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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
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                        <p style="TEXT-INDENT: 2.25pt; MARGIN-RIGHT: 9pt"><font size="2">As filed
                        with the Securities and Exchange Commission on March 6, 2008</font></p>
                    </td>

                    <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: gray 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top" width="164">
                        <p style="TEXT-INDENT: 2.25pt; MARGIN-RIGHT: 9pt">
                        <font size="2">Registration No _______</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">UNITED STATES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">WASHINGTON, D.C. 20549</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">FORM S-8</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">REGISTRATION STATEMENT</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Under</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">THE SECURITIES ACT OF 1933</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">PHC, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">(Exact name of registrant as specified in its charter)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="247">
                        <p style="MARGIN-RIGHT: 0.25in; TEXT-ALIGN: center" align="center">
                        <b><font size="2">Massachusetts</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="236">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">04-2601571</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="247">
                        <p style="MARGIN-RIGHT: 0.25in; TEXT-ALIGN: center" align="center">
                        <font size="2">(State or other jurisdiction of</font><br>
                        <font size="2">incorporation or organization)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                        <p style="MARGIN-RIGHT: 0.25in; TEXT-ALIGN: center" align="center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="236">
                        <p style="MARGIN-RIGHT: 0.25in; TEXT-ALIGN: center" align="center">
                        <font size="2">(I.R.S. Employer</font><br>
                        <font size="2">Identification No.)</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-RIGHT: 0.25in; TEXT-ALIGN: center" align="center">
                        <b><font size="2">200 Lake Street, Suite 102, Peabody MA
                        01960</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="643">
                        <p style="MARGIN-RIGHT: 0.25in; TEXT-ALIGN: center" align="center">
                        <font size="2">(Address of principal executive offices) (Zip
                        Code)</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <u><b><font size="2">2005 Employee Stock Purchase Plan</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <u><b><font size="2">2003 Stock Purchase and Option Plan, as amended</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Full
            title of the plans)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Bruce A. Shear, President and Chief Executive Officer</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">PHC, Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">200 Lake Street, Suite 102</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Peabody, MA 01960</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Name
            and address of agent for service)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">(978) 536-2777</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">(Telephone number, including area code, of agent for service)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Indicate by check mark whether the registrant is a large accelerated
            filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
            See the definitions of &ldquo;large accelerated filer, accelerated filer and smaller
            reporting company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="MARGIN-LEFT: 0.45in; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                        <p style="MARGIN-RIGHT: 0.8pt"><font size="2">Large accelerated filer
                        ______</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 42pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="329">
                        <p style="MARGIN-RIGHT: 0.8pt"><font size="2">Accelerated filer
                        ______</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 42pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                        <p style="MARGIN-RIGHT: 6.6pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 42pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="329">
                        <p style="MARGIN-RIGHT: 0.8pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 42pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                        <p style="MARGIN-RIGHT: 6.6pt"><font size="2">Non accelerated filer
                        ______</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 42pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="329">
                        <p style="MARGIN-RIGHT: 0.8pt"><font size="2">Smaller reporting company
                        X</font></p>

