Document:

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                                                                    EXHIBIT 10.5

                                 PROMISSORY NOTE

June 6, 2000                                                         $900,000.00

                  FOR VALUE RECEIVED, the undersigned (hereinafter referred to
as "MAKER") promises to pay to the order of HORIZON MEDICAL PRODUCTS, INC., a
Georgia corporation (hereinafter referred to as "PAYEE"), at Payee's office at
Seven Northside Parkway Square, 4200 Northside Parkway, Atlanta, Georgia 30327,
or at such other place as the holder hereof may designate, the principal sum of
Nine Hundred Thousand and No/100 Dollars ($900,000.00), together with interest
on so much of the principal balance of this Note as may be outstanding and
unpaid from time to time, calculated on the basis of a 360 day year and actual
days elapsed, at the Applicable Interest Rate, as defined herein.

                  Maker acknowledges that Payee has advanced $806,245.83 of the
principal amount hereof directly to Prudential Securities Incorporated
("PRUDENTIAL"), in full payment of a certain margin loan made by Prudential to
Maker, and secured by certain securities pledged by Maker to Prudential, which
securities are being pledged by Maker as security for this Note.

                  Principal and interest shall be due and payable in full on
August 30, 2000. Any overdue payment of principal or interest on this Note shall
bear interest at the Applicable Interest Rate plus two percentage points (2.0%)
until paid, but only to the extent that payment of such interest on overdue
principal or interest is enforceable under applicable law.

                  As used herein, the term "APPLICABLE INTEREST RATE" shall mean
either (i) the Index Rate, plus four and one-half percentage points (4.50%) or
(ii) Adjusted LIBOR plus four and one-half percentage points (4.50%), as elected
by Payee upon execution hereof and on the first business day of each month
thereafter (the "INTEREST DETERMINATION DATE"). "ADJUSTED LIBOR" shall mean a
rate per annum (rounded upward, if necessary to the next higher 1/16 of 1%)
equal to the rate obtained by dividing (a) LIBOR (similarly rounded) by (b) a
percentage equal to 1 minus the Reserve Requirement in effect from time to time.
"INDEX RATE" shall mean, for any day in any calendar month, the rate of interest
equivalent to the money market yield for the Interest Determination Date falling
in such month on the one month commercial paper rate for dealer-placed
commercial paper of issuers whose corporate bonds are rated "AA" or its
equivalent by a nationally recognized rating agency, as such rate is made
available on a discount basis or otherwise by the Federal Reserve Bank of New
York and published weekly by the Board of Governors of the Federal Reserve
System in its H.15 report, or any successor publication published by the Board
of Governors of the Federal Reserve System or, if such rate for such date is not
yet published in such statistical release, the rate for that date will be the
rate set forth in the weekly statistical release designated as such, or any
successor publication, published by the Board of Governors of the Federal
Reserve System. "LIBOR" shall mean, with respect to any Interest Determination
Date, (i) the London Interbank Offered Rate for deposits in U.S. dollars for a
period comparable to the period from and including such Interest Determination
Date to and including the next Interest Determination Date which is published in
The Wall Street Journal (Eastern Edition) under the caption "Money Rates -
London Interbank Offered Rates (LIBOR)"

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on such date of determination; or (ii) if The Wall Street Journal does not
publish such rate, the offered rate for deposits in U.S. dollars for a period of
time comparable to the period from and including such Interest Determination
Date to and including the next succeeding Interest Determination Date which
appears on the Dow Jones Markets Page 3750 as of 10:00 a.m., New York time, on
such Interest Determination Date, provided that if at least two rates appear on
the Dow Jones Markets Page 3750, the "London Interbank Offered Rate" applicable
to such period shall be the arithmetic mean of such rates; or (iii) if The Wall
Street Journal does not publish such rate and no such rate appears on the Dow
Jones Markets Page 3750 at such time, the rate per annum at which deposits in
U.S. dollars are offered by the principal London office of The Chase Manhattan
Bank, N.A. to leading banks in the London interbank market at approximately
11:00 a.m., London time, on such Interest Determination Date in an amount
approximately equal to the principal amount of the Loans for a period of time
comparable to the period from and including such Interest Determination Date to
and including the next succeeding Interest Determination Date, in each case as
determined by Bank of America, N.A. (or an affiliate thereof) whose
determination shall be conclusive absent manifest error. "RESERVE REQUIREMENT"
shall mean at any time the then current maximum rate for which reserves
(including any marginal, supplemental or emergency reserve) are required to be
maintained under Regulation D by member banks of the Federal Reserve System in
New York City with deposits comparable in amount to those of Bank of America,
N.A. against "Eurocurrency liabilities", as that term is used in Regulation D.
Adjusted LIBOR shall be adjusted automatically on and as of the effective date
of any change in the Reserve Requirement. It is the intent of Maker and Payee
that the interest payable by Maker under this Note shall be equal to the
interest payable by Payee on the Bridge Loan advanced to Payee pursuant to the
Amended and Restated Credit Agreement, dated as of May 26, 1998, by and among
Horizon Medical Products, Inc., the lenders referred to therein, and Banc of
America Commercial Finance Corporation (formerly NationsCredit Commercial
Corporation), as Agent for such lenders, as amended from time to time (the
"HORIZON CREDIT AGREEMENT").

