Document:

<PAGE>

                                        Charles River Associates Incorporated
                                        John Hancock Tower
                                        Boston, Massachusetts

                          FIFTEENTH AMENDMENT OF LEASE

     THIS FIFTEENTH AMENDMENT OF LEASE, made and entered into as of this 7th day
of June, 2002, by and between JOHN HANCOCK LIFE INSURANCE COMPANY, formerly
known as John Hancock Mutual Life Insurance Company (hereinafter referred to as
"Landlord") and CHARLES RIVER ASSOCIATES INCORPORATED (hereinafter referred to
as "Tenant").

                               WITNESSETH:  THAT

     WHEREAS, Landlord and Tenant entered into a lease dated March 1, 1978,
demising certain premises in the John Hancock Tower, 200 Clarendon Street,
Boston, Massachusetts (the "Building"), which lease has been amended by First
Amendment of Lease dated December 16, 1981, Second Amendment of Lease dated
February 24, 1984, Third Amendment of Lease dated February 28, 1985, Fourth
Amendment of Lease dated February 7, 1986, Fifth Amendment of Lease dated
February 13, 1987, Sixth Amendment of Lease dated August 24, 1987, Seventh
Amendment of Lease dated January 31, 1990, Eighth Amendment of Lease dated
December 31 1991, Ninth Amendment of Lease dated September 2, 1992 (the "Ninth
Amendment"), Tenth Amendment of Lease dated August 24, 1995, Eleventh Amendment
to Lease dated November 25, 1996, Twelfth Amendment of Lease dated March 19,
1998, Thirteenth Amendment to Lease dated August 13, 1999 and Fourteenth
Amendment to Lease dated April 20, 2000 (which lease and the amendments thereto
are hereinafter collectively referred to as the "Lease"); and

     WHEREAS, Tenant wishes to lease certain additional space located on the
31st floor of the Building; and

     WHEREAS, Landlord and Tenant wish to make certain revisions to the Lease
to reflect the remeasurement of the Building; and

     WHEREAS, the parties hereto are mutually desirous of amending the Lease so
as to provide for the above.

<PAGE>
                                      -2-

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Lease is hereby amended as
follows:

     1.   Definitions. Defined terms in this Fifteenth Amendment of Lease shall
          have the same meaning as provided for in the Lease.

Remeasurement of Building

     2.   Remeasurement of Building. At the time of execution of the Lease, the
          number of square feet of rentable area in the Building was 1,597,533
          square feet calculated using Landlord's original building measurement
          standard ("Original Standard"). The resultant number of square feet of
          rentable area in the Premises and Tenant's Proportionate Share were
          similarly calculated using the Original Standard. Effective as of
          January 1,2000, Landlord remeasured the Building using a modified BOMA
          standard ("Modified BOMA Standard"). Pursuant to the Modified BOMA
          Standard the number of square feet of rentable area in the Building is
          1,738,779 square feet. Landlord and Tenant hereby confirm and
          acknowledge that effective October 1, 2001 all references in the Lease
          to the number of square feet of rentable area in the Building, the
          Premises, the Expansion Premises, the T-31 Premises (as defined in
          Section 5 below), the Additional Expansion Premises (as defined in
          Section 10 below), and Tenant's Proportionate Share shall be
          calculated using the Modified BOMA Standard, as more specifically
          indicated below:

          -    rentable area included in the Building:  1,738,779 square feet

          -    rentable area in the Premises:

          <Table>
                         <S>                           <C>
                         T-32                          28,803 square feet (as
                                                       outlined on Exhibit A-1
                                                       attached hereto and
                                                       incorporated by reference,
                                                       herein the "T-32 Premises")

                         T-33                          28,492 square feet (as
                                                       outlined on Exhibit A-2
                                                       attached hereto and
                                                       incorporated by reference,
                                                       herein the "T-33 Premises")

                         Total                         57,295 square feet

          </Table>

<PAGE>
                                      -3-

     -  Tenant's Proportionate Share of              3.295% (i.e., 57,295 square
        Ownership Taxes:                             feet of rentable area
                                                     included in the Premises
                                                     divided by 1,738,779, the
                                                     number of square feet of
                                                     rentable area included in
                                                     the Building)

     -  T-31 Premises:                               6,000 square feet

     -  Additional Expansion Premises:               22,090 square feet

3.   Adjustment to Base Rent re: Remeasurement.  As a result of the
     remeasurement of the Building the Base Rent must be adjusted to provide
     for the same effective Base Rent as is currently provided under the
     Lease.  As a result, effective October 1, 2001 and continuing for the
     balance of the Extended Term (i.e., April 25, 2008) Base Rent for the
     Premises (other than the T-31 Premises referenced herein, which Base Rent
     shall be payable in such amounts as provided in Section 6 of this
     Fifteenth Amendment) shall be payable by Tenant to Landlord as follows:

