Document:

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                                                                    Exhibit 10.7

                             SECURED PROMISSORY NOTE

U.S. $500,000.00                                               February 21, 2002
Principal Amount

         FOR VALUE RECEIVED, METROPOLITAN HEALTH NETWORKS, INC. a Florida
corporation with an address at 500 Australian Avenue South, Suite 1000, West
Palm Beach, Florida 33401 ("Maker"), for value received hereby promises to pay
to the order of PINNACLE INVESTMENT PARTNERS, L.P., a New York limited
partnership with an address at 110 Wall Street, 24th Floor, New York, New York
10005 ("Payee"), the principal sum of FIVE HUNDRED THOUSAND DOLLARS AND XX/100
CENTS ($500,000.00) on or before June __, 2002 (the "Maturity Date"), together
with accrued simple interest on the unpaid principal amount of this Note at a
rate equal to 2% per month from and including the date hereof to the Maturity
Date. Payments of both principal and interest are to be made in lawful money of
the United States of America unless Payee agrees to another form of payment.

         1. Payment of the indebtedness evidenced by this Note is secured by and
entitled to the benefit of the pledge of 700,000 shares (the "Pledged Shares")
of the Maker's restricted common stock, $.001 par value (the "Common Stock"),
with registration rights, as set forth in a Pledge and Security Agreement, dated
as of the date hereof between Maker and Payee.

         2. If the Maker shall fail to deposit the Pledged Shares into escrow
with Lehman & Eilen LLP within 30 days of the date hereof, or shall make a
general assignment for the benefit of creditors, or shall admit in writing its
inability to pay its debts as they become due, or shall file a petition in
bankruptcy, or shall be adjudicated in bankrupt or insolvent, then, and upon the
happen ing of any such event, the Payee at its option, may declare the entire
unpaid balance of the principal hereunder immediately due and payable with
interest thereon as herein provided.

         3. Maker also agrees to issue to Payee, on the date hereof, 35,000 duly
authorized, validly issued, fully-paid and non-assessable restricted shares of
its Common Stock, as an origination fee.

         4. Presentment, demand, protest or notice of any kind are hereby waived
by Maker. Maker may not set off against any amounts due to Payee hereunder any
claims against Payee or other amounts owed by Payee to Maker.

         5. In the case Maker shall fail to pay the sums due under this Note by
the Maturity Date, or any one or more of the events of default specified in
paragraph 2 above shall have happened and be continuing, the Payee may proceed
to protect and enforce its rights either by suit in equity and/or by action at
law, or by other appropriate proceedings. Amounts not paid when due hereun der
shall bear simple interest from the due date until such amounts are paid at a
rate equal to 4% per month; provided, however, that in the event such interest
rate would violate any applicable usury law, the default rate shall be the
highest lawful interest rate permitted under such usury law.

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         6. Upon the written agreement of both Maker and Payee. Payee may, at
any time after the date hereof, convert all or any portion of the principal
amount due under this Note into shares of its restricted Common Stock at such
price per share as shall be mutually agreed upon by the parties.

         7. The Maker agrees to pay all reasonable costs of collection,
including attorneys' fees which may be incurred in the collection of this Note
or any portion thereof and, in case an action is instituted for such purposes,
the amount of all attorneys' fees shall be such amount as the court shall
adjudge reasonable.

         8. This Note is made and delivered in, and shall be governed, construed
and enforced under the laws of the State of New York. 9. No delay or omission of
the Payee to exercise any right hereunder, whether before or after the happening
of any event of default, shall impair any such right or shall operate as a
waiver thereof of any event of default hereunder, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof, or the
exercise of any other right.

         9. No delay or omission of the Payee to exercise any right hereunder,
whether before or after the happening of any event of default, shall impair any
such right or shall operate as a waiver thereof of any event of default
hereunder, nor shall any single or partial exercise thereof preclude any other
or further exercise thereof, or the exercise of any other right.

         10. This Note shall be subject to prepayment, at the option of the
Maker, in whole or in part, at any time and from time to time, without premium
or penalty.

         11. This Note or any benefits or obligations hereunder may not be
assigned or transferred by the Maker.

                                       METROPOLITAN HEALTH NETWORKS, INC.

