Document:

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                                                                    Exhibit 10.7

                          REGISTRATION RIGHTS AGREEMENT
                                       FOR
                                 SHAREHOLDERS OF
                       PAIN & REHABILITATION NETWORK, INC.
                           Effective December 1, 2002

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the "`Agreement") is entered into
effective December 1, 2002, by and among PAINCARE HOLDINGS, INC., a Florida
corporation (the "Company") and Andrea Trescot, M.D. (the "Stockholder").

     WHEREAS, the Company and Stockholder have entered into an Agreement and
Plan of Merger, dated as of the date hereof (the "Merger Agreement") pursuant to
which the Stockholder has acquired pursuant to the Merger Agreement and may
acquire an undetermined number of additional shares of common stock of the
Company, no par value (hereinafter, collectively the "Securities"); and

     WHEREAS, it is a condition precedent to consummation of the Merger
Agreement that the Company provide certain registration rights to the
Stockholder with respect to the Securities.

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

                                   ARTICLE 1.
                                   DEFINITIONS

     SECTION 1.1 Definitions. The following terms shall have the meanings
ascribed to them below:

     "Agreement" or "Merger Agreement" means that certain Merger Agreement by
and among the Company, Pain & Rehabilitation Network, Inc., and the Stockholder
of even date herewith, as amended, modified or supplemented from time to time
and all attachments hereto. "Business Day" means any day that is not a Saturday,
Sunday or a day on which banking institutions in New York, New York are
authorized or obligated by law, executive order or government decree to be
closed.

     "Commission" means the United States Securities and Exchange Commission or
any other federal agency at the time administering the Securities Act.

     "Controlling Person" has the meaning ascribed thereto in Section 4.1.

     "Delivered Securities" means only the Registrable Securities actually
delivered to the Stockholder pursuant to the Merger Agreement.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated thereunder.

     "Holder" means any Person who now holds or shall hereafter acquire and hold
Registrable Securities. "Indemnified Party" means an Indemnified Party as
defined in Section 4.2.

     "Indemnifying Party" means an Indemnifying Party as defined in Section 4.2.

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     "Person" means any individual, entity or group, including without
limitation, any corporation, limited liability company, limited or general
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or other agency or political
subdivision thereof.

     "Piggy-Back Registration" has the meaning ascribed thereto in Section
2.1(a).

     "Prospectus" means the prospectus included in any Registration Statement
(including with limitation, a prospectus that discloses information previously
omitted from a prospectus filed as part of an effective Registration Statement
in reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the securities covered by such Registration
Statement, and all other amendments and supplements to the prospectus, including
post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such prospectus.

     "Registrable Securities" means (i) Securities, and (ii) any other shares of
the Securities acquired as a result of stock splits, stock dividends,
reclassifications, recapitalizations, or similar events relating to the shares
described in clause (i) above, in such case until such time as (x) a
Registration Statement covering such shares of the Securities has been declared
effective by the Commission and such Securities have been disposed of pursuant
to such effective Registration Statement, or (y) such Securities would be
eligible for sale pursuant to Rule 144 under the Securities Act (or any similar
provisions then in force), without regard to the volume limitations set forth in
Rule 144(e) and not otherwise subject to transfer restrictions under agreements
with the Company, or (z) such Securities have been otherwise transferred and the
Company has delivered a new certificate or other evidence of ownership for such
Securities not bearing a restrictive legend and not subject to any stop transfer
or similar restrictive order and all of such Securities may be resold by the
Person receiving such certificate without complying with the registration
requirements of the Securities Act.

     "Registration Statement" means any registration statement of the Company
which covers any of the Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits and
all material incorporated by reference in such registration statement.

     "Securities" has the meaning ascribed thereto in the introduction hereof as
well as any additional shares of Company common stock or other securities
received pursuant to Agreement but excluding the options granted pursuant to the
Employment Agreements as defined in the Agreement.

     "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder.

     "Selling Holder" means a Holder who is or may be selling Registrable
Securities pursuant to a Registration Statement under the Securities Act.

     "Selling Holders Counsel" means the counsel selected to represent the
Selling Holders as set forth in Section 3.1(c).

     "Stockholder" has the meaning ascribed thereto in the introduction hereof.

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     "Underwriter" means a securities dealer who purchases any Registrable
Securities as principal in an underwritten offering and not as part of such
dealer's market-making activities.

     "Underwriter's Cutback" shall mean a reduction in the number of Registrable
Securities to be included in any underwritten offering as the result of receipt
of written notice from the representative of the Underwriters to the effect that
adverse marketing factors require a limitation on the number of Registrable
Securities to be underwritten.

     "Underwriter's Lockup" shall mean the number of Registrable Securities for
which resale is prohibited by the Underwriter for such period as the Underwriter
deems appropriate.

                                   ARTICLE 2.
                               REGISTRATION RIGHTS

     SECTION 2.1. (a) Piggy-Back Registration. If at any time after the date
hereof the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering by the Company for its own account or
for the account of any of its respective security holders other than a
Registration Statement on Form 10, S-4 or Form S-8 (or any substitute form that
may be adopted by the Commission) or on any other form inappropriate for an
underwritten public offering or related solely to securities to be issued in a
merger, acquisition of the stock or assets of another entity or in a similar
transaction, then the Company shall give written notice of such proposed filing
to the Holders as soon as practicable (but in no event less than 30 days before
the anticipated filing date), and such notice shall offer such Holders the
opportunity to register such number of Registrable Securities as each such
Holder may request (which request shall specify the number of shares and the
type of Registrable Securities intended to be disposed of by such Holder and
shall also state the firm intent of the Holder to offer Registrable Securities
for sale) (a "Piggy-Back Registration"). With respect to the foregoing
registration, the Company shall use its reasonable best efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to
permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the
Company or any other security holder included therein and to permit the sale or
other disposition of such Registrable Securities in accordance with the intended
method of distribution thereof. Any Holder shall have the right to withdraw its
request for inclusion of its Registrable Securities in any Registration
Statement pursuant to this Section 2.1 by giving written notice to the Company
of its request to withdraw.

     (b) Notwithstanding any other provision of this Section 2.1, if the
Underwriter advises the Company in writing that, in such firm's opinion,
marketing factors prohibit or require a limitation of the number of shares to be
underwritten, the Underwriter or the Company may exclude the Registrable
Securities in the same proportion, as nearly as practicable, to other selling
shareholders of the Company or the Underwriter or the Company may limit the
number of Registrable Securities to be included in the registration and
underwriting to a specified percentage of the Registrable Securities to be
distributed through the underwriting in the same proportion, as nearly as
practicable, to other selling shareholders of the Company. The Company shall so
advise all Holders of Registrable Securities which would otherwise be registered
and underwritten under this subsection and the number of shares of Registrable
Securities that may be included in the registration and underwriting shall be
allocated among all Holders who hold those securities in proportion, as nearly
as practicable, to the respective amounts of Registrable Securities entitled to
inclusion in the registration held by such Holders at the time the registration
statement is filed.

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     Any Holder disapproving of the terms of any such underwriting may elect to
withdraw from it by written notice to the Company and the Underwriter.