                  Maker may prepay this Note in whole or in part at any time
without penalty or premium.

                  The occurrence of any one or more of the following events will
constitute a default by Maker hereunder (hereinafter referred to as an "EVENT OF
DEFAULT"): (i) Maker fails to pay when due any amount payable under this Note or
otherwise fails to perform or breaches a covenant in this Note; (ii) any
statement, representation, or warranty made by Maker or on Maker's behalf in
connection with this Note proves to have been untrue, incorrect, misleading or
incomplete in any material respect as of the date made; (iii) the occurrence of
a default, event of default or Event of Default under any other agreement to
which Payee and Maker are parties or under any other instrument executed by
Maker in favor of Payee, including without limitation any loan and security
agreement, loan agreement, security agreement, pledge agreement, security deed,
note or guaranty; (iv) Maker becomes insolvent as defined in the Georgia Uniform
Commercial Code or makes an assignment for the benefit of creditors, or an
action is brought by Maker seeking Maker's dissolution or liquidation of his
assets or seeking the appointment of a trustee, interim trustee, receiver or
other custodian for any of his property, or Maker commences a voluntary case
under the Federal Bankruptcy Code, or a reorganization or arrangement

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proceeding is instituted by Maker for the settlement, readjustment, composition
or extension of any of his debts upon any terms, or an action or petition is
otherwise brought by Maker seeking similar relief or alleging that he is
insolvent or unable to pay his debts as they mature; (v) an action is brought
against Maker seeking Maker's dissolution or liquidation of any of his assets or
seeking the appointment of a trustee, interim trustee, receiver or other
custodian for any of his property, and such action is consented to or acquiesced
in by Maker or is not dismissed within thirty (30) days of the date upon which
it was instituted, or a proceeding under the Federal Bankruptcy Code is
instituted against Maker and an order for relief is entered in such proceeding
or such proceeding is consented to or acquiesced in by Maker or is not dismissed
within thirty (30) days of the date upon which it was instituted, or a
reorganization or arrangement proceeding is instituted against Maker for the
settlement, readjustment, composition or extension of any of his debts upon any
terms and such proceeding is consented to or acquiesced in by Maker or is not
dismissed within thirty (30) days of the date upon which it was instituted, or
an action or petition is otherwise brought against Maker seeking similar relief
or alleging that he is insolvent, unable to pay his debts as they mature or
generally not paying his debts as they become due and such action or petition is
consented to or acquiesced in by Maker or is not dismissed within thirty (30)
days of the date upon which it was brought; (vi) the death of Maker; (vii) Maker
repudiates or attempts to repudiate his obligations or liabilities under this
Note or under any other agreement to which Payee and Maker are parties or any
other instrument executed by Maker in favor of Payee, including without
limitation any loan and security agreement, loan agreement, security agreement,
pledge agreement, security deed, note or guaranty; (viii) any guarantor of this
Note terminates or attempts to terminate such guaranty; (ix) any material
adverse change occurs in Maker's financial condition or means or ability to pay
this Note; (x) the occurrence of any "Event of Default" under (and as defined
in) the Horizon Credit Agreement; or (xi) the average daily Closing Price (as
determined over a period of three consecutive trading days) of the common stock
of Horizon Medical Products, Inc. shall at any time be less than or equal to
$1.25 per share (for purposes of the foregoing, "CLOSING PRICE" on any day shall
mean (a) if the common stock is listed or admitted for trading on a national
securities exchange, the reported last sales price regular way or, if no such
reported sale occurs on such day, the average of the closing bid and asked
prices regular way on such day, in each case on the principal national
securities exchange on which the common stock is listed or admitted to trading,
or (b) if the common stock is not listed or admitted to trading on any national
securities exchange, the average of the closing bid and asked prices in the
over-the-counter market on such day as reported by NASDAQ or any comparable
system or, if not so reported, as reported by any New York Stock Exchange member
firm selected by Payee for such purpose).

                  Upon the occurrence of an Event of Default, Payee, at its
option, without demand or notice of any kind, may declare this Note immediately
due and payable, whereupon all outstanding principal and accrued interest shall
become immediately due and payable; provided, however, that Payee shall give
Maker written notice of such Event of Default at least ten (10) days prior to
exercising its rights and remedies to collect the indebtedness evidenced by this
Note.

                  In case this Note is collected by or through an
attorney-at-law, all costs of collection, including reasonable attorney's fees,
shall be paid by Maker.

