Document:

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                         REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT ("Registration Rights Agreement")
dated as of March 14, 2000, is entered into by and between Informed.com, Inc., a
Florida corporation (the "Holder"), and HORIZON Pharmacies, Inc., a Delaware
corporation (the "Company").

         Pursuant to that certain Stock Purchase Agreement, dated as of the date
hereof (the "Purchase Agreement"), by and between the Company and the Holder,
the Holder is acquiring (the "Acquisition") the capital stock of
InformedScripts.com, Inc., a Delaware corporation and wholly-owned subsidiary of
the Company, as further described in the Purchase Agreement.

         As part of the Acquisition, the Holder is receiving two warrants to
purchase an aggregate of 700,000 shares of common stock, par value $.01 per
share (the "Common Stock"), of the Company under the terms of the respective
warrants (the "Registrable Shares").

         In consideration of the premises, mutual covenants and agreements
hereinafter contained and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as
follows:

                                    ARTICLE 1

                               REGISTRATION RIGHTS

         Section 1.1       INTENTIONALLY OMITTED.

         Section 1.2       PIGGYBACK REGISTRATIONS.

         1.2.1 RIGHT TO PIGGYBACK. Each time the Company proposes to register
any of its equity securities under the Securities Act for sale to the public,
whether for the account of the Company or otherwise for the account of any
securityholder of the Company, and the form of registration statement to be used
permits the registration of Registrable Shares, the Company shall give prompt
written notice to the Holder of Registrable Shares (which notice shall be given
not less than 30 days prior to the effective date of the Company's registration
statement), which notice shall offer the Holder the opportunity to include any
or all of its Registrable Shares in such registration statement, subject to the
limitations contained in Section 1.2.2 hereof. If the Holder desires to have its
Registrable Shares included in such registration statement, it shall so advise
the Company in writing (stating the number of shares desired to be registered)
within 20 days after the date of such notice from the Company. The Holder shall
have the right to withdraw its request for inclusion of its Registrable Shares
in any registration statement pursuant to this Section 1.2.1 by giving written
notice to the Company of such withdrawal. Subject to Section 1.2.2 below, the
Company shall include in such registration statement all such Registrable Shares
so requested to be included therein; provided, however, that the Company may at
any time withdraw or cease proceeding with any such registration if it shall at
the same time withdraw or cease proceeding with the registration of all other
equity securities originally proposed to be registered.

         1.2.2 PRIORITY ON REGISTRATIONS. If the Registrable Shares requested to
be included in the registration statement by the Holder differ from the type of
securities proposed to be registered by the Company and the managing underwriter
advises the Company that due to such differences the inclusion of such
Registrable Shares would have a Material Adverse Effect, then (i) the number of
the Holder's

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Registrable Shares to be included in the registration statement shall be reduced
to an amount which, in the judgment of the managing underwriter, would eliminate
such Material Adverse Effect or (ii) if no such reduction would, in the judgment
of the managing underwriter, eliminate such Material Adverse Effect, then the
Company shall have the right to exclude all such Registrable Shares from such
registration statement provided no other securities of such type are included
and offered for the account of any other person in such registration statement.
Any partial reduction in the number of Registrable Shares to be included in the
registration statement pursuant to clause (i) of the immediately preceding
sentence shall be effected PRO RATA based on the ratio which the Holder's
requested shares bears to the total number of shares requested to be included in
such registration statement by all persons who have requested that their shares
be included in such registration statement. If the Registrable Shares requested
to be included in the registration statement are of the same type as the
securities being registered by the Company and the managing underwriter advises
the Company that the inclusion of such Registrable Shares would cause a Material
Adverse Effect, the Company will be obligated to include in such registration
statement, as to the Holder, only a portion of the shares the Holder has
requested be registered equal to the ratio which the Holder's requested shares
bears to the total number of shares requested to be included in such
registration statement by all persons (other than the Company, if such
registration has been initiated by the Company for securities to be offered by
the Company who have requested that their shares be included in such
registration statement. It is acknowledged by the Company and the Holder, that
pursuant to the foregoing provision, the securities to be included in such
registration shall be allocated (x) first, to the Company, if such registration
has been initiated by the Company for securities to be offered by the Company,
(y) second, to securities offered by persons exercising their right to cause a
demand registration, if such registration is a demand registration and (z)
third, to the Holder and all other persons requesting securities to be included
therein in accordance with the above described ratio. If as a result of the
provisions of this Section 1.2.2 the Holder shall not be entitled to include all
Registrable Securities in a registration that the Holder has requested to be so
included, the Holder may withdraw its request to include Registrable Shares in
such registration statement. No person may participate in any registration
statement hereunder unless such person (x) agrees to sell such person's
Registrable Shares on the basis provided in any underwriting arrangements
approved by the Company and (y) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements, and other documents
reasonably required under the terms of such underwriting arrangements; provided,
however, that no such person shall be required to make any representations or
warranties in connection with any such registration other than representations
and warranties as to (i) such person's ownership of its Registrable Shares to be
sold or transferred free and clear of all liens, claims, and encumbrances, (ii)
such person's power and authority to effect such transfer, and (iii) such
matters pertaining to compliance with securities laws as may be reasonably
requested; provided further, however, that the obligation of such person to
indemnify pursuant to any such underwriting arrangements shall be several, not
joint and several, among such persons selling Registrable Shares, and the
liability of each such person will be in proportion to, and provided further
that such liability will be limited to, the net amount received by such person
from the sale of its Registrable Shares pursuant to such registration. The
Holder shall be entitled to exercise its right to have its Registrable Shares
included in a registration statement only on two separate occasions and
thereafter the Holder shall no longer have any rights, and the Company shall no
longer have any obligations to the Holder, under Section 1.2.

         1.3 HOLDBACK AGREEMENT. Unless the managing underwriter otherwise
agrees, the Holder agrees that, in connection with any underwritten
registration, it will not effect any public sale or private offer or
distribution of any Common Stock during the ten business days prior to the
effectiveness under the Securities Act of any underwritten registration and
during such time period after the effectiveness under the Securities Act of any
underwritten registration (not to exceed 180 days) (except, if applicable, as
part of such underwritten registration) as the Company and the managing
underwriter may agree.

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         1.4 REGISTRATION PROCEDURES. Whenever the Holder has requested that any
Registrable Shares be registered pursuant to this Registration Rights Agreement,
the Company will use its commercially reasonable efforts to effect the
registration and the sale of such Registrable Shares in accordance with the
intended method of disposition thereof, and pursuant thereto the Company will as
expeditiously as possible:

                  (i) prepare and file with the SEC a registration statement on
any appropriate form under the Securities Act with respect to such Registrable
Shares and use its commercially reasonable efforts to cause such registration
statement to become effective;

                  (ii) prepare and file with the SEC such amendments,
post-effective amendments, and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than 180 days (or such
lesser period as is necessary for the underwriters in an underwritten offering
to sell unsold allotments) and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement;

                  (iii) furnish to each seller of Registrable Shares and the
underwriters of the securities being registered such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus
included in such registration statement (including each preliminary prospectus),
any documents incorporated by reference therein and such other documents as such
seller or underwriters may reasonably request in order to facilitate the
disposition of the Registrable Shares owned by such seller or the sale of such
securities by such underwriters (it being understood that, subject to Section
1.5 and the requirements of the Securities Act and applicable State securities
laws, the Company consents to the use of the prospectus and any amendment or
supplement thereto by each seller and the underwriters in connection with the
offering and sale of the Registrable Shares covered by the registration
statement of which such prospectus, amendment or supplement is a part);

                  (iv) use its commercially reasonable efforts to register or
qualify such Registrable Shares under such other securities or blue sky laws of
such jurisdictions as the managing underwriter reasonably requests; use its
commercially reasonable efforts to keep each such registration or qualification
(or exemption therefrom) effective during the period in which such registration
statement is required to be kept effective; and do any and all other acts and
things which may be reasonably necessary or advisable to enable each seller to
consummate the disposition of the Registrable Shares owned by such seller in
such jurisdictions (provided, however, that the Company will not be required to
(A) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph or (B) consent to
general service of process in any such jurisdiction);

