Document:

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                                                                   Exhibit 10.11

                           CLAYTON TECHNOLOGIES, INC.

                               EMPLOYEE AGREEMENT

     In consideration and as a condition of my employment by Clayton
Technologies, Inc. (the "Company"), I agree as set forth below.

1.   PROPRIETARY INFORMATION. I agree that all information, whether or not in
writing, concerning the Company's business, technology, business relationships
or financial affairs which the Company has not released to the general public
(collectively, "Proprietary Information") is and will be the exclusive property
of the Company. By way of illustration, Proprietary Information may include
information or material which has not been made generally available to the
public, such as: (a) CORPORATE INFORMATION, including plans, strategies,
methods, policies, resolutions, negotiations or litigation; (b) MARKETING
INFORMATION, including strategies, methods, customer identities or other
information about customers, prospect identities or other information about
prospects, or market analyses or projections; (c) FINANCIAL INFORMATION,
including cost and performance data, debt arrangements, equity structure,
investors and holdings, purchasing and sales data and price lists; (d)
OPERATIONAL AND TECHNOLOGICAL INFORMATION, including plans, specifications,
manuals, forms, templates, software, designs, procedures, formulas, discoveries,
inventions, improvements, concepts and ideas; and (e) PERSONNEL INFORMATION,
including personnel lists, reporting or organizational structure, resumes,
personnel data, compensation structure, performance evaluations and termination
arrangements or documents. Proprietary Information also includes information
received in confidence by the Company from its customers or suppliers or other
third parties.

2.   RECOGNITION OF COMPANY'S RIGHTS. I will not, at any time, without the
Company's prior written permission, either during or after my employment,
disclose any Proprietary Information to anyone outside of the Company, or use or
permit to be used any Proprietary Information for any purpose other than the
performance of my duties as an employee of the Company. I will cooperate with
the Company and use my best efforts to prevent the unauthorized disclosure of
all Proprietary Information. I will deliver to the Company all copies of
Proprietary Information in my possession or control upon the earlier of a
request by the Company or termination of my employment.

3.   RIGHTS OF OTHERS. I understand that the Company is now and may hereafter be
subject to non-disclosure or confidentiality agreements with third persons which
require the Company to protect or refrain from use of proprietary information. I
agree to be bound by the terms of such agreements in the event I have access to
such proprietary information.

4.   COMMITMENT TO COMPANY; AVOIDANCE OF CONFLICT OF INTEREST. While an employee
of the Company, I will devote my full working time and efforts to the Company's
business, I will not engage in any other business activity that conflicts with
my duties to the Company and I will comply with the Company's policies and codes
of conduct and applicable law, always using my best efforts to promote the
highest standards of ethics and client service. I will advise the Chief
Executive Officer, the President or the managing partner of the Company or his
or her nominee at such time as any activity of either the Company or another
business presents me with a conflict of interest or the appearance of a conflict
of interest as an employee of the Company. I will take whatever action is
requested of me by the Company to resolve any conflict or appearance of conflict
which it finds to exist.

5.   DEVELOPMENTS. I will make full and prompt disclosure to the Company of all
inventions, discoveries, designs, developments, methods, modifications,
improvements, processes, algorithms, databases, computer programs, formulae,
techniques, trade secrets, graphics or images, audio or visual works, and other
works of authorship (collectively "Developments"), whether or not patentable or
copyrightable, that are created, made, conceived or reduced to practice by me
(alone or jointly with others) or under my direction during the period of my
employment. I acknowledge that all work performed by me is on a "work for hire"
basis, and I hereby do assign and transfer, and will assign and transfer, to the
Company and its successors and assigns all my right, title and interest in all
Developments that (a) relate to the business of the Company or any customer of
or supplier to the Company or any of the products or services being researched,
developed or sold by the Company or which may be used with such products or
services; (b) result from tasks assigned to me by the Company; or (c) result
from the use of premises or personal property (whether tangible or intangible)
owned, leased or contracted for by the Company ("Company-Related Developments"),
and all related patents, patent applications, trademarks and trademark
applications, copyrights and copyright applications, and other intellectual
property rights in all countries and territories worldwide and under any
international conventions ("Intellectual Property Rights").