          With respect to T-32:

            -  For the period from                  $956,637.95 per year (28,803
               October 1, 2001 through              rentable square feet at
               August 31, 2003:                     $33.2131 per square foot),
                                                    payable in equal monthly
                                                    installments of $79,719.83

            -  For the period from                  $990,917.70 per year (28,803
               September 1, 2003                    rentable square feet at
               through February 28,                 $34.4033 per square foot),
               2004:                                payable in equal monthly
                                                    installments of $82,576.48

            -  For the period from                  $991,916.70 per year (28,803
               March 1, 2004 through                rentable square feet at
               April 25, 2008:                      $34.4380 per square foot),
                                                    payable in equal monthly
                                                    installments of $82,659.73

          With respect to T-33:

            -  For the period from                  $713,322.50 per year (28,492

<PAGE>
                                        -4-

               October 1, 2001 through     rentable square feet at
               April 25, 2008:             $25.0359 per square foot
                                           payable in equal monthly
                                           installments of $59,443.54

     4.  Adjustment to Base Rent during Option Term re:  Remeasurement.  As a
         result of the remeasurement of the Building the Base Rent during the
         Option Term must be adjusted to provide for the same effective Base
         Rent as is currently provided under the Lease. As a result Section 9
         of the Ninth Amendment is hereby amended as follows:

         (i)  By deleting in its entirety the first paragraph on page 18 of the
              Ninth Amendment which currently reads:

                "Base Rent during the Option Term shall be equal to the Fair
                Rental Value for the Extended Premises (as defined and
                determined below)."

              and by inserting the following in its stead:

                "Base Rent during the Option Term shall be equal to ninety-two
                (92%) percent of the Fair Rental Value for the T-32 Premises and
                T-33 Premises, and equal to one hundred (100%) percent of the
                Fair Rental Value for the balance of the Extended Premises,
                including but not limited to the T-31 Premises and the
                Additional Expansion Premises (as defined and determined
                below)."

         (ii) By deleting in its entirety subclause (c) on page 18 of the Ninth
              Amendment which currently reads:

                "(c) the method by which square footage in measured is similar
                to the method used to measure the Extended Premises; and"

              and by inserting the following in its stead:

                "(c) the method by which square footage is measured is similar
                to the Modified BOMA Standard; and",

T-31 Premises

     5.  T-31 Premises.  Effective August 1, 2001, the Premises shall be
         increased by including 6,000 square feet of space located on the 31st
         floor and more particularly described on Exhibit A-3 attached hereto
         (herein the "T-31 Premises").  Landlord delivered the T-31 Premises to

<PAGE>
                                      -5-

     Tenant on August 1, 2001, in "AS IS" condition, vacant, free and clear of
     all leases and occupancies.

6.   T-31 Premises Base Rent.  Providing Tenant is not in default beyond any
     applicable grace period, Tenant shall not be obligated to pay Base Rent for
     the T-31 Premises during the months of August, September and October of
     2001.  Effective November 1, 2001 and continuing through September 30, 2004
     the Base Rent for the T-31 Premises shall be $360,000.00 per year (6,000
     rentable square feet at $60.00 per square foot), payable by Tenant to
     Landlord in equal monthly installments of $30,000.00.  Effective October 1,
     2004 and continuing through April 25, 2008 (i.e. the expiration of the
     Extended Term) the Base Rent for the T-31 Premises shall be $372,000.00
     (6,000 rentable square feet at $62.00 per square foot), payable by Tenant
     to Landlord in equal monthly installments of $31,000.00. Tenant's
     Proportionate Share of Ownership Taxes, Operating Expenses and Utility
     Expenses with respect to the T-31 Premises shall be as set forth in Section
     7 herein.

7.   T-31 Premises - Operating Expenses/Ownership Taxes.  The Base Year for
     purposes of calculating Tenant's rent adjustment for Operating Expenses for
     the T-31 Premises shall be calendar year 2001, such that Tenant shall
     commence payment of Tenant's rent adjustment for Operating Expenses for the
     T-31 Premises from and after January 1, 2002.  The Base Year for purposes
     of calculating Tenant's Proportionate Share of Ownership Taxes for the T-31
     Premises shall be the fiscal year 2002, such that Tenant shall commence
     payment of Tenant's Proportionate Share of Ownership Taxes for the T-31
     Premises from and after July 1, 2002. Tenant's Proportionate Share of
     Ownership Taxes for the T-31 Premises for any fiscal year shall be 0.336%,
     the percentage resulting from dividing the number of square feet of
     rentable area included in T-31 Premises (6,000 square feet) by the number
     of square feet of rentable area in the Building (which is 1,783,779 square
     feet).