                  (v) promptly notify each seller and each underwriter and (if
requested by any such Person) confirm such notice in writing (A) when a
prospectus or any prospectus supplement or post-effective amendment has been
filed and, with respect to a registration statement or any post-effective
amendment, when the same has become effective, (B) of the issuance by any state
securities or other regulatory authority of any order suspending the
qualification or exemption from qualification of any of the Registrable Shares
under state securities or "blue sky" laws or the initiation of any proceedings
for that purpose, and (C) of the happening of any event which makes any
statement made in a registration statement or related prospectus untrue or which
requires the making of any changes in such registration statement, prospectus or
documents so that they will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, and, as promptly as practicable
thereafter, prepare and file with the SEC and furnish a supplement or amendment
to such

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prospectus so that, as thereafter deliverable to the purchasers of such
Registrable Shares, such prospectus will not contain any untrue statement of a
material fact or omit a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading;

                  (vi) make generally available to the Company's securityholders
an earnings statement satisfying the provisions of Section 11(a) of the
Securities Act no later than 30 days after the end of the 12-month period
beginning with the first day of the Company's first fiscal quarter commencing
after the effective date of a registration statement, which earnings statement
shall cover said 12-month period, and which requirement will be deemed to be
satisfied if the Company timely files complete and accurate information on Forms
10-Q, 10-K and 8-K under the Securities Exchange Act of 1934 (the "Exchange
Act") and otherwise complies with Rule 158 under the Securities Act;

                  (vii) if requested by the managing underwriter or any seller,
promptly incorporate in a prospectus supplement or post-effective amendment such
information as the managing underwriter or any seller reasonably requests to be
included therein, including, without limitation, with respect to the Registrable
Shares being sold by such seller, the purchase price being paid therefor by the
underwriters and, with respect to any other terms of the underwritten offering
of the Registrable Shares to be sold in such offering, and promptly make all
required filings of such prospectus supplement or post-effective amendment;

                  (viii) as promptly as practicable after filing with the SEC of
any document which is incorporated by reference into a registration statement
(in the form in which it was incorporated), deliver a copy of each such document
to each seller;

                  (ix) cooperate with the sellers and the managing underwriter
to facilitate the timely preparation and delivery of certificates (which shall
not bear any restrictive legends unless required under applicable law)
representing securities sold under any registration statement, and enable such
securities to be in such denominations and registered in such names as the
managing underwriter or such sellers may request and keep available and make
available to the Company's transfer agent prior to the effectiveness of such
registration statement a supply of such certificates;

                  (x) promptly make available for inspection by any seller, any
underwriter participating in any disposition pursuant to any registration
statement, and any attorney, accountant or other agent or representative
retained by any such seller or underwriter (collectively, the "Inspectors"), all
financial and other records, pertinent corporate documents and properties of the
Company (collectively, the "Records"), as shall be reasonably necessary to
enable them to exercise their due diligence responsibility, and cause the
Company's officers, directors and employees to supply all information requested
by any such Inspector in connection with such registration statement; provided,
that, unless the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in the registration statement or the release of such
Records is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction, the Company shall not be required to provide any
information under this subparagraph (x) if (A) the Company believes, after
consultation with counsel for the Company, that to do so would cause the Company
to forfeit an attorney-client privilege that was applicable to such information
or (B) if either (1) the Company has requested and been granted from the SEC
confidential treatment of such information contained in any filing with the SEC
or documents provided supplementally or otherwise or (2) the Company reasonably
determines in good faith that such Records are confidential and so notifies the
Inspectors in writing unless prior to furnishing any such information with
respect to (A) or (B) the Holder of Registrable Securities requesting such
information agrees to enter into a confidentiality agreement in customary form
and subject to customary exceptions; and provided, further that the Holder of
Registrable Securities agrees that it will, upon learning that disclosure of
such Records is sought in a court of competent jurisdiction, give notice to the
Company and allow the

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Company at its expense, to undertake appropriate action and to prevent
disclosure of the Records deemed confidential;

                  (xi) furnish to each seller underwriter a signed counterpart
of (A) an opinion or opinions of counsel to the Company, and (B) a comfort
letter or comfort letters from the Company's independent public accountants,
each in customary form and covering such matters of the type customarily covered
by opinions or comfort letters, as the case may be, as the sellers or managing
underwriter reasonably requests;

                  (xii) cause the Registrable Shares included in any
registration statement to be (A) listed on each securities exchange, if any, on
which similar securities issued by the Company are then listed, or (B)
authorized to be quoted and/or listed (to the extent applicable) on the National
Association of Securities Dealers, Inc. Automated Quotation ("NASDAQ") or the
NASDAQ National Market System if the Registrable Shares so qualify;

                  (xiii) provide a CUSIP number for the Registrable Shares
included in any registration statement not later than the effective date of such
registration statement;

                  (xiv) cooperate with each seller and each underwriter
participating in the disposition of such Registrable Shares and their respective
counsel in connection with any filings required to be made with the National
Association of Securities Dealers, Inc. ("NASD");

                  (xv) during the period when the prospectus is required to be
delivered under the Securities Act, promptly file all documents required to be
filed with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act;

                  (xvi) notify each seller of Registrable Shares promptly of any
request by the SEC for the amending or supplementing of such registration
statement or prospectus or for additional information;

                  (xvii) prepare and file with the SEC promptly any amendments
or supplements to such registration statement or prospectus which, in the
opinion of counsel for the Company or the managing underwriter, is required in
connection with the distribution of the Registrable Shares;

                  (xviii) enter into such agreements (including underwriting
agreements in the managing underwriter's customary form) as are customary in
connection with an underwritten registration; and

                  (xix) advise each seller of such Registrable Shares, promptly
after it shall receive notice or obtain knowledge thereof, of the issuance of
any stop order by the SEC suspending the effectiveness of such registration
statement or the initiation or threatening of any proceeding for such purpose
and promptly use its best efforts to prevent the issuance of any stop order or
to obtain its withdrawal at the earliest possible moment if such stop order
should be issued.

         1.5 SUSPENSION OF DISPOSITIONS. The Holder agrees that, upon receipt of
any notice (a "Suspension Notice") from the Company of the happening of any
event of the kind described in Section 1.4(v)(C), the Holder will forthwith
discontinue disposition of Registrable Shares until the Holder's receipt of the
copies of the supplemented or amended prospectus, or until it is advised in
writing (the "Advice") by the Company that the use of the prospectus may be
resumed, and has received copies of any additional or supplemental filings which
are incorporated by reference in the prospectus, and, if so directed by the
Company, the Holder will deliver to the Company all copies, other than permanent
file copies then in the Holder's possession, of the prospectus covering such
Registrable Shares current at the time of receipt of

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such notice. In the event the Company shall give any such notice, the time
period regarding the effectiveness of registration statements set forth in
Section 1.4(ii) hereof shall be extended by the number of days during the period
from and including the date of the giving of the Suspension Notice to and
including the date when each seller of Registrable Shares covered by such
registration statement shall have received the copies of the supplemented or
amended prospectus or the Advice. The Company shall use its commercially
reasonable efforts and take such actions as are reasonably necessary to render
the Advice as promptly as practicable.

