Document:

NON-QUALIFIED STOCK OPTION AGREEMENT

THIS NON-QUALIFIED STOCK OPTION AGREEMENT ("Agreement") is made and entered into
in duplicate this 1st day of November, 2004 between LEV Pharmaceuticals, Inc., a
Delaware corporation having a principal place of business at 122 East 42nd
Street, Suite 2606, New York, New York 10168 ("Corporation"), and Judson Cooper,
61 Banksville Road, Armonk, NY 10504 ("Holder"), with respect to the following
facts:

Pursuant and subject to the Corporation's 2004 Omnibus Incentive Compensation
Plan, a copy of which is furnished to the Holder with a copy of this Agreement
and the provisions of which, by this reference, are made a part of this
Agreement as though specified completely and specifically verbatim in this
Agreement (the "Plan"), the Corporation's Board of Directors has determined that
it is in the best interests of the Corporation and its stockholders to grant the
option provided for herein to the Holder. The parties agree as follows:

1. OPTION GRANTED. Corporation grants to Holder an option to purchase the number
of shares of $.01 par value common stock of Corporation at a purchase price as
described in Appendix "A" (the "Option").

2. TIME OF EXERCISE OF OPTION. Holder may exercise the Option at any time as
described in Appendix "A", and from time to time until termination of the Option
as provided in Paragraph 11 of this Agreement.

3. METHOD OF EXERCISE. The Holder shall exercise the Option by delivery to the
Corporation at its principal place of business, of (i) a written notice of
exercise signed by the person or persons exercising the Option specifying the
number of Options being exercised; and (ii) a certified or cashier's check in
payment of the Option purchase price; or (iii) full payment in shares of
Corporation's $.01 par value common stock held for the requisite period
necessary to avoid a change to Corporation's reported earnings and valued at
fair market value as determined pursuant to Section 2.17 of the Plan; or (iv)
through a cashless exercise program implemented by the Corporation's Board of
Directors. Promptly upon receipt of such notice of exercise and the appropriate
consideration, the Corporation will deliver or cause to be delivered to Holder
stock certificate(s) representing the number of shares of the Corporation's $.01
par value common stock purchased in accordance with the provisions of this
Agreement and during Holder's lifetime, duly registered in the name of the
Holder and, at the Holder's election, his or her spouse.

4. CAPITAL ADJUSTMENTS.

(a) The existence of the Option shall not affect in any way the right or power
of Corporation or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in Corporation's capital
structure or its business, or any merger or consolidation of Corporation or any
issue of bonds, debentures, preferred stock having a preference to or affecting
Corporation's common stock or of any rights thereof, or the issuance of any
securities convertible into any such common stock or of any rights, options, or
warrants to purchase any common stock, or the dissolution or liquidation of
Corporation, any sale or transfer of all or any part of its assets or business,
or any other act or proceeding of Corporation, whether of a similar character or
otherwise.

(b) The securities with respect to which the Option is granted are shares of the
$.01 par value common stock of Corporation as presently constituted, but if and
whenever, prior to the delivery by Corporation of all the shares of the common
stock with respect to which the Option is granted, Corporation shall effect a
subdivision or consolidation of shares or other capital readjustment, the
payment of a stock dividend, or other increase or reduction of the number of
shares of such common stock outstanding without receiving compensation therefore
in money, services, or property, the number of shares of such common stock then
remaining subject to the Option shall (a) in the event of an increase in the
number of outstanding shares of such common stock, be proportionately increased,
and the cash consideration payable per share of such common stock shall be
proportionately reduced; and (b) in the event of a reduction in the number of
outstanding shares of such common stock, be proportionately reduced, and the
cash consideration payable per share of such common stock shall be
proportionately increased.

5. MERGER AND CONSOLIDATION. In the event of a merger of one or more
corporations with and into Corporation or any consolidation of Corporation and
one or more corporations, the Option may be assumed or an equivalent option may
be substituted by such surviving corporation or a parent or subsidiary of such
surviving corporation.

6. INVESTMENT UNDERTAKING. The Holder will hold the Option and the rights
constituent thereto for investment and not with an intention of distribution,
and upon exercise will deliver a letter confirming the Holder's nondistributive
intent with respect to the shares of Corporation's $.01 par value common stock
received as a result of the exercise of the Option.