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                  Time is of the essence.

                  Demand, presentment, notice, notice of demand, notice for
payment, protest and notice of dishonor are hereby waived by each and every
maker, guarantor, surety and other Person or entity primarily or secondarily
liable on this Note.

                  Maker agrees that, in addition to and without limitation of
any right of setoff or counterclaim which Payee may otherwise have against
Maker, upon the occurrence of any Event of Default hereunder, Payee shall be
entitled, at its option, to setoff amounts owed by it to Maker or amounts held
by it on or for the account of Maker against any principal, interest or other
amounts owing from Maker to Payee hereunder.

                  Payee shall not be deemed to waive any of its rights unless
such waiver be in writing and signed by Payee. No delay or omission by Payee in
exercising any of its rights shall operate as a waiver of such rights and a
waiver in writing on one occasion shall not be construed as a consent to or a
waiver of any right or remedy on any future occasion. This Note may not be
amended or modified in any manner except by written instrument executed by Payee
and Maker.

                  In no event shall the amount of interest due and payable under
this Note exceed the maximum rate of interest allowed by applicable law
(including, without limitation, O.C.G.A ss. 7-4-18) and, in the event any such
payment is made by Maker or received by Payee, such excess sum shall be credited
as a payment of principal (or if no principal shall remain outstanding, shall be
refunded to Maker). It is the express intent hereof that Maker not pay and Payee
not receive, directly or indirectly or in any manner, interest in excess of that
which may be lawfully paid under applicable law.

                  This Note shall be governed by and construed and enforced in
accordance with the laws of the State of Georgia. Wherever possible, each
provision of this Note shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Note shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Note.

                  This Note is secured by those certain Pledge Agreements, dated
of even date herewith, executed by each Maker in favor of Payee.

                  Words importing the singular number hereunder shall include
the plural number and vice versa, and any pronoun used herein shall be deemed to
cover all genders. Without limiting the generality of the foregoing, should more
than one person execute this Note as maker, the words "Maker", "he" and "his" as
used herein shall include all such persons collectively and each such person
individually, and each maker shall be jointly and severally liable hereunder.
"Person" as used herein means any individual, corporation, partnership, limited
liability company, joint venture, association, joint stock company, trust,
unincorporated association or government or any agency or political subdivision
thereof.

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                  The word "Payee" as used herein shall include transferees,
successors and assigns of Payee, and all rights of Payee hereunder shall inure
to the benefit of its transferees, successors and assigns. All obligations of
Maker shall bind his heirs, legal representatives, successors and assigns.

                  MAKER HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT MAKER MAY HAVE UNDER ANY APPLICABLE LAW TO A TRIAL BY
JURY WITH RESPECT TO ANY SUIT OR LEGAL ACTION WHICH MAY BE COMMENCED BY OR
AGAINST PAYEE CONCERNING THE INTERPRETATION, CONSTRUCTION, VALIDITY, ENFORCEMENT
OR PERFORMANCE OF THIS NOTE. IN THE EVENT ANY SUCH SUIT OR LEGAL PROCEEDING IS
COMMENCED BY OR AGAINST PAYEE, MAKER HEREBY EXPRESSLY AGREES, CONSENTS AND
SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR
THE NORTHERN DISTRICT OF GEORGIA AND OF ANY GEORGIA STATE COURT SITTING IN
ATLANTA WITH RESPECT TO SUCH SUIT OR LEGAL ACTION, AND MAKER ALSO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN
SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. THE JURISDICTION AND VENUE OF THE COURTS
SUBMITTED TO AND AGREED UPON IN THIS PARAGRAPH ARE NOT EXCLUSIVE BUT ARE
CUMULATIVE AND IN ADDITION TO THE JURISDICTION OF ANY OTHER COURT UNDER ANY
APPLICABLE LAWS OR IN EQUITY. MAKER HEREBY AGREES THAT MAKER SHALL NOT INSTITUTE
ANY SUIT OR LEGAL ACTION AGAINST PAYEE CONCERNING THE INTERPRETATION,
CONSTRUCTION, VALIDITY, ENFORCEMENT OR PERFORMANCE OF THIS NOTE EXCEPT IN A
STATE OR FEDERAL COURT SITTING IN ATLANTA, GEORGIA AND HEREBY EXPRESSLY CONSENTS
TO THE REMOVAL OF ANY SUCH SUIT OR LEGAL ACTION FILED BY MAKER IN ANY OTHER
VENUE TO ANY STATE OR FEDERAL COURT SITTING IN ATLANTA, GEORGIA.

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                  SIGNED, SEALED AND DELIVERED by the undersigned as of the day
and year first above set forth.