8.   T-31 Premises - Tenant Allowance.  Tenant shall be responsible to design
     and construct all improvements within the T-31 Premises, at Tenant's sole
     expense, which design and construction shall be conducted in accordance
     with the provisions of Section 10B of the Lease. Landlord will provide
     Tenant with a tenant improvement allowance for construction of
     improvements in the T-31 Premises in the aggregate amount of $198,000.00
     ($33.00 per rentable square foot) (the "T-31 Premises Tenant Allowance").
     During construction of the improvements in the T-31 Premises (but no more
     often than once per month), Tenant shall submit a bill or bills to
     Landlord for reimbursement of the actual costs incurred by Tenant to date
     to produce plans,
<PAGE>
                                      -6-

          construct improvements, purchase furniture, fixtures or equipment or
          pay moving expenses. Tenant shall attach to such bill or bills all
          relevant and available invoices and other evidence of the completion
          of work as Landlord may require in its reasonable discretion. Within
          fifteen (15) business days of its receipt of such bill or bills from
          Tenant, provided Tenant is not in default hereunder, Landlord shall
          reimburse Tenant for all reasonable verifiable costs incurred by
          Tenant in constructing the improvements to the T-31 Premises up to the
          maximum T-31 Premises Tenant Allowance. In the event that Tenant
          completes construction of the improvements to the T-31 Premises and
          the actual costs to complete such improvements are less than the T-31
          Premises Tenant Allowance, the Base Rent due and payable by Tenant to
          Landlord for the T-31 Premises shall be reduced on a dollar for dollar
          basis until such T-31 Premises Tenant Allowance is expended in full.

               Tenant shall pay Landlord a construction management fee equal to
          one and one half (1.5%) percent (1.5) of the total project cost of any
          improvements to the T-31 Premises, such fee to be billed on a monthly
          basis and due and payable within thirty (30) days of receipt of
          Landlord's invoice.

     9.   T-31 Premises Parking. Notwithstanding the provisions of Section 12 of
          the Ninth Amendment, in connection with Tenants's occupancy of the
          T-31 Premises Landlord shall make available one (1) parking permit per
          2,500 square feet of rentable square feet in the T-31 Premises(vs. one
          per 1,500 rentable square feet as provided with respect to the balance
          of the Premises), i.e., two (2) parking permits based upon 6,000
          rentable square feet in the T-31 Premises. Such parking permits shall
          otherwise be made available pursuant to the terms and conditions
          recited in Section 12 of the Ninth Amendment. Upon a written request
          from Tenant, Landlord will advise Tenant as to whether any additional
          parking permits are available (as determined in Landlord's sole and
          absolute discretion), and if any parking permits are available
          Landlord shall make such permits available to Tenant.

Additional Expansion Option

    10.   Additional Expansion Option. Section 31B, Additional Expansion
          Option of the Lease, as recited in Section 10 of the Ninth Amendment,
          is hereby deleted in its entirety and the following substituted
          therefor;

          "B. Additional Expansion Option. Provided Tenant is not in default of
          its obligations under the Lease, beyond the expiration of any
          applicable grace period, either at the time Tenant exercises the
          option described below or on the commencement date of the Lease with
          respect to the

<PAGE>
                                      -7-

     Additional Expansion Premises (as defined below), and provided that Tenant
     has exercised its option to extend the Extended Term as provided in
     Paragraph 9 of the Ninth Amendment, and provided Tenant has not assigned
     this Lease or sublet all or any portion of the Extended Premises, as so
     expanded, Tenant shall have the additional option (the "Additional Option")
     to lease during the Option Term 22,090 rentable square feet of space
     located on the 31st floor of the Building and outlined on Exhibit A-4
     attached hereto and incorporated by reference (the "Additional Expansion
     Premises") commencing on the Option Term Commencement Date. If Tenant
     elects to exercise the Additional Option, simultaneously with the giving of
     Tenant's notice to extend the Extended Term, Tenant will give Landlord
     written notice of Tenant's election to exercise the Additional Option at
     least twelve (12) months, but not more that fourteen (14) months, prior to
     the Option Term Commencement Date. The Additional Expansion Premises will
     be leased to Tenant upon the same terms and conditions as contained in the
     Lease, except that Base Rent for the Additional Expansion Premises, which
     shall be included with the Extended Premises, shall be determined in
     accordance with the provisions of Paragraph 9 of the Ninth Amendment. Upon
     the commencement of the term of the Lease for the Additional Expansion
     Premises, the Additional Expansion Premises shall automatically become a
     part of the Extended Premises.