         1.6 REGISTRATION EXPENSES. All expenses incident to the Company's
performance of or compliance with this Article 1 including, without limitation,
all registration and filing fees, all fees and expenses associated with filings
required to be made with the NASD (including, if applicable, the fees and
expenses of any "qualified independent underwriter" as such term is defined in
Schedule E of the By-Laws of the NASD, and of its counsel), as may be required
by the rules and regulations of the NASD, fees and expenses of compliance with
securities or "blue sky" laws (including reasonable fees and disbursements of
counsel in connection with "blue sky" qualifications of the Registrable Shares),
rating agency fees, printing expenses (including expenses of printing
certificates for the Registrable Shares in a form eligible for deposit with
Depository Trust Company and of printing prospectuses if the printing of
prospectuses is requested by a holder of Registrable Shares), messenger and
delivery expenses, the Company's internal expenses (including without limitation
all salaries and expenses of its officers and employees performing legal or
accounting duties), the fees and expenses incurred in connection with any
listing of the Registrable Shares, fees and expenses of counsel for the Company
and its independent certified public accountants (including the expenses of any
special audit or "cold comfort" letters required by or incident to such
performance), securities acts liability insurance (if the Company elects to
obtain such insurance), the fees and expenses of any special experts retained by
the Company in connection with such registration, and the fees and expenses of
other persons retained by the Company and reasonable fees and expenses of one
firm of counsel for the sellers (which shall be selected by the holders of a
majority of the Registrable Shares being included in any particular registration
statement) (all such expenses being herein called "Registration Expenses") will
be borne by the Company whether or not any registration statement becomes
effective; provided that, except as expressly otherwise provided above, in no
event shall Registration Expenses include any underwriting discounts,
commissions, or fees attributable to the sale of the Registrable Shares or any
counsel, accountants, or other persons retained or employed by the Holder.

         1.7      INDEMNIFICATION.

         1.7.1 The Company agrees to indemnify and reimburse, to the fullest
extent permitted by law, each seller of Registrable Shares, and each of its
employees, advisors, agents, representatives, partners, officers, and directors
and each Person who controls such seller (within the meaning of the Securities
Act or the Exchange Act) and any agent or investment advisor thereof
(collectively, the "Seller Affiliates") (A) against any and all losses, claims,
damages, liabilities, and expenses, joint or several (including, without
limitation, attorneys' fees and disbursements except as limited by Section
1.7.3) based upon, arising out of, related to or resulting from any untrue or
alleged untrue statement of a material fact contained in any registration
statement, prospectus, or preliminary prospectus or any amendment thereof or
supplement thereto, or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, (B) against any and all loss, liability, claim, damage, and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation or investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any claim whatsoever based upon,
arising out of, related to or resulting from any such untrue statement or
omission or alleged untrue statement or omission, and (C) against any and all
costs and expenses (including reasonable fees and disbursements of counsel) as
may be reasonably incurred in investigating, preparing, or defending against any
litigation, or investigation or proceeding by any governmental agency or body,
commenced or

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threatened, or any claim whatsoever based upon, arising out of, related to or
resulting from any such untrue statement or omission or alleged untrue statement
or omission, to the extent that any such expense or cost is not paid under
subparagraph (A) or (B) above; except insofar as the same are made in reliance
upon and in strict conformity with information furnished in writing to the
Company by such seller or any Seller Affiliate for use therein or arise from
such seller's or any Seller Affiliate's failure to deliver a copy of the
registration statement or prospectus or any amendments or supplements thereto
after the Company has furnished such seller or Seller Affiliate with a
sufficient number of copies of the same. The reimbursements required by this
Section 1.7.1 will be made by periodic payments during the course of the
investigation or defense, as and when bills are received or expenses incurred.

         1.7.2 In connection with any registration statement in which a seller
of Registrable Shares is participating, each such seller will furnish to the
Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such registration statement or
prospectus and, to the fullest extent permitted by law, each such seller will
indemnify the Company and its directors and officers and each Person who
controls the Company (within the meaning of the Securities Act or the Exchange
Act) against any and all losses, claims, damages, liabilities, and expenses
(including, without limitation, reasonable attorneys' fees and disbursements
except as limited by Section 1.7.3) resulting from any untrue statement or
alleged untrue statement of a material fact contained in the registration
statement, prospectus, or any preliminary prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or alleged untrue
statement or omission or alleged omission is contained in any information or
affidavit so furnished in writing by such seller or any of its Seller Affiliates
specifically for inclusion in the registration statement; provided that the
obligation to indemnify will be several, not joint and several, among such
sellers of Registrable Shares, and the liability of each such seller of
Registrable Shares will be in proportion to, and provided further that such
liability will be limited to, the net amount received by such seller from the
sale of Registrable Shares pursuant to such registration statement; provided,
however, that such seller of Registrable Shares shall not be liable in any such
case to the extent that prior to the filing of any such registration statement
or prospectus or amendment thereof or supplement thereto, such seller has
furnished in writing to the Company information expressly for use in such
registration statement or prospectus or any amendment thereof or supplement
thereto which corrected or made not misleading information previously furnished
to the Company.

         1.7.3 Any Person entitled to indemnification hereunder will (A) give
prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification (provided that the failure to give such notice
shall not limit the rights of such Person) and (B) unless in such indemnified
party's reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any person
entitled to indemnification hereunder shall have the right to employ separate
counsel and to participate in the defense of such claim, but the fees and
expenses of such counsel shall be at the expense of such person unless (x) the
indemnifying party has agreed to pay such fees or expenses, or (y) the
indemnifying party shall have failed to assume the defense of such claim and
employ counsel reasonably satisfactory to such person. If such defense is not
assumed by the indemnifying party as permitted hereunder, the indemnifying party
will not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent will not be unreasonably withheld).
If such defense is assumed by the indemnifying party pursuant to the provisions
hereof, such indemnifying party shall not settle or otherwise compromise the
applicable claim unless (1) such settlement or compromise contains a full and
unconditional release of the indemnified party or (2) the indemnified party
otherwise consents in writing. An indemnifying party who is not entitled to, or
elects not to, assume the defense of a claim will not be obligated to pay the
fees and expenses of more

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than one counsel for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified
party, a conflict of interest may exist between such indemnified party and any
other of such indemnified parties with respect to such claim, in which event the
indemnifying party shall be obligated to pay the reasonable fees and
disbursements of such additional counsel or counsels.

         1.7.4 Each party hereto agrees that, if for any reason the
indemnification provisions contemplated by Section 1.7.1 or Section 1.7.2 are
unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, claims, damages, liabilities, or expenses (or actions in respect
thereof) referred to therein, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of such losses,
claims, liabilities, or expenses (or actions in respect thereof) in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party in connection with the actions which resulted in
the losses, claims, damages, liabilities or expenses as well as any other
relevant equitable considerations. The relative fault of such indemnifying party
and indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such indemnifying party or indemnified party, and the parties relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 1.7.4 were determined by pro
rata allocation (even if the Holders or any underwriters or all of them were
treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this
Section 1.7.4. The amount paid or payable by an indemnified party as a result of
the losses, claims, damages, liabilities, or expenses (or actions in respect
thereof) referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such indemnified party in connection with
investigating or, except as provided in Section 1.7.3, defending any such action
or claim. Notwithstanding the provisions of this Section 1.7.4, the Holder shall
not be required to contribute an amount greater than the dollar amount by which
the proceeds received by the Holder with respect to the sale of any Registrable
Shares exceeds the amount of damages which the Holder has otherwise been
required to pay by reason of such statement or omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Holder's obligations in this
Section 1.7.4 to contribute shall be several in proportion to the amount of
Registrable Shares registered by them and not joint.

         If indemnification is available under this Section 1.7, the
indemnifying parties shall indemnify each indemnified party to the full extent
provided in Section 1.7.1 and Section 1.7.2 without regard to the relative fault
of said indemnifying party or indemnified party or any other equitable
consideration provided for in this Section 1.7.4.

         1.7.5 The indemnification and contribution provided for under this
Section 1.7 will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, or
controlling Person of such indemnified party and will survive the transfer of
securities.

                                    ARTICLE 2

                                   TERMINATION

         The provisions of this Agreement shall terminate on the availability of
Holder to transfer, without limitation, shares pursuant to Rule 144 of the
Securities Act.