                                       By: /s/ Fred Sternberg
                                           -------------------------------------
                                           Fred Sternberg, President and CEO

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                                                                    Exhibit 10.8

                          PLEDGE AND SECURITY AGREEMENT

         PLEDGE AND SECURITY AGREEMENT dated February 21, 2002, between
Metropolitan Health Networks, Inc., a Florida corporation with an address at 500
Australian Avenue South, Suite 1000, West Palm Beach, Florida 33401 (the
"Pledgor"), and Pinnacle Investment Partners, L.P., a New York limited
partnership with an address at 110 Wall Street, 24th Floor, New York, New York
10005 (the "Secured Creditor").

         WHEREAS, the Secured Creditor has agreed to make a loan (the "Loan") to
the Pledgor in the aggregate principal amount of $500,000.00 for a term of 120
days, which will be evidenced by a Secured Promissory Note, dated the date
hereof, by Pledgor to the order of the Secured Creditor in the principal amount
of the Loan (the "Note"); and

         WHEREAS, it is a condition precedent to the making of the Loan by the
Secured Creditor that the Pledgor shall have executed and delivered to the
Secured Creditor a pledge and security agreement providing for the pledge and
grant to the Secured Creditor of a security interest in the Collateral, as
defined below.

         NOW, THEREFORE, in consideration of the premises and the agreements
herein and in order to induce the Secured Creditor to make the Loan, the Pledgor
hereby agrees with the Secured Creditor as follows:

         SECTION 1. DEFINITIONS.

         (a) All terms used in this Agreement which are defined in Article 9 of
the Uniform Commercial Code (the "Commercial Code") currently in effect in the
State of New York and which are not otherwise defined herein shall have the same
meanings herein as set forth therein.

         (b) The terms "register," "registered," and "registration" refer to a
registration under the Securities Act of 1933, as amended (the "Securities
Act"), effected by preparing and filing a registration statement or similar
document in compliance with the Securities Act, and the declaration or ordering
of effectiveness of such registration statement, document or amendment thereto.

         (c) The term "Registrable Securities" means the Pledged Collateral, the
35,000 shares of Pledgor's common stock issued to Secured Creditor as an
origination fee and any securities of the Pledgor or securities of any successor
corporation issued as or issuable upon the conversion or exercise of any
warrant, right or other security that is issued as a dividend or other
distribution with respect to, or in exchange for, or in replacement of, the
Registrable Securities.

         (d) The term "Holder of Registrable Securities" means the Secured
Creditor and any permitted assignee of registration rights.

         SECTION 2. PLEDGE AND GRANT OF SECURITY INTEREST. As collateral
security for all of the Obligations (as defined in Section 3 hereof), the
Pledgor hereby pledges, assigns and grants to the Secured Creditor a continuing
security interest in the following collateral (the "Pledged Collateral"):

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         (a) 700,000 restricted shares of Pledgor's common stock, which shares,
together with stock powers executed in blank, shall be delivered to and placed
in escrow with the Secured Creditor's counsel, Lehman & Eilen LLP, as promptly
as possible, but in no case later than within 30 days of the date hereof; and

         (b) all proceeds of any and all of the foregoing; in each case,
howsoever its interest therein may arise or appear (whether by ownership,
security interest, claim or otherwise).

         SECTION 3. SECURITY FOR OBLIGATIONS. The security interest created
hereby in the Pledged Collateral constitutes continuing collateral security for
all of the following obligations, whether now existing or hereafter incurred
(the "Obligations"):

         (a) the prompt payment by the Pledgor, as and when due and payable, of
all amounts owing by it in respect of the Loan; and

         (b) the due performance and observance by the Pledgor of all of its
other obligations from time to time existing under this Agreement and the Note
of even date herewith.

         SECTION 4. COVENANT TO REGISTER.

         (a) The Pledgor shall use its best efforts to prepare and file a
registration statement within 30 days of the date hereof and cause such
registration statement to become effective as soon as possible, but no later
than 120 days from the date of this Agreement.

         (b) The Pledgor may suspend the effectiveness of any registration
effected pursuant to this Section 4 in the event and for such period of time as,
such a suspension is required by the rules and regulations of the Securities and
Exchange Commission (the "SEC"). The Pledgor shall use its best efforts to cause
such suspension to terminate at the earliest possible date.

