Document:

Exhibit 10.2

Execution Copy

L E A S E

THIS LEASE AGREEMENT (this “Lease”) made this 31st day of
December, 2006, by and between MJC Berry Enterprises, LLC, a Massachusetts
Limited Liability Company (hereinafter called “Landlord”), and North
American Site Developers, Inc. (NASDI), a Massachusetts corporation
(hereinafter called “Tenant”)which will have its principal place of
business at the Demised Premises (defined below).

WITNESSETH:

ARTICLE 1  DEMISED PREMISES

1.  Landlord hereby demises to
Tenant and Tenant hereby leases from Landlord upon and subject to the
covenants, conditions and agreements set forth herein that certain land (the “Land”)
being more particularly described on Exhibit “A”, containing
approximately 66,680 square feet and a two (2) story office building containing
approximately 20,000 square feet of space (“the Building”) commonly referred to
as 1365 Main Street, Waltham, Massachusetts, together with any and all other
improvements currently located or to be located upon the Land, including an
existing warehouse building, an equipment garage(to be constructed), and any
and all parking areas (hereinafter collectively called “Demised Premises”).

ARTICLE 2  TERM

2.  (a) TO HAVE AND TO HOLD for a
term beginning on January 1, 2007 (“Commencement Date”) and ending at midnight
on December 31, 2016 (“Expiration Date”) (the “Initial Lease Term”), as such
may be extended under the terms and provisions of ARTICLE 2(b) hereof (“Lease
Term”), unless sooner terminated, as provided or permitted under this Lease.

(b) Provided no Event of Default (as hereinafter defined) has occurred,
and shall be continuing at the time of the exercise of the option and at the
end of the then current term, Tenant is hereby granted the right and option to
extend the Term of this Lease for five (5) consecutive one (1) year periods to
be effective, if exercised by Tenant (as provided herein), on the date
immediately following the Expiration Date of the Initial Lease Term, and each
Extended Term (defined below), Tenant’s exercise of each such option shall be
in writing given to the Landlord at least six (6) months prior to the end of
the Initial Lease Term, or the then current Extended Lease Term (as the case
may be), Expiration Date.  If the Initial
Lease Term is extended by Tenant, as provided under this Article 2, then
such extended period of this Lease shall be referred to as the “Extended Lease
Term,” the term “Lease Term,” as used throughout this Lease shall refer to the
Initial Lease Term or any Extended Lease Term as the context and time period of
such interpretation shall require.

(c)           Each such Extended
Lease Term shall be upon the same terms, covenants and conditions as provided
in this Lease, except that each such exercised option period shall be exercised
by Tenant, if at all, only once, and Tenant shall have no right to extend the
Lease Term for any additional period of time beyond December 31, 2021, unless
otherwise agreed to in writing 

by
the parties hereto.

ARTICLE 3  RENTAL

3.  (a) Tenant shall pay to
Landlord rent (“Minimum Basic Rent”) at the rates set forth in Exhibit “B” attached hereto and
incorporated herein by reference, payable in advance in monthly installments
beginning on the Commencement Date, subject to the provisions of Article
3(b) and payable on the first day of each month thereafter.

ARTICLE 4  ADDITIONAL RENTAL

4. (a)  Tenant shall also pay to
Landlord as Additional Rent an amount equal to One Hundred (100%) percent of
any and all real estate taxes assessed against the Demised Premises and which
are due and payable during the Lease Term (“Real Estate Taxes”), or any tax
levied against the Demised Premises and payable during the Lease Term which is
in substitution or in lieu of Real Estate Taxes which pertain solely to the
Demised Premises (“Additional Rent”).  In
the event Real Estate Taxes are abated during the Lease Term which result in
Real Estate Taxes below the amount paid by Tenant hereunder for any tax period,
the abatement shall either (i) be credited to Tenant for the next applicable
tax period or (ii) to the extent no Additional Rent is subject to such
reduction, be returned to Tenant at the time such Additional Rent would be
payable.  Such Additional Rent shall be
payable by Tenant directly to the applicable taxing authority within twenty
(20) days after Tenant is furnished with a copy of the then current tax bill or
estimated tax bill.  Such Additional Rent
shall be pro rated for any portion of the first or last year of the Lease Term,
during which Tenant shall occupy the Demised Premises for less than a full
fiscal tax year.  The terms “Rent” or “Rents”
as used throughout this Lease shall collectively refer to Minimum Basic Rent
and Additional Rent.

(b)  Tenant shall also pay and be
responsible for all costs and expenses actually incurred by Tenant with respect
to the Demised Premises including but not limited to the following:  electricity, gas, water, sewerage, striping,
lighting, patching and resurfacing of parking areas, window cleaning, building
supplies, snow removal, rubbish removal, and all other expenses customarily
incurred in connection with the operation and maintenance of similar buildings
in the Metropolitan Boston area.  Tenant
shall contract directly with such service providers and vendors.

ARTICLE 5  PLACE OF PAYMENT

5.  Except as otherwise expressly
provided for under this Lease in Article 26, Tenant shall make all Rent
payments due to Landlord under this Lease without the right of set-off or
demand, all payments of Minimum Basic Rent and Additional Rent (which are
payable to the Landlord) shall be sent to Landlord c/o North American
Site Developers, Inc., 1365 Main Street, Waltham, Massachusetts, or to
such other person and at such other place as may be designated by notice in
writing from the Landlord to the Tenant, and may be made by check or draft
payable to the order of Landlord.

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ARTICLE 6  SIGNS

6.  Tenant may place exterior signs about the
Demised Premises subject to the written consent of the Landlord, which shall
not be unreasonably withheld conditioned or delayed, and shall be removed by
Tenant at the end of the Lease Term, if requested by Landlord, and Tenant shall
repair any damage caused by Tenant’s installation and removal of any such
signs.  Tenant shall have the right to
place interior signs within the Demised Premises without the prior written
consent of the Landlord.

