Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

                                 AMENDMENT NO. 4

                          DATED AS OF DECEMBER 3, 1999

                                       TO

                           LOAN AND SECURITY AGREEMENT

                                   AS AMENDED

                            DATED AS OF JUNE 5, 1997

                                      AMONG

                ACCREDO HEALTH, INCORPORATED AND ITS SUBSIDIARIES

                                       AND

                             BANK OF AMERICA, N.A.,

                    FIRST TENNESSEE BANK NATIONAL ASSOCIATION

                                       AND

                          BROWN BROTHERS HARRIMAN & CO.

                                       AND

                         BANK OF AMERICA, N.A., AS AGENT

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               Page

<S>      <C>                                                                                                   <C>
1.       Definitions..............................................................................................1

2.       Amendments to Agreement..................................................................................1

3.       Representations and Warranties...........................................................................2
         3.1.     Incorporation...................................................................................2
         3.2.     Due Authorization, No Conflicts, Etc............................................................2
         3.3.     Due Execution, Etc..............................................................................3

4.       Conditions Precedent.....................................................................................3
         4.1.     Conditions Precedent to Effectiveness of Amendment No. 4........................................3

5.       Effectiveness of Amendment No. 4.........................................................................4

6.       Closing..................................................................................................4

7.       Governing Law, Etc.......................................................................................4

8.       Section Titles and Table of Contents.....................................................................4

9.       Waiver of Jury Trial.....................................................................................4

10.      Counterparts.............................................................................................5

11.      Agreement to Remain in Effect............................................................................5
</TABLE>

<PAGE>   3

         AMENDMENT NO. 4 dated as of December 3, 1999 under and to that certain
Loan and Security Agreement dated as of June 5, 1997 as amended by Amendment No.
1 dated August 28, 1998, as further amended by Amendment No. 2 dated March 1,
1999, and as further amended by Amendment No. 3 dated as of October 14, 1999
(collectively, the "Agreement"), among Accredo Health, Incorporated (formerly
Nova Holdings, Inc.), a Delaware corporation (the "Borrower"); the Guarantors,
jointly and severally; each of the undersigned Banks (in such capacity, the
"Banks"), and Bank of America, N.A. (successor to NationsBank, N.A.), as Agent
for the Banks (in such capacity, the "Agent").

                              W I T N E S S E T H :

         WHEREAS, the Borrower, the Guarantors (other than Sunrise Health
Management, Inc.), the Banks and the Agent are parties to the Agreement; and

         WHEREAS, Hemophilia Health Services, Inc. has entered into a stock
purchase agreement to acquire all of the outstanding shares of Sunrise Health
Management, Inc., a Georgia corporation; and

         WHEREAS, the acquisition of all of the outstanding shares of Sunrise
Health Management, Inc. requires the consent of the Banks, which the Banks
hereby grant subject to the conditions and provisions of this Amendment No. 4
being satisfied as hereinafter set forth;

         NOW THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1.       DEFINITIONS. All capitalized terms used in this Amendment No.
4 which are not otherwise defined herein shall have the respective meanings
ascribed thereto in the Agreement.

         2.       AMENDMENTS TO AGREEMENT.

                  2.1.     Section I of the Agreement, DEFINITIONS, is hereby
amended by adding thereto the following new definitions as follows:

                  "AMENDMENT NO. 4 EFFECTIVE DATE" has the meaning specified in
         Section 5 of this Amendment No. 4.

                  "STOCK PLEDGE AGREEMENTS" means those stock pledge agreements
         executed pursuant to Paragraph 3.1 hereof and those stock pledge
         agreements executed from time to time by Subsidiaries of the Borrower
         in favor of the Agent for the benefit of the Banks.

In addition to the foregoing new definitions, the following definition are
hereby amended:

<PAGE>   4

         "Guarantor" is hereby amended to replace the period after subparagraph
(D) with a comma, and to add a subparagraph (E) as follows:

                  "(E) Sunrise Health Management, Inc., a Georgia corporation".

         "Pledged Stock" is hereby amended to add at the end thereof "and/or
executed and delivered to the Agent from time to time by Subsidiaries of the
Borrower."

                  2.2.     Sunrise Health Management, Inc., a Georgia
corporation, hereby agrees to become a party to the Agreement as a Guarantor
thereunder, and hereby grants and confirms the grant of the security interest
contained therein.