     (c) Notwithstanding any other provision of this Agreement to the contrary,
the Company shall not be required to include any of the Registrable Securities
in a registration statement relating to an underwritten offering of the
Company's securities unless the Holders accept the terms of the underwriting as
agreed upon between the Company and the underwriters selected by it (provided
such terms are usual and customary for selling Stockholder), including, without
limitation, any Underwriter's Cutback and/or Lockup, and the Stockholder agrees
to promptly execute and/or deliver such documents in connection with such
registration as the Company or the managing underwriter may reasonably request.

     (d) Notwithstanding any other provision of this Agreement to the contrary,
the Holder may not sell or otherwise transfer or dispose of any of the
Registrable Securities earned and delivered to the Stockholder in accordance
with the Merger Agreement unless otherwise agreed by the Company for a period of
one year from the Effective Date of the Merger Agreement or if requested in
writing by the Company and the Underwriter, the Holders shall agree not to sell
or otherwise transfer or dispose of any Registrable Securities held by the
Holders for a period set by the Underwriter following the effective date of a
registration statement of the Company filed under the Securities Act, provided
that officers and directors of the Company and other Stockholder of the Company
who are similarly situated to the Stockholder are subject to a similar Lock-up.

     (e) The Holder understands that sales of large blocks of the Company's
securities could negatively impact the trading price of its stock. Accordingly
and notwithstanding any other provision of this Agreement to the contrary, the
Holder hereby agrees that for a period of two years from the Effective Date of
the Merger Agreement he/she will not, within any 30 day period, offer to sell,
contract to sell, hypothecate, negotiate, pledge, assign, encumber, loan,
pledge, grant any rights with respect to or otherwise dispose of, directly or
indirectly (collectively, a "Disposition"), of a number of shares of Company's
securities which exceeds 5 percent of the total average weekly trading volume
(which shall be calculated without the inclusion of any Disposition) of the
Company's securities for the four (4) calendar weeks preceding the date of any
such Disposition.

     Such restrictions shall not apply with respect to a Disposition (i) to
other holders of the Company's securities who are bound by the terms of an
agreement containing the same terms and restrictions described herein, (ii) to
any donees who receive such shares of the Company's securities as a bona fide
gift and who are bound by the terms of this Agreement, (iii) with the prior
written consent of the Company, or (iv) pursuant to proportionate co-sale rights
with other officers and directors of the Company to the extent sales by such
officers and directors exceed the limitations imposed upon the Holder as
provided above.

The Holder acknowledges and agrees that the foregoing restrictions also
expressly preclude the Holder from engaging in any hedging or other transaction
which is designed to or reasonably expected to lead to or result in a
Disposition of shares of the Company's securities during the said restricted
sale period, even if such shares of the Company's securities would be disposed
of by someone other than the Holder. Such prohibited hedging or other
transactions would include, without limitation, any short sale (whether or not
against the box) or any purchase, sale, show of any shares or grant of any right
(including, without limitation, any put or call option) with respect to any
shares of the Company's securities or with respect to any security

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(other than a broad-based market basket or index) that includes, relates to or
derives any significant part of its value from the Company's securities.

The Holder agrees to submit each certificate for his shares of the Company's
securities now or hereafter owned by him to the Company for imprinting of the
following legends thereon:

           "The sale, transfer, hypothecation, negotiation, pledge,
           assignment, encumbrance or other disposition of this share
           certificate and the shareholdings represented hereby are
           subject to all of the terms, conditions and provisions of a
           Registration Rights Agreement effective as of December 1,
           2002, a copy of which may be obtained from the Secretary of
           PainCare Holdings, Inc."

In furtherance of the foregoing, the Company and its transfer agent and
registrar are hereby authorized to decline to make any transfer of shares of the
Company's securities if such transfer would constitute a violation or breach of
this Agreement.

                                   ARTICLE 3.
                             REGISTRATION PROCEDURES

     SECTION 3.1. Filings; Information. Whenever the Company is required to
effect or cause the registration of Registrable Securities pursuant to Section
2.1 hereof, the Company will use its reasonable best efforts to effect the
registration of such Securities in accordance with the intended method(s) of
disposition thereof as quickly as practicable, and in connection with any such
request:

     (a) The Company will prepare and file with the Commission a Registration
Statement with respect to the offer and sale of such securities and use its
reasonable best efforts to cause such Registration Statement to become and
remain effective until the completion of the distribution contemplated thereby;
provided, however, the Company shall not be required to keep such Registration
Statement effective for more than 12 months (or such shorter period which will
terminate when all Securities covered by such Registration have been sold, but
not prior to the expiration of the applicable period referred to in Section 4(3)
of the Securities Act and Rule 174 thereunder, if applicable).

     (b) The Company will prepare and file with the Commission such amendments
and post-effective amendments to the Registration Statement as may be necessary
to keep such Registration Statements effective for as long as such registration
is required to remain effective pursuant to the terms hereof; cause the
Prospectus to be supplemented by any required Prospectus supplement, and, as so
supplemented, to be filed pursuant to Rule 424 under the Securities Act; and
comply with the provisions of the Securities Act applicable to it with respect
to the disposition of all Registrable Securities covered by such Registration
Statement during the applicable period in accordance with the intended methods
of disposition by the Selling Holders set forth in such Registration Statement
or supplement to the Prospectus.

     (c) The Company, at least ten (10) Business Days prior to filing a
Registration Statement or a Prospectus or any amendment or supplement to such
Registration Statement or Prospectus, will furnish to (i) each Selling Holder,
(ii) not more than one counsel representing all Selling Holders ("Selling
Holders Counsel"), to be selected by a majority-in-interest of such Selling
Holders, and (iii) each Underwriter, if any, of the Registrable Securities
covered by such

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Registration Statement, copies of such Registration Statement as proposed to be
filed, together with exhibits thereto (whether or not incorporated by reference
in such Registration Statement), which documents will be subject to review and
approval by each of the foregoing within ten (10) Business Days after delivery
(except that such review and approval of any Prospectus or any amendment or
supplement to such Registration Statement or Prospectus must be made within five
(5) Business Days after delivery), and thereafter, furnish to such Selling
Holders, Selling Holders' Counsel and Underwriters, if any, at the Company's
expense, such number of conformed copies of such Registration Statement, each
amendment and supplement thereto (in each case including all exhibits thereto
and documents incorporated by reference therein), the Prospectus included in
such Registration Statement (including each preliminary Prospectus) and such
other documents or information as such Selling Holders, Selling Holders' Counsel
or Underwriters may reasonably request in order to facilitate the disposition of
the Registrable Securities (it being understood that the Company consents to the
use of the Prospectus and any amendment or supplement thereto by each Selling
Holder and the Underwriters, if any, in connection with the offering and sale of
the Registrable Securities covered by such Prospectus or any amendment or
supplement thereto). The Company shall provide the Holders' counsel and each
Underwriter, if any, a copy of any and all transmittal letters or other
correspondence to, or received from, the Commission or any other governmental
body having jurisdiction relating to the offering.

     (d) The Company will use its reasonable best efforts to prevent the entry
of any stop order or to remove it at the earliest possible moment if entered.

     (e) [Section Reserved].

