Document:

Exhibit 10.4

                              CONSENT AND WAIVER

         CONSENT AND WAIVER (this "Consent"), dated as of March 22, 2000,
among VANTAS INCORPORATED, a corporation organized and existing under the laws
of the State of Nevada (the "Borrower"), the financial institutions party to
the Credit Agreement referred to below (the "Banks"), and PARIBAS, as agent
(the "Agent").

                             W I T N E S S E T H:
                             ---------------------

         WHEREAS, the Borrower, the Banks and the Agent are parties to an
Amended and Restated Credit Agreement, dated as of January 16, 1997, amended
and restated as of November 6, 1998, further amended and restated as of August
3, 1999, and amended as of January 19, 2000 and further amended as of February
22, 2000 (as amended, modified and supplemented to the date hereof, the
"Credit Agreement");

         WHEREAS, the Borrower wishes to withdraw cash from the Cash
Collateral Account in order to pay the Scheduled Repayments due on March 31,
2000 and June 30, 2000 and the interest payments due under the Credit
Agreement on March 31, 2000 and April 10, 2000;

         WHEREAS, the Borrower wishes to make both such Scheduled Repayments
and both such interest payments on March 31, 2000; and

         WHEREAS, the Banks and the Agent wish to waive certain provisions of
the Credit Agreement and the Cash Collateral Agreement to permit the
foregoing;

                  NOW, THEREFORE, IT IS AGREED:

                  Section 1.  Defined Terms. Capitalized terms used herein and
not otherwise defined herein shall have the respective meanings given to them
in the Credit Agreement.

                  Section 2.  Consent.

                  2.01  Withdrawal. The undersigned hereby consent to the
Borrower withdrawing cash from the Cash Collateral Account in an amount not
greater than the aggregate amount of the Scheduled Repayments due on March 31,
2000 and June 30, 2000 and the interest payments due under the Credit
Agreement on March 31, 2000 and April 10, 2000, notwithstanding Section
6.08(a) of the Credit Agreement (Use of Proceeds) and Section 3.01 of the Cash
Collateral Agreement (Withdrawals by Assignor), which are hereby waived with
respect to such withdrawal; provided, that the cash withdrawn is used solely
to pay the Scheduled Repayments due on March 31, 2000 and June 30, 2000 and
the interest payments due under the Credit Agreement on March 31, 2000 and
April 10, 2000 and that both such Scheduled Repayments and both such interest
payments are paid on March 31, 2000.

                  2.02  Prepayment. The undersigned hereby consent to the
Borrower prepaying on March 31, 2000 (a) the Scheduled Repayment otherwise due
on June 30, 2000 and (b) the interest payment under the Credit Agreement
otherwise due on April 10, 2000, notwithstanding Section 1.08(d) of the Credit
Agreement (Interest) and Section 3.01(a) of the Credit Agreement (Voluntary
Prepayments) which are hereby waived with respect to such prepayment.

                  Section 3.  General

                  3.01  Confirmation. In order to induce the Agent and the
Banks to enter into this Consent, the Borrower hereby represents and warrants
that on the Consent Effective Date, both before and after giving effect to
this Consent and the transactions contemplated hereby, (i) no Default or Event
of Default shall exist and (ii) all of the representations and warranties
contained in the Credit Agreement shall be true and correct in all material
respects, with the same effect as though such representations and warranties
had been made on and as of the Consent Effective Date.

                  3.02  Consent Effective Date. This Consent shall become
effective on the date (the "Consent Effective Date") when each of the
following conditions have been met:

                  (i) The Borrower and the Required Banks shall have executed
a copy hereof (whether the same or different copies) and shall have delivered
the same to the Agent and

                  (ii) The Borrower shall have paid to the Agent all cost and
expenses (including reasonable legal fees and expenses) then due and payable.

                  3.03  Conflicts. This Consent is limited as specified and
shall not constitute a modification, acceptance or waiver of any other
provision of the Credit Agreement.