          In the event that the Additional Option is duly exercised, Landlord
     and Tenant agree to enter into an amendment to this Lease to confirm such
     exercise and to document all changes to the Lease, as amended, resulting
     from the exercise of such option and all references contained in this Lease
     to the Extended Premises shall be construed to refer to the original
     Extended Premises, as expanded pursuant to Section 31(a) hereof, as further
     expanded by the exercise of the aforesaid Additional Option, whether or not
     specific reference thereto is made in the Ninth Amendment. In exercising
     its option hereunder, Tenant acknowledges that time is of the essence.
     Failure of Tenant to exercise the Additional Option on or before the date
     specified above shall constitute a waiver by Tenant of all rights under
     such option. At such time as Tenant leases the Additional Expansion
     Premises pursuant to the provisions of this Section 31(b), Tenant's
     Proportionate Share of Ownership Taxes shall be increased as provided in
     Paragraph 5 of the Ninth Amendment and Tenant's obligations to pay rent
     adjustments for Operating Expenses shall be adjusted as provided in Section
     2(b) of the Lease."

11.  No further Expansion Options. Tenant acknowledges that it has no further
     expansion options other that the Additional Option to lease the Additional
     Expansion Premises referenced in the preceding Section 10 of this Fifteenth
     Amendment.
<PAGE>
                                      -8-

Right of First Opportunity

     12. Right of First Opportunity.

         (a)  Exercise.  From the date hereto through and including April 25,
         2008, Tenant shall have a "Right of First Opportunity" to lease the
         22,090 Rentable Square Feet of space located on the 31st floor of the
         Building and outlined on Exhibit A-4 attached hereto and incorporated
         by reference which Landlord offers to lease to any unrelated third
         party (the "First Opportunity Space"); provided, however, Tenant shall
         not have this Right of First Opportunity if Landlord plans to use,
         lease, or make available such portion of the First Opportunity Space to
         itself or to any entity controlled by, controlling, or under common
         control with Landlord or to a third party engaged in a special project
         for Landlord (each of the foregoing is referred to as a "Landlord
         Affiliate").

              Landlord will notify Tenant of its plans to offer to lease the
         First Opportunity Space to any unrelated third party other than a
         Landlord Affiliate. Landlord's notice shall specify the date of
         availability, rent, allowances, and all other material terms and
         conditions which will apply to such space.  The term of the Lease with
         respect to the First Opportunity Space shall be coterminous with the
         Term of this Lease with respect to the Premises.  Tenant will notify
         Landlord within fifteen (15) days of Landlord's notice if Tenant wishes
         to lease such space from Landlord on the terms and conditions so
         specified and otherwise on substantially the same terms and conditions
         as contained in the Lease.  If Tenant notifies Landlord that it wishes
         to lease the First Opportunity Space, Landlord and Tenant shall execute
         an agreement incorporating such terms and conditions.  If Tenant fails
         to notify Landlord within said fifteen (15) day period that Tenant
         wishes to lease such First Opportunity Space, Landlord shall be
         entitled to lease such space to a third party at an effective rent,
         considering all pertinent aspects of Landlord's proposed terms such as
         concessions, allowances, broker fees and any other costs to Landlord,
         no more favorable than that offered to Tenant; provided, however, if
         after negotiations with any such third party, Landlord desires to lease
         such space at an effective rent or on other terms which are materially
         more favorable than those offered to Tenant, Landlord will notify
         Tenant, which notice shall include all material terms and conditions of
         Landlord's proposed lease to such third party, and Tenant will notify
         Landlord within five (5) business days of Landlord's notice if Tenant
         wishes to Lease such space from Landlord on the terms and conditions so
         specified.  If Tenant fails to notify Landlord within said five (5)
         business day period that Tenant intends to lease such First Opportunity
         Space, Landlord shall be entitled to lease such space to a third party
         at an effective rent, considering all pertinent aspects of Landlord's
         proposed terms such as concessions, allowances, broker fees and any
         other costs to Landlord, no more favorable than that offered to Tenant.
         If Landlord does not enter into such a lease for the First Opportunity
         Space with another tenant within eighteen (18) months after Landlord's
<PAGE>
                                      -9-

          original notice to Tenant, then Tenant's rights under this Section 12
          shall be reinstated.

          (b)  Conditions Precedent to Exercise.  Notwithstanding any contrary
          provisions of this Section 12 or any other provision of this Lease,
          any Right of First Opportunity shall be void and of no effect unless
          on the date Tenant notifies Landlord that it is exercising the Right
          of First Opportunity and on the commencement date for such First
          Opportunity Space (i) this Lease is in full force and effect, (ii) no
          Event of Default on the part of Tenant has occurred and is continuing
          under this Lease, and (iii) Tenant shall not have assigned this Lease
          nor sublet any portion of the Premises to any entity or entities other
          than a Tenant Affiliate; provided, however, that Landlord reserves the
          right to waive the provisions of this Section 12.

Miscellaneous

      13. Storage Space.  Section 11 - Storage Space of the Ninth Amendment
          is hereby deleted in its entirety.

      14. T-31 and T-32 Internal Staircase.  During the Extended Term of the
          Lease, provided Tenant is not in default of its obligations under the
          Lease, beyond the expiration of any applicable grace period, Tenant
          shall have the right to construct an internal staircase for the
          exclusive use and enjoyment of Tenant, which staircase may connect
          those portions of the 32nd and 31st floors occupied by Tenant;
          provided that the construction of such internal staircase shall be
          performed by Tenant in compliance with the requirements of Section 10B
          of the Lease.