ARTICLE 7  CONDEMNATION

7.  In the event that the Demised
Premises or any portion thereof equal to fifteen percent (15%) or more of the
floor area of the first floor of the Building or any portion of the parking
areas upon the Land shall be condemned and taken by the right of eminent
domain, then Landlord or Tenant may, at its option, cancel and terminate this
Lease by giving notice of its intention to do so within sixty (60) days after
receipt of notice, in writing, of such taking or damage, in which case, all
Minimum Basic Rent and Additional Rent due or accrued on such date shall be
paid to Landlord and unearned Minimum Basic Rent and Additional Rent and all
other charges paid in advance, if any, shall be refunded to the Tenant who
shall surrender the Demised Premises within sixty (60) days after such notice
to Landlord, and Landlord shall be responsible for any and all costs and
expense pertaining to the Demised Premises from and after any such surrender
date.  If this Lease is not so cancelled
or terminated, then Landlord, at its expense, shall restore the reduced Demised
Premises so far as practicable to the condition existing immediately prior to
such taking.  In the event of such
condemnation and taking or damage, there shall be such abatement or reduction
of Rents as shall be just and equitable. 
All claims and rights to award in the event of such taking are expressly
reserved to Landlord, except as to any claim which Tenant may have for damage
to its leasehold estate, personal property or trade fixtures which is reserved
to it.

ARTICLE 8  DAMAGE BY FIRE, ETC.

8.  In the event that the Demised
Premises are destroyed or damaged by fire, the elements, or casualty, and
provided no Event of Default is existing, then provided the casualty is insured
and to the extent the net proceeds of recovery are available and received by
Landlord, Landlord shall restore the Demised Premises to the condition existing
immediately prior to the date of such damage or destruction and subject to
applicable zoning and building laws then in existence.  Tenant may elect either to (a) terminate this
Lease if Landlord fails to restore the Demised Premises to a condition
substantially suitable for Tenant’s intended use within six (6) months of said
damage or destruction or (b) in the event Landlord is obligated to restore the
Demised Premises hereunder, restore the Demised Premises and be immediately
reimbursed by Landlord for all cost and expense for such restoration undertaken
by or at Tenant’s direction.

ARTICLE 9  ABATEMENT OF RENT

9.  If, as a result of damage or
destruction due to fire or the elements or casualty or as a result of the
exercise of eminent domain, the whole or any part of the Demised Premises shall
become untenantable, dangerous or unfit for the Tenant’s use, the applicable
Minimum Basic and 

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Additional
Rents shall abate justly and proportionately during the continuance of any such
condition.

ARTICLE 10  CONDITION OF DEMISED
PREMISES; CONSTRUCTION

10. (a)  Except as otherwise
provided in this Article 10(a) and subject to Landlord’s indemnity in Article
11, Tenant accepts the Demised Premises in its present condition, without
representation or warranty, express or implied, in fact or in law, by Landlord
and without recourse to Landlord as to the nature, condition or usability
thereof including the existence of any Hazardous Substances as defined in Article
11(b) hereof.  Tenant agrees that
Landlord has no work to perform in or on the Demised Premises except for work
set forth in Exhibit “C”
attached hereto and incorporated herein by reference, to be completed at
Landlord’s sole cost and expense.

(b)  Tenant shall not make or
perform, or permit the making or performance of, any other alterations,
installations, improvements, additions or physical changes in or about the
Demised Premises (referred to collectively as “Alterations”) without Landlord’s
prior consent.  Landlord agrees not
unreasonably to withhold or delay its consent to any nonstructural Alterations
proposed to be made by Tenant to adapt the Demised Premises for Tenant’s
business purposes.  Notwithstanding the
foregoing, Landlord shall have no obligation to consent to any Alteration which
will reduce the value or utility of the Demised Premises.  Notwithstanding the foregoing provisions of
this paragraph or Landlord’s consent to any Alterations, all Alterations,
whether made prior to or during the Lease Term, shall be made and performed in
conformity with and subject to the following provisions:  no Alteration shall adversely affect any
service required to be furnished by Landlord to Tenant; Tenant shall submit to
Landlord reasonably detailed plans and specifications for each proposed
Alteration and shall not commence any such Alteration without first obtaining
Landlord’s approval of such plans and specifications, which approval will not
be unreasonably withheld, conditioned or delayed; prior to the commencement of
each proposed Alteration, Tenant shall furnish to Landlord a duplicate original
policy of comprehensive public liability insurance (including property damage
coverage) in which Landlord and its agents shall be named as parties insured,
which policies shall be issued by companies and shall be in form and amounts
reasonably satisfactory to Landlord and shall be maintained by Tenant until the
completion of such Alteration; all fireproof wood test reports, electrical and
air conditioning certificates, and all other permits, approvals and
certificates required by all applicable governmental authorities shall be
timely obtained by Tenant and submitted to Landlord; notwithstanding Landlord’s
approval of plans and specifications for any Alteration, all Alterations shall
be made and performed in full compliance with all applicable laws, orders and
regulations of Federal, State, County and Municipal authorities and with all
directions, pursuant to law, of all public officers in all material respects;
and all materials and equipment to be incorporated in the Demised Premises as a
result of all Alterations shall be of good quality.

ARTICLE 11 USE OF DEMISED PREMISES; HAZARDOUS SUBSTANCES

11. (a)  Tenant shall use the
Demised Premises as offices and repair/storage of construction and related
equipment and for no other purpose.

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(b)           Tenant shall not (i)
generate, release, store, dispose of, dump, flush or in any way introduce
(hereinafter collectively “Release”) oil, hazardous material, hazardous waste
or hazardous substances (hereinafter collectively called “Hazardous Substances”),
as those terms are defined by any applicable federal, state or local law, rule
or regulation (hereinafter collectively referred to as “Applicable
Environmental Laws”), including without limitation, the Massachusetts Oil and
Hazardous Material Release Prevention and Response Act, M.G.L. c. 21E, the
Massachusetts Hazardous Waste Management Act, M.G.L. c. 21C, the Comprehensive
Environmental Response Compensation and Liability Act, as amended, 42 U.S.C.
§9601 et seq. and the Resource Conservation and Recovery Act, as amended, 42
U.S.C. §§6901 et seq., which terms shall also include, whether or not included
in the definitions contained in Applicable Environmental Laws, petroleum,
solvents, asbestos, polychlorinated biphenyls and other chemicals which are
dangerous to the environment or to human beings in, on, under or from the
Demised Premises or the Landlord’s Property. 
Tenant shall notify Landlord of any incident which would require the
filing of notice or notification pursuant to any Applicable Environmental Laws
as now existing or hereinafter enacted. 
If, at any time during the Lease Term, Landlord shall reasonably believe
that any Hazardous Substances have been so Released by the Tenant in violation
of Applicable Environmental Laws, upon demand by Landlord (or in the event of
any such Release of which Tenant has actual knowledge without demand from
Landlord), Tenant, at its sole expense, shall cause a hazardous waste site
assessment, so-called, to be made forthwith of the Demised Premises and the
Landlord’s Property (including, without limitation, the subsurfaces of any of
the same) likely to have been affected by any such Release.  If such hazardous waste site assessment
indicates the existence of Hazardous Substances on the surface or in the
subsurface water or soils of the Demised Premises or the Landlord’s Property,
Tenant shall thereupon forthwith take all steps necessary to remove any and all
Hazardous Substances and the soils containing the same, and such further steps
as shall be necessary to remedy the effects of such Hazardous Substances.