     To preclude any possible uncertainty, I have set forth on EXHIBIT A
attached hereto a complete list of Developments that I have, alone or jointly
with others, conceived, developed or reduced to practice prior to the
commencement of my employment with the Company that I consider to be my property
or the property of third parties and that I wish to have excluded from the scope
of this Agreement ("Prior Inventions"). I have also listed on EXHIBIT A all
patents and patent applications in which I am named as an inventor, other than
those which have been assigned to the Company ("Other Patent Rights"). If no
such disclosure is attached, I represent that there are no Prior Inventions or
Other Patent Rights. If, in the course of my employment with the Company, I
incorporate a Prior Invention into a Company product, process or machine or
other work done for the Company, I hereby

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grant to the Company a nonexclusive, royalty-free, irrevocable, worldwide
license (with the full right to sublicense) to make, have made, modify, use and
sell such Prior Invention. Notwithstanding the foregoing, I will not
incorporate, or permit to be incorporated, Prior Inventions in any
Company-Related Development without the Company's prior written consent.

     This Agreement does not obligate me to assign to the Company any
Development which is developed entirely on my own time and does not relate to
the business efforts or research and development efforts in which, during the
period of my employment, the Company actually is engaged or reasonably would be
engaged, and does not result from the use of premises or equipment owned or
leased by the Company. However, I will also promptly disclose to the Company any
such Developments for the purpose of determining whether they qualify for such
exclusion. I understand that to the extent this Agreement is required to be
construed in accordance with the laws of any state which precludes a requirement
in an employee agreement to assign certain classes of inventions made by an
employee, this paragraph 5 will be interpreted not to apply to any invention
which a court rules and/or the Company agrees falls within such classes. I also
hereby waive all claims to any moral rights or other special rights which I may
have or may accrue in any Company-Related Developments.

6.   DOCUMENTS AND OTHER MATERIALS. I will keep and maintain adequate and
current records of all Proprietary Information and Company-Related Developments
developed by me during my employment, which records will be available to and
remain the sole property of the Company at all times.

     All files, letters, notes, memoranda, reports, records, data, sketches,
drawings, notebooks, layouts, charts, quotations and proposals, specification
sheets, or other written, photographic or other tangible material containing
Proprietary Information, whether created by me or others, which come into my
custody or possession, are the exclusive property of the Company to be used by
me only in the performance of my duties for the Company. Any property situated
on the Company's premises and owned by the Company, including, without
limitation, computers, disks and other storage media, filing cabinets or other
work areas, is subject to inspection by the Company at any time with or without
notice. In the event of the termination of my employment for any reason, I will
deliver to the Company all files, letters, notes, memoranda, reports, records,
data, sketches, drawings, notebooks, layouts, charts, quotations and proposals,
specification sheets, or other written, photographic or other tangible material
containing Proprietary Information, and other materials of any nature pertaining
to the Proprietary Information of the Company and to my work, and will not take
or keep in my possession any of the foregoing or any copies.

7.   ENFORCEMENT OF INTELLECTUAL PROPERTY RIGHTS. I will cooperate fully with
the Company, at the Company's expense, both during and after my employment with
the Company, with respect to the procurement, maintenance and enforcement of
Intellectual Property Rights in Company-Related Developments. I will sign all
papers, including, without limitation, copyright applications, patent
applications, declarations, oaths, assignments of priority rights, and powers of
attorney, which the Company may deem necessary or desirable in order to protect
its rights and interests in any Company-Related Development. If the Company is
unable, after reasonable effort, to secure my signature on any such papers, I
hereby irrevocably designate and appoint each officer of the Company as my agent
and attorney-in-fact to execute any such papers on my behalf, and to take any
and all actions as the Company may deem necessary or desirable in order to
properly assign to the Company all rights and interests in any such
Company-Related Development.