                  3.04  Counterpart. This Consent may be executed in any number
of counterparts and by different parties hereto on separate counterparts, each
of which counterparts when executed and delivered shall be an original, but
all of which shall together constitute one and the same instrument. A complete
set of counterparts shall be lodged with the Borrower and the Agent.

                  3.05  Governing Law. THIS CONSENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Consent as of the date first above
written.

                                         VANTAS INCORPORATED
                                         (formerly known as Alliance National
                                          Incorporated)

                                          By: /s/ David Rupert
                                             -------------------------
                                             Name:  David Rupert
                                             Title: President and
                                                    Chief Operating Officer

<PAGE>

                                          PARIBAS, Individually and as Agent

                                          By: /s/ Darryl M. Monasebian
                                             ------------------------------
                                             Name: Darryl M. Monasebian
                                             Title:  Director

                                          By: /s/ PJ de Filippis
                                              -----------------------------
                                              Name:  PJ de Filippis
                                              Title: Managing Director

<PAGE>

                                          FIRST SOURCE FINANCIAL LLP

                                          By: First Source Financial, Inc.,
                                                  its Agent/Manager

                                          By: /s/ David C. Wagner
                                              ------------------------------
                                              Name:  David C. Wagner
                                              Title:  Vice President

<PAGE>

                                           IBJ WHITEHALL BANK & TRUST
                                           COMPANY
                                           (formerly, IBJ Schroder Bank & Trust
                                           Company)

                                           By: /s/ David Andrew Krivine
                                              -------------------------------
                                              Name:  David Andrew Krivine
                                             Title:  Associate

<PAGE>

                                           PILGRIM PRIME RATE TRUST

                                           By: Pilgrim Investments, Inc.,
                                                    as its investment manager

                                           By: /s/ Mark F. Haak
                                               ------------------------------
                                               Name:  Mark F. Haak
                                              Title:  Assistant Vice President

<PAGE>

                                           PARIBAS CAPITAL FUNDING LLC

                                           By: /s/
                                               --------------------------
                                               Name:
                                               Title:

<PAGE>

                                          EUROPEAN AMERICAN BANK

                                          By: /s/
                                              ----------------------------
                                              Name:
                                              Title:

<PAGE>

                                          BHF (USA) CAPITAL CORPORATION

                                          By: /s/
                                              ----------------------------
                                              Name:
                                              Title:

                                          By: /s/
                                              ----------------------------
                                              Name:
                                              Title:

<PAGE>

                                           BANK AUSTRIA CREDITANSTALT
                                           CORPORATE FINANCE INC.

                                           By: /s/
                                              ----------------------------
                                              Name:
                                              Title:

                                           By: /s/
                                              ----------------------------
                                              Name:
                                              Title:

<PAGE>

                                           HELLER-FINANCIAL, INC.

                                           By: /s/ David R. Campbell
                                               ---------------------------
                                               Name:  David R. Campbell
                                               Title:  Vice President

<PAGE>

                                            BALANCED HIGH-YIELD FUND II
                                            LIMITED

                                            By: BHF (USA) Capital Corporation,
                                            as attorney-in-fact

                                            By: /s/
                                               -------------------------------
                                               Name:
                                               Title:

                                            By: /s/
                                               -------------------------------
                                               Name:
                                               Title:

<PAGE>

                                             SRF TRADING, INC.

                                             By: /s/ Kelly C. Walker
                                                -------------------------
                                                Name:  Kelly C. Walker
                                               Title:  Vice President

<PAGE>

                                              KZH ING-2 LLC

                                              By: /s/ Susan Len
                                                 -------------------------
                                                 Name:  Susan Len
                                                 Title:  Authorized Agent

<PAGE>

                                          THE ING CAPITAL SENIOR SECURED HIGH
                                          INCOME FUND, L.P.

                                           By: ING Capital Advisors LLC
                                               as Investment Advisor

                                                By: /s/ Mitchel J. Campbell
                                                    ------------------------
                                                    Name:  Mitchel J. Campbell
                                                   Title:  Managing Director

<PAGE>

                                        PACIFICA PARTNERS I, L.P.

