Document:

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                                                                   EXHIBIT 10.73

                             STOCK OPTION AGREEMENT
                                    under the
                          ACCREDO HEALTH, INCORPORATED
                          2002 LONG-TERM INCENTIVE PLAN

         Optionee:                        Thomas W. Bell, Jr.
                  --------------------------------------------------------------

         Number Shares Subject to Option:       25,000
                                         ---------------------------------------

         Exercise Price per Share:              $49.30
                                   ---------------------------------------------

         Date of Grant:                    September 3, 2002
                       ---------------------------------------------------------

         1. Grant of Option. Accredo Health, Incorporated (the "Company") hereby
grants to the Optionee named above (the "Optionee"), under the Accredo Health,
Incorporated 2002 Long-Term Incentive Plan (the "Plan"), an Incentive 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"). To the extent that these options do not meet the
requirements for incentive stock options under Internal Revenue Code Section
422, they shall be treated as non-qualified stock options. Capitalized terms
used herein and not otherwise defined shall have the meanings assigned such
terms in the Plan.

         2. Vesting of Option. Unless the exercisability of the Option is
accelerated in accordance with Article 9 of the Plan, the Option shall vest
(become exercisable) in accordance with the following schedule:

<TABLE>
<CAPTION>

                                                             No. of Option Shares              Cumulative No. of Option Shares
                                                             --------------------              -------------------------------
                    Vesting Date                            Vested on Vesting Date                 Vested on Vesting Date
                    ------------                            ----------------------                 ----------------------
<S>                                                                    <C>                                 <C>
           1st anniversary of grant date                               25%                                   25%
           2nd anniversary of grant date                               25%                                   50%
           3rd anniversary of grant date                               25%                                   75%
           4th anniversary of grant date                               25%                                  100%
</TABLE>

           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 paragraphs (b) and (c)
below, provide in writing that the Option will extend until a later date, but if
the Option is exercised after the dates specified in paragraphs (b) and (c)
below, it will automatically become a Non-Qualified Stock Option:

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         (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 employment for any reason other than the Optionee's death or
Disability; provided, however, that if the Optionee's employment is terminated
by the Company for cause (as defined below) or by the Optionee without the
consent of the Company, the Option shall lapse immediately.

         (c) If the Optionee's employment terminates by reason of Disability,
the Option shall lapse one year after the date of the Optionee's termination of
employment.

         (d) If the Optionee dies while employed, or during the three-month
period described in subsection (b) above or during the one-year period described
in subsection (c) above and before the Option otherwise lapses, the Option shall
lapse one year after the date of the Optionee's death. Upon the Optionee's
death, the Option may be exercised by the Optionee's beneficiary.

         If the Optionee or his beneficiary exercises an Option after
termination of employment, the Option may be exercised only with respect to the
shares that were otherwise vested on the Optionee's termination of employment
(including vesting by acceleration in accordance with Article 9 of the Plan).

         The term "cause" as used herein shall mean cause as defined in your
employment agreement, if any. If no agreement exists where cause is defined,
cause shall mean (i) gross neglect of duty, (ii) prolonged absence from duty
without the consent of the Company, (iii) intentionally engaging in any activity
which is in conflict with or adverse to the business or other interests of the
Company, (iv) willful misconduct, misfeasance or malfeasance of duty which is
reasonably determined to be detrimental to the Company.

         4. Exercise of Option. The Option shall be exercised by written notice
on such forms as the Committee may approve, such as the forms provided by the
Company's stock plan administrator AST Stockplan, Inc. 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

                                      -2-
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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.

         5. 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 the Option. Nothing in this Option Agreement
shall interfere with or limit in any way the right of the Company or any
Subsidiary to terminate the Optionee's employment at any time, nor confer upon
the Optionee any right to continue in the employ of the Company or any
Subsidiary.

         6. 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.

         7. 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. The Option may be
exercised during the lifetime of the Optionee only by the Optionee.

         8. 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.

         9. 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.

         10. 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.

                                      -3-
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         11. 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.

         12. 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:

             Accredo Health, Incorporated
             1640 Century Center Pkwy, Suite 101
             Memphis, TN  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.

         13. Interpretation. It is the intent of the parties hereto that the
Option qualify for incentive stock option treatment pursuant to, and to the
extent permitted by, Section 422 of the Code. All provisions hereof are intended
to have, and shall be construed to have, such meanings as are set forth in
applicable provisions of the Code and Treasury Regulations to allow the Option
to so qualify.