                        <p style="MARGIN-RIGHT: 0.8pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 42pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Copy to:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Steven A. Cohen, Esq.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Arent Fox, LLP</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">1050 Connecticut Avenue, N.W.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Washington, DC 20036-5339</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">(202) 857-6000</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">CALCULATION OF REGISTRATION</font></b>
            <b><font size="2">FEE</font></b></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr style="HEIGHT: 27.4pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 27.4pt" valign="bottom" width="135">
                        <p style="MARGIN-RIGHT: 0.05in; TEXT-ALIGN: center" align="center">
                        <b><font size="2">Title of Securities to be Registered</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.4pt" valign="bottom" width="16">
                        <p style="MARGIN-TOP: 1pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 27.4pt" valign="bottom" width="104">
                        <p style="TEXT-ALIGN: center" align="center"><b><font size="2">Amount to be
                        Registered (1)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.4pt" valign="bottom" width="16">
                        <p style="MARGIN-TOP: 1pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 27.4pt" valign="bottom" width="104">
                        <p style="TEXT-ALIGN: center" align="center"><b><font size="2">Proposed
                        Maximum Offering Price Per Share (2)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.4pt" valign="bottom" width="16">
                        <p style="MARGIN-TOP: 1pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 27.4pt" valign="bottom" width="128">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="2">Proposed Maximum Aggregate Offering Price
                        (2)</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.4pt" valign="bottom" width="16">
                        <p style="MARGIN-TOP: 1pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 27.4pt" valign="bottom" width="96">
                        <p style="TEXT-ALIGN: center" align="center"><b><font size="2">Amount of
                        Registration Fee</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="135">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="104">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="96">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="135">
                        <p style="TEXT-ALIGN: center" align="center"><font size="2">Class A Common
                        Stock, $.01 par value</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="16">
                        <p style="TEXT-ALIGN: center" align="center">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="104">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">1,100,000 shares</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="16">
                        <p style="TEXT-ALIGN: center" align="center"><font size="2">$</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="104">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2.69</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="16">
                        <p style="TEXT-ALIGN: center" align="center"><font size="2">$</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="128">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">2,959,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="16">
                        <p style="TEXT-ALIGN: center" align="center"><font size="2">$</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="96">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <font size="2">707.20</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="30">
                        <p><font size="2">(1)</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">The number includes 500,000
                        shares under the 2005 Employee Stock Purchase Plan and 600,000 shares under
                        the 2003 Stock Purchase and Option Plan, as amended, plus such additional
                        number of shares as may be required pursuant to the plans in the event of a
                        stock dividend, stock split, recapitalization or other similar change in
                        the Common Stock.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.31in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="30">
                        <p><font size="2">(2)</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">Estimated solely for the
                        purpose of calculating the registration fee, in accordance with Rule 457(c)
                        and (h)(1), on the basis of the average of the high and low prices of the
                        Class A Common Stock as reported on the American Stock Exchange on March 4,
                        2008.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.31in; TEXT-INDENT: -0.31in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <b><font size="2">PART I</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 1.</font></b></p>
                    </td>

                    <td valign="top">
                        <p><u><b><font size="2">Plan
                        Information</font></b></u><b><font size="2">*</font></b></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 2.</font></b></p>
                    </td>

                    <td valign="top">
                        <p><u><b><font size="2">Registrant Information and Employee Plan Annual
                        Information</font></b></u><b><font size="2">*</font></b></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-ALIGN: justify">
            <font size="2">* Information about the Registrant required by Part I, Items 1 and 2 to
            be contained in a Section 10(a) prospectus is omitted from the Registration Statement
            in accordance with Rule 428 under theSecurities Act of 1933, as amended (the
            "Securities Act"), and the Note to Part I of Form S-8.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: center">
            <b><font size="2">PART II</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: center">
            <b><font size="2">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 3.</font></b></p>
                    </td>

                    <td valign="top">
                        <p><u><b><font size="2">Incorporation of Documents by
                        Reference</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.62in; TEXT-ALIGN: justify">
            <font size="2">The following documents previously filed by the Registrant with the
            Securities and Exchange Commission (the &ldquo;Commission&rdquo;) are incorporated by
            reference in this Registration Statement:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.62in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">1.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">The Registrant&rsquo;s Annual
                        Report on Form 10-K and 10-K/A for the fiscal year ended June 30,
                        2007.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.88in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">2.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">The Registrant&rsquo;s
                        Quarterly Reports on Form 10-Q for the quarters ended September 30, 2007
                        and December 31, 2007.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.88in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">3.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">All reports filed pursuant to
                        Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended
                        (the "Exchange Act") since the end of the fiscal year covered by the above
                        referred to annual report; and</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.88in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">4.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">The description of the
                        Registrant&rsquo;s Class A Common Stock from the Company's Registration
                        Statement on Form S-3/A (Amendment No. 2) File #333-117146 brought
                        effective by the Commission on October 7, 2004.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.88in; TEXT-INDENT: -0.88in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.62in; TEXT-ALIGN: justify">
            <font size="2">In addition, all documents filed by the Registrant after the initial
            filing date of this Registration Statement pursuant to Sections 13(a), 13(c), 14 and
            15(d) of the Exchange Act, and prior to the filing of a post-effective amendment which
            indicates that all shares registered hereunder have been sold or which deregisters all
            shares then remaining unsold, shall be deemed to be incorporated by reference into this
            registration statement and to be a part hereof from the date of filing of such
            documents.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 4.</font></b></p>
                    </td>

                    <td valign="top">
                        <p><u><b><font size="2">Description of Securities</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-ALIGN: left">
            <font size="2">Not applicable.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 5.</font></b></p>
                    </td>