         3.       REPRESENTATIONS AND WARRANTIES. To induce the Banks and the
Agent to enter into this Amendment No. 4, Borrower and Guarantors jointly and
severally represent and warrant to the Banks and the Agent as follows:

                  3.1.     INCORPORATION. Accredo Health, Incorporated is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware, and is qualified to transact business in the State of
Tennessee; Nova Factor, Inc., Southern Health Systems, Inc., Hemophilia Health
Services, Inc. (successor to Horizon Health Systems, Inc.) and AHI Pharmacies,
Inc. are corporations duly organized, validly existing and in good standing
under the laws of the State of Tennessee; Sunrise Health Management, Inc., is a
corporation duly organized and validly existing and in good standing under the
laws of the State of Georgia and is qualified to transact business in the State
of Tennessee; each of the foregoing corporations has the lawful power to own its
properties and to engage in the business it now conducts, and each is duly
qualified and in good standing as a foreign corporation in the jurisdictions
wherein the nature of the business transacted by it or property owned by it is
both material and makes qualification necessary; Accredo Health, Incorporated
has its chief executive office and principal place of business in Memphis,
Tennessee, and each of the other corporations has its chief executive office and
principal place of business located in either Nashville, Tennessee or Memphis,
Tennessee, except for Sunrise Health Management, Inc., which has its principal
office in Norcross, Georgia.

                  3.2.     DUE AUTHORIZATION, NO CONFLICTS, ETC. The execution,
delivery and performance by the Borrower and Guarantors of this Amendment No. 4
and any and all other agreements, instruments and documents to be executed
and/or delivered by the Borrower or any Guarantor pursuant hereto or in
connection herewith, and the consummation by Borrower and Guarantors of the
transactions contemplated hereby or thereby: (a) are within the corporate powers
of each; (b) have been duly authorized by all necessary corporate action,
including without limitation, the consent of stockholders where required; (c) do
not and will not (i) contravene the respective certificate of incorporation or
by-laws or other comparable governing documents of Borrower or any Guarantor,
(ii) violate any Laws, or any order or decree of any court or governmental
authority, or (iii) conflict with or result in the breach of, or constitute a
default under, or result in the termination of, any material contractual
obligation of Borrower or any

                                       2
<PAGE>   5

Guarantor, and (d) do not require the consent, authorization by, or approval of,
or notice to, or filing or registration with, any governmental authority or any
other Person other than those which have been obtained and copies of which have
been delivered to the Agent pursuant to Subsection 4.1(a)(ii) hereof, each of
which is in full force and effect.

                  3.3.     DUE EXECUTION, ETC. This Amendment No. 4 and each of
the other agreements, instruments and documents to be executed and/or delivered
by Borrower or any Guarantor pursuant hereto or in connection herewith (a) has
been duly executed and delivered, and (b) constitutes the legal, valid and
binding obligation of each, enforceable against it in accordance with its terms,
subject however to state and federal bankruptcy, insolvency, reorganization and
other laws and general principles of equity affecting enforcement of the rights
of creditors generally.

         4.       CONDITIONS PRECEDENT. The effectiveness of this Amendment No.
4 is subject to the fulfillment of the following conditions precedent on or
prior to the Amendment No. 4 Effective Date (as hereinafter defined in Section 5
hereof):

                  4.1.     CONDITIONS PRECEDENT TO EFFECTIVENESS OF AMENDMENT
NO. 4. The Agent shall have received, on or prior to the Amendment No. 4
Effective Date, the following, each dated on or prior to the Amendment No. 4
Effective Date unless otherwise indicated, in form and substance satisfactory to
the Agent and in sufficient copies for each Bank:

                           (a)      Certified copies of (i) the resolutions of
the Board of Directors of Borrower and each Guarantor approving this Amendment
No. 4 and each other agreement, instrument or document to be executed by them
pursuant hereto or as contemplated hereby, and (ii) all documents evidencing
other necessary corporate action and required governmental and third party
approvals, licenses and consents with respect to this Amendment No. 4 and the
transactions contemplated hereby.

                           (b)      A certificate of the Secretary or an
Assistant Secretary of Borrower and each Guarantor certifying the names and true
signatures of the officers of Borrower and each Guarantor who have been
authorized to execute on behalf of Borrower and such Guarantor this Amendment
No. 4 and any other agreement, instrument or document executed or to be executed
by Borrower and any Guarantor in connection herewith.