                                            HUNT FAMILY INVESTMENTS, L.L.L.P.
Witness:
        -----------------------

                                            By:                           (SEAL)
                                               ---------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                            ------------------------------(SEAL)
Witness:                                    MARSHALL B. HUNT, INDIVIDUALLY
        -----------------------

                                            Address:
                                                    ------------------------
                                                    ------------------------
                                                    ------------------------

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                                   ENDORSEMENT

         Pay to the order of BANC OF AMERICA COMMERCIAL FINANCE CORPORATION
(formerly NationsCredit Commercial Corporation), as Agent (the "AGENT") for
itself and any other lenders signatories the Amended and Restated Credit
Agreement, dated as of May 26, 1998, between the undersigned, such lenders and
the Agent, with recourse.

                                    HORIZON MEDICAL PRODUCTS, INC.

                                    By:
                                       ----------------------------------
                                    Name:
                                         --------------------------------
                                    Title:
                                          -------------------------------<PAGE>   1
                                                                    EXHIBIT 10.6

                                PLEDGE AGREEMENT

                  AGREEMENT dated as of June 6, 2000, between the undersigned,
MARSHALL B. HUNT, a resident of the State of Georgia (the "PLEDGOR"), and
HORIZON MEDICAL PRODUCTS, INC., a Georgia corporation (the "COMPANY").

                                   WITNESSETH:

                  WHEREAS, the Pledgor is the owner of all of the outstanding
shares of capital stock of the Company described on Schedule I attached hereto;
and

                  WHEREAS, in order to induce the Company to advance to the
Pledgor and Hunt Family Investments, L.L.L.P. a $900,000 short-term loan
pursuant to a Loan Agreement dated as of even date herewith (the "LOAN
AGREEMENT"), the Pledgor has agreed to grant a continuing security interest in
and to the Collateral (as hereafter defined) to secure such loan and the
promissory note issued with respect thereto;

                  NOW, THEREFORE, in consideration of the premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

SECTION 1. DEFINITIONS.

                  "COLLATERAL" has the meaning assigned to such term in Section
3(A).

                  "COMPANY SHARES" means the issued and outstanding shares of
capital stock of the Company owned by the Pledgor and more particularly
described on Schedule I attached hereto.

                  "EVENT OF DEFAULT" has the meaning assigned to such term in
Section 10.

                  "LOAN AGREEMENT" has the meaning assigned to such term in the
recitals hereof.

                  "NOTE" means that certain Promissory Note, dated of even date
herewith, made by the Pledgor and Hunt Family Investments, L.L.L.P. payable to
the order of the Company in the original principal amount of $900,000, having a
maturity date of August 30, 2000.

                  "PLEDGED SECURITIES" means the Pledged Stock.

                  "PLEDGED STOCK" means the Company Shares and any other capital
stock required to be pledged to the Secured Party pursuant to Section 3(B).

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                  "SECURED OBLIGATIONS" means the obligations secured under this
Agreement including (a) all principal of and interest (including any interest
which accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency or reorganization of the Pledgor, whether
or not allowed or allowable as a claim in any such proceeding) on the Note, and
all other obligations and liabilities owing under the Loan Agreement, (b) all
advances, if any, made by the Secured Party pursuant to this Agreement or the
Loan Agreement, (c) all expenses incident to the collection of the indebtedness
secured by this Agreement, and (d) any amendments, restatements, renewals,
extensions or modifications of any of the foregoing.

                  "SECURED PARTY" means the Company, its successors and assigns.

                  "SECURITY INTERESTS" means the security interests in the
Collateral granted hereunder securing the Secured Obligations.

                  "UCC" has the meaning given such term in the Security
Agreements.

                  Unless otherwise defined herein, or unless the context
otherwise requires, all terms used herein which are defined in the Georgia UCC
as in effect on the date hereof shall have the meanings therein stated.

SECTION 2. REPRESENTATIONS AND WARRANTIES.

                  The Pledgor represents and warrants as follows:

                  (A)      Title to Pledged Securities. The Pledgor owns all of
the Pledged Securities, free and clear of any Liens other than the Security
Interests, and has full right and authority to grant the Security Interests to
the Secured Party as provided in Section 3. All of the Pledged Stock has been
duly authorized and validly issued, and is fully paid and non-assessable, and is
subject to no options to purchase or similar rights of any Person. The Pledgor
is not and will not become a party to or otherwise bound by any agreement, other
than this Agreement, which restricts in any manner the rights of any present or
future holder of any of the Pledged Securities with respect thereto.

                  (B)      Validity, Perfection and Priority of Security
Interests. Upon the delivery of certificates representing the Pledged Stock to
the Secured Party in accordance with Section 4 hereof, the Secured Party will
have valid and perfected security interests in the Collateral subject to no
prior Lien. No registration, recordation or filing with any governmental body,
agency or official is required in connection with the execution or delivery of
this Agreement or necessary for the validity or enforceability hereof or for the
perfection or enforcement of the Security Interests. The Pledgor has not
performed and will not perform any acts which might prevent the Secured Party
from enforcing any of the terms and conditions of this Agreement or which would
limit the Secured Party in any such enforcement.