                    <td valign="top">
                        <p><u><b><font size="2">Interests of Named Experts and
                        Counsel</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-ALIGN: left">
            <font size="2">Not applicable.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><font size="1"><b><font size="2">Item 6.</font></b></font></p>
                    </td>

                    <td valign="top" width="539">
                        <p><b><font size="2"><u><b><font size="2">Indemnification of Officers and
                        Directors</font></b></u></font></b></p>
                    </td>

                    <td valign="top" width="1">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.62in; TEXT-ALIGN: justify">
            <font size="2">Section 6 of the Company's Restated Articles of Organization provides,
            in part, that the Company shall indemnify its directors, trustees, officers, employees
            and agents against all liabilities, costs and expenses, including but not limited to
            amounts paid in satisfaction of judgments, in settlement or as fines and penalties, and
            counsel fees, reasonably incurred by such person in connection with the defense or
            disposition of or otherwise in connection with or resulting from any action, suit or
            proceeding in which such director or officer may be involved or with which he may be
            threatened, while in office or thereafter, by reason of his actions or omissions in
            connection with services rendered directly or indirectly to the Company during his term
            of office, such indemnification to include prompt payment of expenses in advance of the
            final disposition of any such action, suit or proceeding.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: 0.52in; TEXT-ALIGN: justify">
            <font size="2">In addition, the Restated Articles of Organization of the Company, under
            authority of the Business Corporation Law of The Commonwealth of Massachusetts,
            contains a provision eliminating the personal liability of a director to the Company or
            its stockholders for monetary damages for breach of fiduciary duty as a director,
            except for liability (i) for any breach of the director's duty of loyalty to the
            Company or its stockholders, (ii) for acts or omissions not in good faith or which
            involve intentional misconduct or a knowing violation of law, or (iii) for any
            transaction from which the director derived an improper personal benefit. The foregoing
            provision also is inapplicable to situations where a director has voted for, or
            assented to the declaration of, a dividend, repurchase of shares, distribution or the
            making of a loan to an officer or director, in each case where the same occurs in
            violation of applicable law.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 7.</font></b></p>
                    </td>

                    <td valign="top">
                        <p><u><b><font size="2">Exemption from Registration
                        Claimed</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.62in; LINE-HEIGHT: 200%; TEXT-ALIGN: left">
            <font size="2">Not applicable.</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 8.</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify">
                        <u><b><font size="2">Exhibits</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="MARGIN-LEFT: 36.9pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="566" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 8.1pt">
                        <font size="2">10.29</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.5in"><font size="2">The Company's 2005 Employee
                        Stock Purchase Plan.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 8.1pt">
                        <font size="2">10.30</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 12.6pt"><font size="2">The Company's 2003 Stock
                        Purchase and Option Plan, as amended December 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 12.6pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.05in">
                        <font size="2">5.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in"><font size="2">Opinion of Arent Fox, LLP
                        (counsel)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 12.6pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.8pt">
                        <font size="2">23.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.55in"><font size="2">Consent of Eisner LLP (an
                        independent registered public accounting firm)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.8pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.8pt">
                        <font size="2">23.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: -53.2pt"><font size="2">Consent of BDO Seidman, LLP
                        (an independent registered public accounting firm)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.8pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.8pt">
                        <font size="2">23.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in"><font size="2">Consent of Arent Fox, LLP
                        (counsel) included in exhibit 5.1</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.8pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="66">
                        <p style="TEXT-INDENT: 8.1pt; MARGIN-RIGHT: 0.8pt">
                        <font size="2">24.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="500">
                        <p style="MARGIN-RIGHT: 0.7in"><font size="2">Power of Attorney: included
                        on signature page</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="60">
                        <p><b><font size="2">Item 9.</font></b></p>
                    </td>

                    <td valign="top">
                        <p><u><b><font size="2">Undertakings</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="662" border="0">
                <tr>
                    <td valign="top" nowrap width="60">
                        <p style="TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                    </td>