<PAGE>

7. REPRESENTATIONS OF CORPORATION. During such time as the Option remains
outstanding and unexpired, Corporation will reserve for issuance, upon the
exercise of the Option, the number of shares of Corporation's $.01 par value
common stock that are subject to the Option. The shares of Corporation's $.01
par value common stock subject to the Option, when issued, shall be fully paid
and nonasessable. Corporation will pay, when due and payable, any and all taxes
or fees that may be payable by Corporation with respect to the grant of the
Option or the issuance of any shares of Corporation's $.01 par value of common
stock or certificates therefore subject to the Option. This does not include,
however, any federal, state or other personal income tax payable by Holder
because of (i) the grant of the Option; (ii) the issuance of any share of the
Corporation's $.01 par common stock upon exercise thereof; or (iii) any
subsequent disposition of such shares, which shall remain the obligation of
Holder.

8. WITHOLDING TAXES. If Corporation determines that it is required to withhold
federal, state, or local tax as a result of the exercise of the Option, Holder,
as a condition to the exercise of the Option, shall make arrangements
satisfactory to the Corporation to enable it to satisfy such withholding
requirements.

9. COMMITTEE DETERMINATION FINAL. The interpretation of the Plan and this
Agreement, including any inconsistency between the two documents, shall be
reserved to and made by the Committee of the Board of Directors of Corporation
provided for in the Plan. The Committee's determinations shall be final as
between the parties hereto, unless otherwise determined by the Board of
Directors of Corporation.

10. TRANSFER OF OPTION. During Holder's lifetime, the Option shall be
exercisable only by Holder. The Option shall not be transferable by Holder,
other than by the laws of descent and distribution upon Holder's death.

11. TERMINATION OF OPTION. The Option shall terminate at 5:00 P.M. Eastern time
on the date which is described in Appendix "A."

12. RIGHTS AS SHAREHOLDER. Holder will not be deemed to be a holder of any
shares of Corporation's $.01 par value common stock pursuant to the exercise of
the Option until Holder pays the purchase price therefore and a stock
certificate is delivered to Holder for those shares. No adjustment shall be made
for dividends or other rights for which the record date is prior to the date
such exercise and full payment for the optioned shares.

13. GOVERNING LAW. This Agreement is granted and delivered in the State of
Delaware and is intended to be construed and enforced under the laws thereof.

IN WITNESS THEREOF, the parties have made and entered into this Agreement in
duplicate on the date specified in its preamble.

                                       CORPORATION

                                       LEV Pharmaceuticals, Inc.,
                                       a Delaware corporation

                                       By: ____________________
                                           Joshua D. Schein

                                       HOLDER

                                       -------------------
                                       Judson Cooper

<PAGE>

                                  APPENDIX "A"

Holder Name:  Judson Cooper

Number of Options Granted: 1,427,450

Option Price: $0.30 per share

Vesting Commencement Date:  All options are vested as of November 1, 2004

Option Expiration Date:  November 1, 2014Exhibit 10.1

THIS CONVERTIBLE SUBORDINATED PROMISSORY NOTE AND THE INDEBTEDNESS EVIDENCED
HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH HEREIN TO
CERTAIN INDEBTEDNESS OWED BY ORION HEALTHCORP, INC. TO HEALTHCARE BUSINESS
CREDIT CORPORATION

The securities represented by this Convertible Subordinated Promissory Note and
the securities issuable upon conversion hereof have not been registered or
qualified under the Securities Act of 1933, as amended (the "Securities Act"),
or under the provisions of any applicable state or foreign securities laws, but
have been, and will be, acquired by the Holder hereof for purposes of investment
and in reliance on statutory exemptions under the Securities Act and under any
applicable state securities laws. These securities and the securities issued
upon conversion hereof may not be sold, pledged, transferred or assigned, nor
may this Convertible Subordinated Promissory Note be converted, except in a
transaction which is exempt under provisions of the Securities Act and any
applicable state or foreign securities laws or pursuant to an effective
registration statement; and in the case of an exemption, only if the Company has
received an opinion of counsel satisfactory to the Company that such transaction
does not require registration of any such securities.