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                                    ARTICLE 3

                                  MISCELLANEOUS

         Section 3.1 NOTICES. Any notices or other communications required or
permitted hereunder shall be in writing, and shall be sufficiently given if made
by hand delivery, by telex, by telecopier or registered or certified mail,
postage prepaid, return receipt requested, addressed as follows (or at such
other address as may be substituted by notice given as herein provided):

         If to the Holder:

                  Informed.com, Inc.
                  4404 Ivy Commons II
                  Route 250 West
                  Charlottesville, VA 22903
                  Attention:  Michael R. Kerouac

         Copies to:

                  Akerman Senterfitt
                  Citrus Center, 17th Floor
                  Orlando, FL 32801
                  Attention: Patrick T. Christiansen

         If to the Company:

                  HORIZON Pharmacies, Inc.
                  531 West Main Street
                  Denison, Texas 75020
                  Attention: Rick McCord

         Copies to:

                  Vinson & Elkins L.L.P.
                  3700 Trammell Crow Center
                  2001 Ross Avenue
                  Dallas, Texas  75201
                  Attention:  Jay H. Hebert

         Any notice or communication hereunder shall be deemed to have been
given or made as of the date so delivered if personally delivered; when answered
back, if telexed; when receipt is acknowledged, if telecopied; and five calendar
days after mailing if sent by registered or certified mail (except that a notice
of change of address shall not be deemed to have been given until actually
received by the addressee).

         If a notice or communication is mailed in the manner provided above, it
is duly given whether or not the addressee receives it.

                                       9
<PAGE>

         Section 3.2 GOVERNING LAW; JURISDICTION. THIS REGISTRATION AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

         Section 3.3 SUCCESSORS AND ASSIGNS. Whether or not an express
assignment has been made, provisions of this Registration Rights Agreement that
are for the Holder's benefit as the holder of any Registrable Shares are also
for the benefit of, and enforceable by, all subsequent holders of Registrable
Shares, except as otherwise expressly provided herein. This Registration Rights
Agreement shall be binding upon the Company, the Holder, and their respective
successors and assigns.

         Section 3.4 DUPLICATE ORIGINALS. All parties may sign any number of
copies of this Registration Rights Agreement. Each signed copy shall be an
original, but all of them together shall represent the same agreement.

         Section 3.5 SEVERABILITY. In case any provision in this Registration
Rights Agreement shall be held invalid, illegal or unenforceable in any respect
for any reason, the validity, legality and enforceability of any such provision
in every other respect and the remaining provisions shall not in any way be
affected or impaired thereby.

         Section 3.6       NO WAIVERS; AMENDMENTS.

         3.6.1 No failure or delay on the part of the Company or the Holder in
exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or
remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. The remedies provided for herein are cumulative
and are not exclusive of any remedies that may be available to the Company or
the Holder at law or in equity or otherwise.

         3.6.2 Any provision of this Registration Rights Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is
signed by the Company and the Holder.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>

                   SIGNATURES TO REGISTRATION RIGHTS AGREEMENT

         IN WITNESS WHEREOF, the parties hereto have caused this Registration
Rights Agreement to be duly executed, all as of the date first written above.

                                          HOLDER:

                                          INFORMED.COM, INC.

                                          By: /s/ Michael R. Kerouac
                                             -----------------------------------
                                                Michael R. Kerouac
                                                President

                                          COMPANY:

                                          HORIZON PHARMACIES, INC.

                                          By: /s/ Ricky D. McCord
                                             -----------------------------------
                                                Ricky D. McCord
                                                President

                                      S-1<PAGE>

===============================================================================

         THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED OR QUALIFIED FOR SALE UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR
SALE, SOLD OR OTHERWISE TRANSFERRED UNLESS SUCH OFFER, SALE OR TRANSFER IS
REGISTERED OR QUALIFIED PURSUANT TO THE REGISTRATION REQUIREMENTS OF SUCH ACT
AND ANY APPLICABLE STATE SECURITIES LAWS, OR IS PRECEDED BY AN OPINION OF
COUNSEL ADDRESSED TO HORIZON PHARMACIES, INC. THAT SUCH SALE OR OTHER TRANSFER
IS EXEMPT FROM ALL SUCH REGISTRATION REQUIREMENTS. THIS WARRANT AND THE SHARES
OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF ARE SUBJECT TO THE TERMS AND
PROVISIONS SPECIFIED IN THE AMENDED AND RESTATED WARRANT PURCHASE AGREEMENT
DATED AS OF MAY 14, 1999, BETWEEN HORIZON PHARMACIES, INC. AND McKESSON HBOC,
INC., AS IT MAY BE AMENDED FROM TIME TO TIME.

No. WR-5

                                WARRANT TO PURCHASE

                               SHARES OF COMMON STOCK

                                        OF

                              HORIZON PHARMACIES, INC.

===============================================================================
<PAGE>

<TABLE>
<CAPTION>
                                                  TABLE OF CONTENTS

                                                    HEADING PAGE

<S>                <C>                                                                                           <C>
SECTION 1.         EXERCISE OF WARRANT............................................................................1

SECTION 2.         RESERVATION....................................................................................2

SECTION 3.         PROTECTION AGAINST DILUTION....................................................................2
         Section 3.1       Stock Dividends, Subdivisions and Combinations.........................................2
         Section 3.2       Issuance of Additional Shares of Common Stock..........................................3
         Section 3.3       Issuance of Warrants or Other Rights, Convertible Securities...........................3
         Section 3.4       Other Provisions Applicable to Adjustments.............................................4
         Section 3.5       Extraordinary Dividends................................................................5
         Section 3.6       Adjustment of Number of Shares Purchasable.............................................6
         Section 3.7       Minimum Adjustment.....................................................................6
         Section 3.8       Notice of Adjustments..................................................................6

SECTION 4.         MERGERS, CONSOLIDATIONS, SALES.................................................................7

SECTION 5.         DISSOLUTION OR LIQUIDATION.....................................................................8

SECTION 6.         NOTICE OF DIVIDENDS............................................................................8

SECTION 7.         FRACTIONAL SHARES..............................................................................8

SECTION 8.         FULLY PAID STOCK; TAXES........................................................................8

SECTION 9.         CLOSING OF TRANSFER BOOKS......................................................................8

SECTION 10.        PARTIAL EXERCISE AND PARTIAL ASSIGNMENT........................................................9
         Section 10.1      Partial Exercise.......................................................................9
         Section 10.2      Assignment.............................................................................9

SECTION 11.        DEFINITIONS....................................................................................9

SECTION 12.        WARRANT HOLDER NOT SHAREHOLDER................................................................12

SECTION 13.        SEVERABILITY..................................................................................12

SECTION 14.        GOVERNING LAW.................................................................................12

</TABLE>

<PAGE>

No. WR-1

                               WARRANT TO PURCHASE

                             SHARES OF COMMON STOCK

                                       OF

                            HORIZON PHARMACIES, INC.

         THIS IS TO CERTIFY that, for value received and subject to the
provisions hereinafter set forth,

                               McKESSON HBOC, INC.

                            or its permitted assigns,

is entitled to purchase from HORIZON Pharmacies, Inc., a Delaware corporation
("COMPANY"), at any time and from time to time during the Exercise Period, up
to 10,000 shares of Common Stock, par value $0.01 per share, of Company,
subject to the terms, provisions and conditions hereinafter set forth at a
price per share equal to $5.5625. The price per share is subject to adjustment
as hereinafter provided (such price, or such price as last adjusted, as the
case may be, being herein referred to as the "PER SHARE WARRANT PRICE"). The
said number of shares purchasable hereunder is likewise subject to adjustment
as hereinafter provided.

         The aggregate price of the Common Stock purchasable hereunder shall
at all times be equal to the price per share set forth in the preceding
paragraph multiplied by the number of shares initially purchasable hereunder.
The aggregate price is herein sometimes referred to as the "Aggregate Warrant
Price" and is not subject to adjustment.

         The terms which are capitalized herein shall have the meanings
specified in Section 11 unless the context shall otherwise require.

SECTION 1.  EXERCISE OF WARRANT.

         Subject to the conditions hereinafter set forth, this Warrant may be
exercised in whole or in part at any time and from time to time during the
Exercise Period by the surrender of this Warrant (with the subscription form at
the end hereof duly executed) at the principal office of Company in Princeton,
Texas, and upon payment to Company of a sum equal to the per share Warrant Price
multiplied by the number of shares purchased in such exercise, which payment
shall be made by the wire transfer or other delivery to Company of one or more
types of Permitted Consideration.