                    <td valign="top" nowrap width="602">
                        <p style="TEXT-ALIGN: justify"><font size="2">The Registrant hereby
                        undertakes that it will:</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.62in; TEXT-INDENT: -0.62in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">1.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">file, during any period in
                        which it offers or sells securities, a post-effective amendment to the
                        registration statement to:</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">i.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">include any prospectus
                        required by section 10(a)(3) of the Securities Act;</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">ii.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">reflect in the prospectus any
                        facts or events arising after the effective date of the registration
                        statement (or the most recent post-effective amendment thereof) which,
                        individually or together, represent a fundamental change in the information
                        in the registration statement;</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="84">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">iii.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">include any material
                        information with respect to the plan of distribution not previously
                        disclosed in the registration statement or any material change to such
                        information in the registration statement.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">2.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">for determining liability
                        under the Securities Act of 1933, each such post-effective amendment shall
                        be deemed to be a new registration statement relating to the securities
                        offered therein, and the offering of such securities at that time shall be
                        deemed to be the initial bona fide offering thereof; and</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p style="TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p><font size="2">3.</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">remove from registration by
                        means of a post-effective amendment any of the securities being registered
                        which remain unsold at the termination of the offering.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-ALIGN: justify">
            <font size="2">Provided however, that:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-ALIGN: justify">
            <font size="2">Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the
            information required to be included in a post-effective amendment by those paragraphs
            is contained in reports filed with or furnished to the Commission by the registrant
            pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are
            incorporated by reference in the registration statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p><font size="2">(b)</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">The undersigned registrant
                        hereby undertakes that, for purposes of determining any liability under the
                        Securities Act of 1933, each filing of the registrant&rsquo;s annual report
                        pursuant to section 13(a) or section 15(d) of the Securities Exchange Act
                        of 1934 (and, where applicable, each filing of an employee benefit plan's
                        annual report pursuant to section 15(d) of the Securities Exchange Act of
                        1934) that is incorporated by reference in the registration statement shall
                        be deemed to be a new registration statement relating to the securities
                        offered therein, and the offering of such securities at that time shall be
                        deemed to be the initial bona fide offering thereof.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-INDENT: -0.38in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="36">
                        <p><font size="2">(c)</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify"><font size="2">Insofar as indemnification
                        for liabilities arising under the Securities Act of 1933 may be permitted
                        to directors, officers and controlling persons of the registrant pursuant
                        to the foregoing provisions, or otherwise, the registrant has been advised
                        that in the opinion of the Securities and Exchange Commission such
                        indemnification is against public policy as expressed in the Act and is,
                        therefore, unenforceable. In the event that a claim for indemnification
                        against such liabilities (other than the payment by the registrant of
                        expenses incurred or paid by a director, officer or controlling person of
                        the registrant in the successful defense of any action, suit or proceeding)
                        is asserted by such director, officer or controlling person in connection
                        with the securities being registered, the registrant will, unless in the
                        opinion of its counsel the matter has been settled by controlling
                        precedent, submit to a court of appropriate jurisdiction the question
                        whether such indemnification by it is against public policy as expressed in
                        the Act and will be governed by the final adjudication of such
                        issue.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.38in; TEXT-INDENT: -0.38in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify">
            <b><font size="2">SIGNATURES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Registrant, pursuant to the requirements of the Securities Act of
            1933, the Registrant certifies that it has reasonable grounds to believe that it meets
            all of the requirements for filing on Form S-8 and has duly caused this registration
            statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
            the Town of Peabody, The Commonwealth of Massachusetts on the 6<sup>th</sup> day of
            March 2008</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.1in; TEXT-ALIGN: left">
            <font size="2">PHC, Inc.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="662" border="0">
                <tr>
                    <td valign="top" nowrap width="221">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p><font size="2">By: <font size="2">/s/ Bruce A. Shear</font></font></p>
                    </td>

                    <td valign="top" nowrap width="221">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" nowrap colspan="2">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" nowrap colspan="2">
                        <p><font size="2">President and Chief Executive Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="221">
                    </td>

                    <td width="39">
                    </td>

                    <td width="181">
                    </td>

                    <td width="221">
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">POWER OF ATTORNEY</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">KNOW ALL MEN BY THESE PRESENTS</font></b><font size="2">, that each
            individual whose signature appears below constitutes and appoints Bruce A. Shear, his
            true and lawful attorney-in-fact and agent with full power of substitution, for him and
            in his name, place and stead, in any and all capacities, to sign any and all amendments
            (including post-effective amendments) to this registration statement, and to file the
            same, with all exhibits thereto, and all documents in connection therewith, with the
            Securities and Exchange Commission, granting unto said attorneys-in-fact and agents,
            and each of them, full power and authority to do and perform each and every act and
            thing requisite and necessary to be in and about the premises, as fully to all intents
            and purposes as he might or could do in person, hereby ratifying and confirming all
            that said attorneys-in-fact and agents, or any of them, or their or his substitute or
            substitutes, may lawfully do or cause to be done by virtue thereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Pursuant to the requirements of the Securities Act of 1933; this
            registration statement has been signed below by the following persons in the capacities
            indicated.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="186">
                        <p style="TEXT-ALIGN: center" align="center">
                        <font size="2">Signature</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="300">
                        <p style="TEXT-ALIGN: center" align="center">
                        <font size="2">Title</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="102">
                        <p style="TEXT-ALIGN: center" align="center"><font size="2">Date</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="186">
                        <p>&nbsp;</p>

