any public
offering; that the availability of such exemption is, in part, dependent upon
the truthfulness and accuracy of the representations made by the undersigned
herein; that the Company will rely on such representations in accepting any
subscriptions for the shares and that the Company may take such steps as it
considers reasonable to verify the accuracy and truthfulness of such
representations in advance of accepting or rejecting the undersigned's
subscription. The undersigned agrees to indemnify and hold harmless the Company
against any damage, loss, expense or cost, including reasonable attorneys' fees,
sustained as a result of any misstatement or omission on the undersigned's part.

      6.    FOR RESIDENTS OF ALL STATES: THE SECURITIES OFFERED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY
STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE SUBJECT
TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR
RESOLD EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION
OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

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      7.    No Waiver.

      Notwithstanding any of the representations, warranties, acknowledgments or
agreements made herein by the undersigned, the undersigned does not thereby or
in any manner waive any rights granted to the undersigned under federal or state
securities laws.

      8.    Revocation.

      The undersigned agrees that the undersigned shall not cancel, terminate or
revoke this Subscription Agreement or any agreement of the undersigned made
hereunder other than as set forth under Section 6 above, and that this
Subscription Agreement shall survive the death or disability of the undersigned.

      9.    Termination of Subscription Agreement.

      If the Company elects to cancel this Subscription Agreement, provided that
it returns to the undersigned, without interest and without deduction, all sums
paid by the undersigned, this offer shall be null and void and of no further
force and effect, and no party shall have any rights against any other party
hereunder.

      10.   Miscellaneous.

      (A)   All notices or other communications given or made hereunder shall be
in writing and shall be mailed by registered or certified mail, return receipt
requested, postage prepaid, to the undersigned at the undersigned's address set
forth below and to Metropolitan Health Networks, Inc., 250 Australian Avenue
South, Suite 400, West Palm Beach, Florida 33401, ATTN: David Gartner.

      (B)   This Subscription Agreement constitutes the entire agreement among
the parties hereto with respect to the subject matter hereof and may be amended
only by a writing executed by all parties.

      (C)   The provisions of this Subscription Agreement shall survive the
execution hereof.

      11.   Certification.

      The undersigned certifies that the undersigned has read this entire
Subscription Agreement and that every statement on the undersigned's part made
and set forth herein is true and complete.

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                             SUBSCRIPTION PROCEDURE

      In order to subscribe for shares of Common Stock, the undersigned must
deliver the following items to the Company at Metropolitan Health Networks,
Inc., 250 Australian Avenue South, Suite 400, West Palm Beach, Florida 33401,
ATTN: David Gartner:

      A.    One completed copy of this Subscription Agreement (the "Subscription
Agreement") with signatures properly executed;

      B.    One completed copy of the Purchaser Questionnaire, with signatures
properly executed; and

      C.    The Note marked "Paid in Full".

      All subscriptions must be made by the execution and delivery of a
Subscription Agreement and Purchaser Questionnaire. Subscriptions are not
binding on the Company until accepted by the Company. The Company will refuse
any subscription by giving written notice to the subscriber by personal delivery
or first-class mail.

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      IN WITNESS WHEREOF, the undersigned has executed this Subscription
Agreement on the date the undersigned's signature has been subscribed and sworn
to below.

The Shares of Common                   MICHAEL ROSENBAUM
Stock are to be issued in              _________________________________________
(check one box):                       Print Name of Investor

                                       [ILLEGIBLE]
                                       _________________________________________
[ X ]   individual name                Print Name of Joint Investor
                                       (if applicable)

[   ]   joint tenants                  [ILLEGIBLE]
        with rights of                 _________________________________________
        survivorship                   Signature of Investor

[   ]   tenants in the                 _________________________________________
        entirety                       Signature of Investor

[   ]   corporation                    55 WOODBINE AVE
        (an officer                    LARCHMONG NY 10538
        must sign)                     _________________________________________
                                       Address of Investor

[   ]   partnership
        (all general partners
        must sign)

Accepted as of MARCH 8, 2004

METROPOLITAN HEALTH NETWORKS,INC.