         In the event that Notes shall be delivered to Company as payment of all
or any portion of the purchase price payable hereunder, the portion of such
purchase price to be paid by means of such delivery shall equal the principal
amount of Notes so delivered (or such lesser principal

                                      -1-
<PAGE>

amount as shall be designated by the holder hereof) and interest on such
principal amount and the like portion of principal and interest of the Notes
shall be deemed paid.

         In the event that Notes shall be delivered to Company as payment of all
or any portion of the purchase price payable hereunder and the principal amount
of said Notes shall be in excess of the amount of principal sought to be applied
by the holder of this Warrant in respect of the purchase price payable
hereunder, said holder shall provide Company with notice to such effect and
Company shall (without charge to the holder) issue to said holder a new Note or
Notes in an aggregate principal amount equal to such excess and dated the date
of such issue and shall pay the holder all accrued but unpaid interest on the
unapplied principal of the surrendered Note through such date.

         In the event that Warrants shall be delivered to Company as payment of
all or any portion of the purchase price payable hereunder, the amount of such
purchase price deemed to be paid by means of such delivery shall equal (a) the
aggregate number of shares of Underlying Shares related to any Warrants so
delivered, multiplied by (b) the result, not less than zero, equal to (i) the
Current Market Price then in effect (with the date of the exercise of the
Warrant being deemed to be the "Issuance Date" for purposes of making
determinations under the definition of "Current Market Price") MINUS (ii) the
per share Warrant Price then in effect.

         If this Warrant is exercised in respect of less than all of the shares
of Common Stock at the time purchasable hereunder, following such exercise this
Warrant shall be returned to the holder hereof and shall remain exercisable in
respect of such number of shares of Common Stock as may thereafter be determined
hereunder.

         This Warrant and all rights and options hereunder shall expire to the
extent that it has not been exercised on or before the Expiration Date.

         Company shall pay all reasonable expenses, stamp, documentary and
transfer taxes and other charges payable in connection with the preparation,
execution and delivery of stock certificates pursuant to this Section,
regardless of the name or names in which such stock certificates shall be
registered.

SECTION 2.  RESERVATION.

         Company will at all times reserve and keep available such number of
authorized shares of its Common Stock, solely for the purpose of issue upon the
exercise of the rights represented by this Warrant as herein provided for, as
may at any time be issuable (based upon the number of shares of Common Stock
outstanding at any such time) upon the exercise of this Warrant.

SECTION 3.  PROTECTION AGAINST DILUTION.

         The per share Warrant Price and the number of shares deliverable
hereunder shall be adjusted from time to time as hereinafter set forth:

         SECTION 3.1 STOCK DIVIDENDS, SUBDIVISIONS AND COMBINATIONS. In case
after the date hereof Company shall:

                                      -2-
<PAGE>

                  (a) take a record of the holders of its Common Stock for the
         purpose of entitling them to receive a dividend and declared to be
         payable in, or other declared distribution of, Common Stock, or

                  (b) subdivide its outstanding shares of Common Stock into a
         larger number of shares of Common Stock, or

                  (c) combine its outstanding shares of Common Stock into a
         smaller number of shares of Common Stock,

then the per share Warrant Price shall be adjusted to that price determined by
multiplying the per share Warrant Price in effect immediately prior to such
event by a fraction (i) the numerator of which shall be the total number of
outstanding shares of Common Stock immediately prior to such event, and (ii) the
denominator of which shall be the total number of outstanding shares of Common
Stock immediately after such event.

         SECTION 3.2 ISSUANCE OF ADDITIONAL SHARES OF COMMON STOCK. In case
after the date hereof Company shall (except as hereinafter provided) issue any
Additional Shares of Common Stock for a consideration less than the Current
Market Price per share, then the per share Warrant Price upon each such issuance
shall be adjusted to that price determined by multiplying the per share Warrant
Price in effect immediately prior to such event by a fraction:

                  (a) the numerator of which shall be the number of shares of
         Common Stock outstanding immediately prior to the issuance of such
         Additional Shares of Common Stock plus the number of full shares of
         Common Stock which the aggregate consideration for the total number of
         such Additional Shares of Common Stock so issued would purchase at the
         Current Market Price per share, and

                  (b) the denominator of which shall be the number of shares of
         Common Stock outstanding immediately prior to the issuance of such
         Additional Shares of Common Stock plus the number of such Additional
         Shares of Common Stock so issued.

         The provisions of this Section 3.2 shall not apply to any Additional
Shares of Common Stock which are distributed to holders of Common Stock as a
stock dividend or subdivision, for which an adjustment is provided for under
Section 3.1. No adjustment of the per share Warrant Price shall be made under
this Section 3.2 upon the issuance of any Additional Shares of Common Stock
which are issued pursuant to the exercise of any warrants or other subscription
or purchase rights or pursuant to the exercise of any conversion or exchange
rights in any Convertible Securities, if any such adjustment shall previously
have been made upon the issuance of such warrants or other rights or upon the
issuance of such Convertible Securities (or upon the issuance of any warrants or
other rights therefor) pursuant to Section 3.3.

         SECTION 3.3 ISSUANCE OF WARRANTS OR OTHER RIGHTS, CONVERTIBLE
SECURITIES. In case Company shall issue any warrants or other rights to
subscribe for or purchase any Additional Shares of Common Stock or issue
Convertible Securities and the consideration per share for which Additional
Shares of Common Stock may at any time thereafter be issuable pursuant to such
warrants or other rights or pursuant to the terms of such Convertible Securities
shall be less

                                      -3-
<PAGE>

than the Current Market Price per share, then the per share Warrant Price shall
be adjusted as provided in Section 3.2 above on the basis that:

                  (a) the maximum number of Additional Shares of Common Stock
         issuable pursuant to all such warrants or other rights or necessary to
         effect the conversion or exchange of all such Convertible Securities
         shall be deemed to have been issued as of the earlier of: (i) the date
         on which Company shall enter a firm contract or commitment for the
         issuance of such warrants, other rights or Convertible Securities or
         (ii) the date of actual issuance of such warrants, other rights or
         Convertible Securities, and

                  (b) the aggregate consideration for such maximum number of
         Additional Shares of Common Stock shall be deemed to be the minimum
         consideration received and receivable by Company for the issuance of
         such Additional Shares of Common Stock pursuant to such warrants or
         other rights or pursuant to the terms of such Convertible Securities.

         No adjustment of the per share Warrant Price shall be made under this
Section 3.3 upon the issuance of any Convertible Securities which are issued
pursuant to the exercise of any warrants or other subscription or purchase
rights therefor, to the extent such adjustment shall previously have been made
upon the issuance of such warrants or other rights pursuant to this Section 3.3.