     (f) The Company will promptly notify each Selling Holder, Selling Holders'
Counsel and any Underwriter in writing, (i) of any request by the Commission or
other regulatory body having jurisdiction over the Registration Statement for
any amendment or supplement to any Registration Statement or other document
relating to the offering and sale of the Registrable Securities, (ii) 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, (iii) of the issuance by the
Commission of any stop order suspending the effectiveness of a Registration
Statement or the initiation or threatening of any proceedings for that purpose,
and (iv) of the happening of any event which makes any statements made in a
Registration Statement or related Prospectus or any document incorporated by
reference therein untrue in a material respect or which requires the making of
any changes in such Registration Statement, Prospectus or documents so that they
will not to the best of the Company's knowledge 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 in the Registration Statement and Prospectus
not misleading in light of the circumstances in which they were made; and, as
promptly as practicable thereafter, prepare and file with the Commission and
furnish a supplement or amendment to such Prospectus so that, as thereafter
deliverable to the buyers of such Registrable Securities, such Prospectus will
not to the best of the Company's knowledge contain any untrue statements of a
material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading, such amendment to be subject to the Holders' review under Section
3.1(c).

     Each Selling Holder agrees that, upon receipt of any notice in writing from
the Company of the happening of any event of the kind described in Section
3.1(f) hereof, such Selling Holder will forthwith discontinue disposition of
Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities until such Selling Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3.1(f) hereof,

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and, if so directed by the Company, such Selling Holder will deliver to the
Company all copies, other than permanent file copies then in such Selling
Holder's possession, of the most recent Prospectus covering such Registrable
Securities at the time of receipt of such notice. In the event the Company shall
give such notice, the Company shall extend the period during which such
Registration Statement shall be maintained effective (including the period
referred to in Section 3.1(a) hereof) by the number of days during the period
from and including the date of the giving of notice pursuant to Section 3.1(f)
hereof to the date when the Company shall make available to the Selling Holders
covered by such Registration Statement a Prospectus supplemented or amended to
conform with the requirements of Section 3.1(f) hereof.

     (g) The Company will make generally available an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act no later than
120 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
files complete and accurate information on Forms 10-QSB, 10-KSB and 8-K under
the Exchange Act in accordance with the applicable time periods and extensions
provided by the Exchange Act and otherwise complies with Rule 158 under the
Securities Act.

     (h) The Company will enter into customary agreements (including, if
applicable, an underwriting agreement in customary form and which is reasonably
satisfactory to the Company) and take such other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable
Securities.

     (i) The Company, during the period when the Prospectus is required to be
delivered under the Securities Act, will file all documents required to be filed
with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the
Exchange Act.

     (j) The Company will use its reasonable best efforts to cause all such
Registrable Securities to be listed on each securities exchange or quoted on any
automated quotation system on which similar securities of the Company are then
listed or quoted and enter into customary agreements, including a listing
application in customary form; provided that the applicable listing requirements
are satisfied, and to provide a transfer agent and register for such Registrable
Securities covered by the Registration Statement no later than the effective
date of such Registration Statement.

     (k) The Company will make available for inspection by any Holder of
Registrable Securities covered by the Registration Statement, any Underwriter
participating in any disposition pursuant to such Registration Statement, and
any attorney, accountant, or other agent retained by any such Holder or
underwriter (collectively, the "Inspectors"), all financial and other records,
pertinent corporate documents and properties of the Company as such Inspector
shall deem necessary or desirable in order to permit it to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act and cause
the Company's officers, directors and employees to supply all information and
respond to all inquiries reasonably requested by any such Inspector in
connection with such Registration Statement. The rights granted to the
Inspectors in this Section 3(k) shall be conditioned upon the Inspectors
agreeing to sign confidentiality agreements prior to receiving information or
documentation from the Company.

     (1) The Company will, to the extent required in connection with an
underwritten offering, (i) use its reasonable best efforts to furnish an opinion
of counsel for the Company addressed to the Underwriter and each Selling Holder
and dated the date of the closing under the

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underwriting agreement (if any) (or if such offering is not underwritten, dated
the effective date of the Registration Statement), and (ii) use its reasonable
best efforts to furnish a "cold comfort" letter addressed to each Selling
Holder, if permissible under applicable accounting practices, and signed by the
independent public accountants who have audited the Company's financial
statements included in such Registration Statement, in each such case covering
substantially the same matters with respect to such Registration Statement (and
the Prospectus included therein) as are customarily covered in opinions of
issuer's counsel and in accountants' letters delivered to underwriters in
underwritten pubic offerings of securities and such other matters as the Selling
Holders may reasonably request and, in the case of such accountants' letter,
with respect to events subsequent to the date of such financial statements.

     (m) The Company will, not later than the effective date of the Registration
Statement, provide a CUSIP number for all Registrable Securities, and provide
the applicable transfer agents with printed certificates for the Registrable
Securities, which are in a form eligible for deposit with The Depository Trust
Company.

     SECTION 3.2. Registration Expenses. The Company shall pay all expenses in
connection with any Registration pursuant to Article 3 hereof or incident to the
Company's performance of or compliance with this Agreement including, without
limitation:

     (i)   all registration and filing fees,

     (ii)  the fees and expenses of compliance with the securities or blue sky
laws (including fees and disbursements of counsel in connection with blue sky
qualifications of the Registrable Securities),

     (iii) all printing, messenger and delivery expenses, (iv) the Company's
internal expenses (including, without limitation, all salaries and expenses of
its officers and employees performing legal or accounting duties),

     (v)   the fees and expenses incurred in connection with the listing or
quotation, as appropriate, of the Registrable Securities,

     (vi)  the fees and disbursements of counsel for the Company and the fees
and expenses for independent certified public accountants retained by the
Company (including the expenses of any special audit or cold comfort letter),
and

     (vii) the fees and expenses of any special experts retained by the Company
in connection with such registration. Notwithstanding the foregoing, the Company
shall not be responsible for the payment of any legal expenses, brokerage
commissions or taxes incurred by the Selling Holders.

                                   ARTICLE 4.
                        INDEMNIFICATION AND CONTRIBUTION

     SECTION 4.1 Indemnification by the Company. The Company agrees to indemnify
and hold harmless, to the fullest extent permitted by law, each Selling Holder,
its general partners, limited partners, managers, officers, directors,
employees, advisors and agents, and each Person, if any, who controls, is
controlled by or is under common control with such Selling Holder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
together with the general partners, limited partners, managers, officers,
directors, employees, advisors and agents of such controlling Person
(collectively the "Controlling Persons"), from and against any loss, claim,
damage, liability, attorneys' fees, cost or expense and costs and expenses of
investigating and defending any such claim (collectively, the "Damages") and any
action in respect thereof to which such Selling Holder, its general partners,
managing partners, managers, officers, directors, employees, advisors and
agents, and any such Controlling Person may become subject under the Securities
Act, the Exchange Act, state blue sky laws, common laws or otherwise, insofar as
such Damages (or proceedings in respect thereof) arise out of, or are based
upon, (x) any untrue statement of a material fact contained in any Registration
Statement or Prospectus, or any amendment or supplement thereto, or any
preliminary or summary Prospectus, or in any document incorporated by reference
in such Registration Statement or Prospectus, any

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amendment or supplement thereto, or any preliminary or Summary Prospectus, (y)
any omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the
same are based upon information furnished in writing to the Company by a Selling
Holder for use therein, or (z) any violation by the Company of any federal,
state or common law rule or regulation applicable to the Company and relating to
action required of or inaction by the Company in connection with any such
registration, and the Company shall reimburse each Selling Holder, its partners,
officers, directors, employees, advisors and agents, and each such Controlling
Person for any legal and other expenses reasonably incurred by that Selling
Holder, its partners, officers, directors, employees, advisors and agents, or
any such Controlling Person in investigating or defending or preparing to defend
against any such Damages or proceedings; provided, however, that the Company
shall not be liable to any Selling Holder or other indemnitee to the extent that
any such Damages arise out of or are based upon an untrue statement or omission
based solely upon information provided in writing to the Company by the Selling
Holder for inclusion in such Prospectus or Registration Statement. The Company
also agrees to indemnify any Underwriters of the Registrable Securities, their
officers and directors and each Person who controls such Underwriters on
substantially the same basis as that of the indemnification of the Selling
Holders provided in this Section 4.1. This indemnity will survive the transfer
of the Registrable Securities by the Holder thereof.