By: /s/ David S.Gartner
    ------------------------------------
    David S.Gartner
    Secretary and Chief Financial Officer

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                                                                    EXHIBIT 10.4

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE HOLDER
HEREOF, BY PURCHASING SUCH SECURITIES AGREES FOR THE BENEFIT OF THE COMPANY THAT
SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE
COMPANY, (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT, OR (C) IF REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE
SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

October 1,2002                                                         $168,000

                            6% CONVERTIBLE DEBENTURE

      Metropolitan Health Networks, Inc., a Florida corporation (together with
its successors, the "Company"), for value received hereby promises to pay to:

                                Michael Rosenbaum

(the "Holder") and registered assigns, the principal sum of One Hundred
Sixty-Eight Thousand Dollars ($168,000) or, if less, the principal amount of
this debenture (the "Debenture") then outstanding, on the Maturity Date by wire
transfer of immediately available funds to the Holder in such coin or currency
of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts, and to pay interest, which shall
begin to accrue on the date of this Debenture, quarterly in arrears, on (i) the
last day of March, June, September and December of each year until the Maturity
Date, commencing December 31, 2002 (unless such day is not a business day, in
which event on the next succeeding business day) (each an "Interest Payment
Date"), (ii) the Maturity Date, (iii) each Conversion Date, as hereafter
defined, and (iv) the date the principal amount of the Debenture shall be
declared to be or shall automatically become due and payable, on the principal
sum hereof outstanding in like coin or currency, at the rates per annum set
forth below, from the most recent Interest Payment Date to which interest has
been paid on this Debenture, or if no interest has been paid on this Debenture,
from the date of this Debenture until payment in full of the principal sum
hereof has been made. The Maturity Date is October 1, 2004.

      The interest rate shall be six percent (6%) per annum (the "Interest
Rate") or, if less, the maximum rate permitted by applicable law. Interest on
this Debenture will be calculated on the basis of a 360-day year of twelve 30
day months. All payments of principal and interest hereunder shall be made for
the benefit of the Holder pursuant to

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the terms of the Agreement (hereafter defined). At the option of the Company,
interest may be paid in cash or in shares of the Company's common stock (the
"Common Stock"), If the Company determines to pay interest in shares of Common
Stock, it shall be required to notify the Holder of such election at least 5
days prior to the Interest Payment Date in question. On each Conversion Date,
interest shall be paid in shares of Common Stock on the portion of the principal
balance of the Debenture then being converted. The number of shares of Common
Stock issued as interest shall be determined by dividing the dollar amount of
interest due on the applicable Interest Payment Date or Conversion Date, as the
case may be, by $0.43.

      This Debenture is issued pursuant to that certain Investment Agreement
dated as of the date hereof between the Company and the Investor named therein
(the "Agreement").

      The Company shall keep a register, attached hereto as Annex A (the
"Register"), in which shall be entered the names and addresses of the registered
holder of this Debenture and particulars of this Debenture held by such holder
and of all transfers of this Debenture. References to the "Holder" or "Holders"
shall mean the Person listed in the Register as registered holder of such
Debenture. The ownership of this Debenture shall be proven by the Register.

      1.    PAYMENT OF PRINCIPAL. All unpaid principal and interest under this
Debenture shall be repaid in full on October 1, 2004 (the "Maturity Date"). The
Company may prepay all of the principal and interest due under this Note on the
terms specified in Section 2.

      2.    PRE-PAYMENT. The Company may, at its option, pre-pay all amounts due
under this Debenture at any time before the Maturity Date by serving Holder with
written notice specifying its intent to so prepay (a "Prepayment Notice") at a
repayment price of 102% of the principal amount then outstanding plus all
accrued but unpaid interest, until the first anniversary of its date of issuance
("First Anniversary Date") and 101% of the principal amount then outstanding
plus all accrued but unpaid interest, from the First Anniversary Date until the
Maturity Date (the "Prepayment Price"). Upon receipt of a Prepayment Notice, the
Holder shall have 7 days to serve the Company with a Notice of Conversion
exercising Holder's conversion rights pursuant to Article 5 hereof. Any Notice
of Conversion so served shall take priority over a prior served Prepayment
Notice.

      3.    RANKING. This Debenture shall rank senior to any indebtedness
created by the Company following the date hereof and pari-passu in respect to
any indebtedness of the Company outstanding as of the date hereof.

      4.    DEFAULT. For purposes of this Debenture, an "Event of Default" shall
mean:

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            (a)   failure by the Company to pay or repay when due, all or any
      part of the principal or interest of the Debenture;

            (b)   the Company or any subsidiary of the Company has commenced a
      voluntary case or other proceeding seeking liquidation, winding-up,
      reorganization or other relief with respect to itself or its debts under
      any bankruptcy, insolvency, moratorium or other similar law now or
      hereafter in effect or seeking the appointment of a trustee, receiver,
      liquidator, custodian or other similar official of it or any substantial
      part of its property, or has consented to any such relief or to the
      appointment of or taking possession by any such official in an involuntary
      case or other proceeding commenced against it, or has made a general
      assignment for the benefit of creditors, or has failed generally to pay
      any of its material debts as they become due, or has taken any corporate
      action to authorize any of the foregoing;

            (c)   an involuntary case or other proceeding has been commenced
      against the Company or any subsidiary of the Company seeking liquidation,
      winding-up, reorganization or other relief with respect to it or its debts
      under any bankruptcy, insolvency, moratorium or other similar law now or
      hereafter in effect or seeking the appointment of a trustee, receiver,
      liquidator, custodian or other similar official of it or any substantial
      part of its property, and such involuntary case or other proceeding shall
      remain undismissed and unstayed for a period of 60 days, or an order for
      relief has been entered against the Company or any subsidiary of the
      Company under the federal bankruptcy laws as now or hereafter in effect;

            (d)   any representation, warranty, certification or statement made
      by the Company in this Debenture or the Agreement shall prove to have been
      untrue in any material respect when made.