                                        By: Imperial Credit Management, Inc.
                                            as Investment Manager

                                             By: /s/ Sean R. Walker
                                                 ---------------------------
                                                 Name:  Sean R. Walker
                                                Title:  Vice President

<PAGE>

                                          STEIN ROE & FARNHAM CLO I, LTD.

                                          By: Stein Roe & Farnham Incorporated
                                              as Portfolio Manager

                                          By: /s/ James R. Fellows
                                              --------------------------------
                                              --------------------------------
                                              Name:  James R. Fellows
                                             Title:  Vice President

<PAGE>

                                                    PROVIDENT BANK

                                                    By: /s/
                                                       ---------------------
                                                       Name:
                                                       Title:Exhibit 10.13

                                   AGREEMENT

          Agreement dated as of October 29, 1999 ("Agreement") among Laura
Kozelouzek, an individual residing at 50 West 72nd Street, Apartment 712, New
York, New York 10023 (the "Employee"), Reckson Service Industries, Inc., a
Delaware corporation ("RSI"), and VANTAS Incorporated, a Nevada corporation
("VANTAS"). Unless otherwise defined, capitalized terms used herein shall have
the meaning ascribed to such terms in the Stockholders' Agreement (as
hereinafter defined).

                             W I T N E S S E T H :

          WHEREAS, the Employee is a stockholder of VANTAS and party to a
Fifth Amended and Restated Stockholders' Agreement dated as of July 29, 1999
(the "Stockholders' Agreement") by and among VANTAS and the other
Securityholders identified therein;

          WHEREAS, the Employee is an "at will" employee of VANTAS;

          WHEREAS, the Employee has requested that RSI and VANTAS enter into
this Agreement in order to encourage the Employee to maintain her equity
position in, and continue her employment with, VANTAS; and

          WHEREAS, each of RSI and VANTAS is willing to enter into this
Agreement;

          NOW, THEREFORE, in consideration of the premises and the mutual
representations, warranties, covenants, agreements and undertakings contained
in this Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

          1. Ownership of VANTAS Equity Securities.
             --------------------------------------

          (1) Schedule A to this Agreement sets forth the number of (i)
shares of Common Stock and Preferred Stock (the "Outstanding Shares"), (ii)
shares of Common Stock issuable under Warrants (the "Warrant Shares") and
(iii) shares of Common Stock issuable under vested and unvested Options
granted under the VANTAS 1996 Stock Option Plan beneficially owned (as such
term is defined under Rule 13d-3 promulgated under the Securities Exchange Act
of 1934, as amended) by the Employee as of October 14, 1999 (collectively, the
"Employee Securities"). The Employee hereby represents to RSI that the
information set forth on Schedule A to this Agreement is true, correct and
complete. The Employee hereby further represents and warrants to RSI that she
has not made any Transfer of any of her Shares, Warrants or Options to a
Permitted Transferee or otherwise.

<PAGE>

          (2) The Employee hereby acknowledges that in the event she
shall Transfer any of the Employee Securities to one or more Permitted
Transferees, the Employee Securities so Transferred shall continue to be
subject to the terms and conditions of this Agreement. The Employee hereby
covenants, for the benefit of RSI and VANTAS, that she shall cause each of her
Permitted Transferees to take all such action as shall be necessary in order
to enable the Employee to fully perform her obligations with respect to the
Employee Securities hereunder.