     SECTION 4.2. Indemnification by Selling Holders. The Selling Stockholder
agrees, to jointly and severally with regard to the Stockholder (as defined in
the Merger Agreement) and severally but not jointly between the Stockholder
indemnify and hold harmless, the Company, its officers, directors, employees,
advisors and agents, and each Controlling Person of the Company, if any,
together with the partners, officers, directors, employees, advisors and agents
of such Controlling Person, from and against any Damages and any action in
respect thereof to which the Company and any such Controlling Person may become
subject under the Securities Act, the Exchange Act, state blue sky laws, common
laws or otherwise, insofar as such Damages (or proceedings in respect thereof)
arise out of, or are based upon, (x) any untrue statement of a material fact
contained in any Registration Statement or Prospectus or any preliminary or
summary Prospectus, or (y) any omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, but in each case only to the extent that such untrue statement of
material fact is contained in, or such material fact relating to the Selling
Holder is omitted from, information related to such Selling Holder, or its plan
of distribution, furnished in writing to the Company by such Selling Holder for
use in any Registration Statement or Prospectus, or any amendment or supplement
thereto, or any preliminary or summary Prospectus with the understanding that
the liability pursuant to this Section 4.2, except where the Selling Holders are
grossly negligent or engage in malfeasance or willful misconduct, shall not
exceed the amount of the proceeds received by the Selling Holders from the
Registrable Securities sold pursuant to such Registration Statement; provided,
however, that such Selling Holder 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 or supplement thereto, such Selling Holder has furnished in writing
to the Company information for use in such Registration Statement or Prospectus
or any amendment or supplement thereto which corrected or made not misleading
information previously furnished to the Company. The Selling Holder shall
reimburse the Company and each such Controlling Person for any legal and other
expenses reasonably incurred by the Company or any such Controlling Person in
investigating or defending or preparing to defend against any such Damages or
proceedings.

     SECTION 4.3. Conduct of Indemnification Proceedings. Promptly after receipt
by any Person in respect of which indemnity may be sought pursuant to Section
4.1 or 4.2 (an

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"Indemnified Party") of notice of any claim or the commencement of any action,
the Indemnified Party shall, if a claim in respect thereof is to be made against
the Person against whom such indemnity may be sought (an "Indemnifying Party"),
notify the Indemnifying Party in writing of the claim or the commencement of
such action; provided that the failure to notify the Indemnifying Party shall
not relieve it from any liability which it may have to an Indemnified Party
otherwise than under Section 4.1 or 4.2 except to the extent of any actual
prejudice resulting therefrom. If any such claim or action shall be brought
against an Indemnified Party, and it shall notify the Indemnifying Party
thereof, the Indemnifying Party shall be entitled to participate therein, and,
to the extent that it wishes, jointly with any other similarly notified
Indemnifying Party, to assume the defense thereof with counsel reasonably
satisfactory to the Indemnified Party. After notice from the Indemnifying Party
to the Indemnified Party of its election to assume the defense of such claim or
action, the Indemnifying Party shall not be liable to the Indemnified Party for
any legal or other expenses subsequently incurred by the Indemnified Party in
connection with the defense thereof other than reasonable costs of
investigation; provided that the Indemnified Party shall have the right to
employ separate counsel to represent the Indemnified Party and its Controlling
Persons who may be subject to liability arising out of any claim in respect to
which indemnity may be sought by the Indemnified Party against the Indemnifying
Party, but the fees and expenses of such counsel shall be for the account of
such Indemnified Party unless (i) the Indemnifying Party and the Indemnified
Party shall have mutually agreed to the retention of such counsel or (ii) in the
opinion of counsel to such Indemnified Party, representation of both parties by
the same counsel would be inappropriate due to actual or potential conflicts of
interest between them, it being understood, however, that the Indemnifying Party
shall not, in connection with any one such claim or action or separate but
substantially similar or related claims or actions in the same jurisdiction
arising out of the same allegations or circumstances, be liable for the fees and
expenses of more than one separate firm of attorneys (together with local
counsel) at any time for all Indemnified Parties. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any
settlement of any claim or pending or threatened proceeding in respect of which
the Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, and such settlement includes an
unconditional release of such Indemnified Party from all liability arising out
of such claim or proceeding. Whether or not the defense of any claim or action
is assumed by the Indemnifying Party, such Indemnifying Party will not be
subject to any liability for any settlements made without its consent, which
consent will not be unreasonably withheld. In all instances, the Indemnified
Party shall cooperate fully with the Indemnifying Party or its counsel in the
defense of each claim or action.

                                   ARTICLE 5.
                                  MISCELLANEOUS

     SECTION 5.1. Participation in Underwritten Registrations. No Person may
participate in any underwritten registration hereunder unless such Person (a)
agrees to sell such Person's securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements, and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements and these
registration rights.

     SECTION 5.2. Rule 144. The Company covenants that it will use its
reasonable best efforts to file any reports required to be filed by it under the
Securities Act and the Exchange Act and that it will take such further action as
any Holder may reasonably request, all to the extent required from time to time
to enable Holders to sell Registrable Securities without registration

                                       10

<PAGE>

under the Securities Act within the limitation of the exemptions provided by (a)
Rule 144 under the Securities Act, or (b) any other applicable exemption from
the registration requirements of the Securities Act adopted by the Commission.
Upon the request of any Holder, the Company will deliver to such Holder a
written statement as to whether it has complied with such requirements.

     SECTION 5.3. Amendment and Modification. Any provision of this Agreement
may be waived, provided that such waiver is set forth in a writing executed by
the party against whom the enforcement of such waiver is sought. This Agreement
may not be amended, modified or supplemented other than by a written instrument
signed by the holders of at least a majority of the Registrable Securities
(calculated on an as converted basis). No course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to
modify, amend or discharge any part of this Agreement or any rights or
obligations of any Person under or by reason of this Agreement.

     SECTION 5.4. Successors and Assigns; Third Party Beneficiaries. This
Agreement and all of the provisions hereof shall be binding upon and inure to
the benefit of the parties hereto, each subsequent Holder and their respective
successors and assigns and executors, administrators and heirs. Holders are
intended third party beneficiaries of this Agreement and this Agreement may be
enforced by such Holders.