In the event of the occurrence of an Event of Default that has not been cured by
the Company within 10 days of the receipt of written notice from Holder of the
Event of Default, (i) all unpaid principal under this note shall immediately
begin to accrue interest at the Interest Rate plus 2% per annum or, if less, the
maximum rate permitted by applicable law ("Default Interest"), and shall
continue to accrue interest at the Default Interest rate until such time as all
Events of Default have been cured, and (ii) the Holder hereof may by notice to
the Company declare this Note to be immediately due and payable.

      5.    CONVERSION.

            5.1   CONVERSION OF DEBENTURE. The Holder shall have the right, at
      its option, at any time from and after the date of issuance of this
      Debenture, to convert the principal amount of this Debenture, or any
      portion of such principal amount, into that number of fully paid and
      nonassessable shares of Common

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      Stock determined pursuant to this Section 5.1. The number of shares of
      Common Stock to be issued upon each conversion of this Debenture shall be
      determined by dividing the Conversion Amount (as defined below) by the
      Conversion Price in effect on the date (the "Conversion Date") a notice of
      conversion is delivered to the Company (a "Notice of Conversion"), as
      applicable, by the Holder by facsimile or other reasonable means of
      communication dispatched prior to 4:00 p.m., E.S.T. The term "Conversion
      Amount" means, with respect to any conversion of this Debenture, the sum
      of (1) the principal amount of this Debenture to be converted in such
      conversion plus (2) accrued and unpaid interest, if any, on such principal
      amount at the interest rates provided in this Debenture to the Conversion
      Date plus (3) Default Interest, if any, on such principal amount.

            5.2   CONVERSION PRICE AND LIMITATION. At the option of the Holder,
      any portion or all of the outstanding principal amount of this Debenture
      shall be converted into a number of shares of Common Stock at the
      conversion price (the "Conversion Price") equal to the lesser of (i) $0.46
      (the "Fixed Conversion Price") and (ii) $0.43 (the "Formula Conversion
      Price").

            5.3   EVENT OF DEFAULT CONVERSION PRICE. Notwithstanding the
      foregoing in Section 5.2, upon the occurrence of an Event of Default (as
      defined above) and for so long as any Debenture remains outstanding the
      Conversion Price shall be equal to the lesser of (i) the Fixed Conversion
      Price and (ii) 75% of the average of the volume weighted average sales
      prices of the Common Stock, as reported on Bloomberg, L.P., for the five
      Trading Days immediately preceding the date of the any Notice of
      Conversion submitted by Holder following an Event of Default.

            5.4 AUTHORIZED SHARES. The Company (i) shall promptly irrevocably
      instruct the Company's transfer agent to issue certificates for the Common
      Stock issuable upon conversion of this Debenture and (ii) agrees that its
      issuance of this Debenture shall constitute full authority to its
      officers and agents who are charged with the duty of executing stock
      certificates to execute and issue the necessary certificates for shares of
      Common Stock in accordance with the terms and conditions of this
      Debenture.

                  (b)   The Company shall not be required to pay any tax which
      may be payable in respect of any transfer involved in the issuance and
      delivery of shares of Common Stock or other securities or property on
      conversion of this Debenture in a name other than that of the Holder (or
      in street name), and the Company shall not be required to issue or deliver
      any such shares or other securities or property unless and until the
      person or persons (other than the Holder or the custodian in whose street
      name such shares are to be held for the Holder's account) requesting the
      issuance thereof shall have paid to the Company the amount of any such tax
      or shall have established to the satisfaction

                                       4
<PAGE>

      of the Company that such tax has been paid.