                    CONVERTIBLE SUBORDINATED PROMISSORY NOTE

Up to $1,025,000.00                                                 June 1, 2005

     FOR VALUE RECEIVED, ORION HEALTHCORP, INC., a Delaware corporation (the
"Company"), hereby promises to pay to the order of BRANTLEY PARTNERS IV, L.P.
("Payee") and any other person who becomes a holder of this Convertible
Subordinated Promissory Note (being referred to hereinafter as the "Holder"),
without grace, at the Holder's address or at such other place as the Holder may
designate to the Company in writing (unless this Convertible Subordinated
Promissory Note shall have been converted as set forth herein), on April 19,
2006 (the "Maturity Date"), the sum of One Million Twenty-Five Thousand Dollars
($1,025,000.00); provided, however, that if the Maturity Date is not a day on
which banks are open for business (a "Business Day"), the Maturity Date shall be
the next succeeding Business Day. This Convertible Subordinated Promissory Note
and any note issued in substitution for this note in accordance with the
provisions hereof are referred to herein as the "Note." The unpaid principal
amount actually outstanding under this Note shall accrue from and after March
16, 2005 (the date the monies were originally advanced to the Company by Payee)
and bear simple interest at a per annum rate equal to nine percent (9%) from
such date, with interest payable in arrears on the Maturity Date. The interest
shall not compound. Interest shall be calculated on the basis of actual days
elapsed over a 365-day year. Payment of the outstanding principal and interest
accrued and unpaid on the Note shall be made in lawful tender of the United
States. Payments shall be credited first to accrued and unpaid interest and the
remainder to outstanding principal.

     I. Prepayment
        ----------

     The indebtedness evidenced by this Note may be prepaid, in full or in part,
at any time; provided that the Company shall pay all accrued but unpaid interest
on the indebtedness evidenced hereby concurrently with its prepayment of the
outstanding principal balance of such indebtedness. In the event that the
Company elects to prepay all or part of the unpaid principal balance evidenced
hereby, such payment shall be made in cash.

<PAGE>

II.  Events of Default
     -----------------

     An Event of Default shall be deemed to have occurred in the event that (A)
the Company defaults in the payment of principal or interest on this Note when
the same becomes due and payable, which failure has continued unremedied for a
period of fifteen (15) days after receipt of written notice of such failure; (B)
the Company shall commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to it or its debts
under the federal bankruptcy laws, as now constituted or hereafter amended, or
under any other bankruptcy, insolvency, or similar law now or hereafter in
effect; (C) the Company shall suffer the commencement of an involuntary case or
other proceeding seeking liquidation, reorganization or other relief with
respect to it or its debts under the federal bankruptcy laws, as now constituted
or hereafter amended, or under any other bankruptcy, insolvency or similar law
now or hereafter in effect, and such case or other proceeding shall not be
vacated or dismissed within sixty (60) days after its commencement; (D) the
Company shall suffer the entry of an order for relief by any court having
jurisdiction in the premises in any involuntary bankruptcy case under the
federal bankruptcy laws, as now constituted or hereafter amended; or (E) the
Company shall suspend business, or consent to or suffer a receiver, trustee,
liquidator or custodian to be appointed for it or for all or a significant
portion of any of their respective assets or affairs (each, an "Event of
Default"). Upon and after an Event of Default, or should the Company fail to pay
any principal amount hereunder or to make any interest payment hereunder when
due, the outstanding principal balance hereunder shall continue to bear interest
at a per annum interest rate equal to nine percent (9%) per annum
(non-compounding).

III. Acceleration
     ------------

     If an Event of Default occurs and is continuing, the Holder by notice to
the Company may declare the principal of this Note to be due and payable
immediately. Upon such declaration, such principal shall be due and payable
immediately.

IV.  Exchange; Conversion
     --------------------

     A.   Conversion Option
          -----------------

     Notwithstanding anything to the contrary herein, and subject to the
approval of the Board of Directors of the Company, including a majority of the
directors who are not affiliates of the Holder, and such other approvals as may
be required, the principal and interest on this Note may be exchanged for other
subordinated debt, obligations or equity securities of the Company. Without
limiting the generality of the foregoing, and subject to the approval of the
Board of Directors of the Company, including a majority of the directors who are
not affiliates of the Holder, and such other approvals as may be required, on or
after the Maturity Date the Holder shall have the right to convert (the
"Conversion Option") all, or any portion, of the outstanding principal balance
of this Note, plus interest thereon accrued and unpaid to and including the
Conversion Date (as defined below), into shares of the Company's Class A common
stock (the "Class A Common Stock"). The number of shares of Class A Common Stock
issuable upon conversion of this Note shall be equal to the number obtained by
dividing (x) the aggregate amount of principal and interest to be converted by
(y) the Conversion Price (as defined below); provided, however, the number of
shares issuable upon conversion of this Note shall not exceed the lesser of: (i)
1,159,830 shares of Class A Common Stock, or (ii) 16.3% of the then outstanding
Class A Common Stock. The shares of Class A Common Stock issuable upon
conversion of this Note are referred to hereinafter as the "Conversion
Securities." In order to exercise its Conversion Option, which exercise shall be
irrevocable, the Holder shall surrender this Note to the Company, accompanied by
a written statement indicating that the Holder is exercising its Conversion
Option (the "Conversion Notice") and stating the aggregate amount of principal
and interest under this Note to be converted. The date that the Company receives
the Conversion Notice shall be the "Conversion Date." If the Holder exercises
its Conversion Option, the Holder shall receive a certificate for the number of
full shares of Conversion Securities issuable upon conversion of this Note in
accordance with this section.