              At any time commencing six (6) months prior to the expiration of
          the Extended Term of the Lease or at any time after a default by
          Tenant under the Lease which remains uncured beyond any applicable
          grace period), upon demand from Landlord, Tenant shall pay to Landlord
          as additional rent, the costs estimated by Landlord to cap the
          internal staircase constructed by Tenant and to restore the 32nd and
          31st floors to their condition prior to the installation of the
          internal staircase, provided, however that if Landlord does not in
          fact commence capping the staircase and restoring the floors within
          one (1) year from the expiration of the Term then Landlord shall
          refund such costs previously paid by Tenant above.

      15. Miscellaneous. Except as herein expressly modified all of the terms
          and conditions of the Lease shall be and remain in full force and
          effect, provided, however, if and to the extent that any of the
          provisions of this Fifteenth Amendment conflict with or are otherwise
          inconsistent with any of the provisions of the Lease, the provisions
          of this Fifteenth Amendment shall prevail.
<PAGE>
                                      -10-

IN WITNESS WHEREOF, Landlord and Tenant have caused this Fifteenth
Amendment to be duly executed under seal as of the day first above written.

                                      LANDLORD:

                                      JOHN HANCOCK LIFE
                                      INSURANCE COMPANY

                                      By: /s/ Paul M. Crowley
                                      ----------------------------
                                      Paul M. Crowley
                                      Vice President

                                      TENANT:

                                      CHARLES RIVER ASSOCIATES,
                                      INCORPORATED

                                      By: /s/ Michael J. Tubridy
                                      ----------------------------
                                         Title: CFO

Exhibits:

Exhibit A-1    T-32 Premises
Exhibit A-2    T-33 Premises
Exhibit A-3    T-31 Premises
Exhibit A-4    Additional Expansion Premises/First Opportunity Space

<PAGE>
EXHIBIT A-4

                                  [FLOORPLAN]

[Exhibits A-1 through A-4 consist of floor plans for office space described in
the lease.]

<PAGE>
EXHIBIT A-1

                                  [FLOORPLAN]

[Exhibits A-1 through A-4 consist of floor plans for office space described in
the lease.]
<PAGE>
EXHIBIT A-2

                                  [FLOORPLAN]

[Exhibits A-1 through A-4 consist of floor plans for office space described in
the lease.]
<PAGE>
EXHIBIT A-3

                                  [FLOORPLAN]

[Exhibits A-1 through A-4 consist of floor plans for office space described in
the lease.]<PAGE>

<TABLE>
<S>                                             <C>                                         <C>
------------------------------------------------------------------------------------------------------------------------------------
TRAMMELL DIRECTIONAL BORING, INC.                THE FIRST NATIONAL BANK OF SPRINGDALE      Loan Number
P.O. BOX 523                                     100 WEST EMMA - BOX 249                               ----------------
[___?], AR 72727                                 SPRINGDALE, AR 72765                       Date: December 29, 2000
                                                                                                  -----------------
                                                                                            Maturity Date Dec, 29, 2003
                                                                                                          -------------
                                                                                            Loan Amount $110,141.66
                                                                                                        ---------------
                                                                                            Renewal Of
                                                                                                      -----------------
          BORROWER'S NAME AND ADDRESS                    LENDER'S NAME AND ADDRESS          TID: 71-0619821
  "I" includes each borrower above, joint and     "You" means lender, its successors and
                  severally.                      assigns.
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

For value received, I promise to pay you, or your order, at your address listed
above the PRINCIPAL sum of ONE HUNDRED TEN THOUSAND ONE HUNDRED FORTY ONE AND
66/100 * * * * * Dollars $110,141.66

|X| Single Advance: I will receive of this principal sum on DECEMBER 29, 2000 .
    No additional advances are contemplated under this note.

|_| Multiple Advance: The principal sum shown above is the maximum amount of
    principal I can borrow under this note. On
                                               ---------------------------------
    I will receive the amount $                and future principal advances are
                               ---------------
    contemplated.

    Conditions: The conditions for future advances are
                                                       -------------------------

    ----------------------------------------------------------------------------

    |_| Open End Credit: You and I agree that I may borrow up to the maximum
        amount of principal more than one time. This feature is subject to all
        other conditions and expires on
                                        ---------------------------.

    |_| Closed End Credit: You and I agree that I may borrow up to the maximum
        only one time (and subject to all other conditions).