     SECTION 5.5. Entire Agreement. This Agreement sets forth the entire
agreement and understanding between the parties as to the subject matter hereof
and merges and supersedes all prior discussions, agreements and understandings
of any and every nature among them.

     SECTION 5.6. Headings. Subject headings are included for convenience only
and shall not affect the interpretation of any provisions of this Agreement.

     SECTION 5.7. Notices. Any notice, demand, request, waiver, or other
communication under this Agreement shall be in writing and shall be deemed to
have been duly given on the date of service if personally served or sent by
confirmed telecopy, on the Business Day after notice is delivered to a courier
or mailed by express mail if sent by courier delivery service or express mail
for next day delivery and on the third day after mailing if mailed to the party
to whom notice is to be given, by first class mail, registered, return receipt
requested, postage prepaid and addressed to the following:

                   If to the Company: PainCare Holdings, Inc.
                                      37 North Orange Ave., Suite 500
                                      Orlando, FL 32801
                                      Attention: Randy Lubinsky, CEO

                   If to Stockholder: Andrea Trescot, M.D.
                                      1895 Kingsley Ave., Suite 903
                                      Orange Park, FL 32073
                                      Fax: (904) 276-4462

     SECTION 5.8. Governing Law: Forum: Process. This Agreement shall be
governed by and construed in accordance with the laws of the State of Florida,
without regard to any choice-of-law principles thereof.

     SECTION 5.9. Consent to Jurisdiction, Waiver of Immunities. Subject to the
provisions of Section 5.8 hereof, (i) if the Holders commence any legal
proceedings arising out of or relating

                                       11

<PAGE>

to this Agreement, the Holders hereby submit to the exclusive jurisdiction of
the United States District Courts for the Middle District of Florida, Orlando
Division and of any Florida State court sitting in Orlando, Florida, for
purposes of such legal proceedings, and (ii) if the Company commences any legal
proceedings arising out of or relating to this Agreement, the Company hereby
submits to the exclusive jurisdiction of the United States District Courts for
the Middle District of Florida, Orlando Division and of any Florida State court
sitting in Orlando, Florida, for purposes of such legal proceedings. Each party
to this Agreement hereby irrevocably waives, to the fullest extent permitted by
law, any objections 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.

     SECTION 5.10  Recapitalization, etc. In the event that any securities are
issued in respect of, in exchange for, or in substitution of, any Registrable
Securities by reason of any reorganization, reclassification, merger,
consolidation, spin-off, partial or complete liquidation, stock dividend, stock
split, sale of assets, distribution to Stockholder or combination of the shares
of Registrable Securities or any other change in the Company's capital
structure, appropriate adjustments shall be made in the percentages specified
herein so as to fairly and equitably preserve as far as practicable, the
original rights and obligations of the parties hereto under this Agreement, all
in accordance with the terms and conditions set forth in the Agreement.

     SECTION 5.11. Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, and all of which taken together shall
constitute one and the same agreement.

     SECTION 5.12. Severability. In the event that any one or more of the
immaterial provisions contained in this Agreement shall for any reason be held
to be invalid, illegal or unenforceable, the same shall not affect any other
provision of this Agreement, but this Agreement shall be construed in a manner
which, as nearly as possible, reflects the original intent of the parties.

     SECTION 5.13. No Prejudice. The terms of this Agreement shall not be
construed in favor of or against any party on account of its participation in
the preparation hereof.

     SECTION 5.14. Words in Singular and Plural Form. Words used in the singular
form in this Agreement shall be deemed to import the plural, and vise versa, as
the sense may require.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       12

<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be
effective as of the date set forth above.

WITNESSES:                              PAINCARE HOLDINGS, INC.

--------------------------------        By: /s/ Randy Lubinsky
Print Name:                                 -------------------------------
           ---------------------            Randy Lubinsky, CEO

                                        STOCKHOLDER

--------------------------------        /s/ Andrea Trescot
Print Name:                             ----------------------------------
           ---------------------        Andrea Trescot, M.D.

                                       13<PAGE>

                                                                    EXHIBIT 10.8

                             STOCK PLEDGE AGREEMENT

     THIS STOCK PLEDGE AGREEMENT (this "Pledge Agreement") is effective as of
the 1st day of December, 2002 by and between PainCare Holdings, Inc., a Florida
corporation (the "Pledgor") and Andrea Trescot, M.D. (the "Pledgee").

                              W I T N E S S E T H:

     WHEREAS, that certain AGREEMENT AND PLAN OF MERGER (the "Merger Agreement")
was entered into on December 1, 2002 by and among PainCare Holdings, Inc., Pain
& Rehabilitation Network, Inc. a Florida Corporation ("PRNI") and Andrea
Trescot, M.D.;

     WHEREAS, pursuant to the terms and conditions of the Merger Agreement, a
subsidiary of Pledgor will be merged into PRNI and the Pledgee will receive in
exchange for her capital stock in PRNI common shares in Pledgor, cash and the
right to earn additional payments of Pledgor's common stock and cash (the
"Installment Payments"); and

     WHEREAS, the Pledgee is desirous of securing the payment of the Installment
Payments and Pledgor is agreeable all on the following terms and conditions
hereinafter set forth; and

     WHEREAS, it is a condition precedent to the Closing of the Merger Agreement
that Pledgor shall have executed and delivered this Pledge Agreement to the
Pledgee.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged and confessed, Pledgor covenants, represents and
agrees with Pledgee as follows:

     1. Pledge. Upon the terms hereof, Pledgor hereby pledges and assigns to
Pledgee, and grants to Pledgee, a security interest in and to all of the
following property, and all rights, titles and interests of Pledgor therein (all
of the following being sometimes referred to herein collectively as the "Pledged
Interests"): (a) all the duly authorized, issued and outstanding restricted
common stock of PRNI (the "Pledged Shares"); (b) all cash, securities,
dividends, and other property at any time and from time to time receivable or
otherwise distributed in respect of or in exchange for any or all of the Pledged
Shares and any other property substituted or exchanged therefore; and (c) all
proceeds and/or other sums arising from or by virtue of, and all dividends and
distributions (cash or otherwise) payable and/or distributable with respect to,
all or any of, the Pledged Shares.

     2. Secured Obligation. The security interest herein granted (the "Security
Interest") shall secure the prompt and complete payment and performance when due
(whether at the stated maturity, by acceleration or otherwise) of the
Installment Payments. Upon full payment of the Installment Payments, the
Security Interest shall automatically be released by Pledgee. In the event there
is a dispute as to whether or not full payment, the parties will, in good faith,

<PAGE>

attempt to resolve any such disputes and if such disputes can not be resolved
within 30 days of the requested release, such disputes shall be finally settled
by binding arbitration heard by three (3) arbitrators in Orange County, Florida,
pursuant to the rules then pertaining of the American Arbitration Association