<PAGE>

     Any conversion hereunder shall be deemed to have been made at the close of
business on the Conversion Date, so that the rights of the Holder as the Note
holder shall cease at such time and the Note shall thereafter represent the
right to receive a certificate representing the Conversion Securities. The
Holder shall not have any rights as a holder of the Conversion Securities, other
than as provided herein, until such time as such holder has surrendered the
Note. Further, no dividends or other distributions declared or made after the
Conversion Date, with respect to the shares of Class A Common Stock with a
record date after the Conversion Date, shall be paid to the Holder until the
Holder shall surrender this Note to the Company and the Conversion Securities
shall have been issued. Subject to applicable law, following surrender of this
Note, there shall be paid to the record holder of the certificates representing
whole shares of the Class A Common Stock issued in conversion therefor, without
interest, at the time of such surrender, the amount of dividends or other
distributions with a record date after the Conversion Date theretofore paid with
respect to such whole shares of the Conversion Securities.

     B.   Conversion Price.
          ----------------

     The "Conversion Price" shall be $1.042825 per share. If the Company shall
at any time or from time to time after the date of this Note, and prior to the
Maturity Date or Conversion Date, effect a subdivision or combination of the
outstanding shares of its Class A Common Stock, the Conversion Price then in
effect with respect to this Note immediately before that subdivision or
combination shall be proportionately adjusted by multiplying the then Conversion
Price by a fraction, (i) the numerator of which shall be the number of shares of
Class A Common Stock issued and outstanding immediately prior to such
subdivision or combination, and (ii) the denominator of which shall be the
number of shares of Class A Common Stock issued and outstanding immediately
after such subdivision or combination. Any adjustment under this subparagraph
(B) shall become effective at the close of business on the date the subdivision
or combination becomes effective.

     C.   Fractional Shares
          -----------------

     The Company shall not be required to issue any fraction of a share in
connection with the conversion of this Note, but in any case where the Holder of
this Note would, except for the provisions of this paragraph, be entitled under
the terms of this Note to receive a fraction of a share upon the conversion of
this Note, the Company shall pay a sum in cash in respect of any fraction of a
share that would otherwise be issuable upon the surrender of this Note. The
amount of such cash payable shall be based upon the fair market value of the
Class A Common Stock, as determined in good faith by the Company's Board of
Directors, including a majority of the directors who are not affiliates of the
Holder.

     D.   Shares Issuable Upon Conversion.
          -------------------------------

<PAGE>

     The Company covenants and agrees that all Conversion Securities that may be
issued upon the conversion of this Note will, upon issuance in accordance with
the terms hereof, be duly and validly issued and fully paid and nonassessable.
The Holder shall have no rights as a stockholder of the Company with respect to
the Conversion Securities covered by this Note until the date of issuance of
such Conversion Securities.

     E.   Merger or Reorganization
          ------------------------

     In the event of any capital reorganization of the Company, or any
reclassification of the Class A Common Stock, or the consolidation of the
Company with, or the merger of the Company into, any other entity or of the sale
of all or substantially all of the assets of the Company to any other entity
(each, a "Significant Event"), this Note shall, after such Significant Event,
entitle the Holder to receive upon conversion that number of shares of stock or
other securities, property or cash of the Company, or of the corporation
resulting from such consolidation or surviving such merger or to which such sale
shall be made, as the case may be, to which the Holder would have been entitled
had this Note been converted into Class A Common Stock immediately prior to such
Significant Event; and in any such event, the provisions of this subsection with
respect to the rights and interests thereafter of the Holder shall be
appropriately adjusted so as to be applicable, as nearly as may reasonably be,
to any shares of stock or other securities or any property thereafter
deliverable on the conversion of this Note. Notwithstanding the provisions of
Section III.B. above, in the event of a Significant Event, the Conversion Price
shall be adjusted by the Company's Board of Directors, including a majority of
the directors who are not affiliates of the Holder, in an equitable manner to
reflect such changes.