After reasonable written notice from Landlord to Tenant, Tenant shall
make available to Landlord all reports and statements produced by or at Tenant’s
request, and information required to be maintained, or obtained by Tenant with
respect to any such Hazardous Substances. 
Any such site assessment shall be of an investigatory scope reasonably
acceptable to Landlord.  The obligations
of Tenant hereunder shall survive the termination of this Lease.

Landlord will indemnify and defend Tenant and
otherwise save Tenant harmless from and against any and all claims, actions,
damages, liabilities, costs, fines and expenses incurred by Tenant relating to
any Hazardous Substances located on or in the Demised Premises that were
generated, released, stored incorporated into or disposed of prior to the
Commencement Date, including but not limited to, all cost and expense to remove
or otherwise remediate any such Hazardous Substances existing at the Demised
Premises that were located at the Demised Premises prior to the Comment Date,
but not removed by Landlord.

ARTICLE 12  ASSIGNMENT AND SUB-LETTING

12.  Tenant will not mortgage,
pledge, encumber, sell, assign or transfer this Lease, in whole or in part, or
sublease or allow the use of all or any part of the Demised Premises, without
Landlord’s written consent; however, Tenant may sell, assign or otherwise
transfer this Lease (in 

 5
 

whole
or in part) to, or sublease to or allow the use of all or any part of the
Demised Premises by, any affiliate of Tenant or any party buying all or
substantially all of the assets or capital stock of Tenant without Landlord’s
consent.  In connection with any request
by Tenant for such consent to transfer or sublet, Tenant shall submit to
Landlord, in writing, a statement containing the name of the proposed
transferee or subtenant, as the case may be such information as to its
financial responsibility and standing as Landlord may reasonably require, and
all of the terms and provisions upon which the proposed transfer or subletting
is to be made, and, unless the proposed sublet area shall constitute the entire
Demised Premises, such statement shall be accompanied by a floor plan
delineating the proposed sublet area.  As
long as no Event of Default is existing under any of the terms, covenants and
conditions of this Lease on Tenant’s part to be observed and performed,
Landlord shall not unreasonably withhold condition or delay Landlord’s prior
consent to transfer or sublettings or uses by Tenant of all or parts of the
Demised Premises.  Each such subletting
shall be for undivided occupancy by the subtenant of that part of the Demised
Premises affected thereby for the use permitted under this Lease.  Landlord may, however, withhold such consent
if, in Landlord’s reasonable judgment, the proposed subtenant will impose any
additional material burden upon Landlord in the operation of the Property (to
an extent greater than the burden to which Landlord would have been put if
Tenant continued to use, or used, such part of the Demised Premises for its own
purposes), or if Landlord has any other reasonable objections to the proposed
sub-letting.  Notwithstanding any
assignment or subletting or consent thereto, all uses hereunder by any assignee
or subtenant are subject to Article 12 hereunder.  Landlord shall be reimbursed for reasonable
legal fees and expenses incurred in connection with giving its consent
hereunder not to exceed One Thousand and 00/100 Dollars ($1,000.00).

ARTICLE 13  LIABILITY INSURANCE

13.  (a)  Tenant shall maintain with respect of the Demised
Premises public liability insurance in amounts not less than ONE MILLION
($1,000,000.00) DOLLARS for injury to or death of, one person, and TWO MILLION
DOLLARS ($2,000,000.00) for injury to or death of, more than one person in a
single accident, and Property damage insurance in an amount not less than ONE
HUNDRED THOUSAND DOLLARS ($100,000.00), in responsible companies qualified to
do business in the Commonwealth of Massachusetts and in good standing, insuring
Landlord as well as Tenant against injury, loss, claims or damages to any
person or Property while on the Demised Premises.  Tenant shall also maintain workmen’s
compensation insurance covering all of the Tenant’s employees working in the
Demised Premises.

(b)  Tenant shall deposit with
the Landlord certificates of insurance at or prior to the commencement of the
Lease Term, and thereafter within ten (10) days prior to the expiration of such
policies, shall provide that the policies may not be cancelled without at least
twenty (20) days written notice to the insured.

ARTICLE 14  FIRE INSURANCE AND
SUBROGATION

14.  (a)  Tenant shall, from and after the date of the
execution of this Lease, keep the Demised Premises insured against loss or
damage by fire and any of the casualties included in the extended coverage or
supplementary contract endorsements, in an amount not less than one hundred 

 6
 

percent
(100%) of the full replacement value thereof exclusive of the foundations, with
a guaranteed replacement value endorsement. 
Landlord shall be named as an additional insured on the policy.

(b)           Tenant shall deposit
with the Landlord certificates of insurance at or prior to the commencement of
the Lease Term, and thereafter within ten (10) days prior to the expiration of
such policies, shall provide that the policies may not be cancelled without at
least ten (10) days written notice to the insured.

(c)  Each of Landlord and Tenant
hereby releases the other from any and all liability or responsibility (to the
other or anyone claiming through or under them by way of subrogation or
otherwise) for any loss or damage to Demised Premises caused by fire or any of
the extended coverage or supplementary contract casualties, even if such fire
or other casualty shall have been caused by the fault or negligence of the other
party, or anyone for whom such party may be responsible, provided however, that
his release shall be applicable and in force and effect only with respect to
loss or damage occurring during such time as the releasor’s policies shall
contain a clause or endorsement to the effect that any such release shall not
adversely affect or impair said policies or prejudice the right of the releasor
to recover thereunder.  Each of Landlord
and Tenant agrees that its policies will include such a clause or endorsement so
long as the same shall be obtainable without extra cost, or if extra cost shall
be charged therefore, so long as the other party pays such extra cost. If extra
cost shall be chargeable therefore, each party shall advise the other thereof
and of the amount of the extra cost, and the other party, at its election, may
pay the same, but shall not be obligated so to do.

ARTICLE 15  QUIET ENJOYMENT AND
SURRENDER

15.  (a)  Landlord covenants that Tenant shall quietly
hold, occupy and enjoy the Demised Premises during the Lease Term (including
any Extended Lease Term), subject to the terms and conditions set forth in this
Lease, free from molestation or hindrance by Landlord or any other person so
long as Tenant shall observe and satisfy in all material respects its
obligations and covenants set forth in this Lease.