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                  (C)      UCC Filing Locations. The chief executive office of
(or, if an individual, the residence address of) the Pledgor is located at its
address set forth on the signature page hereof. Under the Uniform Commercial
Code as in effect in the state in which such office is located, no local filing
is required to perfect a security interest in collateral consisting of general
intangibles.

SECTION 3. THE SECURITY INTERESTS.

                  In order to secure the full and punctual payment and
performance of the Secured Obligations in accordance with the terms thereof, and
to secure the performance of all the obligations of the Pledgor hereunder:

                  (A)      The Pledgor hereby assigns and pledges to and with
the Secured Party and grants to the Secured Party a security interest in the
Pledged Securities, and all of its rights and privileges with respect to the
Pledged Securities, and all income and profits thereon, and all interest,
dividends and other payments and distributions with respect thereto, and all
proceeds of the foregoing (the "COLLATERAL"). Contemporaneously with the
execution and delivery hereof, the Pledgor is delivering the certificates
representing the Company Shares in pledge hereunder.

                  (B)      In the event that the Company at any time issues any
additional or substitute shares of capital stock of any class or owes any other
Debt to the Pledgor, the Pledgor will immediately pledge and deposit with the
Secured Party certificates representing all such shares or an instrument
evidencing such other Debt as additional security for the Secured Obligations.
All such shares and instruments constitute Pledged Securities and are subject to
all provisions of this Agreement.

                  (C)      The Security Interests are granted as security only
and shall not subject the Secured Party to, or transfer or in any way affect or
modify, any obligation or liability of the Pledgor with respect to any of the
Collateral or any transaction in connection therewith.

SECTION 4. DELIVERY OF PLEDGED SECURITIES.

                  All certificates representing Pledged Stock delivered to the
Secured Party by the Pledgor pursuant hereto shall be in suitable form for
transfer by delivery, or shall be accompanied by duly executed instruments of
transfer or assignment in blank, and accompanied by any required transfer tax
stamps, all in form and substance satisfactory to the Secured Party.

SECTION 5. FILING; FURTHER ASSURANCES.

                  (A)      The Pledgor agrees that it will, at its expense and
in such manner and form as the Secured Party may require, execute, deliver, file
and record any financing statement, specific assignment or other paper and take
any other action that may be necessary or desirable, or that the Secured Party
may request, in order to create, preserve, perfect or validate any Security
Interest or to enable the Secured Party to exercise and enforce its rights
hereunder with respect to any of the Collateral. To the extent permitted by
applicable law, the Pledgor hereby

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authorizes the Secured Party to execute and file, in the name of the Pledgor or
otherwise, UCC financing statements (which may be carbon, photographic,
photostatic or other reproductions of this Agreement or of a financing statement
relating to this Agreement) which the Secured Party in its sole discretion may
deem necessary or appropriate to further perfect the Security Interests.

                  (B)      The Pledgor agrees that it will not change (i) its
name, identity or form of organization in any manner or (ii) the location of its
chief executive office (or if an individual, its residence) unless it shall have
given the Secured Party not less than 30 days' prior written notice thereof.

SECTION 6. RECORD OWNERSHIP OF PLEDGED STOCK.

                  The Secured Party may at any time or from time to time, upon
the occurrence and during the continuance of an Event of Default, in its sole
discretion, cause any or all of the Pledged Stock to be transferred of record
into the name of the Secured Party or its nominee. The Pledgor will promptly
give to the Secured Party copies of any notices or other communications received
by it with respect to Pledged Stock registered in the name of the Pledgor and
the Secured Party will promptly give to the Pledgor copies of any notices and
communications received by the Secured Party with respect to Pledged Stock
registered in the name of the Secured Party or its nominee.

SECTION 7. RIGHT TO RECEIVE DISTRIBUTIONS ON COLLATERAL.

                  Upon the occurrence and during the continuance of any Event of
Default, the Secured Party shall have the right to receive and retain as
Collateral hereunder all dividends, interest and other payments and
distributions made upon or with respect to the Collateral and the Pledgor shall
take all such action as the Secured Party may deem necessary or appropriate to
give effect to such right. Upon the occurrence and during the continuance of any
Event of Default, all such dividends, interest and other payments and
distributions which are received by the Pledgor shall be received in trust as
Collateral for the benefit of the Secured Party and, if the Secured Party so
directs, shall be segregated from other funds of the Pledgor and shall,
forthwith upon demand by the Secured Party during the continuance of an Event of
Default, be paid over to the Secured Party as Collateral in the same form as
received (with any necessary endorsement). After all Events of Default that
shall have occurred have been cured, the Secured Party's right to retain
dividends, interest and other payments and distributions under this Section 7
shall cease and the Secured Party shall pay over to the Pledgor any such
Collateral retained by the Secured Party during the continuance of an Event of
Default.