INTEREST: I agree to pay interest on the outstanding principal balance from
    DEC. 29, 2000 at the rate of 9.500% per year until DECEMBER 29, 2003.
    -------------                ------                -----------------

|_|  Variable Rate: This rate may then change as stated below.

    |_|  Index Rate: The future rate will be                            the
                                             --------------------------
    following index rate:
                           ----------------------------------------------------

    ---------------------------------------------------------------------------

    |_| No Index: The future rate will not be subject to any internal or
        external index. It will be entirely in your control.

    |_|  Frequency and Timing: The rate on this note may change as often as
                                                                            ----
                                                             . A change in the
         ----------------------------------------------------
         interest rate will take effect
                                        ----------------------------------------

         -----------------------------------------------------------------------

 |_| Limitations: During the term of this loan, the applicable annual interest
     rate will not be more than        % or less than %      .  The rate may not
                                ------                 ------
     change more than         % each
                      --------       ----------------------------.

    Effect of Variable Rate: A change in the interest rate will have the
    following effect on the payments:

    |_|  The amount of each scheduled               |_| The amount of the final
         payment will change.                           payment will change.

    |_|
         -----------------------------------------------------------------------

ACCRUAL METHOD: Interest will be calculated on a     ACTUAL/360         basis.
                                                 -----------------

POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note
    owing after maturity, and until paid in full, as stated below:

    |X| on the same fixed or variable rate basis in effect before maturity (as
indicated above).

    |_|  at a rate equal to
                            ----------------------------------------------------

    LATE CHARGE: If a payment is made more than  10  days after it is due, I
                                                ----
    agree to pay a late charge of 5.000% OF THE LATE PAYMENT
                                   ---------------------------

|_|  ADDITIONAL CHARGES: In addition to interest, I agree to pay the following
     charges which   |_| are   |_| are not  included in the principal amount
     above:
           ---------------------------------------------------------------------

PAYMENTS: I agree to pay this note as follows:

|_| Interest: I agree to pay accrued interest
                                               ---------------------------------

--------------------------------------------------------------------------------

|_| Principal: I agree to pay the principal
                                             -----------------------------------

--------------------------------------------------------------------------------

|X| Installments: I agree to pay this note in  36  payments.  The first payment
                                              ----
    will be in the amount of $3,534.69 and will be due  JANUARY 29, 2001  .  A
                             ---------                  -----------------
    payment of $3,534.69 will be due ON THE 29TH DAY OF EACH MONTH   thereafter.
               ---------             -------------------------------
    The final payment of the entire unpaid balance of principal and interest
    shall be due DECEMBER 29, 2003
                 -------------------

ADDITIONAL TERMS: EACH PAYMENT SHALL BE PAID ON THE DATE DUE, OR IF SUCH DATE
    DOES NOT EXIST FOR THAT MONTH, THEN SUCH PAYMENT SHALL BE DUE ON THE LAST
    DAY OF THAT MONTH. I WILL FURNISH ANNUAL FINANCIAL STATEMENTS INCLUDING
    INCOME INFORMATION.

    |X| I am giving you a security interest in property to secure this loan. I
    understand that I must keep this property insured against loss, expense of
    damage due to fire, theft, collision or other such risks in the amounts you
    require. I f I fail to do so, you are authorized to purchase insurance to
    protect your interest in the property, and may add the cost to the amount I
    owe you.

<TABLE>
<S>                                                                       <C>
---------------------------------------------------------------------
|X| SECURITY: This note is separately secured by (describe                 PURPOSE: The purpose of this loan is BUSINESS:  PURCHASE
separate document by type and date): EQUIPMENT                                                                  --------------------
                                                                           BORING MACHINE                                          .
                                                                           ---------------------------------------------------------
                                                                           SIGNATURES:  I AGREE TO THE TERMS OF THIS NOTE (INCLUDING
(This section is for your internal use. Failure to list a separate         THOSE ON PAGE 2). I have received a copy on today's date.
security document does not mean the agreement will not secure this
note.)
---------------------------------------------------------------------

Signature for Lender                                                  TRAMMELL DIRECTIONAL BORING, INC.
                                                                      --------------------------------------------------------------
X                                                                     By:  /s/ Lisa A. Trammell
--------------------------------------------------------------        --------------------------------------------------------------
MICHAEL HUGHES, VICE PRESIDENT                                        LISA A. TRAMMELL, PRES/SEC

--------------------------------------------------------------        --------------------------------------------------------------

                                                                      --------------------------------------------------------------
</TABLE>

UNIVERSAL NOTE
(C) 1984, 1991 Bankers System, Inc.,                               (page 1 of 2)
    St. Cloud, MN (1-800-397-2341) Form UN-AR 8/27/97
51116

<PAGE>

DEFINITIONS: As used on page 1, "|X|" means the terms that apply to this loan.
"I," "me" or "my" means each Borrower who signs this note and each other person
or legal entity (including guarantors, endorsers, and sureties) who agrees to
pay this note (together referred to as "us"). "You" or "your" means the Lender
and its successors and assigns.