                        <p><font size="2">By: /s/ Bruce A. Shear</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="300">
                        <p>&nbsp;</p>

                        <p style="MARGIN-RIGHT: -10.5pt"><font size="2">President and Chief
                        ExecutiveOfficer and</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p>&nbsp;</p>

                        <p><font size="2">March 6, 2008</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 7.65pt">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.65pt" valign="bottom" width="186">
                        <p style="MARGIN-LEFT: 34.5pt"><font size="2">Bruce A. Shear</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.65pt" valign="bottom" width="300">
                        <p><font size="2">Director (principal executive officer)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.65pt" valign="bottom" width="102">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 27.9pt">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.9pt" valign="bottom" width="186">
                        <p>&nbsp;</p>

                        <p><font size="2">By: /s/ Paula C. Wurts</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.9pt" valign="bottom" width="300">
                        <p>&nbsp;</p>

                        <p><font size="2">Treasurer, Clerk and Chief Financial Officer</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.9pt" valign="bottom" width="102">
                        <p>&nbsp;</p>

                        <p><font size="2">March 6, 2008</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 5.4pt">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.4pt" valign="bottom" width="186">
                        <p style="MARGIN-LEFT: 34.5pt"><font size="2">Paula C. Wurts</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.4pt" valign="bottom" width="300">
                        <p><font size="2">(principal accounting and financial officer)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.4pt" valign="bottom" width="102">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="186">
                        <p>&nbsp;</p>

                        <p><font size="2">By: /s/ Donald E. Robar</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="300">
                        <p>&nbsp;</p>

                        <p><font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p><font size="2">March 6, 2008</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 4pt">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" valign="bottom" width="186">
                        <p style="MARGIN-LEFT: 34.5pt"><font size="2">Donald E. Robar</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" valign="bottom" width="300">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" valign="bottom" width="102">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr style="HEIGHT: 26.1pt">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.1pt" valign="bottom" width="186">
                        <p>&nbsp;</p>

                        <p><font size="2">By: /s/ Howard W. Phillips</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.1pt" valign="bottom" width="300">
                        <p>&nbsp;</p>

                        <p><font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.1pt" valign="bottom" width="102">
                        <p>&nbsp;</p>

                        <p><font size="2">March 6, 2008</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="186">
                        <p style="MARGIN-LEFT: 34.5pt"><font size="2">Howard W. Phillips</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="300">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="186">
                        <p>&nbsp;</p>

                        <p><font size="2">By: /s/ William F. Grieco</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="300">
                        <p>&nbsp;</p>

                        <p><font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p>&nbsp;</p>

                        <p><font size="2">March 6, 2008</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 4pt">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" valign="bottom" width="186">
                        <p style="MARGIN-LEFT: 34.5pt"><font size="2">William F. Grieco</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" valign="bottom" width="300">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" valign="bottom" width="102">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="186">
                        <p>&nbsp;</p>

                        <p><font size="2">By:/s/ David E. Dangerfield</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="300">
                        <p>&nbsp;</p>

                        <p><font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="102">
                        <p>&nbsp;</p>

                        <p><font size="2">March&nbsp;6, 2008</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="186">
                        <p style="TEXT-INDENT: 34.5pt"><font size="2">David E.
                        Dangerfield</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="300">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="102">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
            <hr align="center" width="100%" noshade size="2">
            <br>
            <br>


            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">INDEX TO EXHIBITS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="662" border="0">
                <tr>
                    <td valign="top" nowrap width="221">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="221">
                        <p><b><font size="2">Exhibit Number</font></b></p>
                    </td>