8.   RESTRICTIONS ON ACTIVITIES. In order to protect the Company's Proprietary
Information, good will and client and employee relations, during my employment
and for a period of twelve (12) months following the termination of my
employment for any reason, I will not, directly or indirectly, whether as owner,
partner, shareholder, director, consultant, agent, employee, co-venturer or
otherwise:

  -  engage, participate or invest in any business activity anywhere in New
     York, New Jersey, California, Connecticut, Florida and Oklahoma, or any
     other state in the United States or Canada that develops or markets any
     products, or performs any services, that are competitive with the products
     or services of the Company, or products or services that the Company has
     under development or that are the subject of active planning at any time
     during my employment (a "Competitive Activity"); provided that this shall
     not prohibit any investment by me in publicly traded stock of a company
     representing less than five percent of the stock of such company; or

  -  other than for the benefit of the Company, call upon, solicit, or otherwise
     attempt to divert or take away any of the customers or prospective
     customers of the Company (or any persons or entities who were, within the
     two (2) year period preceding the termination of my employment, customers
     or prospective customers of the Company) in each case in furtherance,
     directly or indirectly, of a Competitive Activity.

In addition, during the period of my employment and for a period of twelve (12)
months following termination of my employment for any reason, I will not,
directly or indirectly, hire any employees of the Company (or any persons who,
during the period of my employment, were employed by the Company) or solicit,
entice or attempt to persuade any employee of the Company to leave the services
of the Company for any reason. I acknowledge that if I violate any of the
provisions of this paragraph 8, the running of the time period of prohibited
activities shall be suspended and the running of such time period shall not
resume until I have ceased engaging in any such violation or pattern of
violations.

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9.   PRIOR AGREEMENTS. I hereby represent that, except as I have fully disclosed
previously in writing to the Company, I am not bound by the terms of any
agreement with any previous employer or other party to refrain from using or
disclosing any trade secret or confidential or proprietary information in the
course of my employment with the Company or to refrain from competing, directly
or indirectly, with the business of such previous employer or any other party. I
further represent that my performance of all the terms of this Agreement as an
employee of the Company does not and will not breach any agreement to keep in
confidence proprietary information, knowledge or data acquired by me in
confidence or in trust prior to my employment with the Company. I will not
disclose to the Company or induce the Company to use any confidential or
proprietary information or material belonging to any previous employer or
others.

10.  REMEDIES UPON BREACH. I understand that the restrictions contained in this
Agreement are necessary for the protection of the business and goodwill of the
Company and I consider them to be reasonable for such purpose. I acknowledge
that, particularly in light of my position and access within the firm, any
violation of these restrictions will substantially harm the firm that I have
joined to help build. Any breach of this Agreement is likely to cause the
Company substantial and irrevocable damage and therefore, in the event of such
breach, the Company, in addition to such other remedies which may be available
(including, without limitation and if applicable, the right to recover from me
any bonus monies previously paid to me that are subject to repayment to the
Company upon breach of this Agreement), will be entitled to specific performance
and other injunctive relief.

11.  USE OF VOICE, IMAGE AND LIKENESS. I give the Company permission to use my
voice, image or likeness, with or without using my name, for the purposes of
advertising and promoting the Company, or for other purposes deemed appropriate
by the Company in its reasonable discretion, except to the extent expressly
prohibited by law.

12.  PUBLICATIONS AND PUBLIC STATEMENTS. To ensure that the Company delivers a
consistent message about its products, services and operations to the public,
and further in recognition that even positive statements may have a detrimental
effect on the Company in certain securities transactions and other contexts, any
statement about the Company, or any material that relates to my work at the
Company and/or incorporates any Proprietary Information, that I seek to create,
publish or post during my period of employment, on any media accessible by the
public, including, but not limited to, electronic bulletin boards and
Internet-based chat rooms, shall be created, published or posted only in
accordance with policies and procedures established by the Company.

13.  NO EMPLOYMENT OBLIGATION. I understand that this Agreement does not create
an obligation on the Company or any other person to continue my employment. I
acknowledge that, unless otherwise agreed in a formal written employment
agreement signed on behalf of the Company by an authorized officer, my
employment with the Company is at will and therefore may be terminated by the
Company or me at any time and for any reason.