         SECTION 3.4 OTHER PROVISIONS APPLICABLE TO ADJUSTMENTS. The following
provisions shall be applicable to the making of adjustments in the per share
Warrant Price hereinbefore provided in this Section 3:

                  (a) COMPUTATION OF CONSIDERATION. To the extent that any
         Additional Shares of Common Stock or any Convertible Securities or any
         warrants or other rights to subscribe for or purchase any Additional
         Shares of Common Stock or any Convertible Securities shall be issued
         for a cash consideration, the consideration received by Company
         therefor shall be deemed to be the amount of the cash received by
         Company therefor, or, if such Additional Shares of Common Stock or
         Convertible Securities or warrants or other rights are offered by
         Company for subscription, the subscription price, or, if such
         Additional Shares of Common Stock or Convertible Securities or warrants
         or other rights are sold to underwriters or dealers for public offering
         without a subscription offering, the offering price, in any such case
         excluding any amounts paid or receivable for accrued interest or
         accrued dividends and without deduction of any compensation, discounts
         or expenses paid or incurred by Company for and in the underwriting
         thereof, or otherwise in connection with the issue thereof. To the
         extent that such issuance shall be for a consideration other than cash,
         then, except as herein otherwise expressly provided, the amount of such
         consideration shall be deemed to be the fair value of such
         consideration at the time of such issuance as determined in good faith
         by the Board of Directors of Company. The consideration for any
         Additional Shares of Common Stock issuable pursuant to any warrants or
         other rights to subscribe for or purchase the same shall be the
         consideration received by Company for issuing such warrants or other
         rights plus the additional consideration payable to Company upon the
         exercise of such warrants or other rights. The consideration for any
         Additional Shares of Common Stock issuable pursuant to the terms of any
         Convertible Securities shall be the consideration received by

                                      -4-
<PAGE>

         Company for issuing any warrants or other rights to subscribe for or
         purchase such Convertible Securities plus the consideration paid or
         payable to Company in respect of the subscription for or purchase of
         such Convertible Securities plus the additional consideration, if any,
         payable to Company upon the exercise of the right of conversion or
         exchange of such Convertible Securities. In case of the issuance at any
         time of any Additional Shares of Common Stock or Convertible Securities
         in payment or satisfaction of any dividend upon any class of equity
         securities other than Common Stock, Company shall be deemed to have
         received for such Additional Shares of Common Stock or Convertible
         Securities a consideration equal to the amount of such dividend so paid
         or satisfied.

                  (b) READJUSTMENT OF PER SHARE WARRANT PRICE. Upon expiration
         of the right of exercise, conversion or exchange of any Convertible
         Securities, or upon the expiration of any rights, options or warrants,
         or upon the termination of any firm contract or commitment for the
         issuance of such rights, options, warrants or Convertible Securities,
         or upon any increase in the minimum consideration receivable by Company
         for the issuance of Additional Shares of Common Stock pursuant to such
         Convertible Securities, rights, options or warrants, if any such
         Convertible Securities shall not have been exercised, converted or
         exchanged, or if any such rights, options or warrants shall not have
         been exercised, the number of shares of Common Stock deemed to be
         issued and outstanding by reason of the fact that they were issuable
         upon exercise, conversion or exchange of any such Convertible
         Securities or upon exercise of any such rights, options or warrants
         shall no longer be computed as set forth above, and the per share
         Warrant Price shall forthwith be readjusted and thereafter be the price
         which it would have been (but reflecting any other adjustments in the
         per share Warrant Price made pursuant to the provisions of this Section
         3 after the issuance of such Convertible Securities, rights, options or
         warrants) had the adjustment of the per share Warrant Price made upon
         the issuance or sale of such Convertible Securities or the issuance of
         such rights, options or warrants been made on the basis of the issuance
         only of the number of Additional Shares of Common Stock actually issued
         upon exercise, conversion or exchange of such Convertible Securities or
         upon the exercise of such rights, options or warrants, or upon the
         basis of such increased minimum consideration, as the case may be, and
         thereupon only the number of Additional Shares of Common Stock actually
         so issued plus the number thereof then issuable upon the basis of such
         increased minimum consideration shall be deemed to have been issued and
         only the consideration actually received plus such increased minimum
         consideration receivable by Company (computed in accordance with
         Section 3.4(a)) shall be deemed to have been received by Company.

                  (c) ROUNDING OF PER SHARE WARRANT PRICE. Any determination of
         per share Warrant Price hereunder shall be expressed in United States
         Dollars, cents and portions of cents and shall be rounded to the
         nearest 1/1000 of one cent or, if there is no nearest 1/1000 of one
         cent, to the next highest 1/1000 of one cent.

         SECTION 3.5 EXTRAORDINARY DIVIDENDS. In case Company shall declare a
dividend upon its Common Stock (except a dividend payable in shares of Common
Stock referred to in Section 3.1(a) or a dividend payable in warrants, rights or
Convertible Securities referred to in Section 3.3) payable otherwise than out of
earnings or surplus (other than revaluation surplus or paid-in surplus), the

                                      -5-
<PAGE>

per share Warrant Price in effect immediately prior to the declaration of such
dividend shall be reduced by an amount equal, in the case of a dividend in cash,
to 10% of the amount thereof payable per share of Common Stock or, in the case
of any other dividend, to the fair value thereof per share of Common Stock as
determined in good faith by the Board of Directors of Company. For the purposes
of the foregoing, a dividend payable other than in cash shall be considered
payable out of earnings or surplus (other than revaluation surplus or paid-in
surplus) only to the extent that such earnings or surplus are charged an amount
equal to the fair value of such dividend as determined by the Board of Directors
of Company. If such dividend is paid or Company declares and becomes legally
liable to pay such dividend, such reduction shall take effect as of the date on
which a record is taken for the purpose of such dividend or, if a record is not
taken, the date as of which the holders of the Common Stock of record entitled
to such dividend are to be determined. Appropriate readjustment of the per share
Warrant Price shall be made in the event that any dividend referred to in this
Section 3.5 shall be lawfully abandoned.

         SECTION 3.6 ADJUSTMENT OF NUMBER OF SHARES PURCHASABLE. Upon each
adjustment of the per share Warrant Price, the number of shares of Common Stock
purchasable hereunder shall be adjusted by multiplying the number of shares of
Common Stock purchasable hereunder immediately prior to such adjustment of the
per share Warrant Price by a fraction, the numerator of which shall be the per
share Warrant Price in effect immediately prior to such adjustment and the
denominator of which shall be the per share Warrant Price in effect immediately
following such adjustment.

         SECTION 3.7 MINIMUM ADJUSTMENT. Except as hereinafter provided, no
adjustment of the per share Warrant Price hereunder shall be made if such
adjustment results in a change of the per share Warrant Price then in effect of
less than 1%. Any adjustment of less than 1% shall be carried forward and shall
be made at the time of and together with any subsequent adjustment which,
together with the adjustment or adjustments so carried forward, amounts to 1% or
more of the per share Warrant Price then in effect. However, upon the exercise
of this Warrant, Company shall make all necessary adjustments not theretofore
made to the per share Warrant Price up to and including the date upon which this
Warrant is exercised.

         SECTION 3.8 NOTICE OF ADJUSTMENTS. (a) Whenever the per share Warrant
Price or number of shares deliverable upon exercise of this Warrant shall be
adjusted pursuant to this Section 3, Company shall promptly prepare a
certificate signed by the President or a Vice President and by the Treasurer of
Company setting forth, in reasonable detail, the event requiring the adjustment,
the amount of the adjustment, the method by which such adjustment was calculated
(including a description of the basis on which the Board of Directors of Company
made any determination hereunder), and shall promptly cause copies of such
certificate to be mailed in the manner provided in Section 12.1 of the Warrant
Agreement to the holder of this Warrant.

                  (b) The adjustment set forth in the certificate furnished
         pursuant to Section 3.8(a) shall be final and binding unless, within 90
         days after receipt thereof, the Majority Holders of the Warrants
         deliver to Company a written statement of objection to such adjustment.

                           (i) In the event of any such statement of objection
                  by said Majority Holders, Company's accountants and a firm of
                  independent public accountants

                                      -6-
<PAGE>

                  selected by said Majority Holders shall attempt to prepare a
                  computation in which both accountants concur. Any such joint
                  computation shall be set forth in a joint certificate to each
                  holder of the Warrants and Company and shall be final and
                  binding.

                           (ii) If Company's accountants and said Majority
                  Holders' accountants are unable to resolve their differences
                  within 30 days after the receipt by Company of said Majority
                  Holders' statement of objection, they shall submit the matter
                  to a third firm of independent certified public accountants of
                  nationally recognized standing agreed upon by said Majority
                  Holders and Company or, if said Majority Holders and Company
                  are unable to agree within 10 days after the expiration of
                  said 30-day period, to such firm designated by the then
                  president of the state society of certified public accountants
                  for the state in which Company maintains its principal place
                  of business. Such third firm of accountants shall thereupon
                  compute the amount of the adjustment and, upon completion of
                  such computation, shall transmit its certificate to each
                  holder of the Warrants and Company setting forth such
                  computations, which shall be final and binding.