                                      -4-
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SECTION 8. RIGHT TO VOTE PLEDGED STOCK.

                  Unless an Event of Default shall have occurred and be
continuing, the Pledgor shall have the right, from time to time, to vote and to
give consents, ratifications and waivers with respect to the Pledged Stock, and
the Secured Party shall, upon receiving a written request from the Pledgor
accompanied by a certificate signed by the Pledgor and the Company's principal
financial officer stating that no Event of Default has occurred and is
continuing, deliver to the Pledgor or as specified in such request such proxies,
powers of attorney, consents, ratifications and waivers in respect of any of the
Pledged Stock which is registered in the name of the Secured Party or its
nominee as shall be specified in such request and be in form and substance
satisfactory to the Secured Party.

                  If an Event of Default shall have occurred and be continuing,
the Secured Party shall have the right to the extent permitted by law and the
Pledgor shall take all such action as may be necessary or appropriate to give
effect to such right, to vote and to give consents, ratifications and waivers,
and take any other action with respect to any or all of the Pledged Stock with
the same force and effect as if the Secured Party were the absolute and sole
owner thereof.

SECTION 9. GENERAL AUTHORITY.

                  The Pledgor hereby irrevocably appoints the Secured Party its
true and lawful attorney, with full power of substitution, in the name of the
Pledgor, the Secured Party or otherwise, for the sole use and benefit of the
Secured Party, but at the expense of the Pledgor, to the extent permitted by law
to exercise, at any time and from time to time while an Event of Default has
occurred and is continuing, all or any of the following powers with respect to
all or any of the Collateral:

                  (i)      to demand, sue for, collect, receive and give
         acquittance for any and all monies due or to become due upon or by
         virtue thereof,

                  (ii)     settle, compromise, compound, prosecute or defend any
         action or proceeding with respect thereto,

                  (iii)    to sell, transfer, assign or otherwise deal in or
         with the same or the proceeds or avails thereof, as fully and
         effectually as if the Secured Party were the absolute owner thereof,
         and

                  (iv)     to extend the time of payment of any or all thereof
         and to make any allowance and other adjustments with reference thereto;

provided that the Secured Party shall give the Pledgor not less than ten days'
prior written notice of the time and place of any sale or other intended
disposition of any of the Collateral. The Secured Party and the Pledgor agree
that such notice constitutes "reasonable notification" within the meaning of
Section 9-504(3) of the UCC.

                                      -5-
<PAGE>   6

SECTION 10. EVENTS OF DEFAULT.

         The following shall constitute events of default ("EVENTS OF DEFAULT")
by the Pledgor hereunder:

                  (a)      Breach of Covenant. If the Pledgor should violate or
         breach, or should fail fully and completely to observe, perform,
         satisfy or comply with, any of the terms, covenants or conditions set
         forth in this Agreement; or

                  (b)      Note. If any Event of Default under (and as such term
         is defined in) the Note shall exist.

SECTION 11. REMEDIES UPON EVENT OF DEFAULT.

                  If any Event of Default shall have occurred and be continuing,
the Secured Party may exercise all the rights of a secured party under the UCC
(whether or not in effect in the jurisdiction where such rights are exercised)
and, in addition, the Secured Party may, without being required to give any
notice, except as herein provided or as may be required by mandatory provisions
of law, (i) apply the cash, if any, then held by it as Collateral as specified
in Section 14 and (ii) if there shall be no such cash or if such cash shall be
insufficient to pay all the Secured Obligations in full, sell the Collateral, in
its entirety or any part thereof, at public or private sale or at any broker's
board or on any securities exchange, for cash, upon credit or for future
delivery, and at such price or prices as the Secured Party may deem
satisfactory. Any Secured Party may be the purchaser of any or all of the
Collateral so sold at any public sale (or, if the Collateral is of a type
customarily sold in a recognized market or is of a type which is the subject of
widely distributed standard price quotations, at any private sale). The Secured
Party is authorized, in connection with any such sale, if it deems it advisable
so to do, (i) to restrict the prospective bidders on or purchasers of any of the
Pledged Securities to a limited number of sophisticated investors who will
represent and agree that they are purchasing for their own account for
investment and not with a view to the distribution or sale of any of such
Pledged Securities, (ii) to cause to be placed on certificates for any or all of
the Pledged Securities or on any other securities pledged hereunder a legend to
the effect that such security has not been registered under the Securities Act
of 1933 and may not be disposed of in violation of the provision of said Act,
and (iii) to impose such other limitations or conditions in connection with any
such sale as the Secured Party deems necessary or advisable in order to comply
with said Act or any other law. The Pledgor covenants and agrees that it will
execute and deliver such documents and take such other action as the Secured
Party deems necessary or advisable in order that any such sale may be made in
compliance with law. Upon any such sale the Secured Party shall have the right
to deliver, assign and transfer to the purchaser thereof the Collateral so sold.
Each purchaser at any such sale shall hold the Collateral so sold absolutely and
free from any claim or right of whatsoever kind, including any equity or right
of redemption of the Pledgor which may be waived, and the Pledgor, to the extent
permitted by law, hereby specifically waives all rights of redemption, stay or
appraisal which it has or may have under any law now existing or hereafter
adopted. The notice (if any) of such sale required by Section 9 shall (1) in