(b)  At the expiration or earlier
termination of the Lease Term or of any extension thereof, if such term be
extended, the Tenant covenants that it will peaceably and quietly leave and
surrender the Demised Premises together with all alterations, additions and
improvements then a part of the Demised 
Premises in good order and condition, reasonable wear and tear,  restoration, repairs and replacements
required to be made by the Landlord and loss or damage by fire, the elements
and casualty, excepted.

ARTICLE 16  DEFAULTS BY TENANT

16.  (a)  If any one or more of the following events (“Events
of Default”) shall occur, Tenant shall be in Default hereunder:

(1)  If default shall be made in
the due and punctual payment of any installment of Minimum Basic Rent, or
Additional Rent or any other charges payable under this Lease, when and as the
same shall become due and payable, and such default shall continue for a period
of fifteen 

 7
 

(15)
days after written notice from Landlord to Tenant specifying the items in
default; or

(2)  If default shall be made by
Tenant in the performance or compliance with any of the agreements, terms,
covenants or conditions in this Lease other than those referred to in the
foregoing subparagraph (1) in any material respect, and such default shall
continue for a period of sixty (60) days, after written notice from Landlord to
Tenant specifying such default, or in case of a default or contingency which
cannot with due diligence be corrected or otherwise promptly addressed within
said sixty (60) day period, then Tenant shall be afforded such additional time
as may be necessary to cure any such noticed default, so long as Tenant shall
have commend such cure within said sixty (60) day period, and continues to
diligently pursue same to completion; or

(3)  If the Tenant, shall file a
voluntary petition in bankruptcy or shall be adjudicated a bankrupt or
insolvent, or shall file any petition or answer seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
relief under the present or any future federal bankruptcy act or any other
present or future federal, state or other bankruptcy or insolvency statute or
law, or shall seek or consent to the appointment of any bankruptcy or
insolvency Trustee, receiver or liquidator of Tenant or of all or any
substantial part of Tenant’s assets or properties; or

(4)  If within ninety (90) days
after the commencement of any proceeding against the Tenant seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
relief under the present or any future federal Bankruptcy Code or any other
present or future federal, state or other bankruptcy or insolvency statute or
law, such proceeding shall not have been dismissed, or if, within ninety (90)
days after the appointment, without the consent of Tenant of any Trustee,
receiver or liquidator of such Tenant or of all or substantially all of its
assets or properties, such appointment shall not have been vacated or stayed on
appeal or otherwise, or if within ninety (90) days after the expiration of any
such stay, such appointment shall not have been vacated; then and in any such
event Landlord, at any time within a period of ninety (90) days thereafter, may
give written notice to Tenant specifying such default and stating that this
Lease and the term hereby demised shall expire and terminate on the date
specified in such notice which shall be at least ten (10) days after the giving
of such notice, and upon the date specified in such notice this Lease and the
term hereby demised and all rights of Tenant under this Lease, including any
renewal or extension privileges whether or not exercised shall expire and
terminate, and Tenant shall remain liable as hereinafter provided.

(b)  Upon any such expiration or
termination of this Lease, Tenant shall quit and peacefully surrender the
Demised Premises to Landlord, and Landlord, upon or at any such expiration or
termination, may without further notice, enter upon and reenter the Demised
Premises and possess and repossess itself thereof, by summary proceedings or
otherwise, and may dispossess Tenant and remove Tenant and all other persons
and property from the Demised Premises and may have, hold and enjoy the Demised
Premises and the rights to receive all rental income of and from the same.

(c)  No such expiration or
termination of this Lease, or abandonment or vacancy, shall relieve Tenant of
its liability and obligation under this Lease, whether or not the Demised
Premises shall be relet, and Tenant covenants and agrees, notwithstanding any
such expiration or 

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termination
of this Lease, or summary proceedings, abandonment or vacancy, to pay and be
liable for, on each day originally fixed herein for the payment thereof, an
amount equal to the installment of rent and other charges reserved as would,
under the terms of this Lease, become due and payable on such day, if this
Lease had not so expired or been terminated, or if Landlord had not entered or
reentered as aforesaid, and whether the Demised Premises be relet or remain
vacant in whole or in part or for a period less than the remainder of the term,
and for the whole thereof, up to but not exceeding the amount of any deficiency
then existing after giving due credit for any net proceeds of any reletting
after deducting all of Landlord’s reasonable expenses in connection with such
reletting, including reasonable attorneys’ fees, and any suit brought to
collect the amount of the deficiency for any week shall not prejudice in any
way the rights of Landlord to collect the amount of the deficiency for any
subsequent week by a similar proceeding, OR IN THE ALTERNATIVE AT THE ELECTION
OF Landlord, Tenant will, upon such expiration or termination, pay to Landlord
as liquidated damages such a sum as at the time of such expiration or
termination represents the excess, if any, of the Rent and other charges
reserved in this Lease from the date of such expiration or termination to the
date of the expiration of the original term, (or extended term, if the Lease
has been so extended) of this Lease, over the then fair and reasonable rental
value of the Demised Premises for the same period upon the terms and conditions
set forth herein.

ARTICLE 17  SUBORDINATION AND
RECOGNITION

17.  (a)  Tenant shall, upon the request of Landlord in
writing subordinate this Lease and the lien hereof by executing promptly,
without cost, any instruments furnished by Landlord which may be necessary or
desirable to evidence such subordination, to the lien of any present or future
mortgage or mortgages upon the Demised Premises irrespective of the time of
execution or the time of recording of any such mortgage or mortgages, provided
that the holder of any such mortgage, except the mortgage outstanding as of the
date hereof, shall enter into written agreement with Tenant to the effect that:

(i)  in the event of foreclosure,
mortgagee’s sale pursuant to a foreclosure or under a power of sale, or other
action taken under the mortgage by the holder thereof, this Lease and the
rights of Tenant hereunder shall not be disturbed but shall continue in full
force and effect so long as there shall be no Event of Default that is
continuing hereunder.

(ii)  In the event of foreclosure
of any mortgage described in paragraph (a) above, or of a sale to any party
pursuant to a foreclosure or under a power of sale contained in such mortgage,
and so long as no Event of Default exists hereunder, this Lease shall not be
terminated or affected thereby, but shall continue in full force and effect as
a direct lease between Tenant and the holder of such foreclosed mortgage, or
any party acquiring title to the Demised Premises through a foreclosure sale or
otherwise and Tenant agrees to attorn to and recognize such holder or other
party for such purpose.

(b)  The word ‘mortgage’ as used
herein includes mortgages, deeds of trust or other similar instruments, and all
modifications, extensions, renewals and replacements thereof, and advance
thereunder.