          2. Exchange Transaction.
             ---------------------

          (1) At the Exchange Closing (as hereinafter defined), RSI
shall issue the RSI Shares (as hereinafter defined) to the Employee in
exchange (the "Exchange Transaction") for the Exchange Securities (as
hereinafter defined). For purposes of this Agreement, the term "Exchange
Securities" means that number (which if not a whole number shall be rounded up
to the nearest whole number) of Option Shares (as hereinafter defined) equal
to the product obtained by multiplying (i) the number of shares of the
Employee Securities by (ii) thirty percent (30%); provided, however, that in
the event the number of Option Shares is insufficient to constitute all of the
Exchange Securities, the balance (but only the balance) of the Exchange
Securities shall be comprised of Outstanding Shares. For purposes of this
Agreement, the term "Option Shares" means shares of Common Stock issued as a
result of the exercise, at or prior to the effective time of the Exchange
Closing, of Options included within the Employee Securities. For purposes of
this Agreement, the term "RSI Shares" means that number (which if not a whole
number shall be rounded up to the nearest whole number) of shares of RSI's
common stock, $0.01 par value per share ("RSI Common Stock"), equal to the
quotient obtained by dividing (i) the Exchange Amount (as hereinafter defined)
by (ii) $19.00. For purposes of this Agreement, the term "Exchange Amount"
means thirty percent (30%) of the sum of the (i) product obtained by
multiplying (A) $8.00 by (B) the number of Outstanding Shares and Option
Shares and (ii) difference between the (A) product obtained by multiplying (1)
$8.00 by (2) the number of Warrant Shares and shares of Common Stock issuable
under Options included within the Employee Securities, if any, which have not
been exercised at or prior to the effective time of the Exchange Closing and
(B) aggregate exercise price of the Warrants included within the Employee
Securities and Options, if any, included within the Employee Securities which
have not been exercised at or prior to the effective time of the Exchange
Closing. The Employee hereby acknowledges that in order to receive the RSI
Shares at the Exchange Closing, she must first take all necessary action
(including, without limitation, delivery of the exercise price therefor and
all required exercise documentation to VANTAS) to exercise all or a portion of
her Options included within the Employee Securities at or prior to the
effective time of the Exchange Closing.

<PAGE>

          (2) Subject to the closing of the purchase of the equity
securities of VANTAS covered by the Transfer Offer (as such term is defined in
the Stockholders' Agreement) made by Cahill, Warnock Strategic Partners Fund
L.P., Strategic Associates L.P. and David L. Warnock, the closing (the
"Exchange Closing") for the Exchange Transaction shall be held at the offices
of Herrick, Feinstein LLP, 2 Park Avenue, New York, New York 10016 at 11:00
a.m. (New York City time) on such date (which shall in no event be later than
December 31, 1999) as shall be designated in writing by RSI to the Employee.
At the Exchange Closing, RSI shall deliver to the Employee the stock
certificate evidencing the RSI Shares registered in the name of the Employee,
which shares shall have been duly authorized and validly issued, and shall be
fully paid and non-assessable and free of preemptive rights. At the Exchange
Closing, the Employee shall deliver to RSI the stock certificate(s) evidencing
the Exchange Securities, duly endorsed in blank or accompanied by stock powers
duly executed in blank in proper form for transfer and with all required stock
transfer stamps attached, free and clear of any title defect, objection,
security interest, pledge, encumbrance, mortgage, lien, charge, claim, option,
preferential arrangement or restriction of any kind, including, but not
limited to, any restriction on the use, voting, transfer, receipt of income or
other exercise of any attributes of ownership (collectively, "Liens"), other
than those Liens, if any, existing under the Stockholders' Agreement. At the
Exchange Closing, VANTAS, subject to (i) the proviso contained in Section 3(a)
hereof and (ii) Section 3(c) hereof, shall deliver to the Employee a check
payable to the order of the Employee in an amount equal to the Additional
Compensation (as hereinafter defined).

          (3) In connection with each registration statement filed by
RSI under the Securities Act of 1933, as amended (the "Securities Act"), after
the date of the Exchange Closing registering a secondary offering ("Offering")
of equity securities of RSI, RSI shall use commercially reasonable efforts to
afford the Employee "piggy back" registration rights with respect to the RSI
Shares issued to the Employee pursuant to this Agreement. Notwithstanding the
foregoing, in connection with each such Offering effected pursuant to the
terms of a registration rights or underwriting agreement ("Offering
Agreement"), RSI shall not be obligated to provide the aforesaid "piggy back"
registration rights unless the Employee shall have entered into a registration
rights or underwriting agreement with RSI containing terms and conditions
similar to those contained in the Offering Agreement.