     3. Representations and Warranties; Related Covenants. Subject to the
validity of the representations, warranties and covenants of the Pledgee in the
Merger Agreement, Pledgor represents, warrants, covenants and agrees to and with
the Pledgee that: (a) Pledgor is the legal and beneficial owner of the Pledged
Shares; (b) the Pledged Shares are, and the Pledged Shares hereafter created or
acquired shall be at the time of creation or acquisition of such additional
shares, duly authorized and issued, fully paid and non-assessable, and all
documentary, stamp or other taxes or fees owing in connection with the issuance,
transfer and/or pledge thereof have been paid; (c) no dispute, right of setoff,
counterclaim or defense exists with respect to all or any part of the Pledged
Interests except as may otherwise be provided in the Merger Agreement; (d) the
Pledged Interests are free and clear of all liens, mortgages, pledges, charges,
security interests or other encumbrances, options, warrants, puts, calls and
other rights of third persons, and restrictions, other than (i) this Security
Interest and (ii) restrictions on transferability imposed by applicable state
and federal securities laws; (e) Pledgor has full right and authority to pledge
the Pledged Interests for the purposes and upon the terms set out herein, and
the execution, delivery and performance of this Pledge Agreement are not in
contravention of any indenture, agreement or undertaking to which Pledgor is a
party or by which Pledgor is bound; and (f) legends representing Pledgee's
Security Interest has been placed upon the original certificates representing
the Pledged Shares. Notwithstanding anything herein to the contrary, any
reference to Pledged Interests with respect to any provision contained herein
shall exclude for these purposes all matters including, without limitation, all
disputes, rights of setoff, counterclaims, defenses, liens, mortgages, pledges,
charges, security interests or other encumbrances, options, warrants, puts,
calls and other rights of third persons which are existing as of the Closing
Date (as defined in the Merger Agreement) or which arise from, through or out of
unauthorized actions or omissions of the Pledgee.

     4. Covenants. (a) Further Acts, Assurances. Pledgor covenants and agrees to
from time to time promptly execute and deliver to Pledgee all such other
assignments, supplemental writings and financing statements as the Pledgee
reasonably requests in order to perfect the Security Interest. Pledgor further
agrees that if Pledgor shall at any time acquire any additional shares or other
equity interests in PRNI, and whether such acquisition shall be by purchase,
exchange, reclassification, dividend or otherwise, such additional equity
interests shall forthwith (and without the necessity for any request or demand
by Pledgee) constitute Pledged Interests and shall be subject to the Security
Interest herein created, for the purposes and upon the terms and conditions set
forth in this Pledge Agreement.

     (b) No Transfer or Hypothecation. Pledgor will not, without the prior
written consent of Pledgee, transfer, assign, dispose of its right, title or
interest in the Pledged Interests, or any part thereof, or create directly or
indirectly any other security interest or otherwise encumber any of the Pledged
Interests, or permit any of the Pledged Interests to ever

                                       -2-

<PAGE>

be or become subject to any warrant, put, option or other rights of third
persons or any attachment, execution, sequestration or other legal or equitable
process, or any security interest or encumbrance of any kind, except a security
interest which exists as of the Closing Date (as defined in the Merger
Agreement), as provided in the Merger Agreement or which may arise from, through
or out of unauthorized actions or omissions of the Pledgee. Pledgor will warrant
and defend the security interests created hereby against the claims of all third
parties other than those claims arising prior to the Closing Date (as defined in
the Merger Agreement) or those claims arising out of or through the unauthorized
actions or omissions of the Pledgee.

     (c) Inspection. Pledgor shall allow Pledgee upon reasonable written request
within reasonable time parameters to inspect all records of Pledgor relating to
the Pledged Interests, and to make and take away copies of such records during
normal business hours.

     (d) Changes. Pledgor shall promptly notify Pledgee of any material change
in any fact or circumstance warranted or represented by Pledgor in this Pledge
Agreement or in any other writing furnished by Pledgor to Pledgee in connection
with the Pledged Interests.

     (e) Claims. Pledgor shall promptly notify Pledgee of any claim, action or
proceeding affecting title to the Pledged Interests, or any part thereof, or the
Security Interest, and at the request of Pledgee, appear in and defend, at
Pledgor's expense, any such action or proceeding which Pledgor is required to
defend as provided herein.

     (f) Costs. Pledgor shall promptly pay to Pledgee the amount of all
reasonable costs and expenses of Pledgee, including, but not limited to,
attorneys' fees, incurred by Pledgee in connection with the enforcement of the
rights of Pledgee hereunder.

     5. Conversions; etc. Should the Pledged Shares, or any part thereof, ever
be in any manner converted into another property of the same or another type or
any money or other proceeds ever be paid or delivered to Pledgor as a result of
Pledgor's rights in the Pledged Shares, then in any such event (except as
otherwise provided herein), all such property, money and other proceeds shall be
and/or become part of the Pledged Interests, such additional property shall
forthwith (and without the necessity for any request or demand by Pledgee)
constitute Pledged Interests and shall be subject to the Security Interest
herein created, for the purposes and upon the terms and conditions set forth in
this Pledge Agreement. Without limiting the generality of the foregoing, Pledgor
hereby agrees (i) that the shares of capital stock of the surviving corporation
in any merger or consolidation involving any of the Pledged Interests shall be
deemed to constitute the same property as the Pledged Interests, and (ii) to
cause any payments to be received by Pledgor upon the redemption, conversion or
transfer of any of the Pledged Shares to be delivered directly and immediately
to Pledgee for application by Pledgee to the Installment Payments. With respect
to any such property of a kind requiring an additional security agreement,
financing statement or other writing to perfect a security interest therein in
favor of Pledgee, Pledgor will forthwith execute and deliver to Pledgee such
documentation as Pledgee shall reasonably request to create and perfect the
liens and security interests intended to be created herein.

                                       -3-

<PAGE>

     6. Intentionally Omitted.

     7. Preservation of Pledged Shares. It is understood and agreed that Pledgor
shall be responsible generally for the preservation of all rights in the Pledged
Interests and the rights of the Pledgee in respect thereof other than those
claims arising prior to the Closing Date (as defined in the Merger Agreement) or
those claims arising out of or through the unauthorized actions or omissions of
the Pledgee.

     8. Rights of Parties Before and After the Occurrence of an Event of
Default.

     (a) Rights Prior to an Event of Default. Unless and until an Event of
Default shall occur,

           (i)  Pledgor shall be entitled to receive all cash dividends and
     distributions paid or to be paid to Pledgor in respect of or attributable
     to the Pledged Shares and any and all other Distributions (hereinafter
     defined), except as provided in the following sentence. As used herein
     "Distributions" shall mean the retirement, redemption, purchase or other
     acquisition for value of the Pledged Shares, the declaration or payment of
     any dividend or other distribution on or with respect to the Pledged
     Shares, and any other payment made with respect to the Pledged Shares. All
     such Distributions of stock and, after the occurrence of an Event of
     Default, any and all other distributions, shall if received by any entity
     other than Pledgee, and shall forthwith be delivered to Pledgee
     (accompanied by proper instruments of assignment and/or stock and/or bond
     powers executed by Pledgor in accordance with Pledgee's instructions) to be
     held subject to the terms of this Pledge Agreement. Any cash proceeds of
     the Pledged Interests which come into the possession of Pledgee may, at
     Pledgee's option, be applied in whole or in part to the Installment
     Payments (to the extent then due), be released in whole or in part to or on
     the written instructions of Pledgor, or be retained in whole or in part by
     Pledgee as additional security for the payment and performance of the
     Obligations. Pledgee shall never be obligated to make any investment of
     such proceeds and shall never have any liability to Pledgor for any loss
     which may result therefrom. All interest and other amounts earned from any
     investment of such proceeds may be dealt with by Pledgee in the same manner
     as other cash proceeds.