                           (c)      A certificate dated the Amendment No. 4
Effective Date signed by the President or any Vice-President of Borrower, to the
following effect:

                           (i)      The representations and warranties of the
                  Borrower contained in Sections 3.1, 3.2 and 3.3 of this
                  Amendment No. 4 are true and correct on and as of such date as
                  though made on and as of such date;

                           (ii)     No Default or Event of Default has occurred
                  and is continuing, and no Default or Event of Default would
                  result from the execution and

                                       3
<PAGE>   6

                  delivery of this Amendment No. 4 or the other agreements,
                  instruments and documents contemplated hereby; and

                           (iii)    The Borrower has paid or agreed to pay all
                  amounts payable by it pursuant to the Agreement as amended
                  hereby (including, without limitation, all legal fees and
                  expenses of Banks= counsel incurred in connection herewith) to
                  the extent then due and payable.

                           (d)      Original Guaranty and Suretyship Agreements
duly executed by Sunrise Health Management, Inc. in the form attached hereto as
Exhibit F-1.

                           (e)      Such UCC financing statements and amendments
thereto (including to pay additional Tennessee Privilege Taxes) as may be
required by the Banks.

                           (f)      Original Stock Pledge Agreement duly
executed by Hemophilia Health Services, Inc. in the form attached hereto as
Exhibit E-1 together with the original of all outstanding stock certificates
held by Hemophilia Health Services, Inc. in Sunrise Health Management, Inc.,
together with such blank stock powers as may be required by the Agent.

         5.       EFFECTIVENESS OF AMENDMENT NO. 4. This Amendment No. 4 and the
Exhibits attached hereto shall become effective at such time as (a) each of the
conditions precedent set forth in Section 4.1 hereof shall have been satisfied,
and (b) counterparts of this Amendment No. 4, executed and delivered by the
Borrower, the Guarantors, the Banks and the Agent shall have been received by
the Agent (or, alternatively, confirmation of the execution hereof by such
parties shall have been received by the Agent). The date upon which the
conditions described in clauses (a) and (b) of the foregoing sentence shall have
been fulfilled is referred to herein as the "Amendment No. 4 Effective Date".

         6.       CLOSING. The Closing under this Amendment No. 4 shall occur
on the Amendment Effective Date at the offices of Boult, Cummings, Conners &
Berry, PLC, 414 Union Street, Nashville, Tennessee 37219, or such other location
as the parties may agree.

         7.       GOVERNING LAW, ETC. This Amendment No. 4 shall be governed by,
and construed in accordance with, the laws of the State of Tennessee as provided
in Section 10.9 of the Agreement, which Section is incorporated herein by
reference and made a part hereof as though set forth in full herein.

         8.       SECTION TITLES AND TABLE OF CONTENTS. The Section Titles and
Table of Contents contained in this Amendment No. 4 are and shall be without
substantive meaning or content of any kind whatsoever and are not a part of the
agreement among the parties hereto.

         9.       WAIVER OF JURY TRIAL. EACH PARTY HERETO, INCLUDING THE
BORROWER, EACH SUBSIDIARY, THE BANKS, AND THE AGENT, HEREBY

                                       4
<PAGE>   7

KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE (TO THE EXTENT PERMITTED BY
APPLICABLE LAWS) ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE
ARISING UNDER, RELATING TO, OR CONNECTED WITH THIS AGREEMENT, THE COLLATERAL OR
ANY OTHER AGREEMENT, INSTRUMENT OR DOCUMENT CONTEMPLATED HEREBY OR DELIVERED IN
CONNECTION HEREWITH AND AGREE THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A
JUDGE SITTING WITHOUT A JURY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE
BANKS= AND THE AGENT ENTERING INTO THIS AGREEMENT.

         10.      COUNTERPARTS. This Amendment No. 4 may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same instrument.

         11.      AGREEMENT TO REMAIN IN EFFECT. Except as expressly provided
herein, the Agreement and each other Collateral Document shall be and shall
continue in full force and effect in accordance with its respective terms.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 4
to be executed by their respective officers thereunto duly authorized, as of the
date first above written.

AGENT                                       BORROWER

BANK OF AMERICA, N.A.,                      ACCREDO HEALTH, INCORPORATED
as Agent

BY: /s/ Andrew Zimberg                      BY: /s/ Joel R. Kimbrough
    ----------------------------------          --------------------------------

TITLE: V.P.                                 TITLE: CFO
       -------------------------------             -----------------------------

BANKS                                       GUARANTORS AND SUBSIDIARIES

BANK OF AMERICA, N.A.                       SOUTHERN HEALTH SYSTEMS, INC.