          3. Additional Compensation.
             ------------------------

          (1) In connection with the Employee's receipt of the Exchange
Securities at the Exchange Closing, VANTAS shall make a cash payment (the
"Additional Compensation") to the Employee, in the manner provided for in
Section 2(b) hereof, in an amount that after reduction for federal, state and
local personal income taxes owed by the Employee with respect to the
Additional Compensation is sufficient to pay the federal, state and local
personal income taxes of the Employee arising from her (i) exercise of the
Options underlying the Option Shares and (ii) receipt of the Exchange
Securities; provided, however, that VANTAS' obligation to pay the Additional
Compensation is expressly conditioned upon the Employee having demonstrated to
VANTAS' reasonable satisfaction (prior to the date of the Exchange Closing)
the basis for the calculation of the Additional Compensation. In the event
that the Employee shall receive a refund ("Refund") from any federal, state or
local taxing authority on account of the taxes associated with the Additional
Compensation, the Employee shall promptly remit the full amount of such Refund
to VANTAS and, following VANTAS' receipt thereof, the amount of the Additional
Compensation for all purposes of this Agreement shall be reduced by the amount
of such Refund.

<PAGE>

          (2) In the event that either the (i) employment of the
Employee is terminated for "cause" as such term is defined in the VANTAS 1999
Stock Option Plan or (ii) Employee voluntarily terminates her employment, in
either case, prior to the second anniversary of the date of the Exchange
Closing (each a "Repayment Event"), then the Employee shall be obligated to
repay the Additional Compensation to VANTAS within ninety (90) days after the
date of the Repayment Event. The Employee's obligation to repay the Additional
Compensation pursuant to this Section 3(b) shall be recourse only to the
VANTAS equity securities owned by the Employee and her Permitted Transferees
on the date of the occurrence of the Repayment Event and any proceeds realized
from the sale of any VANTAS equity securities pursuant to any long term
incentive program hereafter adopted by VANTAS, unless the Employee has
transferred such securities in violation of the Company's policy governing the
Employee's right to transfer such securities or in contravention of any
agreement between the Employee and the Company or RSI, in which event(s) the
Employee's obligation to repay the Additional Compensation shall be full
personal recourse against the Employee.

          (3) To secure the prompt payment to VANTAS of the Additional
Compensation in the event that a Repayment Event shall occur, the Employee
shall, at the Exchange Closing, execute and deliver to VANTAS UCC-1 financing
statements and a pledge agreement, in each case in form and substance
satisfactory to VANTAS, pursuant to which the Employee shall pledge and
otherwise grant to VANTAS a security interest in all of her right, title and
interest in the Employee Securities (other than the Exchange Securities).
Concurrently with the Employee's execution and delivery of the aforesaid
pledge agreement, the Employee shall also deliver to VANTAS the certificates
and other instruments representing the Employee Securities (other than the
Exchange Securities) required to be pledged thereunder.

          4. Accredited Investor. Each of the Employee and RSI
             -------------------
represents and warrants to the other that she or it, as the case may be (i) is
an "accredited investor" (as that term is defined in Regulation D promulgated
under the Securities Act); (ii) has requested and received all information she
or it, as the case may be, considers necessary or appropriate for deciding
whether to engage in the Exchange Transaction; (iii) has such knowledge and
experience in financial or business matters that she or it, as the case may
be, is capable of evaluating the merits and risks of engaging in the Exchange
Transaction; (iv) has the ability to protect her or its, as the case may be,
own interests in the Exchange Transaction; and (v) is financially capable of
bearing the total loss of her or its, as the case may be, investment in any
securities acquired pursuant to the Exchange Transaction. Each of the Employee
and RSI shall not transfer or otherwise dispose of any of the securities
subject to the Exchange Transaction, except in accordance with applicable
federal and state securities laws or the rules and regulations promulgated
thereunder.