 

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ARTICLE 18 HOLDOVER

18.           In the event that
Tenant shall continue in occupancy of the Demised Premises after the expiration
of the Lease Term hereof, such occupancy shall not be deemed to extend or renew
the Lease Term, but such occupancy shall continue as a tenancy at will from
month to month upon the covenants, provisions and conditions herein contained
at the Minimum Basic Rental in effect during the last lease year of the Lease
Term, prorated and payable for the period of such occupancy.  This Article shall not be construed as
giving Tenant any right to hold over after the expiration of the Lease Term.

ARTICLE 19  WAIVERS

19.  Failure of either party to
complain of any act or omission on the part of the other party, no matter how
long the same may continue, shall not be deemed to be a waiver by said party of
any of its rights hereunder.  No waiver
by either party at any time, express or implied of any breach of any other
provision of this Lease or a consent to any subsequent breach of the same or
any other provision.  If any action by
either party shall require the consent or approval of the other party, the
other party’s consent to or approval of such action on any one occasion shall
not be deemed a consent to or approval of said action on any subsequent occasion
or a consent to or approval of any other action on the same or any subsequent
occasion.  Any and all rights and
remedies which either party may have under this Lease or by operation of law,
either at law or in equity upon any breach, shall be distinct, separate and
cumulative and shall not be deemed inconsistent with each other; and no one of
them, whether exercised by said party or not shall be deemed to be in exclusion
of any other; and any two or more or all of such rights and remedies may be exercised
at the same time.

ARTICLE 20  INDEMNITY OF LANDLORD
BY TENANT

20.           Tenant will
indemnify and defend Landlord and save Landlord harmless from and against any
and all claims, actions, damages, liability, fines, orders of governmental
authority and expenses (i) in connection with, related to or arising out of
loss, damage or injury to persons or property occurring in, upon or about the
Demised Premises, unless caused by the negligence of Landlord, its employees,
agents or contractors, or Landlord’s failure to perform any of its obligations
under this Lease; or (ii) occasioned wholly or in part by any negligent act or
omission of Tenant, Tenant’s agents, contractors, subtenants, licensees,
concessionaires, customers or employees. 
This indemnification expressly includes all claims, actions, damages,
liability, fines and orders of governmental authority related to the Release of
Hazardous Substances, as those capitalized terms are defined in Article
11(b) hereof, Released during the Term of this Lease, or at any time, if
directly caused by Tenant or Tenant’s agents, contractors, subtenants,
licensees, concessionaires, customers or employees.  In case, as a result of Tenant’s actions,
Landlord shall, without fault on its part, be made a party to any litigation commenced
by or against Tenant, then Tenant shall protect and hold Landlord harmless and
shall pay all costs, expenses and reasonable attorney’s fees incurred or paid
by Landlord in connection with such litigation. 
Tenant expressly assumes all liabilities with respect to any property
owned by it, its subtenants, concessionaires, 

 10
 

contractors,
employees, invitees or others and located in, on or about the Demised Premises.

ARTICLE 21  NOTICES

21.  All notices and other
communications authorized or required hereunder shall be in writing and shall
be given by mailing the same by certified mail or registered mail, return
receipt requested, postage prepaid, and any such notice or other communication
shall be deemed to have been given when sent. 
If intended for Landlord, the same shall be mailed to Landlord c/o North
American Site Developers, Inc., 1365 Main Street, Waltham, Massachusetts, or at
such other address as Landlord may hereafter designate by notice to Tenant; and
if intended for Tenant, the same shall be mailed to Tenant at the Demised
Premises, or at such other address or addresses as Tenant may hereafter
designate by notice to Landlord, with copy to Great Lakes Dredge & Dock
Corporation, 2122 York Road, Oak Brook, IL 60523.

ARTICLE 22  HEADINGS

22.  The Section headings
in this Lease are for the purposes of convenience and headings only, and the
words contained therein shall in no way be held to explain, modify or aid in
the interpretation, construction or meaning of the provisions of this Lease.

ARTICLE 23  NONRECOURSE

23.           Tenant shall neither
assert nor seek to enforce any claim for breach of this Lease against any of
Landlord’s assets other than Landlord’s interest in the Demised Premises
(including any proceeds therefrom) and Tenant agrees to look solely  to such interest for the satisfaction of any
liability of Landlord under this Lease, it being specifically agreed that in no
event shall Landlord (which term shall include, without limitation any of the
officers, trustees, directors, partners, beneficiaries, joint venturers,
members, stockholders or other principals or representatives disclosed or
undisclosed, thereof) ever be personally liable for any such liability, unless
Landlord’s conduct giving rise to any such liability shall be determined to be
intentional or in wanton disregard for the applicable law and/or terms and
conditions set forth in this Lease.

 11
 

 ARTICLE 24 AFFIRMATIVE COVENANTS

24.           Tenant covenants at
its expense at all times during the Lease Term and such further time as the
Tenant occupies the Demised Premises or any part thereof:

A.            To store all trash
and refuse within the Demised Premises and to attend to the daily disposal
thereof by use of a dumpster serviced by an independent disposal service
company (the dumpster to be enclosed by a stockade fence);

B.            Except for services
to be expressly provided by Landlord hereunder (if any), at Tenant’s expense to
keep the Demised Premises clean, neat and in good order, repair and condition,
and, damage by fire or other casualty covered by Landlord’s insurance (if any)
excepted, at the Tenant’s expense to keep all glass, including that in windows,
doors, and skylights, clean and in good condition, and to replace any glass
which may be injured or broken with glass of the same quality;

C.            To make all repairs,
alterations, additions or replacements (including items considered capital
investments) to the Demised Premises required by any applicable law or
ordinance or any order or regulation of any public authority because of the
Tenant’s use of the Demised Premises or because of the use of the Demised
Premises in general; to keep the Demised Premises equipped with all safety
appliances so required because of such use; to procure any licenses and permits
required for any such use; to take all action necessary to ensure the safe and
proper treatment of all combustible fibers as required under Section
409.6 of the Massachusetts State Building Code and any other applicable law,
ordinance or regulation; and to comply with the orders and regulations of all
governmental authorities, except that the Tenant may defer compliance so long
as the validity of any such law, ordinance, order or regulation shall be
contested by the Tenant in good faith and by appropriate legal proceedings, if
the Tenant first gives the Landlord appropriate assurance against any loss,
cost or expense on account thereof;

D.            To pay promptly when
due the entire cost of any work to the Demised Premises undertaken by the
Tenant so that the Demised Premises shall at all times be free of liens for
labor and materials; promptly to clear the record of any notice of any such
lien; to procure all necessary permits before undertaking such work; to do all
of such work in a good and workmanlike manner, employing materials of good
quality and complying with all governmental requirements; and to save the
Landlord harmless and indemnified from all injury, loss, claims or damage to
any person or property occasioned by or growing out of such work; provided,
however, Tenant shall have the right to withhold payment of any such
lien filed against the Demised Premises so long as Tenant shall be contesting
same through proper proceedings.