14.  SURVIVAL AND ASSIGNMENT BY THE COMPANY. I understand that all of my
obligations under this Agreement will continue in accordance with their express
terms regardless of any changes in my title, position, duties, salary,
compensation or benefits or other terms and conditions of employment. I further
understand that my obligations under this Agreement will continue following the
termination of my employment regardless of the manner of such termination and
will be binding upon my heirs, executors and administrators. The Company will
have the right to assign this Agreement to its affiliates, successors and
assigns. I expressly consent to be bound by the provisions of this Agreement for
the benefit of the Company or any parent, subsidiary or affiliate to whose
employ I may be transferred without the necessity that this Agreement be
resigned at the time of such transfer.

15.  EXIT INTERVIEW. If and when I depart from the Company, I may be required to
attend an exit interview and sign an "Employee Exit Acknowledgement" to reaffirm
my acceptance and acknowledgement of the obligations set forth in this
Agreement. For the twelve (12) month period following termination of my
employment, I will notify the Company of any change in my address and of each
subsequent employment or business activity, including the name and address of my
employer or other post-Company employment plans and the nature of my activities.

16.  DISCLOSURE TO FUTURE EMPLOYERS. During the twelve (12) month period
following termination of my employment, I will provide a copy of this Agreement
to any prospective employer, partner or coventurer prior to entering into an
employment, partnership or other business relationship with such person or
entity.

17.  SEVERABILITY. In case any provisions (or portions thereof) contained in
this Agreement shall, for any reason, be held invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect
the other provisions of this Agreement, and this Agreement shall be construed as
if such invalid, illegal or unenforceable provision had never been contained
herein. If, moreover, any one or more of the provisions contained in this
Agreement shall for any reason be held to be excessively broad as to duration,
geographical scope, activity or subject, it shall be construed by limiting and
reducing it, so as to be enforceable to the extent compatible with the
applicable law as it shall then appear.

18.  INTERPRETATION. This Agreement will be deemed to be made and entered into
in the State of Connecticut, and will in all respects be interpreted, enforced
and governed under the laws of the State of Connecticut. I hereby agree to
consent to personal jurisdiction of the state and federal courts situated within
Connecticut for purposes of enforcing this Agreement, and waive any objection
that I might have to personal jurisdiction or venue in those courts.

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     I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING
BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT I
UNDERSTAND IT COMPLETELY.

     IN WITNESS WHEREOF, the undersigned has executed this agreement as a sealed
instrument as of the date set forth below.

Signed: /s/ Frank Filipps
        -----------------
        (Employee's full name)

Type or print name: Frank Filipps
                    -------------
Social Security Number:                       Date: 4/25/2005
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                                                                   Exhibit 10.12

                              EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of this 29th
day of June, 2004 by and between Stephen M. Lamando (the "Employee") and Clayton
GRP, Inc., a Delaware corporation (the "Company") , and, for purposes of Section
7 and Section 14 only, Clayton Holdings, Inc., a Delaware corporation
("Holdings").

                              W I T N E S S E T H:

     WHEREAS, as of the date hereof, the Company, Holdings and Employee have
entered into a certain Contribution and Asset Transfer Agreement (the
"Contribution Agreement"), by and among the Company, Holdings, Employee, the
Investors named therein, the Sellers named therein (the "Sellers") and the other
stockholders of certain of the Sellers as named therein, pursuant to which the
Company and Holdings have agreed to purchase substantially all of the assets and
to assume certain liabilities of the Sellers;

     WHEREAS, the Company and Holdings are simultaneously entering into a
Non-Competition Agreement (the "Non-Competition Agreement");

     WHEREAS, the Company is a subsidiary of Holdings;

     WHEREAS, the Company desires to employ the Employee, and the Employee
desires to obtain employment with the Company; and

     WHEREAS, Employee's decision to enter into this Agreement is a material
consideration in the decision of the Company, Holdings and such Investors to
enter into the Contribution Agreement and to consummate the transactions
contemplated thereby.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained, the parties hereto agree as follows:

     1.   EFFECTIVE DATE; EMPLOYMENT. Employee and the Company agree that this
Agreement is being entered into in contemplation of the consummation of the
transactions contemplated by the Contribution Agreement, and that, without
further action on the part of the parties hereto, this Agreement shall be
effective upon the closing of the transactions contemplated by the Contribution
Agreement (the "Effective Date"). Subject to the provisions of Section 6, the
Company agrees to employ Employee and Employee agrees to become an employee and
perform services for the Company, upon the terms and conditions hereinafter set
forth.