<PAGE>

          5. Adjustments. In the event of any change in the number of
             -----------
shares representing the shares of RSI Common Stock or any of the Employee
Securities by reason of any stock dividend, stock split, subdivision, merger,
recapitalization, consolidation, reorganization, combination, conversion or
exchange of shares, or any other change in the corporate or capital structure
of RSI or VANTAS (including, without limitation, the declaration or payment of
an extraordinary dividend of securities) which would have the effect of
increasing or decreasing the number of shares comprising the RSI Common Stock
or the Employee Securities, the number and kind of the shares subject to the
Exchange Transaction and the valuation and consideration payable in respect of
such shares shall be appropriately adjusted to restore to the parties hereto
their rights and privileges under this Agreement.

          6. Specific Performance. The Employee recognizes and
             --------------------
acknowledges that the market for the Shares of VANTAS is limited and that,
accordingly, in the event of a breach or default by the Employee of the terms
and conditions of this Agreement involving any of the Employee Securities, the
damages to RSI may be impossible to ascertain and RSI will not have an
adequate remedy at law. In the event of any such breach or default, RSI shall
be entitled to institute and prosecute proceedings in any court of competent
jurisdiction, either at law or in equity, to enforce the specific performance
of the terms and conditions of this Agreement, to enjoin further violations of
the provisions of this Agreement and/or to obtain damages. Such remedies shall
however be cumulative and not exclusive and shall be in addition to any other
remedies which RSI may have under this Agreement or at law.

          7. Legend. Each certificate, instrument or agreement representing
             ------
Employee Securities shall bear the following legend:

          "THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND
          CONDITIONS SET FORTH IN AN AGREEMENT DATED AS OF OCTOBER 29, 1999, A
          COPY OF WHICH MAY BE OBTAINED FROM THE ISSUER. NO TRANSFER OF SUCH
          SECURITIES SHALL BE MADE ON THE BOOKS OF THE ISSUER UNLESS
          ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH
          AGREEMENT."

          8. Covenants of VANTAS and RSI. VANTAS hereby covenants for
             ---------------------------
the benefit of the Employee that it shall take all such necessary action to
adopt the long term incentive program (the "Program") substantially in the
form described on Schedule B to this Agreement no later than February 28,
2000. RSI hereby covenants for the benefit of the Employee that it shall
recommend to the individuals nominated by RSI and who are serving on the
VANTAS board of directors that they vote in favor of the adoption of the
Program.

          9. Miscellaneous.
             -------------

          (1) This Agreement contains, and is intended as, a complete
statement of all of the terms of the arrangements and understandings among the
parties with respect to the matters provided for herein, and supersedes any
previous agreements and understandings among the parties with respect to those
matters.

<PAGE>

          (2) This Agreement shall be governed by, and construed and
enforced in accordance with the laws of the State of New York without regard
to its principles of conflicts of law. All actions and proceedings arising out
of, or relating to, this Agreement shall be heard and determined in any state
or federal court sitting in New York, New York. In the event of any dispute as
to the terms of this Agreement, the prevailing party in any litigation or
other proceeding shall be entitled to its reasonable attorneys' fees, costs
and expenses in connection therewith.

          (3) All notices and other communications under this Agreement
shall be in writing and shall be hand delivered, mailed by registered or
certified mail, return receipt requested (with a copy simultaneously by
ordinary mail), or recognized overnight delivery service to the parties at the
following addresses (or to such other address as a party may have specified by
notice given to the other parties pursuant to this provision):

                      If to RSI, to:

                      Reckson Service Industries, Inc.
                      10 East 50th Street
                      New York, New York  10022
                      Attention:   Jason M. Barnett, Esq.
                                   Stephen M. Rathkopf, Esq.

                      with a copy to:

                      Herrick, Feinstein LLP
                      Two Park Avenue
                      New York, New York  10016
                      Attention:   Irwin A. Kishner, Esq.