         14. Restrictive Covenant and Confidentiality Agreement. You acknowledge
and agree that as a condition to the grant of any options pursuant to the Plan
that you are bound by and have executed a Restrictive Covenant and
Confidentiality Agreement with Accredo Health, Inc. or one of its Subsidiaries;
receipt of a copy of which you hereby acknowledge.

         15. Binding Effect. The grant of the Options referenced herein is
subject to Optionee being bound by all of the terms set out in this Agreement.
The acceptance of the Options and the exercise of any right hereunder, including
but not being limited to the giving of written notice to exercise any Option,
shall constitute conclusive evidence of acceptance by the Optionee of all of the
terms and conditions set out herein, and Optionee by such actions shall be bound
by, and shall be deemed to have agreed to these terms and conditions, the same
as if Optionee had affixed his or her signature to this Incentive Stock Option
Agreement.

                                      -4-
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         IN WITNESS WHEREOF, Accredo Health, Incorporated, acting by and through
its duly authorized officer, has caused this Option Agreement to be executed as
of the day and year first above written.

                                   ACCREDO HEALTH, INCORPORATED

                                   By: /s/ Joel R. Kimbrough
                                       ----------------------------------------
                                   Name:   Joel R. Kimbrough
                                   Title:  Sr. Vice President and
                                           Treasurer

                                      -5-<PAGE>

                                                                   EXHIBIT 10.74

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT, dated as of September 1, 2001, by and among
ACCREDO HEALTH, INCORPORATED, a Delaware corporation (the "Company"), and THOMAS
W. BELL, JR. (the "Executive").

                              W I T N E S S E T H:

         WHEREAS, the Company desires to employ the Executive for the period
provided in this Agreement, and the Executive is willing to accept such
employment with the Company on a full-time basis, all in accordance with the
terms and conditions set forth below;

         NOW, THEREFORE, for and in consideration of the premises hereof and the
mutual covenants contained herein, the parties hereto hereby covenant and agree
as follows:

         1.       Employment.

                  (a)      The Company hereby employs the Executive, and the
                           Executive hereby accepts such employment with the
                           Company, for the period set forth in Section 2
                           hereof, all upon the terms and conditions hereinafter
                           set forth.

                  (b)      The Executive affirms and represents that he is under
                           no other obligation to any former employer or other
                           party which is in any way inconsistent with, or which
                           imposes any restriction upon, the Executive's
                           acceptance of employment hereunder with the Company,
                           the employment of the Executive by the Company, or
                           the Executive's undertakings under this Agreement.

         2. Term of Employment. Unless earlier terminated as hereinafter
provided, the term of the Executive's employment under this Agreement shall
initially be for a period beginning on the date hereof and ending August 31,
2004; provided that on September 1, 2004 and on each September 1 thereafter, the
term of the Executive's employment hereunder shall automatically be extended for
an additional one-year period unless, prior to such September 1, the Company
shall have given the Executive, or the Executive shall have given the Company,
written notice that the Employment Term shall not be so extended. The period
commencing on the date hereof and ending on the earlier of (i) the termination
of Executive's employment hereunder, and (ii) the later of August 31, 2004 or
the expiration of all one-year extensions described in the preceding sentence,
is referred to herein as the Employment Term.

            If the Executive continues in the full-time employ of the Company
after the end of the Employment Term (it being expressly understood and agreed
that the Company does not now, nor hereafter shall have, any obligation to
continue the Executive in its employ whether or not on a full-time basis, after
said Employment Term ends), then, unless otherwise expressly agreed to by the
Executive and the Company in writing, the Executive's continued employment by
the Company after the Employment Term shall, notwithstanding anything to the
contrary expressed or implied herein, be terminable by the Company at will, with
or without cause and with or without notice, but shall in all other respects be
subject to the terms and conditions of this Agreement.

         3. Duties. The Executive shall be employed as Senior Vice President and
General Counsel of the Company, shall, subject to the direction of the Board of
Directors of the Company (the "Board"), faithfully and competently perform such
duties as inhere in such position and shall also perform and discharge such
other executive employment duties and responsibilities consistent with his
position as

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Senior Vice President and General Counsel as the Board of Directors
of the Company may from time to time reasonably prescribe, including serving as
Senior Vice President and General Counsel of one or more of the Company's
subsidiaries or affiliates. The Executive's primary workplace will be located in
Memphis, Tennessee. Except as set out herein or as may otherwise be approved in
advance by the Board, and except during vacation periods and reasonable periods
of absence due to sickness, personal injury or other disability, personal
affairs or non-profit public service activities, the Executive shall devote his
full time during normal business hours throughout the Employment Term to the
services required of him hereunder. The Executive shall render his business
services exclusively to the Companies (as defined in Section 6(a)) during the
Employment Term and shall use his best efforts, judgment and energy to improve
and advance the business and interest of the Companies in a manner consistent
with the duties of his position.