         (c) If a registration statement covering all Registrable Securities is
not filed within 30 days of the date hereof or effective within 120 days of the
date hereof (the "Target Date"), the Pledgor shall pay Secured Creditor as
liquidated damages an amount equal to 2% per month of the Loan for each 30 day
period following the Target Date until such time as the registration statement
is filed or declared effective, as the case may be. Such payment shall be made
to the Pledgor by cashier's check or wire transfer in immediately available
funds to such account as shall be designated in writing by the Pledgor.

         (d) Whenever required under this Section 4 to effect the registration
of any Registrable Securities, the Pledgor shall, as expeditiously as reasonably
possible:

                  (i) Prepare and file with the SEC a registration statement or
         amendment thereto with respect to such Registrable Securities and use
         its best efforts to cause such registration to become effective, and
         keep such registration statement effective for so long as any holder of
         Registrable Securities desires to dispose of the securities covered by
         such registration statement; PROVIDED, HOWEVER, that in no event shall
         the Pledgor be required to keep the Registration statement effective
         for a period greater than three years from the date hereof;

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                  (ii) Prepare and file with the SEC such amendments and
         supplements to such registration statement and the prospectus used in
         connection with such registration statement as may be necessary to
         comply with the provisions of the Securities Act with respect to the
         disposition of all securities covered by such registration statement
         and notify the holders of the filing and effectiveness of such
         registration statement and any amendments or supplements;

                  (iii) Furnish to each holder of Registrable Securities such
         numbers of copies of a current prospectus, including a preliminary
         prospectus, conforming with the requirements of the Securities Act,
         copies of the registration statement any amendment or supplement to any
         thereof and any documents incorporated by reference therein, and such
         other documents as such holder of Registrable Securities may reasonably
         require in order to facilitate the disposition of Registrable
         Securities owned by such holder of Registrable Securities;

                  (iv) Use its best efforts to register and qualify the
         securities covered by such registration statement under such other
         securities or "Blue Sky" laws of such jurisdictions as shall be
         reasonably requested by the holder of Registrable Securities;

                  (v) Notify each holder of Registrable Securities immediately
         of the happening of any event as a result of which the prospectus
         included in such registration statement, as then in effect, includes an
         untrue statement of material fact or omits to state a material fact
         required to be stated therein or necessary to make the statements
         therein not misleading in light of the circumstances then existing, and
         use its best efforts to promptly update and/or correct such prospectus.

         SECTION 5. OTHER COVENANTS AS TO THE PLEDGED COLLATERAL. So long as any
of the Obligations shall remain outstanding, the Pledgor will, unless the
Secured Creditor shall otherwise consent in writing:

         (a) keep adequate records concerning the Pledged Collateral and permit
the Secured Creditor or any agents or representatives thereof at any reasonable
time and from time to time to examine and make copies of and abstracts from such
records;

         (b) at any time and from time to time, promptly execute and deliver all
further instruments and documents and take all further action that may be
reasonably necessary or desirable or that the Secured Creditor may request in
order to (i) perfect and protect the security interest created hereby; (ii)
enable the Secured Creditor to exercise and enforce their rights and remedies
hereunder in respect of the Pledged Collateral; or (iii) otherwise effect the
purposes of this Agreement; and

         (c) not create or suffer to exist any lien, security interest or other
charge or encumbrance upon or with respect to any Pledged Collateral except for
the security interest created hereby.

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         SECTION 6. ADDITIONAL PROVISIONS CONCERNING THE PLEDGED COLLATERAL.

         (a) The Pledgor hereby authorizes the Secured Creditor to file, without
the signature of the Pledgor where permitted by law, one or more financing or
continuation statements, and amendments thereto, relating to the Pledged
Collateral.

         (b) The Pledgor hereby irrevocably appoints the Secured Creditor the
Pledgor's attorney-in-fact and proxy, with full authority in the place and stead
of the Pledgor and in the name of the Pledgor or otherwise, from time to time in
the Secured Creditor's discretion, to take any action and to execute any
instrument which the Secured Creditor may deem necessary or advisable to
accomplish the purpose of this Agreement.