E.             To maintain in
responsible companies qualified to do business in Massachusetts and in good
standing therein, fire insurance with such extended coverage endorsements as
the Landlord may from time to time require covering all of the Tenant’s
Alterations including all fixtures, furniture, furnishings, floor coverings and
equipment in the Demised Premises to the extent of their replacement cost; and
to deposit promptly with the Landlord certificates for such insurance bearing
endorsement that the policies will not be canceled or materially changed until
after twenty (20) days written notice to the Landlord;

 12
 

F.             To permit the Landlord
and its agents to examine the Demised Premises at reasonable times during
regular business hours of Tenant after reasonable notice and to show the
Demised Premises to prospective purchasers, lenders and tenants (in the case of
prospective tenants, only during the twelve months next preceding the
expiration of the Lease Term) and to permit access to the Demised Premises
during business hours of Tenant and at all times in an emergency so that
Landlord or its agents, employees, or independent contractors may perform all
maintenance, repairs, replacements, restorations or other obligations which
Landlord is obligated to perform under this Lease (if any) or which Landlord in
its sole discretion deems necessary or desirable, Landlord hereby agreeing to
perform all such work in a manner not to unreasonably interfere with the
conduct of Tenant’s business and to give Tenant at least five (5) days notice
of its intention to perform such work except in an emergency threatening damage
to persons or property, in which event Landlord may perform such work without
notice and may enter the Demised Premises, forcibly if necessary, to perform
such work;

G.            That the Landlord
shall not be required to supply any service to the Demised Premises except as
expressly stipulated in this Lease and shall not be liable to anyone for
interruption of an agreed service due to any accident or casualty, to the
making of repairs, alterations or additions, to labor difficulties, to trouble
in obtaining fuel, electricity, service or supplies or to any cause beyond the
Landlord’s reasonable control; that all personal property from time to time
upon the Demised Premises shall be at the sole risk of the Tenant; and that the
Landlord shall not be liable for any damage which may be caused to the Demised
Premises or the contents thereof by the bursting or leaking of or condensation
from any plumbing, cooling or heating pipe or fixtures or theft or from any
other cause;

H.            To make all
necessary repairs and replacements, whether structural or nonstructural,
exterior or interior, ordinary or extraordinary, to the Building and the
Demised Premises and to keep or cause to be kept the foundations and roof of
the Building, the structure of the floors and walls thereof (excluding finish
coverings and all glass), the water, plumbing, heating, electric, elevator and
sewage systems in the Building or otherwise located in or on the Demised
Premises and any pipes, ducts, conduits and wires leading through and servicing
any parts of the Building in good order, repair and condition, exclusive of any
work required because of damage caused by any act, omission or negligence of
the Landlord, or his employees, agents or contractors.  Tenant shall commence any such repair as soon
as reasonably practicable whether or not it has received notice from Landlord
that the same is necessary.  The
provisions of this Section shall not apply in the case of damage or
destruction by fire or other casualty or by Condemnation, in which events the
obligations of the Tenant shall be controlled by Articles 8 and 9;

I.              To pay on demand
the Landlord’s expenses, including reasonable attorneys’ fees, incurred in
enforcing any obligation of the Tenant under this Lease, in curing any default
by the Tenant under this Lease, in reviewing any request by Tenant to modify or
amend this Lease or, in case Landlord shall, without any fault on its part, be
made party to any litigation commenced by or against Tenant or by or against
any parties in possession of the Demised Premises or any part thereof claiming
under Tenant;

J.             At the termination
of this Lease:  all Alterations,
additions, fixtures, furnishings, 

 13
 

floor
coverings and equipment upon the Demised Premises and any replacements
therefor, including all air-conditioning or heating systems, paneling, decorations,
partitions, railings, affixed to the realty, except furniture or movable trade
fixtures installed at the expense of Tenant, shall become the property of the
Landlord and shall remain upon, and be surrendered with, the Demised Premises
as a part thereof, clean and in good order, repair and condition, reasonable
wear and tear, damage by fire or other casualty covered by Landlord’s insurance
(if any) excepted, without compensation to Tenant; Landlord agrees that at the
time it gives its consent to any Alteration Tenant may request, it shall also
advise Tenant as to whether it will require Tenant to remove such at the
expiration of this Lease.  Landlord
agrees that as of the Commencement Date, there are no alterations or parts or
portions of the Demised Premises which Tenant shall be required to remove at
the expiration of the Lease Term (as such may be extended) other than Tenant’s
furniture and movable trade fixtures;

K.            From time to time,
for delivery to a prospective purchaser, mortgagee, lessor, or lessee of all or
a portion of the Demised Premises or any assignee thereof, upon not less than
fifteen (15) days prior written request by Landlord, to execute, acknowledge
and deliver to Landlord a statement in writing certifying: (a) that this Lease
is unamended (or, if there have been any amendments, stating the amendments);
(b) that it is then in full force and effect, if that be the fact; (c) the
extent to which any options to extend have been exercised; (d) the dates to
which Minimum Basic Rent and Additional Rent and any other payments required to
be paid to Landlord have been paid; (e) any defenses, offsets and counterclaims
which Tenant, at the time of the execution of said statement, has against
Tenant’s obligation to pay rent and to perform its other obligations under this
Lease or that there are none, if that be the fact.  Any such statement may be relied upon by any
purchaser, mortgagee, lessor, or lessee of all or a portion of the Demised
Premises, or any assignee thereof;

L.             To remain fully obligated
under this Lease notwithstanding any assignment or sublease or any indulgence
granted by the Landlord to the Tenant or to any assignee or sublessee;

M.           To comply with all of
the rules and regulations of the Fire Insurance Rating Organization having
jurisdiction and any similar body.  If
due to any failure by the Tenant to comply with the foregoing sentence (whether
or not any use to which the Demised Premises are put was permitted or consented
to by the Landlord), the fire insurance rate applicable to the Demised
Premises, or the contents thereof (including rent insurance relating thereto)
shall be higher than that which would be applicable to the least hazardous use
legally permitted, the Tenant agrees to pay the Landlord as Additional Rent
such portion of the premiums for all fire insurance policies in force with
respect to the Demised Premises and the contents thereof as shall be
attributable to such higher rate.  The
Tenant shall have no cooking facilities in the Demised Premises unless the same
are protected by CO2 or dry
chemical extinguishing systems in accordance with the standards of the National
Fire Protection Association or other appropriate agency so as to qualify for
the maximum credit available in the fire insurance rate computation; and

N.            To make its own
arrangements for electric, telephone, gas and water service, in its own name,
and to promptly pay therefor, including the installation thereof and of all
meters.  The Tenant shall pay all charges
for any utilities or service used by it.