         4.       Salary and Bonus.

                  (a)      Salary. As compensation for the performance by the
                           Executive of the services to be performed by the
                           Executive hereunder during the Employment Term, the
                           Company shall pay the Executive a base salary at the
                           annual rate of Two Hundred Sixteen Thousand
                           ($216,000.00) Dollars (said amount being hereinafter
                           referred to as "Salary"). Any Salary payable
                           hereunder shall be paid in regular intervals (but in
                           no event less frequently than monthly) in accordance
                           with the Company's payroll practices from time to
                           time in effect. The Salary payable to the Executive
                           pursuant to this Section 4(a) shall be increased
                           annually, as of September 1, 2002 and each September
                           1 thereafter for the twelve-month period then
                           commencing, by an amount equal to (i) the annual
                           percentage increase in the Consumer Price Index for
                           Urban Consumers, All Items, Memphis, Tennessee Area,
                           for the most recent twelve-month period for which
                           such figures are then available as reported in the
                           Monthly Labor Review published by the Bureau of Labor
                           Statistics of the U. S. Department of Labor, or (ii)
                           such higher amount as may be determined from time to
                           time by the Board in its sole discretion. Any
                           increase in salary shall be reflected in minutes of
                           the Board or the Compensation Committee of the Board
                           and this Agreement shall automatically be amended to
                           reflect such salary increase without the necessity of
                           a formal amendment executed by the parties.

                  (b)      Bonus. The Executive will be entitled to receive
                           bonus compensation from the Company in respect of
                           each fiscal year (or portion thereof) occurring
                           during the Employment Term beginning with the year
                           which starts on July 1, 2001 provided that Executive
                           is employed by Company on the last day of said fiscal
                           year. The amount of such bonus compensation is based
                           on the extent to which the Company's planned earnings
                           per share established by the Board for the
                           corresponding period (the "Plan EPS") has been
                           achieved, as set out on Exhibit A. and the Company's
                           revenue target ("Revenue Target") or such other
                           targets as shall be set by the Board have been
                           achieved, as set out on Exhibit A. Exhibit A may be
                           amended each fiscal year to reflect the Plan EPS,
                           Revenue Target and other targets established by the
                           Board for the then current fiscal year. Exhibit A
                           will be replaced with the revised Exhibit A approved
                           by the Board when and as amended without the
                           necessity of said amendment being executed by the
                           parties hereto.

                  (c)      Withholding, Etc. The payment of any Salary and bonus
                           hereunder shall be subject to applicable withholding
                           and payroll taxes, and such other deductions as may
                           be required by law or the Company's employee benefit
                           plans.

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         5.       Other Benefits. During the Employment Term, the Executive
                  shall:

                           (i)      be eligible to participate in employee
                                    fringe benefits and pension and/or profit
                                    sharing plans that may be provided by the
                                    Company for its senior executive employees
                                    in accordance with the provisions of any
                                    such plans, as the same may be in effect
                                    from time to time;

                           (ii)     be eligible to participate in any medical
                                    and health plans or other employee welfare
                                    benefit plans that may be provided by the
                                    Company for its senior executive employees
                                    in accordance with the provisions of any
                                    such plans, as the same may be in effect
                                    from time to time;

                           (iii)    be entitled to twenty-five paid vacation
                                    days in each calendar year beginning January
                                    1, 2001, as well as all paid holidays given
                                    by the Company to its senior executive
                                    officers and in addition Executive shall be
                                    given paid time to attend continuing legal
                                    education classes necessary to maintain
                                    executive's license to practice law;

                           (iv)     be entitled to personal time off, sick
                                    leave, sick pay and disability benefits in
                                    accordance with any Company policy that may
                                    be applicable to senior executive employees
                                    from time to time; and

                           (v)      be entitled to reimbursement for all
                                    reasonable and necessary out-of-pocket
                                    business expenses incurred by the Executive
                                    in the performance of his duties hereunder
                                    in accordance with the Company's policies
                                    applicable thereto.