                           (iii) The fees and expenses of all accountants
                  referred to in this Section 3.8(b) shall be borne by Company.

SECTION 4.  MERGERS, CONSOLIDATIONS, SALES.

         In the case of any consolidation or merger of Company with another
entity, or the sale of all or substantially all of its assets to another entity,
or any reorganization, recapitalization or reclassification of the Common Stock
or other equity securities of Company, then, as a condition of such
consolidation, merger, sale, reorganization, recapitalization or
reclassification, lawful and adequate provision shall be made whereby the holder
of this Warrant shall thereafter have the right to receive upon the basis and
upon the terms and conditions specified herein and in lieu of the shares of
Common Stock immediately theretofore purchasable hereunder, such shares of
stock, securities or assets as may (by virtue of such consolidation, merger,
sale, reorganization or reclassification) be issued or payable with respect to
or in exchange for a number of outstanding shares of Common Stock equal to the
number of shares of Common Stock immediately theretofore so purchasable
hereunder had such consolidation, merger, sale, reorganization, recapitalization
or reclassification not taken place. In any such case, appropriate provisions
shall be made with respect to the rights and interests of the holder of this
Warrant to the end that the provisions hereof shall thereafter be applicable, as
nearly as may be, in relation to any shares of stock, securities or assets
thereafter deliverable upon exercise of this Warrant. Company shall not effect
any such consolidation, merger or sale, unless prior to or simultaneously with
the consummation thereof, the successor entity (if other than Company) resulting
from such consolidation or merger or the entity purchasing such assets shall
assume by written instrument executed and mailed or delivered to the holder of
this Warrant, the obligation to deliver to such holder such shares of stock,
securities or assets as, in accordance with the foregoing provisions, such
holder may be entitled to receive.

                                      -7-
<PAGE>

SECTION 5.  DISSOLUTION OR LIQUIDATION.

         In the event of any proposed distribution of the assets of Company in
dissolution or liquidation except under circumstances when the foregoing Section
4 shall be applicable, Company shall mail notice thereof to the holder of this
Warrant and shall make no distribution to shareholders until the expiration of
30 days from the date of mailing of the aforesaid notice and, in any such case,
the holder of this Warrant may exercise the purchase rights with respect to this
Warrant within 30 days from the date of mailing such notice and all rights
herein granted not so exercised within such 30-day period shall thereafter
become null and void.

SECTION 6.  NOTICE OF DIVIDENDS.

         If the Board of Directors of Company proposes to declare any dividend
or other distribution on its Common Stock, except by way of a stock dividend
payable on its Common Stock, Company shall mail notice thereof to the holder of
this Warrant as soon as possible (such notice being referred to as the
"DISTRIBUTION NOTICE"). Company shall not fix a record date until the lapse of a
10-day period beginning on the date of delivery of the Distribution Notice. The
holder of this Warrant shall not participate in such dividend or other
distribution or be entitled to any rights on account or as a result thereof
unless and to the extent that this Warrant is exercised prior to such record
date. The provisions of this paragraph shall not apply to distributions made in
connection with transactions covered by Section 4.

SECTION 7.  FRACTIONAL SHARES.

         No fractional shares may be issued upon the exercise of this Warrant.
In the event that a Holder would otherwise be entitled to a fractional share
except for the operation of the previous sentence, in lieu of such fractional
share such Holder shall be paid a cash amount equal to (i) such fraction
multiplied by (ii) the Current Market Value of one full share of Common Stock on
the date of exercise.

SECTION 8.  FULLY PAID STOCK; TAXES.

         Company covenants and agrees that the shares of stock represented by
each and every certificate for its Common Stock to be delivered on the exercise
of the purchase rights and the payment of the applicable purchase price herein
provided for shall, at the time of such delivery, be validly issued and
outstanding and be fully paid and nonassessable. Company further covenants and
agrees that it will pay when due and payable any and all federal and state taxes
(other than income taxes) which may be payable in respect of this Warrant or any
Common Stock or certificates therefor upon the exercise of the rights herein and
in the Warrant Agreement provided for pursuant to the provisions hereof and
thereof. Company shall not, however, be required to pay any tax which may be
payable solely in respect of any transfer and delivery of stock certificates in
a name other than that of the holder exercising this Warrant, and any such tax
shall be paid by such holder at the time of presentation.

SECTION 9.  CLOSING OF TRANSFER BOOKS.

         The right to exercise this Warrant shall not be suspended during any
period that the stock transfer books of Company for its Common Stock may be
closed. Company shall not be

                                      -8-
<PAGE>

required, however, to deliver certificates of its Common Stock upon such
exercise while such books are duly closed for any purpose, but Company may
postpone the delivery of the certificates for such Common Stock until the
opening of such books, and they shall, in such case, be delivered forthwith upon
the opening thereof, or as soon as practicable thereafter.

SECTION 10.  PARTIAL EXERCISE AND PARTIAL ASSIGNMENT.

         SECTION 10.1 PARTIAL EXERCISE. If this Warrant is exercised in part
only, the holder hereof shall surrender this Warrant upon such exercise for
endorsement thereon of the number of shares of Common Stock as to which it has
been exercised. No partial exercise of this Warrant shall be made in respect of
shares of Common Stock of Company representing less than 1% of Pro Forma Shares.

         SECTION 10.2 ASSIGNMENT (a) Subject to the conditions set forth in
Section 10.2(b) hereof, this Warrant may be assigned either in whole or in part
by surrender of this Warrant at the principal office of Company in Princeton,
Texas (with the assignment or, as the case may be, partial assignment form at
the end hereof duly executed). If this Warrant is being assigned in whole, the
assignee shall receive a new Warrant (registered in the name of such assignee or
its nominee) which new Warrant shall cover 100% of the number of shares of
Common Stock then purchasable hereunder and shall set forth the Aggregate
Warrant Price. If this Warrant is being assigned in part, the assignor and
assignee shall each receive a new Warrant (which, in the case of the assignee,
shall be registered in the name of the assignee or its nominee), which new
Warrants shall cover the number of shares of Common Stock then purchasable
hereunder not so assigned and so assigned, respectively, and shall set forth the
proportionate Aggregate Warrant Price applicable to such shares.

         (b) Neither this Warrant nor any Warrant Shares may be sold, assigned
or otherwise transferred unless such sale, assignment or transfer is registered
or qualified pursuant to the registration requirements of the Securities Act of
1933, as amended, and all applicable state securities laws, or is preceded by an
opinion of counsel addressed to Company that such sale, assignment or other
transfer is exempt from all such registration requirements; PROVIDED, HOWEVER,
that no such opinion of counsel shall be required in connection with any such
sale, assignment or transfer to any affiliate of the holder of this Warrant or
any Warrant Shares issued in respect hereof. The fees and expenses of such
counsel incurred in respect of such sales, assignments or transfers shall be
paid by the holder of this Warrant or any Warrant Shares which are the subject
of such proposed sale, assignment or transfer. All certificates representing the
Warrant Shares shall be stamped or imprinted with an appropriate restrictive
legend, substantially as set forth on the cover page hereof.

SECTION 11.  DEFINITIONS.

         Terms not otherwise defined herein shall have the respective meanings
assigned thereto in the Warrant Agreement and the Credit Agreement. In addition
to the terms defined elsewhere in this Warrant, the following terms have the
following respective meanings:

         "ADDITIONAL SHARES OF COMMON STOCK" shall mean all shares of Common
Stock issued by Company after the Closing Date, except:

                                      -9-
<PAGE>

                  (a) Common Stock issued upon exercise of the Warrants;

                  (b) Common Stock issued upon exercise of warrants issued under
         the Existing Warrant Agreements; and

                  (c) Common Stock issued to officers, directors or employees
         of, or consultants to, Company pursuant to any existing or future stock
         option, incentive, bonus or compensation plan or program approved by
         the Company's shareholders (no later than 12 months following adoption
         of the plan or program by the Company's Board of Directors).