 14
 

ARTICLE 25 NEGATIVE COVENANTS

25.           Tenant covenants at
all times during the Lease Term and such further time as the Tenant occupies
the Demised Premises or any part thereof:

A.            Not to overload,
deface or otherwise harm the Demised Premises; nor commit any nuisance, nor
permit the emission of any objectionable noise or odor; nor burn any trash or
refuse in the Demised Premises; nor make any use of the Demised Premises which
is improper, offensive or contrary to any applicable law or ordinance or which
will invalidate or increase the cost of any of the Landlord’s insurance; nor
use any advertising medium that may constitute a nuisance, such as
loud-speakers, sound amplifiers, phonographs or radio or television broadcasts
in a manner to be heard outside the Demised Premises;

B.            Not to permit the
painting or placing of any signs, placards or other advertising media, aerials,
antennas or flagpoles, or the like, without on each occasion obtaining prior
written consent of the Landlord.  Tenant agrees
that all signs will be required to conform to the architectural and
construction standards of the Landlord and to be consistent with the general
design of the Demised Premises in appropriate proportion to the size of the
wall or other surface to which they are affixed; and not to install any neon,
flashing, or moving sign.

ARTICLE 26 TENANT’S RIGHT TO SETOFF

26.           Notwithstanding any
other provision contained in this Lease to the contrary, Landlord hereby gives
to Tenant the right to setoff, in addition to any other right or remedy that
Tenant may have by operation of law or otherwise, at any time and from time to
time upon any amount becoming due and payable by Landlord to Tenant under that
certain Secured Promissory Note in the principal amount of One Million Six
Hundred Eighty Four Thousand Four Hundred Forty-Two and 00/100 Dollars
($1,684,442.00) from Landlord payable to the order of Tenant (the “Note”), or
under that certain Mortgage, Assignment of Leases and Rents, Security Agreement
and Financing Statement dated as of December 31, 2006 (as such may be amended,
restated, supplemented or otherwise modified from time to time, the “Mortgage”)
granted by Landlord to Tenant to secure payment of the Note, to exercise,
without notice to Landlord (any such notice being expressly waived by
Landlord), and Tenant shall have the right to apply the amount of any
obligations due and owing by Tenant to Landlord under this Lease at any time
against those amounts due and owing by Landlord to Tenant under the Note or
Mortgage, and Tenant shall continue to have the right of setoff as set forth
under this Article 26 until such time as all obligations and amounts due
and owing by Landlord to Tenant under the Note and Mortgage have been fully
satisfied and released.

ARTICLE 27 AMENDMENT

27.           No amendment,
modification, or termination or waiver of any provision of this Lease shall be
effective unless the same shall be in writing and signed by the Tenant and the
Landlord.  Each amendment, modification,
termination or waiver of this Lease shall be effective only in the specific
instance and for the specific purpose for which it was given.

 15
 

ARTICLE 28 GOVERNING LAW

28.           THIS LEASE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS AND DECISIONS OF THE
COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

ARTICLE 29 BENEFIT

29.           This Lease shall be binding upon and
inure to the benefit of the Tenant and Landlord and is enforceable by each and
their respective successors, permitted assigns, heirs and executors.  This Lease shall not be construed so as to
confer any right or benefit upon any person or entity, other than the Tenant
and Landlord and their respective successors and permitted assigns.

ARTICLE 30 HEADINGS

30.           The headings used in this Lease are
for convenience of reference only and shall not be deemed to limit,
characterize or in any way affect the interpretation of any provision of this
Lease.

ARTICLE 31 SAVING CLAUSE

31.           Whenever possible each provision of
this Lease shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Lease shall be prohibited by
or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Lease.

ARTICLE 32 INTEGRATION

32.           This Lease represents the final
agreement among the parties as to the subject matter hereof and thereof and may
not be contradicted by evidence of prior, contemporaneous, or subsequent oral
agreements of the parties; and there are no unwritten oral agreements among the
parties.

ARTICLE 33 BROKER

33.           Tenant represents that it has not
dealt directly with or indirectly with any broker and that no other broker has
negotiated or participated in negotiations of this Lease or is entitled to any
commission in connection therewith.

 16
 

ARTICLE 34 COUNTER PARTS

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

[Signature Page Follows]

 17
 

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

	
  Witness:

  	
   

  	
  MJC BERRY ENTERPRISES, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/  George Lemelman

  	
   

  	
  /s/  Chris Berardi

  
	
   

  	
   

  	
  By:

  	
  Chris Berardi

  
	
   

  	
   

  	
  Its:

  	
  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NORTH AMERICAN SITE DEVELOPERS,
  INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/  Deborah A. Wensel

  
	
  /s/  Donna Jean Rice

  	
   

  	
  By:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Its:

  	
  Vice President and
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  

 

 18
 

EXHIBIT A

LEGAL DESCRIPTION

The land with the buildings thereon situated in
Waltham, being Lot B on plan entitled “Subdivision of Land in Waltham, Mass.
belonging to Silas Orville Jones” dated March 1948, made by Rowland H. Barnes
& Co., E.E., recorded with Middlesex South District Registry of Deeds, Book
7266, Page 197, bounded:

SOUTHERLY by Main Street, one hundred sixty-six and
55/100 (166.55) feet;

WESTERLY by Lot A on said plan, two hundred
ninety-three and 52/100 (293.52) feet;

NORTHERLY by land American Telephone & Telegraph
Company as shown on said plan, two hundred eighty-four and 99/100 (284.99)
feet;

SOUTHEASTERLY by land now or formerly or Berggren,
three hundred twenty-six and 29/100 (326.29) feet.

Containing 66,680 square feet of land according to
said plan.

 19
 

EXHIBIT B

Lease between MJC Berry Enterprises, LLC and North American Site
Developers, Inc.