APPLICABLE LAW: The law of the state in which you are located will govern this
note. Any term of this note which is contrary to applicable law will not be
effective, unless the law permits you and me to agree to such a variation. If
any provision of this agreement cannot be enforced according to its terms,
this fact will not affect the enforceability of the remainder of this
agreement. No modification of this agreement may be made without your express
written consent. Time is of the essence in this agreement.

PAYMENTS: Each payment I make on this note will first reduce the amount I owe
you for charges which are neither interest nor principal. The remainder of each
payment will then reduce accrued unpaid interest, and then unpaid principal. If
you and I agree to a different application of payments, we will describe our
agreement on this note. I may prepay a part of, or the entire balance of this
loan without penalty, unless we specify to the contrary on this note. Any
partial prepayment will not excuse or reduce any later scheduled payment until
this note is paid in full (unless, when I make the prepayment, you and I agree
in writing to the contrary).

INTEREST: Interest accrues on the principal remaining unpaid from time to time,
until paid in full. If I receive the principal in more than one advance, each
advance will start to earn interest only when I receive the advance. The
interest rate in effect on this note at any given time will apply to the entire
principal advanced at that time. Notwithstanding anything to the contrary, I do
not agree to pay and you do not intend to charge any rate of interest that is
higher than the maximum rate of interest you could charge under applicable law
for the extension of credit that is agreed to here (either before or after
maturity). If any notice of interest accrual is sent and is in error, we
mutually agree to correct it, and if you actually collect more interest than
allowed by law and this agreement, you agree to refund it to me.

INDEX RATE: The index will serve only as a device for setting the rate on this
note. You do not guarantee by selecting this index, or the margin, that the rate
on this note will be the same rate you charge on any other loans or class of
loans to me or other borrowers.

ACCRUAL METHOD: The amount of interest rate that I will pay on this loan will be
calculated using the interest rate and accrual method stated on page 1 of this
note. For the purpose of interest calculation, the accrual method will determine
the number of days in a "year". If no accrual method is stated, then you may use
any reasonable accrual method for calculating interest.

POST MATURITY RATE: For the purposes of deciding when the "Post Maturity Rate"
(shown on page 1) applies, the term "maturity" means the date of the last
scheduled payment indicated on page 1 of this note or the date you accelerate
payments on this note, whichever is earlier.

SINGLE ADVANCE LOANS: If this is a single advance loan you and I expect that you
make only one advance of principal. However, you may add other amounts to the
principal if you make any payments described in the "PAYMENTS BY LENDER"
paragraph below.

MULTIPLE ADVANCE LOANS: If this is a multiple advance loan, you and I expect
that you will make more than one advance of principal. If this is closed end
credit, repaying a part of the principal sum will not entitle me to additional
credit.

PAYMENTS BY LENDER: If you are authorized to pay on my behalf, charges I am
obligated to pay (such as property insurance premiums), then you may treat
those payments made by you as advances and add them to the unpaid principal
under this note, or you may demand immediate payment of the charges.

SET OFF: I agree that you may set off any amount due and payable under this note
against any right I have to receive money from you.

   "Right to receive money from you" means:

   (1) any deposit account balance I have with you;

   (2) any money owed to me on an item presented to you or in your possession
       for collection or exchange; and

   (3) any repurchase agreement or other nondeposit obligation.

   "Any amount due and payable under this note" means the total amount of which
you are entitled to demand payment under the terms of this note at the time you
set off. This total includes any balance the due date for which you properly
accelerate under this note.

   If my right to receive money from you is also owned by someone who has not
agreed to pay this note, your right of set off will apply to my interest in the
obligation and to any other amounts I could withdraw on my sole request or
endorsement. Your right of set off does not apply to an account or other
obligation where my rights are only as a representative. It also does not apply
to any Individual Retirement Account or other tax-deferred retirement account.

   You will not be liable for the dishonor of any check when the dishonor occurs
because you set off this debt against any of my accounts. I agree to hold you
harmless from any such claims arising as a result of your exercise of your right
to set off.

REAL ESTATE RESIDENCE OR SECURITY: IF this note is secured by real estate or a
residence that is personal property, the existence of a default and your
remedies for such a default will be determined by applicable law, by the terms
of any separate instrument creating the security interest and, to the extent not
prohibited by law and not contrary to the terms of the separate security
instrument, by the "Default" and "Remedies" paragraphs herein.