         "AGGREGATE WARRANT PRICE" has the meaning specified on the first page
of this Warrant.

         "COMMON STOCK" shall mean the shares of Common Stock, par value $0.01
per share, of Company described in the Certificate of Incorporation.

         "CONVERTIBLE SECURITIES" shall mean evidences of indebtedness, equity,
rights, options, warrants or other securities which are convertible into or
exchangeable for shares of Common Stock, either immediately or upon the arrival
of a specified date or the happening of a specified event, or otherwise.

         "CURRENT MARKET PRICE" shall mean, at the date of determination
thereof, an amount equal to the market price on the Business Day occurring most
recently prior to the subject issuance of such shares of Common Stock (the
"ISSUANCE DATE"). The market price for such Business Day shall be the last sale
price on such day on the American Stock Exchange, or, if the Common Stock is not
then listed or admitted to trading on the American Stock Exchange, on such other
principal stock exchange on which such shares are then listed or admitted to
trading, or, if no sale takes place on such day on any such exchange, the
average of the closing bid and asked prices on such day as officially quoted on
any such exchange, or, if the Common Stock is not then listed or admitted to
trading on any stock exchange, the market price for each such Business Day shall
be the last reported sale price on such day on The Nasdaq Stock Market's
National Market, as furnished by Nasdaq, or, if no sale takes place on such day
on such system, the average of the closing bid and asked prices on such day as
officially quoted by Nasdaq, or, if such price at the time is not available from
such system, the market price for such Business Day shall be the average of the
reported closing bid and asked prices on such day in the over-the-counter
market, as furnished by Nasdaq, or, if such price at the time is not available
from such system, such price shall be determined in good faith by Company's
Board of Directors, which shall be evidenced by a notice setting forth such
determination in reasonable detail (including computations and assumptions used)
(the "CMP COMPUTATION NOTICE") to each holder of the Warrants not later than 30
days after the issuance date of the Common Stock giving rise to such
determination (the "CMP COMPUTATION DATE") setting forth such determination and
setting forth in detail the rights and procedures the holders of the Warrants
may take in the event the Majority Holders do not agree with the valuation set
forth in the CMP Computation Notice, PROVIDED, that if the Majority Holders of
such Warrants shall object to the valuation contained in the CMP Computation
Notice in writing to Company within 15 days of the CMP Computation Date, an
Appraiser, the expenses of whom shall be paid by Company, shall be selected by
Company and said Majority Holders (on behalf of all of the holders of the
Warrants as a class),

                                      -10-
<PAGE>

or, if said Majority Holders and Company are unable to agree upon the selection
of an Appraiser within 10 days of the date of the written notice from said
Majority Holders to Company objecting to the CMP Computation Notice, by the
American Arbitration Association. Said Majority Holders and Company shall be
jointly responsible for engaging the Appraiser finally selected. In the event
that the Majority Holders do not object to the CMP Computation Notice within 15
days after receiving the CMP Computation Notice, then the value shall be that
which was determined solely by Company's Board of Directors. The Appraiser
appointed pursuant to the foregoing procedure shall be instructed to determine
such value within 15 days after the selection of such Appraiser, and any such
determination made by the Appraiser shall be final and binding upon the parties.
Notwithstanding the foregoing, in the event that, on the Issuance Date, shares
of Common Stock shall be offered for sale to the public in connection with an
underwritten public offering, the Current Market Price in respect of said
Issuance Date shall be deemed to be the price at which said shares are initially
sold to the public.

         "EXERCISE DATE" shall mean a date on which this Warrant is exercised.

         "EXPIRATION DATE" means from and after 5:00 p.m. Princeton, Texas time
on March 30, 2010.

         "MAJORITY HOLDERS" shall mean, at the time of any determination, the
holders of a majority of the Warrants (determined by the number of shares of
Common Stock represented by each such Warrant as if exercised).

         "NOTE" shall mean any of the Notes issued to McKesson pursuant to the
Credit Agreement.

         "PER SHARE WARRANT PRICE" is defined in the first paragraph of this
Warrant.

         "PERMITTED CONSIDERATION" shall mean each of the following (or any
combination thereof):

                  (a)      cash or other funds immediately available to Company;

                  (b)      any Note issued under the Credit Agreement; and

                  (c)      Warrants.

         "PRO FORMA SHARES" shall mean, as of the date of any determination
thereof, the sum of (i) the total number of outstanding shares of Common Stock,
plus (ii) the total number of shares of Common Stock issuable upon exercise of
the Warrants and any other warrants, options or other rights and upon the
exercise of any conversion or exchange rights with respect to Convertible
Securities.

         "UNDERLYING SHARES" shall mean the shares of Common Stock issuable upon
exercise of any of the Warrants and any references contained herein to a holder
or holders of any Underlying Shares shall be deemed to refer to the holder of
the Warrants relating thereto.

                                      -11-
<PAGE>

         "WARRANT AGREEMENT" shall mean that certain Amended and Restated
Warrant Purchase Agreement between Company and McKesson HBOC, Inc. dated as of
May 14, 1999.

         "WARRANT PRICE" - see the definition of "per share Warrant Price".

         "WARRANT SHARES" shall mean shares of Common Stock issued upon exercise
of the warrants.

         "WARRANTS" as used herein shall refer to, collectively, this Warrant
and all other warrants issued in exchange or substitution for this Warrant.

SECTION 12.  WARRANT HOLDER NOT SHAREHOLDER.

         This Warrant does not confer upon the holder hereof any right to vote
or to consent or to receive notice as a shareholder of Company, as such, in
respect of any matters whatsoever, or any other rights or liabilities as a
shareholder, prior to the exercise hereof as hereinbefore provided.

SECTION 13.  SEVERABILITY.

         Should any part of this Warrant for any reason be declared invalid or
unenforceable, such decision shall not affect the validity or enforceability of
any remaining portion, which remaining portion shall remain in force and effect
as if this Warrant had been executed with the invalid or unenforceable portion
thereof eliminated, and it is hereby declared the intention of the parties
hereto that they would have executed and accepted the remaining portion of this
Warrant without including therein any such part, parts or portion which may, for
any reason, be hereafter declared invalid or unenforceable.

SECTION 14.  GOVERNING LAW.

         This Warrant shall be construed and enforced in accordance with, and
the rights of the parties shall be governed by, the law of the State of
California excluding choice-of-law principles of the law of such state that
would require the application of the laws of a jurisdiction other than such
state.

         In WITNESS WHEREOF, Company has caused this Warrant to be signed by a
duly authorized officer and to be dated this 30th day of March 2000.

                                      HORIZON PHARMACIES, INC.

                                      By: /s/ Ricky D. McCord
                                         --------------------------------------
                                     Its: President and Chief Executive Officer
                                         --------------------------------------

                                      -12-
<PAGE>

                                  SUBSCRIPTION

         HORIZON PHARMACIES, INC.

         The undersigned, ____________________, pursuant to the provisions of
the within Warrant, hereby elects to purchase ________ shares of Common Stock
pursuant to the attached Warrant.

                                      Signature
                                               --------------------------------
                                      Address
                                               --------------------------------

Dated:

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED ______________________ hereby sells, assigns and
transfers unto ____________________ the within Warrant and all rights evidenced
thereby and does irrevocably constitute and appoint ________________________,
attorney, to transfer the said Warrant on the books of HORIZON Pharmacies, Inc.

                                      Signature
                                               --------------------------------
                                      Address
                                               --------------------------------

Dated:

<PAGE>

                               PARTIAL ASSIGNMENT

         FOR VALUE RECEIVED ______________________ hereby sells, assigns and
transfers unto ____________________ that portion of the within Warrant and the
rights evidenced thereby which will on the date hereof entitle the holder to
purchase _________________ shares of Common Stock of HORIZON Pharmacies, Inc.
and irrevocably constitutes and appoints ________________________, attorney, to
transfer that part of the said Warrant on the books of HORIZON Pharmacies, Inc.

                                      Signature
                                               --------------------------------
                                      Address
                                               --------------------------------

Dated:

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