BY: /s/ Andrew Zimberg                      BY: /s/ Joel R. Kimbrough
    ----------------------------------          --------------------------------

TITLE: V.P.                                 TITLE: CFO
       -------------------------------             -----------------------------

                                       5
<PAGE>   8

FIRST TENNESSEE BANK NATIONAL               NOVA FACTOR, INC.
ASSOCIATION

BY: /s/ Bob Nieman                          BY: /s/ Joel R. Kimbrough
    ----------------------------------          --------------------------------

TITLE: VP                                   TITLE: CFO
       -------------------------------             -----------------------------

BROWN BROTHERS HARRIMAN & CO.               HEMOPHILIA HEALTH SERVICES, INC.
                                            (successor to Horizon Health
                                            Systems, Inc.)

BY: /s/ Louise A. Coughlan                  BY: /s/ Joel R. Kimbrough
    ----------------------------------          --------------------------------

TITLE: SR VP                                TITLE: CFO
       -------------------------------             -----------------------------

                                            AHI PHARMACIES, INC.

                                            BY: /s/ Joel R. Kimbrough
                                                --------------------------------

                                            TITLE: CFO
                                                   -----------------------------

                                            SUNRISE HEALTH MANAGEMENT, INC.

                                            BY: /s/ Joel R. Kimbrough
                                                --------------------------------

                                            TITLE: CFO
                                                   -----------------------------

                                       6<PAGE>   1
                                                                   EXHIBIT 10.2

                      NON-QUALIFIED STOCK OPTION AGREEMENT
                                   under the
                          ACCREDO HEALTH, INCORPORATED
                         1999 LONG-TERM INCENTIVE PLAN

                  Optionee:              Patrick J. Welsh
                           ---------------------------------------------------

                  Number Shares Subject to Option:            10,000
                                                  ----------------------------

                  Exercise Price per Share:          $29.00
                                           -----------------------------------

                  Date of Grant:                     November 10, 1999
                                ----------------------------------------------

         1. Grant of Option. Accredo Health, Incorporated (the "Company")
hereby grants to the Optionee named above (the "Optionee"), under the Accredo
Health, Incorporated 1999 Long-Term Incentive Plan (the "Plan"), a
Non-Qualified Stock Option to purchase, on the terms and conditions set forth
in this agreement (this "Option Agreement"), the number of shares indicated
above of the Company's $0.01 par value common stock (the "Stock"), at the
exercise price per share set forth above (the "Option"). Capitalized terms used
herein and not otherwise defined shall have the meanings assigned such terms in
the Plan.

         2. Vesting of Option. The Option shall be 100% vested upon the date of
grant.

         3. Period of Option and Limitations on Right to Exercise. The Option
will, to the extent not previously exercised, lapse under the earliest of the
following circumstances; provided, however, that the Committee may, prior to
the lapse of the Option under the circumstances described in paragraph below,
provide in writing that the Option will extend until a later date:

         (a) The Option shall lapse as of 5:00 p.m., Eastern Time, on the tenth
anniversary of the date of grant (the "Expiration Date").

         (b) The Option shall lapse three months after the Optionee's
termination of service as a director for any reason.

         If the Optionee or his beneficiary exercises an Option after
termination of service as a director, the Option may be exercised only with
respect to the shares that were otherwise vested on the Optionee's termination
of service (including vesting by acceleration in accordance with Article 13 of
the Plan).

<PAGE>   2

         4. Exercise of Option. The Option shall be exercised by written notice
directed to the Secretary of the Company at the principal executive offices of
the Company, in substantially the form attached hereto as Exhibit A, or such
other form as the Committee may approve. Unless the exercise is a
broker-assisted "cashless exercise" as described below, such written notice
shall be accompanied by full payment in cash, shares of Stock previously
acquired by the Optionee, or any combination thereof, for the number of shares
specified in such written notice; provided, however, that if shares of Stock
are used to pay the exercise price, such shares must have been held by the
Optionee for at least six months. The Fair Market Value of the surrendered
Stock as of the last trading day immediately prior to the exercise date shall
be used in valuing Stock used in payment of the exercise price. To the extent
permitted under Regulation T of the Federal Reserve Board, and subject to
applicable securities laws, the Option may be exercised through a broker in a
so-called "cashless exercise" whereby the broker sells the Option shares and
delivers cash sales proceeds to the Company in payment of the exercise price.
In such case, the date of exercise shall be deemed to be the date on which
notice of exercise is received by the Company and the exercise price shall be
delivered to the Company on the settlement date.

         Subject to the terms of this Option Agreement, the Option may be
exercised at any time and without regard to any other option held by the
Optionee to purchase stock of the Company. Upon the Optionee's death, the
Option may be exercised by the Optionee's beneficiary.