                  (c)   Upon receipt by the Company of a Notice of Conversion,
      the Holder shall be deemed to be the holder of record of the Common Stock
      issuable upon such conversion, the outstanding principal amount and the
      amount of accrued and unpaid interest on this Debenture shall be deemed
      reduced to reflect such conversion, and, unless the Company defaults on
      its obligations under this Article 5, all rights with respect to the
      portion of this Debenture being so converted shall forthwith terminate
      except the right to receive the Common Stock or other securities, cash or
      other assets, as herein provided, on such conversion. If the Holder shall
      have given a Notice of Conversion as provided herein, the Company's
      obligation to issue and deliver the certificates for shares of Common
      Stock shall be absolute and unconditional, irrespective of the absence of
      any action by the Holder to enforce the same, any waiver or consent with
      respect to any provisions thereof, the recovery of any judgment against
      any person or any action by the Holder to enforce the same, any failure or
      delay in the enforcement of any other obligation of the Company to the
      Holder of record, or any setoff, counterclaim, recoupment, limitation or
      termination, or any breach or alleged breach by the Holder of any
      obligation to the Company. The date of receipt (including receipt via
      telecopy) of such Notice of Conversion shall be the Conversion Date so
      long as it is received before 4:00 p.m., E.S.T., on such date.

                  (d)   Notwithstanding the foregoing, if a Holder has not
      received certificates for all shares of Common Stock prior to the
      expiration of 10 days from the date of the Notice of Conversion, then
      (unless the Holder otherwise elects to retain its status as a holder of
      Common Stock by so notifying the Company), the Holder shall regain the
      rights of a Holder of this Debenture with respect to such unconverted
      portions of this Debenture and the Company shall, as soon as practicable,
      return such unconverted Debenture to the holder or, if the Debenture has
      not been surrendered, adjust its records to reflect that such portion of
      this Debenture not been converted. In all cases, the Holder shall retain
      all of its rights and remedies.

                  (e)   In lieu of delivering physical certificates representing
      the Common Stock issuable upon conversion, provided the Company's transfer
      agent is participating in the Depository Trust Company ("DTC") Fast
      Automated Securities Transfer program, upon request of the Holder, the
      Company shall use its best efforts to cause its transfer agent to
      electronically transmit the Common Stock issuable upon conversion to the
      Holder by crediting the account of Holder's Prime Broker with DTC through
      its Deposit Withdrawal Agent Commission System.

            5.6   MANDATORY CONVERSION. In the event the volume weighted average
      sales price for the Common Stock, as reported by Bloomberg L.P., is equal
      to or greater than $1.50 for 60 consecutive Trading Days at any time

                                       5
<PAGE>

      following the date of this Debenture, Holder shall be required to convert
      this Debenture at the then applicable Conversion Price; provided, however,
      this provision shall be void if at the time Holder is required to convert
      this Debenture, the Registration Statement (as defined in Section 6) is
      not effective with the Commission.

      6.    REGISTRATION RIGHTS. The Company shall prepare and file a
registration statement (the "Registration Statement") covering the resale of the
shares of Common Stock issuable upon the conversion of this Debenture on or
before the date that is one year after the date of this Debenture. Upon filing,
the Company shall use its reasonable best efforts to cause the Registration
Statement to be declared effective by the Commission as soon after filing as is
reasonably possible.

            In addition to the foregoing, Holder shall have the piggyback
registration rights as set forth in this paragraph. Whenever the Company
proposes to file a Registration Statement for the registration of shares of its
Common Stock, the Company will, prior to such filing, give fifteen (15) days
prior written notice to the Holder of its intention to do so and, upon the
written request of the Holder given within ten (10) days after receipt of such
notice, the Company shall, subject to the terms of this Agreement, use its
reasonable best efforts to cause the shares of Common Stock issuable upon the
conversion of this Debenture to be included in said Registration Statement, and
to be registered under the Securities Act to the extent necessary to permit
their sale.

      7.    MISCELLANEOUS. This Debenture shall be deemed to be a contract made
under the laws of the State of Florida, and for all purposes shall be governed
by and construed in accordance with the laws of said State. The parties hereto,
including all guarantors or endorsers, hereby waive presentment, demand, notice,
protest and all other demands and notices in connection with the delivery,
acceptance, performance and enforcement of this Debenture, except as
specifically provided herein, and asset to extensions of the time of payment, or
forbearance or other indulgence without notice. The Company hereby submits to
the exclusive jurisdiction of the United States District Court for Florida and
of any state court sitting in Palm Beach County, Florida for purposes of all
legal proceedings arising out of or relating to this Debenture. The Company
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a
court has been brought in an inconvenient forum. The Company hereby irrevocably
waives any and all right to trial by jury in any legal proceeding arising out of
or relating to this Debenture.

      The Holder of this Debenture by acceptance of this Debenture agrees to be
bound by the provisions of this Debenture which are expressly binding on such
Holder.

                                       6
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

      Dated: OCTOBER 1, 2002
                                       METROPOLITAN HEALTH NETWORKS, INC.

                                       By: /s/ FRED STEINBERG
                                           -----------------------------------
                                       Name: FRED STEINBERG
                                       Title: PRESIDENT/CEO

                                       7

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