     2.   TERM OF EMPLOYMENT. Subject to the provisions of Section 6, the term
of Employee's employment pursuant to this Agreement shall commence on and as of
the

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Effective Date and shall terminate on the third anniversary of the Effective
Date (such period, the "Term"). Notwithstanding the foregoing, but subject to
the provisions of Section 6, the Term shall automatically extend for an
additional year on each anniversary of the Effective Date unless either party
provides written notice to the other party within thirty (30) days of the date
on which the Term would expire that he or it chooses not to extend the Term.

     3.   DUTIES; EXTENT OF SERVICE. During Employee's employment under this
Agreement, Employee (a) shall serve as an employee of the Company with the title
and position of Chief Executive Officer, reporting to the Board of Directors of
the Company, (b) shall have such executive responsibilities as the Board of
Directors of the Company shall from time to time designate, PROVIDED THAT, in
all cases Employee shall be subject to the oversight and supervision of the
Board of Directors of the Company in the performance of his duties, (c) upon the
request of the Board of Directors of the Company, shall serve as an officer
and/or director of any of the Company's subsidiaries, and (d) shall render all
services reasonably incident to the foregoing. Employee hereby accepts such
employment, agrees to serve the Company in the capacities indicated, and agrees
to use Employee's reasonable best efforts in, and shall devote Employee's full
working time, attention, skill and energies to, the advancement of the interests
of the Company and its subsidiaries and the performance of Employee's duties and
responsibilities hereunder. The foregoing, however, shall not be construed as
preventing Employee from (i) engaging in religious, charitable or other
community or non-profit activities, or (ii) engaging in the business of
purchasing and selling, or investing in entities specially established for the
purpose of purchasing and selling, real estate and/or pools of performing,
sub-performing and non-performing mortgage, automobile and other types of loans
and financial instruments, and managing such investments, in each case in a
manner consistent in nature with Employee's past and current involvement in such
activities and that does not impair Employee's ability to fulfill Employee's
duties and responsibilities under this Agreement or the Non-Competition
Agreement (the activities described in clauses (i) and (ii), the "Permitted
Activities").

     4.   SALARY AND BONUS.

          (a)  During Employee's employment under this Agreement, the Company
shall pay Employee a salary at the annual rate of $350,000 per annum (the "Base
Salary"). Such Base Salary shall be subject to withholding under applicable law,
shall be pro rated for partial years and shall be payable in periodic
installments in accordance with the Company's usual payroll practice for
executive officers of the Company as in effect from time to time.

          (b)  For each one-year calendar period or portion thereof during
Employee's employment under this Agreement, Employee shall be eligible to
participate in any bonus or other performance plan established by the Board of
Directors from time to time for senior management of the Company.

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     5.   BENEFITS.

          (a)  During Employee's employment under this Agreement, Employee shall
be entitled to participate in any and all medical, pension, profit sharing,
dental and life insurance plans and disability income plans, retirement
arrangements and other employment benefits, including option plans, as in effect
from time to time for senior management of the Company generally. Such
participation shall be subject to (i) the terms of the applicable plan documents
(including, as applicable, provisions granting discretion to the Board of
Directors of the Company or any administrative or other committee provided for
therein or contemplated thereby), and (ii) generally applicable policies of the
Company. Employee shall be eligible to participate in all such plans and other
benefits as of the Effective Date.

          (b)  During Employee's employment under this Agreement, Employee shall
receive paid vacation annually in accordance with the Company's practices for
executive officers, as in effect from time to time; provided, however, that
Employee shall have a minimum of six (6) weeks of paid vacation.

          (c)  The Company shall promptly reimburse Employee for all reasonable
business expenses incurred by Employee during Employee's employment hereunder in
accordance with the Company's practices for senior executive officers of the
Company, as in effect from time to time.