                                      -6-
<PAGE>   7

case of a public sale, state the time and place fixed for such sale, (2) in case
of sale at a broker's board or on a securities exchange, state the board or
exchange at which such sale is to be made and the day on which the Collateral,
or the portion thereof so being sold, will first be offered for sale at such
board or exchange, and (3) in the case of a private sale, state the day after
which such sale may be consummated. Any such public sale shall be held at such
time or times within ordinary business hours and at such place or places as the
Secured Party may fix in the notice of such sale. At any such sale the
Collateral may be sold in one lot as an entirety or in separate parcels, as the
Secured Party may determine. The Secured Party shall not be obligated to make
any such sale pursuant to any such notice. The Secured Party may, without notice
or publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for the
sale, and such sale may be made at any time or place to which the same may be so
adjourned. In case of any sale of all or any part of the Collateral on credit or
for future delivery, the Collateral so sold may be retained by the Secured Party
until the selling price is paid by the purchaser thereof, but the Secured Party
shall not incur any liability in case of the failure of such purchaser to take
up and pay for the Collateral so sold and, in case of any such failure, such
Collateral may again be sold upon like notice. The Secured Party, instead of
exercising the power of sale herein conferred upon it, may proceed by a suit or
suits at law or in equity to foreclose the Security Interests and sell the
Collateral, or any portion thereof, under a judgment or decree of a court or
courts of competent jurisdiction.

SECTION 12. EXPENSES.

                  The Pledgor agrees that it will forthwith upon demand pay to
the Secured Party:

                  (i)      the amount of any taxes which the Secured Party may
         have been required to pay by reason of the Security Interests or to
         free any of the Collateral from any Lien thereon, and

                  (ii)     the amount of any and all out-of-pocket expenses,
         including the reasonable fees and disbursements of counsel and of any
         other experts, which the Secured Party may incur in connection with (w)
         the administration or enforcement of this Agreement, including such
         expenses as are incurred to preserve the value of the Collateral and
         the validity, perfection, rank and value of any Security Interest, (x)
         the collection, sale or other disposition of any of the Collateral, (y)
         the exercise by the Secured Party of any of the rights conferred upon
         it hereunder or (z) any Default or Event of Default.

Any such amount not paid on demand shall bear interest at the Interest Rate, as
provided in the Note, plus two percentage points (2.0%).

SECTION 13. LIMITATION ON DUTY OF SECURED PARTY IN RESPECT OF COLLATERAL.

                  Beyond the exercise of reasonable care in the custody thereof,
the Secured Party shall have no duty as to any Collateral in its possession or
control or in the possession or control of any agent or bailee or any income
thereon or as to the preservation of rights against prior parties or any other
rights pertaining thereto. The Secured Party shall be deemed to have

                                      -7-
<PAGE>   8

exercised reasonable care in the custody and preservation of the Collateral in
its possession if the Collateral is accorded treatment substantially equal to
that which it accords its own property, and shall not be liable or responsible
for any loss or damage to any of the Collateral, or for any diminution in the
value thereof, by reason of the act or omission of any agent or bailee selected
by the Secured Party in good faith.

SECTION 14. APPLICATION OF PROCEEDS.

                  Upon the occurrence and during the continuance of an Event of
Default, the proceeds of any sale of, or other realization upon, all or any part
of the Collateral and any cash held shall be applied by the Secured Party in the
following order of priorities:

                  first, to payment of the expenses of such sale or other
         realization, including reasonable compensation to agents and counsel
         for the Secured Party, and all expenses, liabilities and advances
         incurred or made by the Secured Party in connection therewith, and any
         other unreimbursed expenses for which the Secured Party or any Secured
         Party is to be reimbursed pursuant to Section 11 hereof;

                  second, to the ratable payment of accrued but unpaid interest
         on the Secured Obligations in accordance with the provisions of the
         Loan Agreement;

                  third, to the ratable payment of unpaid principal of the
         Secured Obligations;

                  fourth, to the ratable payment of all other Secured
         Obligations, until all Secured Obligations shall have been paid in
         full; and

                  finally, to payment to the Pledgor or its successors or
         assigns, or as a court of competent jurisdiction may direct, of any
         surplus then remaining from such proceeds.

SECTION 15. APPOINTMENT OF CO-AGENTS.