           (ii) Pledgor shall have the right to vote and give consents with
     respect to all of the Pledged Shares and to consent to, ratify, or waive
     notice of any and all meetings; provided that such right shall in no case
     be exercised for any purpose contrary to, or in violation of, any of the
     terms or the provisions of this Pledge Agreement or the Installment
     Payments.

     (b) Rights After the Occurrence of an Event of Default. Upon the occurrence
and during the continuance of an Event of Default, Pledgee, without the
consent of Pledgor, may:

           (i)  At any time vote or consent with respect to any action regarding
     the Pledged Shares is necessary or required and authorize any Pledged
     Shares to be voted and give, ratify and/or waive notice of any and all
     meetings, and take such other action

                                       -4-

<PAGE>

as shall seem desirable to Pledgee, in its discretion, to protect or further the
interests of Pledgee in respect of any of the Pledged Shares as though it were
the outright owner thereof;

           (ii)  In respect of any Pledged Shares, join in and become a party to
     any plan of recapitalization, reorganization or readjustment (whether
     voluntary or involuntary) as shall seem desirable to Pledgee, in his sole
     and absolute discretion, in respect of any such Pledged Shares, and deposit
     any such Pledged Interests under any such plan; make any exchange,
     substitution, cancellation or surrender of such Pledged Shares required by
     any such plan and take such action with respect to any such Pledged Shares
     as may be required by any such plan or for the accomplishment thereof; and
     no such disposition, exchange, substitution, cancellation or surrender
     shall be deemed to constitute a release of Pledged Shares from the Security
     Interest of this Pledge Agreement;

           (iii) Receive all Distributions, dividends and other payments of
     whatever kind made upon or with respect to any Pledged Interests; and

           (iv)  Pledgor and Pledgee agree that the Pledgee shall have no
     further obligation to the non-compete provision contained in the Pledgee's
     employment agreement with the Surviving Corporation (as that term is
     defined in the Merger Agreement).

     (c) Right of Sale After the Occurrence of an Event of Default. Upon the
occurrence and during the continuance of an Event of Default, Pledgee may sell,
without recourse to judicial proceedings, by way of one or more contracts, with
the right to bid for and buy, the Pledged Interests or any part thereof, upon
thirty (30) days' notice (which notice is agreed to be reasonable notice for the
purposes hereof) to Pledgor of the time and place of sale, for cash, upon credit
or for future delivery, at Pledgee's option and in Pledgee's complete
discretion:

           (i)   At public sale, including a sale at any broker's board or
     exchange; or

           (ii)  At private sale in any manner which will not require the
     Pledged Interests, or any part thereof, to be registered in accordance with
     The Securities Act of 1933, as amended, or the rules and regulations
     promulgated thereunder, or any other law or regulation, at the best price
     reasonably obtainable by Pledgee at any such private sale or other
     disposition in the manner mentioned above. Pledgee is also hereby
     authorized, but not obligated, to take such actions, give such notices,
     obtain such consents, and do such other things as Pledgee may deem required
     or appropriate in the event of sale or disposition of any of the Pledged
     Interests. Pledgor understands that Pledgee may in its discretion approach
     a restricted number of potential purchasers and that a sale under such
     circumstances may yield a lower price for the Pledged Interests, or any
     portion thereof, than would otherwise be obtainable if the same were
     registered and sold in the open market. Pledgor agrees (A) that in the
     event Pledgee shall so sell

                                       -5-

<PAGE>

the Pledged Interests, or any portion thereof, at such private sale or sales,
Pledgee shall have the right to rely upon the advice and opinion of any member
firm of a national securities exchange (or independent appraiser) as to the best
price reasonably obtainable upon such a private sale thereof (any expense borne
by Pledgee in obtaining such advice to be paid by Pledgor as an expense related
to the exercise by Pledgee of its rights hereunder), and (B) that such reliance
shall be conclusive evidence that Pledgee handled such matter in a commercially
reasonable manner. Pledgee shall be under no obligation to take any steps to
permit the Pledged Interests to be sold at a public sale or to delay a sale to
permit the Companies to register the Pledged Interests for public sale under The
Securities Act of 1933 or applicable state securities law.

     In case of any sale by the Pledgee of the Pledged Interests on credit or
for future delivery, the Pledged Interests sold may be retained by Pledgee until
the selling price is paid by the purchaser, but Pledgee shall incur no liability
in case of failure of the purchaser to take up and pay for the Pledged Interests
so sold. In case of any such failure, such Pledged Interests so sold may be
again similarly sold.

     (d) Other Rights After an Event of Default. Upon the occurrence and during
the continuance of an Event of Default, Pledgee, at his election may exercise
any and all rights available to a secured party under the Uniform Commercial
Code as enacted in the State of Florida or other applicable jurisdiction, as
amended, in addition to any and all other rights afforded hereunder, under the
Installment Payments, under the Merger Agreement, at law, in equity or
otherwise.

     (e) Application of Proceeds. Any and all proceeds ever received by Pledgee
from any disposition of the Pledged Interests, or any part thereof or the
exercise of any other right pursuant hereto shall be applied as payment for
costs and expenses incurred in connection with such Event of Default and then as
payments against the Installment Payments.

     9.  Events of Default. An "Event of Default" shall occur if (i) any of the
representations or warranties made by the Pledgor herein, or in the Merger
Agreement (including all Exhibits and Schedules annexed thereto) shall have been
incorrect when made in any material respect; (ii) the Pledgor shall breach, fail
to perform, or observe in any material respect any covenant, term, provision,
condition, agreement or obligation of the Pledgor under this Pledge Agreement or
the Merger Agreement, between the parties of even date herewith and such default
is not cured within thirty (30) days of the Pledgor's receipt of a notice from
the Pledgee with respect to such default, or (iii) upon Pledgor's termination of
existence, insolvency, business failure, appointment of a receiver of any of the
property of, assignment for the benefit of creditors by or the commencement of
any proceedings under any bankruptcy or insolvency laws by or against Pledgor
(each of (i), (ii) and (iii) being referred to herein as an "Event of Default").

     10. Notices. Whenever this Pledge Agreement requires or permits any
consent, approval, notice, request or demand from any one party to another, the
consent, approval,

                                       -6-

<PAGE>

notice, request or demand shall be deemed given if given in accordance with
Section 10.3 of the Merger Agreement.

     11. Right to File as Financing Statement. Pledgee shall have the right at
any time to execute and file this Pledge Agreement as a financing statement, but
the failure of Pledgee to do so shall not impair the validity or enforceability
of this Pledge Agreement or the Security Interest.

     12. Rights. (a) Each right, power and remedy of Pledgee provided for in
this Pledge Agreement or now or hereafter existing at law or in equity or by
statute or otherwise shall be cumulative and concurrent and shall be in addition
to every other right, power or remedy provided for in this Pledge Agreement or
now or hereafter existing at law or in equity or by statute or otherwise, and
the exercise or beginning of the exercise by Pledgee of any one or more of such
rights, power or remedies shall not preclude the simultaneous or later exercise
by Pledgee of any or all such other rights, powers or remedies. No failure or
delay on the part of Pledgee to exercise any such right, power or remedy and no
notice or demand which may be given to or made upon Pledgor by Pledgee with
respect to any such remedies shall operate as a waiver thereof, or limit or
impair Pledgee's right to take any action or to exercise any power or remedy
hereunder, or under any of the Merger Agreement, without notice or demand, or
prejudice its rights as against Pledgor in any respect.