                     In addition, from the date hereof until the expiration of
           the Employment Term, the Company shall maintain term insurance
           coverage on the life of the Executive (excluding any such coverage
           provided for pursuant to the foregoing provisions of this Section 5)
           in the aggregate amount of $500,000, payable to that Executive's
           named beneficiaries in accordance with standard policy terms and
           conditions. Company shall also pay Executive's Tennessee professional
           tax which is due annually, the cost of Executive's attending
           continuing legal education seminars necessary to maintain his license
           to practice law and membership dues for Executive in the American
           Health Lawyers Association and the American Bar Association. For
           purposes of determining eligibility, vesting and benefit accrual
           under each of the benefit plans and arrangements referred to in this
           Section 5, the Executive shall be credited with service for all years
           and partial years of service with NFI, Southern Health Systems, Inc.
           ("SHS"), or any of their affiliates prior to the date hereof.

         6.       Confidential Information. The Executive hereby covenants,
agrees and acknowledges as follows:

            (a)  The Executive has and will have access to and will participate
                 in the development of or be acquainted with confidential or
                 proprietary information and trade secrets related to the
                 business of the Company and any other present or future
                 subsidiaries or affiliates of the Company (collectively, with
                 the Company, the "Companies"), including but not limited to (i)
                 customer and physician lists; patient histories, patient
                 identities and related records and compilations of information;
                 the identify, lists or descriptions of any new customers or

                                       3
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                 physicians, referral sources or organizations; financial
                 statements; cost reports or other financial information;
                 contract proposals or bidding information; business plans;
                 training and operations methods and manuals; personnel records;
                 software programs; reports and correspondence; premium
                 structures; and management systems, policies or procedures,
                 including related forms and manuals; (ii) information
                 pertaining to future developments such as future marketing or
                 acquisition plans or ideas, and potential new business
                 locations and new suppliers and (iii) all other tangible and
                 intangible property, which are used in the business and
                 operations of the Companies but not made public. The
                 information and trade secrets relating to the business of the
                 Companies and described hereinabove in this paragraph (a) are
                 hereinafter referred to collectively as the "Confidential
                 Information", provided that the term Confidential Information
                 shall not include any information (x) that is or become
                 generally publicly available (other than as a result of
                 violation of this Agreement by the Executive) or (y) that the
                 Executive receives on a nonconfidential basis from a source
                 (other than the Companies or their representatives) that is not
                 known by him to be bound by an obligation of secrecy or
                 confidentiality to any of the Companies.

            (b)  The Executive shall not disclose, use or make known for his or
                 another's benefit any Confidential Information or use such
                 Confidential Information in any way except as is in the best
                 interests of the Companies in the performance of the
                 Executive's duties under this Agreement. The Executive may
                 disclose Confidential Information when required by a third
                 party and applicable law or judicial process, but only after
                 providing (I) notice to the Company of any third party's
                 request for such information, which notice shall include the
                 Executive's intent with respect to such request, and (ii)
                 sufficient opportunity for the Company to challenge or limit
                 the scope of the disclosure on behalf of the Companies, the
                 Executive or both.

            (c)  The Executive acknowledges and agrees that a remedy at law for
                 any breach or threatened breach of the provisions of this
                 Section 6 would be inadequate and, therefore, agrees that the
                 Companies shall be entitled to injunctive relief in addition to
                 any other available rights and remedies in case of any such
                 breach or threatened breach; provided, however, that nothing
                 contained herein shall be construed as prohibiting the
                 Companies from pursuing any other rights and remedies available
                 for any such breach or threatened breach.

            (d)  The Executive agrees that upon termination of his employment
                 with the Company for any reason, the Executive shall forthwith
                 return to the Company all Confidential Information in whatever
                 form maintained (including, without limitation, computer discs
                 and other electronic media).

            (e)  The obligations of the Executive under this Section 6 shall,
                 except as otherwise provided herein, survive the termination of
                 the Employment Term and the expiration or termination of this
                 Agreement.

            (f)  Without limiting the generality of Section 10 hereof, the
                 Executive hereby expressly agrees that the foregoing provisions
                 of this Section 6 shall be binding upon the Executive's heirs,
                 successors and legal representatives.

                                       4
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         7.       Termination.

                  (a)      The Executive's employment hereunder shall be
                           terminated upon the occurrence of any of the
                           following:

                           (i)    death of the Executive;

                           (ii)   The Executive's inability to perform his
                                  duties on account of disability or incapacity
                                  for a period of one hundred eight (180) or
                                  more days, whether or not consecutive, within
                                  any period of twelve (12) consecutive months;

                           (iii)  the Company giving written notice, at any
                                  time, to the Executive that the Executive's
                                  employment is being terminated "for cause" (as
                                  defined below);

                           (iv)   the Company giving written notice, at any
                                  time, to the Executive that the Executive's
                                  employment is being terminated other than
                                  pursuant to clause (i), (ii) or (iii) above;
                                  or

                           (v)    the Executive giving written notice, at any
                                  time, to the Company that the Executive is
                                  terminating his employment for "good reason"
                                  (as defined below).