                      If to VANTAS, to:

                      VANTAS Incorporated
                      90 Park Avenue
                      New York, New York  10016
                      Attention:   Steven M. Cooperman, Esq.

                      If to the Employee, to the Employee's address
                      contained in the preamble of this Agreement.

          Each such notice shall be deemed given at the time delivered by
hand, if personally delivered; five (5) business days after being deposited in
the mail, postage prepaid, if mailed; and the next business day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next
business day delivery.

<PAGE>

          (4) No provision of this Agreement may be amended or modified
except by an instrument or instruments in writing signed by the parties
hereto. The failure of a party at any time or times to require performance of
any provision hereof shall in no manner be deemed to affect the party's right
at a later time to enforce the same. No waiver by any party of the breach of
any term contained in this Agreement, whether by conduct or otherwise, in any
one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such breach or of the breach of any other term or
provision of this Agreement.

          (5) This Agreement shall be binding on, and shall inure to the
benefit of, the parties hereto and their respective successors and permitted
assigns. The rights and obligations of any party hereto may not be assigned or
transferred without the prior written consent of the other parties hereto.

          (6) From and after the date hereof, each of the parties hereto
agrees to execute and deliver such further documents and instruments and to do
such other acts and things any of them, as the case may be, may reasonably
request in order to effectuate the transactions contemplated by this
Agreement.

          (7) Any word or term used in this Agreement in any form shall
be masculine, feminine, neuter, singular or plural, as proper reading
requires.

          (8) Nothing contained in this Agreement shall confer upon the
Employee any right to continue to render services to VANTAS or affect the
right of VANTAS to terminate the employment of the Employee at any time with
or without cause, reason or justification. The Employee hereby acknowledges
for the benefit of VANTAS the "at will" nature of its employment with VANTAS.

          (9) Time shall be of the essence with respect to all notices
required to be given, all payments and other deliveries required to be made
and all conditions required to be satisfied under this Agreement.

      [REMAINDER OF PAGE INTENTIONALLY OMITTED; SIGNATURE PAGE TO FOLLOW]

<PAGE>

               IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement as of the date first written above.

                                            VANTAS INCORPORATED

                                            By:  /s/ David W. Beale
                                               ----------------------------
                                                Name:  David W. Beale
                                                Title: President,
                                                       Chief Executive Officer

                                            RECKSON SERVICE INDUSTRIES, INC.

                                            By:  /s/ Jason Barnett
                                               ----------------------------
                                                Name:  Jason Barnett
                                                Title: Executive Vice President

                                            By:  /s/ Laura Kozelouzek
                                               ----------------------------
                                                Name:  Laura Kozelouzek

<PAGE>

                                  SCHEDULE A

                                                    Number of Shares of Common
Number of Shares of    Number of Shares of          Stock Issuable Under
Common Stock and       Common Stock Issuable        Options Granted Under the
Preferred Stock        Under Warrants               1996 Stock Option Plan
-------------------    ---------------------        --------------------------
   60,526                     5,000                     160,000

<PAGE>

                                  SCHEDULE B

                          LONG TERM INCENTIVE PROGRAM
                             FOR VANTAS EMPLOYEES

10.       Loan Facility. The intent of this facility is to provide liquidity
          for employees' needs while allowing them to maintain ownership of
          VANTAS equity. The loans will be available for any purpose to all
          employees. The loans will be administered by the compensation
          committee or any subcommittee designated by the compensation
          committee. The minimum loan will be $15,000. A maximum aggregate
          loan amount shall be set each year by the compensation committee.
          The loans will be full recourse (except for the employee's residence
          and any assets in a living trust) and be secured by the employee's
          equity (including vested options) in VANTAS and other securities
          owned by the employee. The loans will not exceed 50% loan to value
          at the time made and will be for a term of 3 years but payable in
          full, in any event, 60 days after termination of employment for any
          reason. If the value of the collateral falls such that the
          collateral value is less than 120% of the dollar amount of the loan,
          then the loan shall become immediately due and payable unless
          additional securities are posted as collateral. Interest will accrue
          at the applicable minimum federal rate and be paid with principal in
          a balloon payment upon maturity. There will be no prepayment
          penalty.