DEFAULT: I will be in default if any one or more of the following occur: (1) I
fail to make a payment on time or in the amount due; (2) I fail to keep the
property insured, if required; (3) I fail to pay, or keep any promise, on any
debt agreement I have with you; (4) any other creditor of mine attempts to
collect any debt I owe him through court proceedings; (5) I die, am declared
incompetent, make an assignment for the benefit of creditors, or become
insolvent (either because my liabilities exceed my assets or I am unable to pay
my debts as they become due); (6) I make any written statement or provide any
financial information that is untrue or inaccurate at the time it was provided;
(7) I do or fail to do something which causes you to believe that you will have
difficulty collecting the amount I owe you; (8) any collateral securing this
note is used in a manner or for a purpose which threatens confiscation by a
legal authority; (9) I change my name or assume an additional name without first
notifying you before making such a change; (10) I fail to plant, cultivate and
harvest crops in due season if I am a producer of crops; (11) any loan proceeds
are used for a purpose that will contribute to excessive erosion of highly
erodible land or to the conversion of wetlands to produce an agricultural
commodity, as further explained in 7 C.F.R. Part 1940, Subsection G, Exhibit M.

REMEDIES: If I am in default on this note you have, but are not limited to, the
following remedies:

    (1) You may demand immediate payment of all I owe you under this note
        (principal, accrued unpaid interest and other accrued charges).

    (2) You may set off this debt against any right I have to the payment of
        money from you, subject to the terms of the "Set-Off" paragraph herein.

    (3) You may demand security, additional security, or additional parties to
        be obligated to pay this note as a condition for not using any other
        remedy.

    (4) You may refuse to make advances to me or allow purchases on credit by
        me.

    (5) You may use any remedy you have under state or federal law.

    By selecting any one or more of these remedies you do not give up your
        right to later use any other remedy. By waiving your right to declare an
        event to be default, you do not waive your right to later consider the
        event as a default if it continues or happens again.

COLLECTION COSTS AND ATTORNEY'S FEES: I agree to pay all costs of collection,
replevin or any other or similar type of cost if I am in default. In addition,
if you hire an attorney to collect this note, I also agree to pay any fee you
incur with such attorney plus court costs (except where prohibited by law). To
the extent permitted by the United States Bankruptcy Code, I also agree to pay
the reasonable attorney's fees and costs you incur to collect this debt as
awarded by an court exercising jurisdiction under the Bankruptcy Code.

WAIVER: I give up my rights to require you to do certain things. I will not
require you to:

    (1) demand payment of amounts due (presentment);

    (2) obtain official certification of nonpayment (protest); or

    (3) give notice that the amounts due have not been paid (notice of
        dishonor).

    I waive any defenses I have based on suretyship or impairment of collateral.

OBLIGATIONS INDEPENDENT: I understand that I must pay this note even if someone
else has also agreed to pay it (by, for example, signing this form or a separate
guarantee or endorsement). You may sue me alone, or anyone else who is obligated
on this note, or any number of us together, to collect this note. You may do so
without any notice that it has not been paid (notice of dishonor). Your may
without notice release any party of this agreement without releasing any other
party. If you give up any of your rights, with or without notice, it will not
affect my duty to pay this note. Any extension of new credit to any of us, or
renewal of this note by all or less than all of us will not release me from my
duty to pay it. (Of course, you are entitled to only one payment in full.) I
agree that you may at your option extend this note or the debt represented by
this note, or any portion of the note or debt, from time to time without limit
or notice and for any term without affecting my liability for payment of this
note. I will not assign my obligation under this agreement without your prior
written approval.

CREDIT INFORMATION: I agree and authorize you to obtain credit information about
me from time to time (for example, by requesting a credit report) and to report
to others your credit experience with me (such as a credit reporting agency). I
agree to provide you, upon request, any financial statement or information you
may deem necessary. I warrant that the financial statements and information I
provide to you are or will be accurate, correct and complete.

NOTICE: Unless otherwise required by law, any notice to me shall be given by
delivering it or by mailing it by first class mail addressed to me at my last
known address. My current address is on page 1. AI Agree to inform you in
writing of any changes in my address. I will give any notice to you by mailing
it first class to your address stated on page 1 of this agreement, or to any
other address that you have designated.

<TABLE>
<CAPTION>
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DATE OF TRANSACTION     PRINCIPAL     BORROWER'S       PRINCIPAL       PRINCIPAL   INTEREST RATE   INTEREST PAYMENTS   INTEREST PAID
                         ADVANCE       INITIALS        PAYMENTS         BALANCE                                           THROUGH
                                          (not
                                        required)
------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>                                                                          <C>                 <C>
   /    /           $                             $                 $                         %  $                      /    /
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   /    /           $                             $                 $                         %  $                      /    /
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   /    /           $                             $                 $                         %  $                      /    /
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   /    /           $                             $                 $                         %  $                      /    /
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   /    /           $                             $                 $                         %  $                      /    /
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   /    /           $                             $                 $                         %  $                      /    /
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   /    /           $                             $                 $                         %  $                      /    /
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   /    /           $                             $                 $                         %  $                      /    /
------------------- --------------- ------------- ----------------- ------------- -------------- ------------------- ---------------
</TABLE>

UNIVERSAL NOTE
(C) 1984, 1991 Bankers System, Inc.,                               (page 2 of 2)
    St. Cloud, MN (1-800-397-2341) Form UN-AR 8/27/97

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