         The following actions, failures and events by or affecting the
Executive shall constitute "cause" for termination within the meaning of clause
(iii) above: (A) an indictment for or conviction of the Executive of, or the
entering of a plea of nolo contendere by the Executive with respect to, having
committed a felony, (B) acts of fraud or criminal conduct by the Executive that
are detrimental to the financial condition or business reputation of one or more
of the Companies, (C) acts or omissions by the Executive that the Executive knew
were likely to damage the business of one or more of the Companies, (D) willful
failure by the Executive to perform, or willful disregard by the Executive of,
his obligations hereunder or otherwise relating to his employment, or (E)
willful failure by the Executive to obey the reasonable and lawful policies or
orders of the Board that are consistent with the provisions of this Agreement.
For purposes of this Agreement, the Executive shall not be deemed to have been
terminated for cause unless and until there shall have been delivered to the
Executive a copy of a resolution, duly adopted by the Board, stating that, in
the good faith opinion of the Board, the Executive is guilty of an action or
omission that constitutes cause and specifying the particulars thereof in
reasonable detail. Before adopting any such resolution, the Board shall offer
the Executive, upon reasonable written notice (which need not exceed two days),
an opportunity for him together with his counsel, to be heard by the Board.

         The following circumstances shall constitute "good reason" for
termination within the meaning of clause (v) above: (I) the assignment to the
Executive of duties that are materially inconsistent with the Executive's
position or with his authority, duties or responsibilities as contemplated by
Section 3 of this Agreement, or any other action by the Company or their
successors which results in a material diminution or material adverse change in
the Executive's title, position, authority, duties or responsibilities, (II) any
material breach by the Company or their successors of any provision of this
Agreement, (III) a relocation of the Executive's primary workplace without his
written consent to any location other than the one described in Section 3
hereof, or (IV) the Company fails to continue in effect any cash or stock-based
incentive or bonus plan, retirement plan, welfare benefit plan or other benefit

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plan, unless the aggregate value of all such compensation, retirement and
benefit plans provided to the Executive after the changes is not less than the
aggregate value of the plans as of the date before such plans are changed.

                  (b)      In the event that (A) the Executive's employment is
                           terminated pursuant to clause (iv) or (v) of Section
                           7(a) above, whether during the Employment Term or
                           during any continuation of employment pursuant to
                           Section 2 above, or (B) Executive shall resign his
                           employment within twelve (12) months following a
                           Change in Control, the Company shall pay to the
                           Executive, as severance pay or liquidated damages or
                           both, bi-monthly payments at the rate per annum of
                           his Salary at the time of such termination or
                           resignation for a period from the date of such
                           termination to the first anniversary of such
                           termination or resignation. The Executive shall
                           continue to participate in the medical, dental, life,
                           accident and disability benefit plans and
                           arrangements of the Company as provided in Section 5
                           and on the same basis and at the same cost to
                           Executive as on the date of termination until the
                           earlier of (x) the first anniversary of such
                           termination or resignation, or (y) the date the
                           Executive becomes covered by a plan that provides
                           coverage or benefits at least equal to the Company's
                           plan. In addition, to the extent that Executive is
                           not then 100% vested in any employer matching
                           contribution and earnings thereon allocated to his
                           account in the Company's 401(k) Plan, and said
                           non-vested amount is forfeited, the Company will pay
                           Executive a lump sum amount on the date of such
                           forfeiture equal to the non-vested forfeited amount.

                  (c)      For purposes of this Agreement, "Change in Control"
                           means and includes each of the following:

                                    (1) The acquisition by any individual,
                           entity or group (within the meaning of Section
                           13(d)(3) or 14(d)(2) of the 1934 Act) (a "Person") of
                           beneficial ownership (within the meaning of Rule
                           13d-3 promulgated under the 1934 Act) of 50% or more
                           of the combined voting power of the then outstanding
                           voting securities of the Company entitled to vote
                           generally in the election of directors (the
                           "Outstanding Corporation Voting Securities");
                           provided, however, that for purposes of this
                           subsection (1), the following acquisitions shall not
                           constitute a Change of Control: (i) any acquisition
                           directly from the Company, (ii) any acquisition by
                           the Company, (iii) any acquisition by any employee
                           benefit plan (or related trust) sponsored or
                           maintained by the Company or any corporation
                           controlled by the Company, or (iv) any acquisition by
                           any corporation pursuant to a transaction which
                           complies with clauses (i), (ii) and (iii) of
                           subsection (3) of this definition; or