                    <td valign="top" nowrap width="221">
                        <p><b><font size="2">Description</font></b></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="MARGIN-LEFT: 0.2in; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="612" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p><font size="2">10.29</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN-RIGHT: -41.4pt"><font size="2">The Company's 2005 Employee
                        Stock Purchase Plan.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 12.6pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN-RIGHT: -41.4pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p><font size="2">10.30</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 12.6pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN-RIGHT: -41.4pt"><font size="2">The Company's 2003 Stock
                        Purchase and Option Plan, as amended December 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN-RIGHT: -41.4pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p><font size="2">5.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN: 0in 0.7in 0in 30pt; TEXT-INDENT: -27pt">
                        <font size="2">Opinion of Arent Fox, LLP (counsel)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN: 0in 0.7in 0in 30pt; TEXT-INDENT: -27pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p><font size="2">23.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN-LEFT: 30pt; TEXT-INDENT: -27pt"><font size="2">Consent of
                        Eisner LLP (an independent registered public accounting firm)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN: 0in 0.7in 0in 30pt; TEXT-INDENT: -27pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p><font size="2">23.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="left" width="536">
                        <p style="MARGIN-RIGHT: -53.2pt"><font size="2"><font size="2">Consent of
                        BDO Seidman, LLP (an independent registered public accounting
                        firm)</font></font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN-RIGHT: -53.2pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p><font size="2">23.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN: 0in 0.7in 0in 30pt; TEXT-INDENT: -27pt">
                        <font size="2">Consent of Arent Fox, LLP (counsel) included in exhibit
                        5.1</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p>&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN: 0in 0.7in 0in 30pt; TEXT-INDENT: -27pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="60">
                        <p><font size="2">24.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-RIGHT: 0.7in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="536">
                        <p style="MARGIN: 0in 0.7in 0in 30pt; TEXT-INDENT: -27pt">
                        <font size="2">Power of Attorney: included on signature page</font></p>