         SECTION 7. REMEDIES UPON DEFAULT. If any Event of Default under the
Note shall have occurred and be continuing:

         (a) The Secured Creditor may, exercise in respect of the Pledged
Collateral, in addition to other rights and remedies provided for herein or
otherwise available to them, all of the rights and remedies of a secured party
on default under the Commercial Code then in effect in the State of New York,
and without limiting the generality of the foregoing and upon five business days
notice, sell the Pledged Collateral or any part thereof.

         (b) All cash proceeds received by the Secured Creditor in respect of
any sale of, collection from, or other realization upon, all or any part of the
Pledged Collateral may, in the discretion of the Secured Creditor, be held by
the Secured Creditor as collateral for, and/or then or at any time thereafter
applied in whole or in part by the Secured Creditor against, all or any part of
the Obligations PRO RATA as to the principal amount of the Loan and the Note.
Any surplus of such cash or cash proceeds held by the Secured Creditor and
remaining after payment in full of all of the Obligations shall be paid over to
the Pledgor or to such person as may be lawfully entitled to receive such
surplus.

         (c) In the event that the proceeds of any such sale, collection or
realization are insufficient to pay all amounts to which the Secured Creditor is
legally entitled, the Pledgor shall remain liable for the deficiency and the
Secured Creditor shall retain all rights to collect on such Obligations provided
by applicable law.

         SECTION 8. NOTICES, ETC. All notices and other communications provided
for hereunder shall be in writing and shall be mailed, telegraphed or delivered,
if to the Pledgor, to it at 500 Australian Avenue South, Suite 1000, West Palm
Beach, Florida 33401; and if to the Secured Creditor, to it at c/o Hornblower &
Weeks, 110 Wall Street, 24th Floor, New York, New York 10005; or as to any of
such parties at such other address as shall be designated by such parties in a
written notice to the other parties hereto complying as to delivery with the
terms of this Section 7. All such notices and other communications shall be
effective (i) if mailed, when deposited in the mails, (ii) if telegraphed, when
delivered to the telegraph company, or (iii) if delivered, upon delivery.

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         SECTION 9. MISCELLANEOUS.

         (a) No amendment of any provisions of this Agreement shall be effective
unless it is in writing and signed by the Pledgor and the Secured Creditor, and
no waiver of any provision of this Agreement, and no consent to any departure by
the Pledgor therefrom, shall be effective unless it is in writing and signed by
the Secured Creditor, and then such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

         (b) No failure on the part of the Secured Creditor to exercise, and no
delay in exercising, any right hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any such right preclude any other or
further exercise thereof or the exercise of any other right. The rights and
remedies of the Secured Creditor provided herein are cumulative and are in
addition to, and not exclusive of, any rights or remedies provided by law.

         (c) Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability with invalidating the
remaining portions hereof or thereof or affecting the validity or enforceability
of such provision on any other jurisdiction.

         (d) This Agreement shall create a continuing security interest in the
Pledged Collateral and shall (i) remain in full force and effect until the
payment in full or release of the obligations and (ii) be binding on the Pledgor
and its assigns and shall inure, together with all rights and remedies of the
Secured Creditor hereunder, to the benefit of the Secured Creditor and its
successors, transferees and assigns.

         (e) Upon the satisfaction in full of the Obligations, (i) this
Agreement and the security interest created hereby shall terminate and all
rights to the Pledged Collateral shall revert to the Pledgor, and (ii) the
Secured Creditor will, upon the Pledgor's request and at the Pledgor's expense,
(A) return to the Pledgor such of the Pledged Collateral as shall not have been
sold or otherwise disposed of or applied pursuant to the terms hereof and (B)
execute and deliver to the Pledgor such documents as the Pledgor shall
reasonably request to evidence such termination.

         (f) This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, except as required by mandatory
provisions of law and except to the extent that the validity and perfection or
the perfection and the effect of perfection or non-perfection of the security
interest created hereby, or remedies hereunder, in respect of any particular
Pledged Collateral are governed by the law of a jurisdiction other than the
State of New York.

         IN WITNESS WHEREOF, the Pledgor has caused this Agreement to be
executed and delivered as of the date first above written.

                                       METROPOLITAN HEALTH NETWORKS, INC.

                                       By: /s/ Fred Sternberg
                                           -------------------------------------
                                             Fred Sternberg, President and CEO

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