                                    (2) Individuals who, as of the date of this
                           Agreement, constitute the Board (the "Incumbent
                           Board") cease for any reason to constitute at least a
                           majority of the Board; provided, however, that any
                           individual becoming a director subsequent to the
                           Effective Date whose election, or nomination for
                           election by the Company's stockholders, was approved
                           by a vote of at least a majority of the directors
                           then comprising the Incumbent Board shall be
                           considered as though such individual were a member of
                           the Incumbent Board, but excluding, for this purpose,
                           any such individual whose initial assumption of
                           office occurs as a result of an actual or threatened
                           election contest with respect

                                       6
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                           to the election or removal of directors or other
                           actual or threatened solicitation of proxies or
                           consents by or on behalf of a Person other than the
                           Board; or

                                    (3) Consummation of a reorganization, merger
                           or consolidation or sale or other disposition of all
                           or substantially all of the assets of the Company (a
                           "Business Combination"), in each case, unless,
                           following such Business Combination, (i) all or
                           substantially all of the individuals and entities who
                           were the beneficial owners of the Outstanding
                           Corporation Voting Securities immediately prior to
                           such Business Combination beneficially own, directly
                           or indirectly, more than 50% of the combined voting
                           power of the then outstanding voting securities
                           entitled to vote generally in the election of
                           directors of the Company resulting from such Business
                           Combination (including, without limitation, a
                           corporation which as a result of such transaction
                           owns the Company or all or substantially all of the
                           Company's assets either directly or through one or
                           more subsidiaries) in substantially the same
                           proportions as their ownership, immediately prior to
                           such Business Combination of the Outstanding
                           Corporation Voting Securities, and (ii) no Person
                           (excluding any corporation resulting from such
                           Business Combination or any employee benefit plan (or
                           related trust) of the Company or such corporation
                           resulting from such Business Combination)
                           beneficially owns, directly or indirectly, 50% or
                           more of the combined voting power of the then
                           outstanding voting securities of such corporation
                           except to the extent that such ownership existed
                           prior to the Business Combination, and (iii) at least
                           a majority of the members of the board of directors
                           of the corporation resulting from such Business
                           Combination were members of the Incumbent Board at
                           the time of the execution of the initial agreement,
                           or of the action of the Board, providing for such
                           Business Combination; or

                                    (4) Approval by the stockholders of the
                           Company of a complete liquidation or dissolution of
                           the Company.

                  (d)      Notwithstanding anything to the contrary expressed or
                           implied herein, except as required by applicable law
                           and except as set forth in Section 7(b) above, the
                           Company (and its affiliates) shall not be obligated
                           to make any payments to the Executive or on his
                           behalf of whatever kind or nature by reason of the
                           Executive's cessation of employment (including,
                           without limitation, by reason of termination of the
                           Executive's employment by the Company for "cause"),
                           other than (i) such amounts, if any, of his Salary as
                           shall have accrued and remained unpaid as of the date
                           of said cessation, (ii) such other amounts, if any,
                           which may be then otherwise payable to the Executive
                           pursuant to clause (v) of Section 5 above, and (iii)
                           any amounts owed or obligations to the Executive
                           pursuant to the terms of any option or other
                           stock-based award granted to him by the Company.

                  (e)      No interest shall accrue on or be paid with respect
                           to any portion of any payments timely made hereunder.

         8.       Non-Assignability.

                  (a)      Neither this Agreement nor any right or interest
                           hereunder shall be assignable by the Executive or his
                           beneficiaries or legal representatives without the
                           Company's prior written consent; provided, however,
                           that nothing in this Section 8(a) shall

                                       7
<PAGE>

                           preclude the Executive from designating a beneficiary
                           to receive any benefit payable hereunder upon his
                           death or incapacity. Neither this Agreement nor any
                           right or interest hereunder shall be assignable by
                           the Company; provided, however, that notwithstanding
                           the foregoing, this Agreement and the Company's
                           rights which the Company is not the continuing
                           entity, or the sale or liquidation of all or
                           substantially all of the assets of the Company,
                           provided that (i) the assignee or transferee is the
                           successor to all or substantially all of the assets
                           of the Company and (ii) such assignee or transferee
                           assumes the liabilities, obligations and duties of
                           the Company, as contained in this Agreement, either
                           contractually or as a matter of law.