                        <p style="MARGIN: 0in 0.7in 0in 30pt; TEXT-INDENT: -27pt">&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>
    </body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "s8_030408.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 88716}]
{"company-data": {"conformed-name": "PHC INC /MA/", "cik": "0000915127", "assigned-sic": "8082", "irs-number": "042601571", "state-of-incorporation": "MA", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-149579", "film-number": "08671742"}, "business-address": {"street1": "200 LAKE ST STE 102", "city": "PEABODY", "state": "MA", "zip": "01960", "phone": "9785362777"}, "mail-address": {"street1": "200 LAKE ST", "street2": "STE 102", "city": "PEABODY", "state": "MA", "zip": "01960"}}
As filed
                        with the Securities and Exchange Commission on March 6, 2008
Registration No _______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
PHC, INC.
(Exact name of registrant as specified in its charter)
Massachusetts
04-2601571
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
200 Lake Street, Suite 102, Peabody MA
                        01960
(Address of principal executive offices) (Zip
                        Code)
2005 Employee Stock Purchase Plan
2003 Stock Purchase and Option Plan, as amended
(Full
            title of the plans)
Bruce A. Shear, President and Chief Executive Officer
PHC, Inc.
200 Lake Street, Suite 102
Peabody, MA 01960
(Name
            and address of agent for service)
(978) 536-2777
(Telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated
            filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
            See the definitions of "large accelerated filer, accelerated filer and smaller
            reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
                        ______
Accelerated filer
                        ______
Non accelerated filer
                        ______
Smaller reporting company
                        X
Copy to:
Steven A. Cohen, Esq.
Arent Fox, LLP
1050 Connecticut Avenue, N.W.
Washington, DC 20036-5339
(202) 857-6000
CALCULATION OF REGISTRATION
FEE
Title of Securities to be Registered
Amount to be
                        Registered (1)
Proposed
                        Maximum Offering Price Per Share (2)
Proposed Maximum Aggregate Offering Price
                        (2)
Amount of
                        Registration Fee
Class A Common
                        Stock, $.01 par value
1,100,000 shares
$
2.69
$
2,959,000
$
707.20
(1)
The number includes 500,000
                        shares under the 2005 Employee Stock Purchase Plan and 600,000 shares under
                        the 2003 Stock Purchase and Option Plan, as amended, plus such additional
                        number of shares as may be required pursuant to the plans in the event of a
                        stock dividend, stock split, recapitalization or other similar change in
                        the Common Stock.
(2)
Estimated solely for the
                        purpose of calculating the registration fee, in accordance with Rule 457(c)
                        and (h)(1), on the basis of the average of the high and low prices of the
                        Class A Common Stock as reported on the American Stock Exchange on March 4,
                        2008.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.
Plan
                        Information
*
Item 2.
Registrant Information and Employee Plan Annual
                        Information
*
* Information about the Registrant required by Part I, Items 1 and 2 to
            be contained in a Section 10(a) prospectus is omitted from the Registration Statement
            in accordance with Rule 428 under theSecurities Act of 1933, as amended (the
            "Securities Act"), and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by
                        Reference
The following documents previously filed by the Registrant with the
            Securities and Exchange Commission (the "Commission") are incorporated by
            reference in this Registration Statement:
1.
The Registrant's Annual
                        Report on Form 10-K and 10-K/A for the fiscal year ended June 30,
                        2007.
2.
The Registrant's
                        Quarterly Reports on Form 10-Q for the quarters ended September 30, 2007
                        and December 31, 2007.
3.
All reports filed pursuant to
                        Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended
                        (the "Exchange Act") since the end of the fiscal year covered by the above
                        referred to annual report; and
4.
The description of the
                        Registrant's Class A Common Stock from the Company's Registration
                        Statement on Form S-3/A (Amendment No. 2) File #333-117146 brought
                        effective by the Commission on October 7, 2004.
In addition, all documents filed by the Registrant after the initial
            filing date of this Registration Statement pursuant to Sections 13(a), 13(c), 14 and
            15(d) of the Exchange Act, and prior to the filing of a post-effective amendment which
            indicates that all shares registered hereunder have been sold or which deregisters all
            shares then remaining unsold, shall be deemed to be incorporated by reference into this
            registration statement and to be a part hereof from the date of filing of such
            documents.
Item 4.
Description of Securities
Not applicable.
Item 5.
Interests of Named Experts and
                        Counsel
Not applicable.
Item 6.
Indemnification of Officers and
                        Directors
Section 6 of the Company's Restated Articles of Organization provides,
            in part, that the Company shall indemnify its directors, trustees, officers, employees
            and agents against all liabilities, costs and expenses, including but not limited to
            amounts paid in satisfaction of judgments, in settlement or as fines and penalties, and
            counsel fees, reasonably incurred by such person in connection with the defense or
            disposition of or otherwise in connection with or resulting from any action, suit or
            proceeding in which such director or officer may be involved or with which he may be
            threatened, while in office or thereafter, by reason of his actions or omissions in
            connection with services rendered directly or indirectly to the Company during his term
            of office, such indemnification to include prompt payment of expenses in advance of the
            final disposition of any such action, suit or proceeding.
In addition, the Restated Articles of Organization of the Company, under
            authority of the Business Corporation Law of The Commonwealth of Massachusetts,
            contains a provision eliminating the personal liability of a director to the Company or
            its stockholders for monetary damages for breach of fiduciary duty as a director,
            except for liability (i) for any breach of the director's duty of loyalty to the
            Company or its stockholders, (ii) for acts or omissions not in good faith or which
            involve intentional misconduct or a knowing violation of law, or (iii) for any
            transaction from which the director derived an improper personal benefit. The foregoing
            provision also is inapplicable to situations where a director has voted for, or
            assented to the declaration of, a dividend, repurchase of shares, distribution or the
            making of a loan to an officer or director, in each case where the same occurs in
            violation of applicable law.
Item 7.
Exemption from Registration
                        Claimed
Not applicable.
Item 8.
Exhibits
10.29
The Company's 2005 Employee