         5. Beneficiary Designation. The Optionee, by written notice to the
Commmittee, may designate one or more persons (and from time to time change
such designation) including the Optionee's legal representative, who, by reason
of the Optionee's death, shall acquire the right to exercise all or a portion
of the Option. If no beneficiary has been designated or survives the Optionee,
the Option may be exercised by the personal representative of the Optionee's
estate. If the person with exercise rights desires to exercise any portion of
the Option, such person must do so in accordance with the terms and conditions
of this Agreement and the Plan.

         6. Withholding. The Company has the authority and the right to deduct
or withhold, or require the Optionee to remit to the Company, an amount
sufficient to satisfy federal, state, and local taxes (including the Optionee's
FICA obligation) required by law to be withheld with respect to any taxable
event arising as a result of the exercise of the Option. Such withholding
requirement may be satisfied, in whole or in part, at the election of the
Company, by withholding from the Option shares of Stock having a Fair Market
Value on the date of withholding equal to the minimum amount (and not any
greater amount) required to be withheld for tax purposes, all in accordance
with such procedures as the Committee establishes.

         7. Limitation of Rights. The Option does not confer to the Optionee or
the Optionee's personal representative any rights of a shareholder of the
Company unless and until shares of Stock are in fact issued to such person in
connection with the exercise of

                                     - 2 -
<PAGE>   3

the Option. Nothing in this Option Agreement shall confer upon the Optionee any
right to continue as a director of the Company or any Parent or Subsidiary.

         8.  Stock Reserve. The Company shall at all times during the term of
this Option Agreement reserve and keep available such number of shares of Stock
as will be sufficient to satisfy the requirements of this Option Agreement.

         9.  Restrictions on Transfer and Pledge. The Option may not be pledged,
encumbered, or hypothecated to or in favor of any party other than the Company
or a Parent or Subsidiary, or be subject to any lien, obligation, or liability
of the Optionee to any other party other than the Company or a Parent or
Subsidiary. The Option is not assignable or transferable by the Optionee other
than by will or the laws of descent and distribution or pursuant to a domestic
relations order that would satisfy Section 414(p)(1)(A) of the Code; provided,
however, that the Committee may (but need not) permit other transfers where the
Committee concludes that such transferability (i) does not result in
accelerated taxation and (ii) is otherwise appropriate and desirable, taking
into account any factors deemed relevant, including without limitation, state
or federal tax or securities laws applicable to transferable options. The
Option may be exercised during the lifetime of the Optionee only by the
Optionee or any permitted transferee.

         10. Restrictions on Issuance of Shares. If at any time the Board shall
determine in its discretion, that listing, registration or qualification of the
shares of Stock covered by the Option upon any securities exchange or under any
state or federal law, or the consent or approval of any governmental regulatory
body, is necessary or desirable as a condition to the exercise of the Option,
the Option may not be exercised in whole or in part unless and until such
listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Board.

         11. Plan Controls. The terms contained in the Plan are incorporated
into and made a part of this Option Agreement and this Option Agreement shall
be governed by and construed in accordance with the Plan. In the event of any
actual or alleged conflict between the provisions of the Plan and the
provisions of this Option Agreement, the provisions of the Plan shall be
controlling and determinative.

         12. Successors. This Option Agreement shall be binding upon any
successor of the Company, in accordance with the terms of this Option Agreement
and the Plan.

         13. Severability. If any one or more of the provisions contained in
this Option Agreement are invalid, illegal or unenforceable, the other
provisions of this Option Agreement will be construed and enforced as if the
invalid, illegal or unenforceable provision had never been included.

         14. Notice. Notices and communications under this Option Agreement
must be in writing and either personally delivered or sent by registered or
certified United States mail, return receipt requested, postage prepaid.
Notices to the Company must be addressed to:

                                     - 3 -
<PAGE>   4

                  Accredo Health, Incorporated
                  1640 Century Center Parkway
                  Suite 101
                  Memphis, Tennessee  38134
                  Attn:  Secretary

or any other address designated by the Company in a written notice to the
Optionee. Notices to the Optionee will be directed to the address of the
Optionee then currently on file with the Company, or at any other address given
by the Optionee in a written notice to the Company.

         IN WITNESS WHEREOF, Accredo Health, Incorporated, acting by and
through its duly authorized officers, has caused this Option Agreement to be
executed, all as of the day and year first above written.