                  (b)      Except as required by law, no right to receive
                           payments under this Agreement shall be subject to
                           anticipation, commutation, alienation, sale,
                           assignment, encumbrance, charge, pledge, or
                           hypothecation or to exclusion, attachment, levy or
                           similar process or to assignment by operation of law,
                           and any attempt, voluntary or involuntary, to effect
                           any such action shall be null, void and of no effect.

         9.       Restrictive Covenants

                  (a)      Competition. During the Employment Term, during any
                           continuation of employment pursuant to Section 2
                           above and during the twelve (12) month period
                           following termination of the Executive's employment
                           with the Company for any reason, provided that
                           payments, if any, required pursuant to Section 7(b)
                           hereof are made in full and in a timely fashion, the
                           Executive will not directly or indirectly (as a
                           director, officer, executive employee, manager,
                           consultant, independent contractor, advisory or
                           otherwise) engage in competition with, or own any
                           interest in, perform any services for, participate in
                           or be connected with any business or organization
                           which engages in competition with any of the
                           Companies within the meaning of Section 9(d),
                           provided, however, that the provisions of this
                           Section (a) shall not be deemed to prohibit the
                           Executive's ownership of not more than two percent
                           (2%) of the total shares of all classes of stock
                           outstanding of any publicly held company, or
                           ownership, whether through direct or indirect
                           stockholding or otherwise, of one percent (1%) or
                           more of any other business.

                  (b)      Non-Solicitation. During the Employment Term, during
                           any continuation of employment pursuant to Section 2
                           above and during the twelve (12) month period
                           following termination of the Executive's employment
                           with the Company for any reason, provided that
                           payments, if any, required pursuant to Section 7(b)
                           hereof are made in full and in a timely fashion, the
                           Executive will not knowingly directly or indirectly
                           induce or attempt to induce any employee of any of
                           the Companies to leave the employ of any of the
                           Companies or of their subsidiaries or affiliates, or
                           in any way interfere with the relationship between
                           any of the Companies and any employee thereof.
                           Notwithstanding the preceding provisions, this
                           Section shall not apply to Lisa Nickelson,
                           Executive's Executive Assistant.

                  (c)      Non-Interference. During the twelve (12) month period
                           following termination of the Executive's employment
                           with the Company for any reason, provided that
                           payments, if any, required pursuant to Section 7(b)
                           hereof are made in full and in

                                       8
<PAGE>

                           a timely fashion, the Executive will not directly or
                           indirectly hire, engage, send any work to, place
                           orders with, or in any manner be associated with any
                           business entity which, during the period of twelve
                           months preceding or following such termination of
                           employment, was among the five largest suppliers of
                           the Company by dollar volume.

                  (d)      Certain Definitions. For purposes of this Section 9,
                           a person or entity (including without limitation, the
                           Executive) shall be deemed to be a competitor of one
                           or more of the Companies, or a person or entity
                           (including, without limitation, the Executive) shall
                           be deemed to be engaging in competition with one or
                           more of the Companies, if, at the time of
                           determination, such person or entity (A) engages in
                           any business engaged in or proposed to be engaged in
                           by any of the Companies, or (B) in any way conducts,
                           operates, carries out or engages in the business of
                           managing any entity engaged in any business described
                           in clause (A), in each case, in any state of the
                           United States of America, excluding, however, during
                           any period following the termination of the
                           Executive's employment with the Company, (x) any
                           business or any state in which none of the Companies
                           was engaged or had proposed to be engaged at the time
                           of termination of the Executive's employment with the
                           Company, and (y) after termination of the Executive's
                           employment, any business which was not, prior to such
                           termination, directly or indirectly supervised by the
                           Executive.

                  (e)      Certain Representations of the Executive. In
                           connection with the foregoing provisions of this
                           Section 9, the Executive represents that his
                           experience, capabilities and circumstances are such
                           that such provisions will not prevent him from
                           earning a livelihood. The Executive further agrees
                           that the limitations set forth in this Section 9
                           (including, without limitation, time and territorial
                           limitations) are reasonable and properly required for
                           the adequate protection of the current and future
                           businesses of the Companies. It is understood and
                           agreed that the covenants made by the Executive in
                           this Section 9 shall survive the expiration or
                           termination of this Agreement.