Minimum Basic Rent Schedule

	
  

  	
   

  	
  Annual

  
	
  Annual Period

  	
   

  	
  Minimum Basic Rent*

  
	
   

  	
   

  	
   

  
	
  January 1, 2007

  	
  $213,240.00 (for the
  Building)

  
	
   

  	
  through December 31, 2007

  	
  $56,000 (for the existing
  warehouse)

  
	
   

  	
   

  	
  $ To be determined (for
  the equipment garage to 

  
	
   

  	
   

  	
  be constructed by
  Landlord).

  
				

 

Commencing 1/1/08 and during any extensions of the Lease Term pursuant
to Article 2 hereof, the Minimum Basic Rent shall be adjusted annually
(hereinafter referred to as the “Annual Adjustment”), to reflect the annual increases,
if any, in the cost of living based upon the “Consumer Price Index for all
Urban Wage Earners and Clerical Workers (CPI-W), Boston, Mass.  All Items (1982-1984 - 100)” (hereinafter
referred to as the “Index”) published by the Bureau of Labor Statistics of the
United States Department of Labor.  The
Annual Adjustment shall be calculated by multiplying the Minimum Basic Rent
paid for the immediately preceding calendar year (as annually adjusted) by a
fraction, the numerator of which shall be the number indicated in the column
for the month of January and the same month of each year thereafter, the
denominator of which shall be the corresponding Index number for the same month
of the immediately preceding year.  If
the above-described fraction in any year shall be less than one (1), the Annual
Adjustment shall not be made.  Within a
reasonable time after obtaining the appropriate data necessary to calculate the
Annual Adjustment, Landlord shall give Tenant notice of the Annual Adjustment,
if any.  In the event (1) the publication
of the Index shall be discontinued for the City of Boston or (2) of the
publication of the Index at other than the months indicated above or (3) the
Index ceases to use the 1982-1984 average of 100 or (4) if a substantial change
is made in the terms or number of items contained in the Index, then Landlord
will substitute therefor a comparable index based upon changes in the cost of
living or purchasing power of the consumer dollar published by any other
governmental agency or, if no such index shall be available, then a comparable
index by a major bank or other financial institution or by a university or a
recognized financial publication.

 

*Payable by Tenant to
Landlord in equal monthly installments of $22,555.00 to be paid to Landlord by
Tenant on the first day of each calendar month during such twelve month period.

 20
 

EXHIBIT “C”

LANDLORD’S CONSTRUCTION WORK

1.             Construction of 5,000 square feet
equipment garage.

 

 21Exhibit 4.1

WAIVER TO

CREDIT AGREEMENT

WAIVER, dated as of
February 16, 2007 (the “Waiver”) to the Credit Agreement, dated as of
dated as of January 28, 2005, among NATIONAL
MEDICAL HEALTH CARD SYSTEMS, INC., the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent (as same has been and may be
further amended, restated, supplemented or otherwise modified, from time to time, the “Credit Agreement”).

RECITALS

The Company and the Bank have agreed, subject to the
terms and conditions of this Waiver, to waive certain provisions of the Credit
Agreement as herein set forth.

Accordingly, in consideration of the premises and of
the mutual covenants and agreements hereinafter set forth, the parties hereto
agree as follows:

1.   Waiver.   The
Lenders hereby waive compliance by the Borrower with the Credit Agreement and
the other Loan Documents, including, but not limited to, Sections 5.01(b),
5.01(c) and 5.07 of the Credit Agreement, and hereby waive any Event of Default
that would arise under the Credit Agreement, including, but not limited to, the
Event of Default that would arise under paragraphs (c), (d) and (e) of
Article VII of the Credit Agreement, each with respect to (a) the
late receipt of (i) the Borrower’s consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows required pursuant
to Section 5.01(b) of the Credit Agreement and (ii) the certificate
of a Financial Officer of the Borrower required pursuant to section 5.01(c)
of the Credit Agreement, for each of the fiscal quarters ended September 30,
2006 and December 31, 2006 and (b) the failure of the Borrower to deliver
the documents described in (a)(i) above to the Securities and Exchange
Commission, provided that such statements and certificate, along with
cash flow projections for the fiscal quarter commencing January 1, 2007
and for the three fiscal quarters ending thereafter (collectively, the “Required
Documents”), are received by the Lenders on or before March 31, 2007 and
such documents and information required to be delivered to the Securities and
Exchange Commission shall have been delivered on or before such date.
Notwithstanding anything to the contrary herein or in the Credit Agreement, the
total Revolving Credit Exposures of the Lenders shall not exceed $20,000,000 at
any time prior to receipt by the Lenders of the Required Documents.

2.   Conditions of
Effectiveness

This Waiver shall become
effective as of the date hereof, upon receipt by the Bank of this Waiver, duly
executed by the Borrower.

3.   Miscellaneous.

(a)   Capitalized terms
used herein and not otherwise defined herein shall have the same meanings as
defined in the Credit Agreement.

(b)   Except as
expressly waived hereby, the Credit Agreement shall remain in full force and
effect in accordance with the terms thereof. The Credit Agreement is ratified
and confirmed in all respects by the Borrower. The waivers herein contained are
limited specifically to the matters set forth above and do not constitute
directly or by implication an amendment or waiver of any other provision of the
Credit Agreement or any Default or Event of Default which may occur or may have
occurred under the Credit Agreement.

 

(c)   The Borrower hereby represents and warrants that after giving effect to
this Waiver (i) the representations and warranties by the Borrower pursuant to
the Credit Agreement and each other Loan Document are true and correct, in all
material respects, on the date hereof, and (ii) no Default or Event of Default
exists.

(d)   This Waiver may be executed in one or more counterparts, each of which
shall constitute an original, but all of which, when taken together, shall
constitute but one agreement.

(e)   This Waiver shall constitute a Loan Document.

[next page is signature page]

 

 2
 

IN WITNESS WHEREOF, the Borrower and the Lenders have caused this Waiver to be
duly executed by their duly authorized officers, all as of the day and year
first above written.

	
   

  	
  NATIONAL MEDICAL HEALTH CARD

  
	
   

  	
  SYSTEMS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stuart Diamond

  
	
   

  	
  Name:

  	
  Stuart Diamond

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.,
  individually

  
	
   

  	
  and as Administrative Agent,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen M. Zajac

  
	
   

  	
  Name:

  	
  Stephen M. Zajac

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HSBC BANK
  USA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Garside

  
	
   

  	
  Name:

  	
  John Garside

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA
  BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel W. O’Donnell

  
	
   

  	
  Name:

  	
  Daniel W. O’Donnell

  
	
   

  	
  Title:

  	
  Senior Vice President

  
						

 

 3

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