     (b) Pledgor hereby waives any requirement that Pledgee or any other holder
of the Installment Payments exhaust any right or remedy or take any action in
connection with the Installment Payments or of the Merger Agreement before
exercising any right or remedy under this Pledge Agreement. The obligations of
Pledgor hereunder shall not be affected or impaired by reason of the happening
from time to time of any of the following, although without notice to or the
consent of Pledgor:

          (i)   the renewal or extension of the maturity of or the acceptance of
     partial payments with respect to any and all amounts due and owing under
     the Installment Payments or the Merger Agreement, or any part thereof;

          (ii)  the alteration in any manner of the terms of the Installment
     Payments or the Merger Agreement or any part thereof either as to the
     maturities thereof, rates of interest, methods of payment, parties thereto
     or otherwise (except for any notices to or consents of Pledgor expressly
     required pursuant to the Merger Agreement);

          (iii) the waiver by Pledgee of the Installment Payments of the
     performance or observance by Pledgor of any of its agreements, covenants,
     terms or conditions contained in the Installment Payments or the Merger
     Agreement;

          (iv)  the voluntary or involuntary liquidation, dissolution, sale of
     all or substantially all of the assets, marshalling of assets and
     liabilities, receivership, conservatorship, insolvency, bankruptcy,
     assignment for the benefit of creditors, reorganization, arrangement,
     winding up, or other similar proceedings affecting Pledgor;

                                       -7-

<PAGE>

         (v) the release by operation of law or otherwise of Pledgor from the
     performance or observance of any of the agreements, covenants, terms or
     conditions contained in the Merger Agreement (except to the extent, if any,
     that the obligations of Pledgor hereunder are specifically affected
     pursuant to or in connection with any such release); or

         (vi) the release of any security for the Installment Payments, whether
     under this Pledge Agreement or the Merger Agreement (except to the extent,
     if any, that the obligations of Pledgor hereunder are specifically affected
     pursuant to or in connection with any such release).

     13. Amendments. This Pledge Agreement may be amended only by an instrument
in writing executed jointly by Pledgor and Pledgee and supplemented only by
documents delivered or to be delivered in accordance with the express terms
hereof.

     14. Multiple Counterparts. This Pledge Agreement may be executed in a
number of identical counterparts, each of which shall be deemed an original for
all purposes and all of which shall constitute, collectively, one agreement;
but, in making proof of this agreement, it shall not be necessary to produce or
account for more than one such counterpart.

     15. Parties Bound; Assignment. This Pledge Agreement shall be binding on
Pledgor and Pledgor's successors and assigns and shall inure to the benefit of
Pledgee and Pledgee's successors and assigns.

     16. Invalid Provisions. If any provision of this Pledge Agreement is held
to be illegal, invalid or unenforceable under present or future laws effective
during the term hereof, such provision shall be fully severable, this Pledge
Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part hereof, and the remaining
provisions hereof shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance
herefrom. Furthermore, in lieu of such illegal, invalid or unenforceable
provision there shall be added automatically as a part of this Pledge Agreement
a provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid and enforceable.

     17. No Control by Pledgee. Notwithstanding anything herein to the contrary,
this Pledge Agreement and the Merger Agreement, and the transactions
contemplated hereby and thereby, do not and will not constitute, create or have
the effect of constituting or creating, directly or indirectly, the actual or
practical ownership of Pledgor or PRNI by Pledgee, or control, affirmative or
negative, direct or indirect, by Pledgee over the management or any other aspect
of the day-to-day operation of the Pledgor or PRNI, which ownership and control
remains exclusively and at all times with Pledgor, except as otherwise provided
herein with respect to rights after an Event of Default.

     18. Paragraph Headings. The paragraph headings used in this Pledge
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

                                       -8-

<PAGE>

     19. Consent to Jurisdiction. Pledgor and Pledgee hereby irrevocably submit
to the exclusive jurisdiction of any Florida State court sitting in Orange
County, Florida, over any action or proceeding arising out of or relating to
this Pledge Agreement or the Installment Payments, and Pledgor and Pledgee
hereby irrevocably agree that all claims in respect of such action or proceeding
shall be heard and determined in any Florida State court sitting in Orange
County, Florida. Pledgor also irrevocably consents to the service of any and all
process in any such action or proceeding by the mailing of copies of such
process to Pledgor at the address shown on the signature page hereof. Pledgor
agrees that a final judgment on any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law.

     20. Conflicts With Merger Agreement. In the event of any conflict or
inconsistency between the terms of this Pledge Agreement and the terms of the
Merger Agreement, the terms of this Pledge Agreement will control.

     21. Agreement to Supplement. Pledgor acknowledges and agrees that this
Pledge Agreement may be amended and supplemented from time to time to (a)
specifically include a description of all Pledged Interests are to become
subject hereto subsequent to the date hereof pursuant to this Pledge Agreement.
Pledgee shall have a valid first priority security interest in all additional
Pledged Interests that come into existence after the date hereof. Pledgor hereby
agrees to execute, deliver and cause the filing of all stock powers, financing
statements and other documents and to take such further action as deemed
necessary in Pledgee's reasonable discretion with respect to each such
additional Pledged Shares to ensure the rights of Pledgee hereunder with respect
thereto.

     22. Substitution of Pledged Interests. Notwithstanding anything herein to
the contrary, with the consent of the Pledgee, which consent may not be
unreasonably withheld, Pledgor may substitute all or any portion of the Pledged
Interests with new collateral. Upon such substitution, the Pledgee shall take
all reasonable measures to release the subject Pledged Interests.

     23. Noncircumvention. Pledgor agrees not to take any action or fail to take
any action which would have the effect of circumventing or otherwise materially
interfering with the purpose of this Pledge Agreement as set forth herein.

     24. COMPLETE AGREEMENT. THIS PLEDGE AGREEMENT, THE MERGER AGREEMENT WITH
ITS EXHIBITS AND SCHEDULES COLLECTIVELY REPRESENT THE FINAL AGREEMENT BY AND
AMONG THE PLEDGEE AND THE PLEDGOR AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF PLEDGOR AND PLEDGEE.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PLEDGOR AND THE PLEDGEE.

                                       -9-

<PAGE>

     26. FLORIDA LAW. THIS PLEDGE

AGREEMENT, THE DEBENTURE AND THE AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF FLORIDA.

     27. Pledgee Fees. Pledgor shall be responsible to Pledgee for the payment
of all reasonable fees and costs associated with the rendering of services
pursuant to this Pledge Agreement.

         EXECUTED effective as of the date first above written.

--------------------------------------------------------------------------------
ADDRESS:                         PLEDGOR:
Facsimile:                       PainCare Holdings, Inc., a Florida corporation
                                 By:    /s/ Randy Lubinsky
                                 Name:
                                 Title: CEO

--------------------------------------------------------------------------------
ADDRESS:                         PLEDGEE:
Facsimile:                       Andrea Trescot, M.D.
                                 /s/ Andrea Trescot, M.D.
--------------------------------------------------------------------------------

                                      -10-

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