                        Stock Purchase Plan.
10.30
The Company's 2003 Stock
                        Purchase and Option Plan, as amended December 2007
5.1
Opinion of Arent Fox, LLP
                        (counsel)
23.1
Consent of Eisner LLP (an
                        independent registered public accounting firm)
23.2
Consent of BDO Seidman, LLP
                        (an independent registered public accounting firm)
23.3
Consent of Arent Fox, LLP
                        (counsel) included in exhibit 5.1
24.1
Power of Attorney: included
                        on signature page
Item 9.
Undertakings
(a)
The Registrant hereby
                        undertakes that it will:
1.
file, during any period in
                        which it offers or sells securities, a post-effective amendment to the
                        registration statement to:
i.
include any prospectus
                        required by section 10(a)(3) of the Securities Act;
ii.
reflect in the prospectus any
                        facts or events arising after the effective date of the registration
                        statement (or the most recent post-effective amendment thereof) which,
                        individually or together, represent a fundamental change in the information
                        in the registration statement;
iii.
include any material
                        information with respect to the plan of distribution not previously
                        disclosed in the registration statement or any material change to such
                        information in the registration statement.
2.
for determining liability
                        under the Securities Act of 1933, each such post-effective amendment shall
                        be deemed to be a new registration statement relating to the securities
                        offered therein, and the offering of such securities at that time shall be
                        deemed to be the initial bona fide offering thereof; and
3.
remove from registration by
                        means of a post-effective amendment any of the securities being registered
                        which remain unsold at the termination of the offering.
Provided however, that:
Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the
            information required to be included in a post-effective amendment by those paragraphs
            is contained in reports filed with or furnished to the Commission by the registrant
            pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are
            incorporated by reference in the registration statement.
(b)
The undersigned registrant
                        hereby undertakes that, for purposes of determining any liability under the
                        Securities Act of 1933, each filing of the registrant's annual report
                        pursuant to section 13(a) or section 15(d) of the Securities Exchange Act
                        of 1934 (and, where applicable, each filing of an employee benefit plan's
                        annual report pursuant to section 15(d) of the Securities Exchange Act of
                        1934) that is incorporated by reference in the registration statement shall
                        be deemed to be a new registration statement relating to the securities
                        offered therein, and the offering of such securities at that time shall be
                        deemed to be the initial bona fide offering thereof.
(c)
Insofar as indemnification
                        for liabilities arising under the Securities Act of 1933 may be permitted
                        to directors, officers and controlling persons of the registrant pursuant
                        to the foregoing provisions, or otherwise, the registrant has been advised
                        that in the opinion of the Securities and Exchange Commission such
                        indemnification is against public policy as expressed in the Act and is,
                        therefore, unenforceable. In the event that a claim for indemnification
                        against such liabilities (other than the payment by the registrant of
                        expenses incurred or paid by a director, officer or controlling person of
                        the registrant in the successful defense of any action, suit or proceeding)
                        is asserted by such director, officer or controlling person in connection
                        with the securities being registered, the registrant will, unless in the
                        opinion of its counsel the matter has been settled by controlling
                        precedent, submit to a court of appropriate jurisdiction the question
                        whether such indemnification by it is against public policy as expressed in
                        the Act and will be governed by the final adjudication of such
                        issue.
SIGNATURES
The Registrant, pursuant to the requirements of the Securities Act of
            1933, the Registrant certifies that it has reasonable grounds to believe that it meets
            all of the requirements for filing on Form S-8 and has duly caused this registration
            statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
            the Town of Peabody, The Commonwealth of Massachusetts on the 6
th
day of
            March 2008
PHC, Inc.
By:
/s/ Bruce A. Shear
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS
, that each
            individual whose signature appears below constitutes and appoints Bruce A. Shear, his
            true and lawful attorney-in-fact and agent with full power of substitution, for him and
            in his name, place and stead, in any and all capacities, to sign any and all amendments
            (including post-effective amendments) to this registration statement, and to file the
            same, with all exhibits thereto, and all documents in connection therewith, with the
            Securities and Exchange Commission, granting unto said attorneys-in-fact and agents,
            and each of them, full power and authority to do and perform each and every act and
            thing requisite and necessary to be in and about the premises, as fully to all intents
            and purposes as he might or could do in person, hereby ratifying and confirming all
            that said attorneys-in-fact and agents, or any of them, or their or his substitute or
            substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933; this
            registration statement has been signed below by the following persons in the capacities
            indicated.
Signature
Title
Date
By: /s/ Bruce A. Shear
President and Chief
                        ExecutiveOfficer and
March 6, 2008
Bruce A. Shear
Director (principal executive officer)
By: /s/ Paula C. Wurts
Treasurer, Clerk and Chief Financial Officer
March 6, 2008
Paula C. Wurts
(principal accounting and financial officer)
By: /s/ Donald E. Robar
Director
March 6, 2008
Donald E. Robar
By: /s/ Howard W. Phillips
Director
March 6, 2008
Howard W. Phillips
By: /s/ William F. Grieco
Director
March 6, 2008
William F. Grieco
By:/s/ David E. Dangerfield
Director
March 6, 2008
David E.
                        Dangerfield
INDEX TO EXHIBITS
Exhibit Number
Description
10.29
The Company's 2005 Employee
                        Stock Purchase Plan.
10.30
The Company's 2003 Stock
                        Purchase and Option Plan, as amended December 2007
5.1
Opinion of Arent Fox, LLP (counsel)
23.1
Consent of
                        Eisner LLP (an independent registered public accounting firm)
23.2
Consent of
                        BDO Seidman, LLP (an independent registered public accounting
                        firm)
23.3
Consent of Arent Fox, LLP (counsel) included in exhibit
                        5.1
24.1
Power of Attorney: included on signature page