V.   Other Remedies
     --------------

     If an Event of Default occurs and is continuing, the Holder may pursue any
available remedy by proceeding at law or in equity to collect the payment of
principal on this Note. Except as otherwise provided by law, a delay or omission
by the Holder in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. No remedy is exclusive of any other
remedy. All available remedies are cumulative.

VI.  Transferability of Note
     -----------------------

     A.   Restrictions on Transfer
          ------------------------

     THIS NOTE HAS BEEN, AND THE CONVERSION SECURITIES WILL BE, ISSUED AND SOLD
IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND APPROPRIATE EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES
LAWS OF ALL APPLICABLE JURISDICTIONS. THIS NOTE AND THE CONVERSION SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED OTHER THAN PURSUANT TO AN
EFFECTIVE REGISTRATION OR AN EXEMPTION FROM REGISTRATION AND OTHER THAN IN
COMPLIANCE WITH THE TERMS HEREOF. THE COMPANY SHALL BE ENTITLED TO REQUIRE AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT WITH RESPECT TO COMPLIANCE WITH
THE SECURITIES ACT OF 1933, AS AMENDED.

     B.   Transferability
          ---------------

<PAGE>

     This Note may not be transferred without the prior written consent of the
Company and then only if the Note is subsequently registered under the
Securities Act of 1933, as amended, or an exemption from such registration is
available.

     C.   Accredited Investor Status
          --------------------------

     The Holder represents that it is an "accredited investor" as that term is
defined in Section 2(a)(15)(ii) and Rule 501 of the Securities Act.

VII. Junior Unsecured Loan
     ---------------------

     The Holder hereby agrees that the indebtedness represented by this Note
shall be subordinated and subject in all respects, including in right of payment
to the prior indefeasible payment in full in cash or immediately available funds
of all Senior Indebtedness (as hereinafter defined). The indebtedness
represented by this Note shall rank pari passu with the Company's general
unsecured trade debt, and with the principal of, accrued and unpaid interest on
and all fees and other amounts owed by the Company to Payee pursuant to the
Convertible Subordinated Promissory Note dated June 1, 2005, in the original
principal amount of $225,000 (the "Second Note").

     As used herein, the term "Senior Indebtedness" shall mean the principal of,
accrued and unpaid interest on and all fees and other amounts owing in
connection with the indebtedness of the Company, its subsidiaries and
affiliates, if any, for borrowed money (whether currently outstanding or waived
after the date hereof) other than the Second Note, including without limitation
amounts borrowed from Healthcare Business Credit Corporation and the affiliates,
successors and assigns or any commercial bank or other lending institution which
replaces Healthcare Business Credit Corporation, a secured lender to the Company
(the "Senior Lender").

     No payment on account of principal, interest or other amount owing on this
Note (whether in prepayment or on or after the Maturity Date), shall be made if
either, (i) at the time of such payment or immediately after giving effect
thereto, there shall have occurred and be continuing a default, with respect to
any particular Senior Indebtedness, which default shall not have been cured or
waived, or (ii) the Senior Lender shall not have previously granted its written
consent to the making of such payment. Exchange of the indebtedness represented
by this Note for other subordinated debt, obligations or equity securities of
the Company pursuant to the terms of this Note shall not be deemed payment on
account of principal, interest or other amount owing on this Note requiring the
consent of the Senior Lender, except to the extent expressly provided in the
agreements between the Company and the Senior Lender.