<PAGE>

11.       Phased Buyout. After an employee has been employed by the Company
          for 12 consecutive months, commencing December 2000, the employee
          can liquidate 25% of his vested equity holdings (the "Buyout
          Amount") at the end of each calendar year (subject to repayment of
          any outstanding loans for which this equity is collateral);
          provided, however, an employee may not include within the Buyout
          Amount any shares of VANTAS common stock acquired as a result of the
          exercise of any option effected within the six-month period
          immediately preceding the date on which the employee elects to
          engage in a Buyout Amount liquidation. The employee must elect in
          December, but can arrange to have this liquidation effectuated in
          January. VANTAS will pay the fair market value for such shares as
          determined by the last valuation made by the valuation committee.
          Except as set forth below, upon termination of employment, VANTAS
          will have no obligation to purchase the remaining vested equity in
          the Company owned by the employee unless the employment was
          terminated by the Company without cause (as defined under common law
          or, in the case of an employee with an employment agreement, under
          the terms of such employment agreement), in which case the employee
          will be entitled, for 60 days thereafter, to sell all his vested
          equity to the Company at fair market value as aforesaid.
          Additionally, unless an employee's employment was terminated for
          cause (as defined under common law or, in the case of an employee
          with an employment agreement, under the terms of such employment
          agreement), if the employee was employed by the Company for at least
          36 consecutive months prior to termination of employment, then the
          employee also will be entitled to sell all his vested equity to the
          Company as aforesaid. Nothing contained herein shall limit the
          rights of VANTAS to repurchase shares acquirable pursuant to the
          exercise of options granted under the VANTAS 1999 Option Plan in
          accordance with the terms of such plan. Subject to the employee's
          right to sell VANTAS equity securities as provided above in this
          Section 2, the Company will have the right, for a 6-month period
          following the expiration of any period associated with the aforesaid
          sale right of the employee, to purchase all of the employee's vested
          equity securities at the fair market value as of the effective date
          of termination of employment.

12.       The Valuation Committee. The Compensation Committee will form a
          valuation subcommittee, whose members initially will be: an
          investment banker, an accountant, David Beale (who will remain a
          member so long as he is a Director and the CEO of the Company),
          Scott Rechler and Steve Rathkopf. Every 6 months, the valuation
          committee will meet and establish the fair market value of the
          Company. The committee will establish fair market value by applying
          a multiple to current EBITDA, which multiple will be based on
          internal and external conditions at the time the committee meets. If
          there is an equity sale to an arms length, bona fide third party,
          the price paid would establish then current fair market value.

13.       Section 5.4(e) Options and 5.4(e) Shares. Notwithstanding anything
          to the contrary set forth in paragraphs 1 and 2 above, in the case
          of the 793,075 options ("5.4(e) Options") that became vested in
          accordance with Section 5.4(e) of the VANTAS 1996 Option Plan,
          neither the net vested equity in the 5.4(e) Options nor the shares
          ("5.4(e) Shares") acquired by exercise of such options may be (a)
          borrowed against under the loan facility, (b) included in the vested
          equity holdings for calculation of the Buyout Amount, or (c) sold to
          the Company upon termination of employment, except as follows: (i)
          in December 2001, 50% of the 5.4(e) Shares will be subject to the
          provisions of paragraphs 1 and 2 above; and (ii) in December 2002,
          the remaining 50% of the 5.4(e) Shares will be subject to the
          provisions of paragraphs 1 and 2 above.

14.       Termination of Long Term Incentive Program. Upon a public offering
          of VANTAS shares, the foregoing provisions shall all expire except
          as to any loans outstanding at the time of such public offering and
          the repayment of and security therefor.

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