                  (f)      Injunctive Relief. The Executive acknowledges and
                           agrees that a remedy at law for any breach or
                           threatened breach of the provisions of Section 9
                           hereof would be inadequate and, therefore, agrees
                           that the Company and any of its subsidiaries or
                           affiliates shall be entitled to injunctive relief in
                           addition to any other available rights and remedies
                           in cases of any such breach or threatened breach;
                           provided, however, that nothing contained herein
                           shall be construed as prohibiting the Company or any
                           of its affiliates from pursuing any other rights and
                           remedies available for any such breach or threatened
                           breach.

         10. Indemnity. To the maximum extent permitted by applicable law and
the charter and by-laws of the Company, the Company shall indemnify the
Executive and hold him harmless; for any acts or decisions made by him in good
faith while performing services for the Company or any of its subsidiaries or
affiliates. Company will use reasonable best efforts to maintain, and after
termination to continue, coverage for Executive under director's and officer's
liability coverage to the same extent as other current or former officers and
directors of the Company and its subsidiaries or affiliates. The Company will,
to the extent provided by its charter and by-laws and applicable law, advance or
pay all expenses, including attorney's fees actually and necessarily incurred by
the Executive in connection with the defense of any action, suit or proceeding
arising out of Executive's service for the Company and in connection with any
appeal thereon, including the cost of court settlements.

                                       9
<PAGE>

         11. No Mitigation. In the event of Executive's resignation or
termination of the Executive's employment under Section 7, the Executive shall
be under no obligation to seek other employment and there shall be no offset
against any amounts due the Executive under this Agreement on account of any
remuneration attributable to any subsequent employment that the Executive may
obtain.

         12. Binding Effect. Without limiting or diminishing the effect of
Section 8 hereof, this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, successors, legal
representatives and assigns.

         13. Notices. All notices which are required or may be given pursuant to
the terms of this Agreement shall be in writing and shall be sufficient in all
respects if given in writing and (i) delivered personally, (ii) mailed by
certified or registered mail, return receipt requested and postage prepaid,
(iii) sent via a nationally recognized overnight courier or (iv) sent via
facsimile confirmed in writing to the recipient, if to the Company at the
Company's principal place of business, and if to the Executive, at his home
address most recently filed with the Company, or to such other address or
addresses as either party shall have designated in writing to the other party
hereto.

         14. Enforcement. Any dispute arising under this Agreement shall, at the
election of either party, be resolved by final and binding arbitration to be
held in Memphis, Tennessee in accordance with the rules and procedures of the
American Arbitration Association. Judgment upon the award entered by the
arbitrator(s) may be entered in any court having jurisdiction thereof.

         15. Law Governing. This Agreement shall be governed by and construed in
accordance with the laws of the State of Tennessee.

         16. Severability. The Executive agrees that in the event that any court
of competent jurisdiction shall finally hold that any provision of Section 6 or
9 hereof is void or constitutes an unreasonable restriction against the
Executive, the provisions of such Section 6 or 9 shall not be rendered void but
shall apply with respect to such extent as such court may judicially determine
constitutes a reasonable restriction under the circumstances. If any part of
this Agreement other than Section 6 or 9 is held by a court or competent
jurisdiction to be invalid, illegal or incapable of being enforced in whole or
in part by reason of any rule of law or public policy, such part shall be deemed
to be severed from the remainder of this Agreement for the purpose only of the
particular legal proceedings in question and all other covenants and provisions
of this Agreement shall in every other respect continue in full force and effect
and no covenant or provision shall be deemed dependent upon any other covenant
or provision.

           17. Waiver. Failure to insist upon strict compliance with any of the
terms, covenants or conditions hereof shall not be deemed a waiver of such term,
covenant or condition, nor shall any waiver or relinquishment of any right or
power hereunder at any one or more times be deemed a waiver or relinquishment of
such right or power at any other time or times.

           18. Entire Agreement; Modifications. This Agreement constitutes the
entire and final expression of the agreement of the parties with respect to the
subject matter hereof and supersedes all prior agreements, oral and written,
between the parties hereto with respect to the subject matter hereof. This
Agreement may be modified or amended only by an instrument in writing signed by
both parties hereto.

         19. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                                       10
<PAGE>

         IN WITNESS WHEREOF, the Company and the Executive have duly executed
and delivered this Agreement as of the date and year first above written.

                                         ACCREDO HEALTH, INCORPORATED

                                         By: /s/ David D. Stevens
                                            ------------------------------
                                                 David D. Stevens
                                                 Chief Executive Officer

                                         /s/ Thomas W. Bell, Jr.
                                         ---------------------------------
                                         THOMAS W. BELL, JR.

                                       11

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