     Upon any distribution of assets of the Company, whether in cash, properties
or securities, or any payment by the Company or any liquidating trustee or to
creditors in connection with any dissolution or winding up or assignment for the
benefit of creditors or any total or partial liquidation or reorganization of
the Company, whether voluntary or involuntary, in bankruptcy, insolvency,
receivership or other similar proceedings, (i) all amounts then due upon all
Senior Indebtedness (including all interest accruing thereon after the
commencement of such proceeding, whether or not allowed or allowable as a claim
therein) shall first be indefeasibly paid in full in cash, before any payment or
distribution is made on account of this Note, (ii) any payment or distribution,
whether in cash, property or securities which, but for the terms hereof,
otherwise would be payable or deliverable in respect of the obligations owing
under this Note, shall be paid or delivered directly to the holders of the
Senior Indebtedness until all Senior Indebtedness is indefeasibly paid in full
in cash; (iii) the Holder agrees not to initiate or prosecute any claim, action
or other proceeding challenging the enforceability of the Senior Indebtedness or
any liens and security interests securing the Senior Indebtedness; and (iv) the
Holder agrees to execute, verify, deliver and file any proofs of claim in
respect of the obligation owing under this Note in connection with any such
proceeding and hereby irrevocably authorizes, empowers and appoints the holders
of the Senior Indebtedness as its agent and attorney-in-fact to (A) execute,
verify, deliver and file such proofs of claim upon the failure of the Holder
promptly to do so (and, in any event, prior to ten (10) days before the
expiration of the time to file any such proof of claim) and (B) vote such claim
in any such proceeding upon the failure of the Holder to do so prior to ten (10)
days before the expiration of the time to vote any such claim; provided,
however, that the holders of the Senior Indebtedness shall have no obligation to
execute, verify, deliver, file and/or vote any such proof of claim. The Senior
Indebtedness shall continue to be treated as Senior Indebtedness and the
provisions of this Note shall continue to govern the relative rights and
priorities of the holders of the Senior Indebtedness and the Holder even if all
or part of the Senior Indebtedness or the security interest securing the Senior
Indebtedness are subordinated, set aside, avoided or disallowed in connection
with any such proceeding and the provisions of this Note shall be reinstated if
at any time any payment of any of the Senior Indebtedness is rescinded or must
otherwise be returned by any holder of Senior Indebtedness or any representative
of such holder. In the event that, notwithstanding the foregoing, any payment or
distribution of assets prohibited by the foregoing or by Subsection (c) above
shall be received by Holder before all Senior Indebtedness is indefeasibly paid
in full in cash, such payment or distribution shall be received and held in
trust for, and shall be promptly paid over or delivered to the holders of Senior
Indebtedness or their representative, as their respective interest may appear,
for application to the payment of all Senior Indebtedness remaining unpaid to
the extent necessary to indefeasibly pay all Senior Indebtedness in full in
cash.

<PAGE>

     The rights of the Holder shall be subrogated to the rights of the holders
of Senior Indebtedness to receive payment or distributions of cash, property or
securities of the Company applicable to the Senior Indebtedness; provided,
however, that no payment or distribution to the holders of the Senior
Indebtedness pursuant to the provisions of this Note shall entitle the Holder to
exercise any rights of subrogation in respect thereof until the Senior
Indebtedness shall have indefeasibly been paid in full in cash.

     The Company shall be permitted to modify the Senior Indebtedness or incur
additional Senior Indebtedness, including increasing principal amounts owing and
interest rates chargeable thereunder and changing the manner, amount and time
for payments thereunder, and to incur additional indebtedness on a senior and/or
secured basis at any time, without notice to the Holder.

     The Holder agrees to execute an intercreditor or subordination agreement
with terms and conditions consistent with the subordination provisions of this
Note or otherwise reasonable under the circumstances, if required by the holders
of the Senior Indebtedness, and to take all such other reasonable action as the
holders of the Senior Indebtedness may request in order to enable such holders
to enforce their rights hereunder.

     The holders of the Senior Indebtedness may foreclose on their security
interests securing payment of the Senior Indebtedness in any manner that they,
in their sole discretion, may elect even though a higher price might have been
obtained had such security interest been foreclosed upon in another manner. The
Holder waives any requirement that the holders of the Senior Indebtedness
protest, secure, perfect or insure any security interest or lien on any property
subject thereto or exhaust any right or take any action against the Company. The
right of any present or future holder of Senior Indebtedness to enforce
subordination of this Note pursuant to the provisions of this Note shall not at
any time be prejudiced or impaired by any act or failure to act on the part of
the Company or any such holder of Senior Indebtedness, including but not limited
to any application of any sums by whomsoever paid or however realized to the
Senior Indebtedness, or any amendment of the amount, manner, place or terms of
payment of the Senior Indebtedness, or any extension of the time of payment of
or renewal of the Senior Indebtedness, or any forbearance, waiver, consent,
compromise, amendment, extension, renewal, or taking or release of security of
or in respect of any Senior Indebtedness or by non-compliance by the Company
with the terms of such subordination regardless of any knowledge thereof with
which such holders may have or otherwise be charged.

