Exhibit 10.47


     STOCK OPTION  AGREEMENT made as of the 26th of June, 2002 between  NATIONAL
MEDICAL HEALTH CARD SYSTEMS,  INC., a New York corporation (the "Company"),  and
James Bigl (Optionee").

     WHEREAS,  the  Optionee  is an  employee  of the  Company  or a  subsidiary
thereof;

     WHEREAS,  the  Company  desires to provide to the  Optionee  an  additional
incentive to promote the success of the Company;

     NOW,  THEREFORE,  in  consideration  of the  foregoing,  the Company hereby
grants to the Optionee  (the  "Grant")  the right and option to purchase  Common
Shares of the Company under and pursuant to the terms and conditions of the 1999
Stock Option Plan (the "Plan") and upon and subject to the  following  terms and
conditions:

     1. GRANT OF OPTION. The Company hereby grants to the Optionee the right and
option (the "Option") to purchase three hundred fifty thousand  (350,000) Common
Shares of the Company (the "Option  Shares") during the following  periods:

          (a) All or any part of one hundred sixteen  thousand six hundred sixty
     seven (116,667) Common Shares may be purchased during the period commencing
     six years from the date  hereof and  terminating  at 5:00 P.M.  on June 26,
     2012 (the "Expiration Date").

          (b) All or any part of one hundred sixteen  thousand six hundred sixty
     seven (116,667) Common Shares may be purchased during the period commencing
     seven  years  from the date  hereof  and  terminating  at 5:00 P.M.  on the
     Expiration Date.

          (c) All or any part of one hundred sixteen  thousand six hundred sixty
     six (116,666) Common Shares may be purchased  during the period  commencing
     eight  years  from the date  hereof  and  terminating  at 5:00 P.M.  on the
     Expiration Date. :

     2.  NATURE OF OPTION.  Such  Options  to  purchase  the  Option  Shares are
intended to meet the requirements of Section 422 of the Internal Revenue Code of
1986, as amended, relating to "incentive stock options".

     3. EXERCISE PRICE. The exercise price of each of the Option Shares shall be
($9.45) dollars (the "Option  Price").  The Company shall pay all original issue
or transfer taxes on the exercise of the Option.

     4. EXERCISE OF OPTIONS.  The Option shall be exercised in  accordance  with
the provisions of the Plan. As soon as  practicable  after the receipt of notice
<PAGE>

of exercise (in the form annexed  hereto as Exhibit A) and payment of the Option
Price as provided  for in the Plan,  the Company  shall  tender to the  Optionee
certificates  issued in the  Optionee's  name  evidencing  the  number of Option
Shares covered thereby.

     5. TRANSFERABILITY. The Option shall not be transferable other
than by will or the laws of descent and distribution and, during the Optionee's
lifetime, shall not be exercisable by any person other than the Optionee.

     6. CHANGE IN CONTROL. In the event of a Change in Control (as
hereinafter defined), any Options granted hereunder which have not vested as of
the date of the Change in Control shall automatically vest on such date. For
purposes of this Agreement, the term "Change in Control" shall mean:

          (a) Mr.  Bert  Brodsky is no longer the  Chairman  of the Board of the
     Company; or

          (b) Mr. Bert Brodsky is no longer the Company's largest shareholder.

     7. DEATH OR PERMANENT DISABILITY OPTIONEE.  If the Optionee dies or becomes
permanently disabled (as defined herein) while employed by the Company, then the
Grant of Options vested  hereunder at the time of Optionee's  death or permanent
may be exercised by the estate or guardian of the Optionee pursuant to the terms
of this Option Agreement.  Moreover,  any options Granted by this Agreement that
remain unvested at the time of Optionee's  death or permanent  disability  shall
continue  to  vest  in  favor  of the  Optionee  or  designated  beneficiary  of
Optionee's  estate  and  become  exercisable  pursuant  to  the  terms  of  this
Agreement. "Permanent Disability" shall have occurred if as a result of physical
or mental  incapacity,  the Employee  shall have been  incapable  of  performing
Employee's duties for a period in excess of 26 consecutive weeks in any calendar
year, or an aggregate of 30 weeks in any 12 month period.

     8.  INCORPORATION  BY REFERENCE.  The terms and  conditions of the Plan are
hereby incorporated by reference and made a part hereof.

     9. NOTICES.  Any notice or other  communication  given  hereunder  shall be
deemed  sufficient  if in writing and hand  delivered or sent by  registered  or
certified mail, return receipt  requested,  addressed to the Company,  26 Harbor
Park Drive,  Port Washington,  New York 11050,  Attention:  Secretary and to the
Optionee at the address  indicated  below.  Notices shall be deemed to have been
given on the date of hand  delivery  or  mailing,  except  notices  of change of
address, which shall be deemed to have been given when received.

     10. BINDING  EFFECT.  This Agreement shall be binding upon and inure to the
benefit  of the  parties  hereto  and their  respective  legal  representatives,
successors and assigns.
<PAGE>

     11. ENTIRE AGREEMENT. This Agreement,  together with the Plan, contains the
entire  understanding  of the parties  hereto with respect to the subject matter
hereof and may be modified only by an instrument executed by the party sought to
be charged.

     IN WITNESS WHEREOF,  the parties have executed this Agreement as of the day
and year first above written.

                                                     NATIONAL MEDICAL HEALTH
                                                     CARD SYSTEMS, INC.
                                                     By:

                                                     --------------------------
                                                     Bert E. Brodsky, Chairman

                                                     --------------------------
                                                     Signature of Optionee

                                                     --------------------------
                                                     Name of Optionee

                                                     --------------------------
                                                     Address of Optionee



<PAGE>



                                    EXHIBIT A

                   NATIONAL MEDICAL HEALTH CARD SYSTEMS, INC.

                              OPTION EXERCISE FORM


     The  undersigned  hereby  irrevocably  elects to exercise the within Option
dated __________________ to the extent of  purchasing___________________  Common
Shares of National  Medical  Health Card Systems,  Inc. The  undersigned  hereby
makes a payment of $______________ in payment therefor.


                                                        -----------------------
                                                        Name of Optionee


                                                        -----------------------
                                                        Signature of Optionee


                                                         ----------------------
                                                         Address of Holder


                                                          ---------------------
                                                          Date