                                    ACCREDO HEALTH, INCORPORATED

                                    By:       /s/ David D. Stevens
                                       ---------------------------------------

                                    Name:  David D. Stevens

                                    Title:   CEO

                                     - 4 -
<PAGE>   5

                                   EXHIBIT A

                    NOTICE OF EXERCISE OF OPTION TO PURCHASE
                                COMMON STOCK OF
                          ACCREDO HEALTH, INCORPORATED

Name
    -------------------------------------
Address:
        ---------------------------------

        ---------------------------------
Date
    -------------------------------------

Accredo Health, Incorporated
1640 Century Center Parkway
Suite 101
Memphis, Tennessee  38134
Attn: Secretary

Re:      Exercise of Non-Qualified Stock Option

         I elect to purchase ______________ shares of Common Stock of Accredo
Health, Incorporated (the "Company") pursuant to the Accredo Health,
Incorporated Non-Qualified Stock Option Agreement dated ______________ and the
Accredo Health, Incorporated 1999 Long-Term Incentive Plan. The purchase will
take place on the Exercise Date, which will be (i) as soon as practicable
following the date this notice and all other necessary forms and payments are
received by the Company, unless I specify a later date (not to exceed 30 days
following the date of this notice), or (ii) in the case of a Broker-assisted
cashless exercise (as indicated below), the date of this notice.

         On or before the Exercise Date (or, in the case of a Broker-assisted
cashless exercise, on the settlement date following the Exercise Date), I will
pay the full exercise price in the form specified below (check one):

[ ]      Cash Only: by delivering a check to the Company for $___________.

[ ]      Cash and Shares: by delivering a check to the Company for $_________
         for the part of the exercise price. I will pay the balance of the
         exercise price by delivering to the Company a stock certificate with
         my endorsement for shares of Company Stock that I have owned for at
         least six months. If the number of shares of Company Stock represented
         by such stock certificate exceeds the number needed to pay the
         exercise price, the Company will issue me a new stock certificate for
         the excess.

[ ]      Shares Only: by delivering to the Company a stock certificate with
         my endorsement for shares of Company Stock that I have owned for at
         least six

<PAGE>   6

         months. If the number of shares of Company Stock represented by such
         stock certificate exceeds the number needed to pay the exercise price,
         the Company will issue me a new stock certificate for the excess.

[ ]      Cash From Broker: by delivering the purchase price from
         _______________________, a broker, dealer or other "creditor" as
         defined by Regulation T issued by the Board of Governors of the
         Federal Reserve System (the "Broker"). I authorize the Company to
         issue a stock certificate in the number of shares indicated above in
         the name of the Broker in accordance with instructions received by the
         Company from the Broker and to deliver such stock certificate directly
         to the Broker (or to any other party specified in the instructions
         from the Broker) upon receiving the exercise price from the Broker.

         On or before the Exercise Date, I will pay satisfy any applicable tax
withholding obligations in the form specified below (check one):

[ ]      Cash Only: by delivering a check to the Company for the full tax
         withholding amount.

[ ]      Cash and Shares: by delivering a check to the Company for $_________
         for part of the tax withholding amount. I will pay the balance of the
         tax withholding amount by delivering to the Company a stock
         certificate with my endorsement for shares of Company Stock that I
         have owned for at least six months. If the number of shares of Company
         Stock represented by such stock certificate exceeds the number needed
         to pay the tax withholding amount, the Company will issue me a new
         stock certificate for the excess.

[ ]      Shares Only: by delivering to the Company a stock certificate with
         my endorsement for shares of Company Stock that I have owned for at
         least six months. If the number of shares of Company Stock represented
         by such stock certificate exceeds the number needed to pay the tax
         withholding amount, the Company will issue me a new stock certificate
         for the excess.

[ ]      Withholding of Shares to Cover Minimum Obligation: by having the
         Company withhold shares of Stock from the Option having a Fair Market
         Value on the date of withholding equal to the minimum amount (and not
         any greater amount) required to be withheld for tax purposes. Only
         whole shares may be withheld.

                                     - 2 -
<PAGE>   7

         Please deliver the stock certificate to me (unless I have chosen to
pay the purchase price through a Broker).

                                        Very truly yours,

                                        ---------------------------------------

AGREED TO AND ACCEPTED:

ACCREDO HEALTH, INCORPORATED

By:
   --------------------------------------

Title:
      -----------------------------------

Number of Option Shares
Exercised:
          -------------------------------

Number of Option Shares
Remaining:
          -------------------------------

Date:
     ------------------------------------

                                     - 3 -

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