                  At any time or times, in order to comply with any legal
requirement in any jurisdiction, the Secured Party may appoint another bank or
trust company or one or more other persons, either to act as co-agent or
co-agents, jointly with the Secured Party, or to act as separate agent or agents
on behalf of the Secured Party with such power and authority as may be necessary
for the effectual operation of the provisions hereof and may be specified in the
instrument of appointment.

SECTION 16. TERMINATION OF SECURITY INTERESTS; RELEASE OF COLLATERAL.

                  Upon the repayment in full of all Secured Obligations (other
than contingent indemnity or similar claims not yet asserted), the Security
Interests shall terminate and all rights to the Collateral shall revert to the
Pledgor. At any time and from time to time prior to such termination of the
Security Interests, the Secured Party may release any of the Collateral. Upon
any such termination of the Security Interests or release of Collateral, the
Secured Party will, at

                                      -8-
<PAGE>   9

the expense of the Pledgor, execute and deliver to the Pledgor such documents as
the Pledgor shall reasonably request to evidence the termination of the Security
Interests or the release of such Collateral, as the case may be.

SECTION 17. NOTICES.

                  All notices, requests and other communications to any party
hereunder shall be in writing (including prepaid overnight courier, telex,
facsimile transmission or similar writing) and shall be given to such party at
its address or telecopy or telex number set forth on the signature pages hereof,
or at such other address or telecopy or telex number as such party may hereafter
specify for the purpose by notice to the Pledgor and the Secured Party. Each
such notice, request or other communication shall be effective (i) if given by
telex or telecopy, when such telex or telecopy is transmitted to the telex or
telecopy number specified in this Section and the appropriate answer back is
received (in the case of telex) or telephonic confirmation of receipt thereof is
obtained (in the case of telecopy) or (ii) if given by mail, prepaid overnight
courier or any other means, when received at the address specified in this
Section or when delivery at such address is refused.

SECTION 18. WAIVERS, NON-EXCLUSIVE REMEDIES.

                  No failure on the part of the Secured Party to exercise, and
no delay in exercising and no course of dealing with respect to, any right under
this Agreement shall operate as a waiver thereof; nor shall any single or
partial exercise by the Secured Party of any right under the Note or this
Agreement preclude any other or further exercise thereof or the exercise of any
other right. The rights in this Agreement and the Note are cumulative and are
not exclusive of any other remedies provided by law.

SECTION 19. SUCCESSORS AND ASSIGNS.

                  This Agreement is for the benefit of the Secured Party and its
successors and assigns, and in the event of an assignment of all or any of the
Secured Obligations, the rights hereunder, to the extent applicable to the
indebtedness so assigned, may be transferred with such indebtedness. This
Agreement shall be binding on the Pledgor and his heirs, legal representatives,
successors and assigns.

SECTION 20. CHANGES IN WRITING.

                  Neither this Agreement nor any provision hereof may be
changed, waived, discharged or terminated orally, but only in writing signed by
the Pledgor and the Secured Party.

                                      -9-
<PAGE>   10

SECTION 21. GEORGIA LAW.

                  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF GEORGIA (WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW), EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW
AND EXCEPT TO THE EXTENT THAT REMEDIES PROVIDED BY THE LAWS OF ANY JURISDICTION
OTHER THAN GEORGIA ARE GOVERNED BY THE LAWS OF SUCH JURISDICTION.

SECTION 22. SEVERABILITY.

                  If any provision hereof is invalid or unenforceable in any
jurisdiction, then, to the fullest extent permitted by law, (i) the other
provisions hereof shall remain in full force and effect in such jurisdiction and
shall be liberally construed in favor of the Secured Party in order to carry out
the intentions of the parties hereto as nearly as may be possible; and (ii) the
invalidity or unenforceability of any provision hereof in any jurisdiction shall
not affect the validity or enforceability of such provision in any other
jurisdiction.

SECTION 23. COUNTERPARTS.

                  This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

                                      -10-
<PAGE>   11

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered as of the day and year first above
written.

                                                PLEDGOR:

                                                --------------------------------
                                                MARSHALL B. HUNT

                                                Address for Notices:

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

                                                Telecopy No. (404) 233-0171

                                                COMPANY:

                                                HORIZON MEDICAL PRODUCTS, INC.

                                                By:-----------------------------
                                                   Name:
                                                        ------------------------
                                                   Title:
                                                         -----------------------

                                                Address for Notices:

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

                                                Telecopy No. (404) 233-0171

<PAGE>   12

                                   SCHEDULE I

                                  PLEDGED STOCK

<TABLE>
<CAPTION>
                                           NUMBER AND
     NAME OF CORPORATION                 CLASS OF SHARES         CERTIFICATE NO.(S)
     -------------------                 ---------------         ------------------

<S>                                <C>                           <C>
Horizon Medical Products, Inc.     1,889,733 Shares of Class A           73
                                          Common Stock
</TABLE>

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