<PAGE>

     The holders of the Senior Indebtedness are hereby authorized to demand
specific performance of the subordination provisions contained in this Note at
any time when the Holder shall have failed to comply with any of the
subordination provisions contained in this Note applicable to it. The Holder
hereby irrevocably waives any defense based on the adequacy of a remedy at law,
which might be asserted as a bar to such remedy of specific performance.

     Each current and future holder of Senior Indebtedness, whether now
outstanding or hereafter created, incurred, assumed or guaranteed, shall be
deemed to have acquired the Senior Indebtedness in reliance on the subordination
provisions contained in this Note, which are made for the benefit of all such
holders and their successors, assigns and participants, and in this regard all
such holders shall be third party beneficiaries of this Note.

     This Note shall not at any time be secured by the assets or properties of
the Company.

     Subject to the foregoing subordination provisions, the Holder shall be
entitled to take collection or enforcement action with respect to amounts due
hereunder.

VIII. Miscellaneous
      -------------

     Presentment for payment, demand protest and notice of demand, notice of
dishonor and notice of nonpayment and all other notices are hereby waived by the
Company. No failure to accelerate the debt evidenced hereby by reason of an
Event of Default hereunder, and no indulgence that may be granted from time to
time, shall be construed (i) as a novation of this Note or as a reinstatement of
the indebtedness evidenced hereby or as a waiver of such right of acceleration
or of the right of the Holder thereafter to insist upon strict compliance with
the terms of this Note, or (ii) to prevent the exercise of such right of
acceleration or any other right granted hereunder or by the laws of the State of
Georgia; and the Company hereby expressly waives the benefit of any statute or
rule of law or equity now provided or that may hereafter be provided that would
produce a result contrary to or in conflict with the foregoing. No extension of
the time for the payment of this Note shall operate to release, discharge,
modify, change or affect the original liability of the Company under this Note,
either in whole or in part, unless the Holder agrees otherwise in writing. This
Note may not be changed orally, but only by an agreement in writing signed by
the party against whom enforcement of any waiver, change, modification or
discharge is sought.

     None of the rights or remedies of the Holder are to be deemed waived or
affected by failure to delay to exercise the same. All remedies conferred upon
the Holder by this Note or any other instrument or agreement shall be cumulative
and none is exclusive, and such remedies may be exercised concurrently or
consecutively at the Holder's option.

<PAGE>

     All representations and warranties of the Company and the Holder contained
in this Note shall survive the execution and delivery of this Note and shall
continue in full force and effect thereafter until the earlier of the date on
which all principal and interest hereunder has been paid in full or until the
date that is one year after the date of exercise in full of the Conversion
Option. All covenants and agreements of the Company and the Holder contained in
this Note shall survive the execution and delivery of this Note and shall
continue in full force and effect thereafter in accordance with the terms
hereof.

     All notices, demands or other communications hereunder shall be in writing
and shall be deemed given when delivered personally, mailed by certified mail,
return receipt requested, sent by overnight courier service or telecopied
(transmission confirmed), or otherwise actually delivered (i) if to the Holder,
to the address set forth below, or to such other address as may have been
furnished to the Company by the Holder in writing and (ii) if to the Company, to
the address set forth below or to such other address as may have been furnished
to the Holder by the Company in writing.

     Time is of the essence of this Note.

     This Note shall be governed by and construed in accordance with the laws of
the State of Georgia.

     This Note may be executed in any number of counterparts, each of which
shall be deemed to be an original, and all of which together shall constitute
one in the same instrument, and facsimile transmissions of the signatures
provided for below may be relied upon, and shall have the same force and effect,
as the originals of such signatures.

                                             ORION HEALTHCORP, INC.

                                             By: /s/ Terrence L. Bauer
                                                 ---------------------
                                             Name: Terrence L. Bauer
                                             Title: Chief Executive Officer

                                             Address:
                                             -------

                                             1805 Old Alabama Road, Suite 350
                                             Roswell, Georgia 30076

                                             BRANTLEY PARTNERS IV, L.P.

                                             By: Brantley Venture Management IV,
                                                 L.P., its general partner

                                             By: /s/ Paul H. Cascio
                                             Name: Paul H. Cascio
                                             Title: General Partner

<PAGE>

                                             Address:
                                             -------

                                             Lakepoint
                                             3201 Enterprise Parkway, Suite 350
                                             Beachwood, Ohio 44122

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