          (d)  Compliance with the provisions of this Section 5 shall in no way
create or be deemed to create any obligation, express or implied, on the part of
the Company or any of its affiliates with respect to the continuation of any
particular benefit or other plan or arrangement maintained by them or their
subsidiaries as of or prior to the Effective Date or the creation and
maintenance of any particular benefit or other plan or arrangement at any time
after the Effective Date.

     6.   TERMINATION AND TERMINATION BENEFITS. Notwithstanding the provisions
of Section 2, Employee's employment under this Agreement shall terminate under
the following circumstances set forth in this Section 6.

          (a)  TERMINATION BY THE COMPANY FOR CAUSE. Employee's employment under
this Agreement may be terminated for cause without further liability on the part
of the Company or any affiliate thereof effective immediately upon a vote of the
Board of Directors of the Company and written notice to Employee. Only the
following shall constitute "cause" for such termination:

               (i)    any act, whether or not involving the Company or any of
          its affiliates or their respective businesses, of fraud, gross
          misconduct or harassment;

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               (ii)   any act of dishonesty or illegality, in any such case,
          materially and adversely affecting the Company;

               (iii)  the conviction of Employee for (A) a felony, or (B) any
          misdemeanor involving moral turpitude;

               (iv)   the commission, in the reasonable judgment of the Board of
          Directors of the Company, of an act involving a violation of
          procedures or policies of the Company which are material to the
          Company;

               (v)    a material and sustained failure of Employee to perform
          the duties and responsibilities assigned or delegated under this
          Agreement, which such failure continues for thirty (30) days after
          written notice has been given to the Employee by the Board of
          Directors;

               (vi)   gross negligence or willful misconduct by Employee with
          respect to the Company or any affiliate of the Company; or

               (vii)  a breach by Employee of any of Employee's material
          obligations under this Agreement or a breach by Employee of any of
          Employee's obligations under the Non-Competition Agreement.

          (b)  TERMINATION BY EMPLOYEE OTHER THAN FOR GOOD REASON. Employee's
employment under this Agreement may be terminated by Employee without further
liability on the part of Employee (other than with respect to those provisions
of this Agreement expressly surviving such termination) by written notice to the
Board of Directors at least sixty (60) days prior to such termination.

          (c)  TERMINATION BY EMPLOYEE FOR GOOD REASON. Subject to the payment
of Termination Benefits pursuant to Section 6(e) below, Employee's employment
under this Agreement also may be terminated by Employee for Good Reason (as
defined below) (which termination must be within one hundred twenty (120) days
of the occurrence of the event or events giving rise to such Good Reason) by
written notice to the Board of Directors setting forth such Good Reason and
giving the Company a reasonable period of time, not less than ten (10) business
days, to eliminate and cure such Good Reason. For purposes of this Agreement,
"Good Reason" shall mean the occurrence of any of the following events: (i) a
substantial adverse change in the nature or scope of the Employee's
responsibilities, authorities, powers, functions or duties under this Agreement;
(ii) a reduction in the Employee's annual Base Salary; or (iii) the relocation
of the offices at which the Employee is principally employed to New York City,
New York or to any other location which is more than fifty (50) miles from the
current location of such offices. It is expressly agreed and understood that if
Employee's employment is terminated by Employee for Good Reason as provided in
this Section 6(c), it shall not impair or otherwise affect Employee's Continuing
Obligations (as defined below).

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          (d)  TERMINATION BY THE COMPANY WITHOUT CAUSE. Subject to the payment
of Termination Benefits pursuant to Section 6(e), Employee's employment under
this Agreement may be terminated without cause by the Company by a vote of the
Board of Directors of the Company upon at least sixty (60) days prior written
notice to Employee. It is expressly agreed and understood that if Employee's
employment is terminated by the Company without cause as provided in this
Section 6(d), it shall not impair or otherwise affect Employee's Continuing
Obligations.

          (e)  CERTAIN TERMINATION BENEFITS. Unless otherwise specifically
provided in this Agreement or otherwise required by law, all compensation and
benefits payable to Employee under this Agreement shall terminate on the date of
termination of Employee's employment under this Agreement. Notwithstanding the
foregoing, in the event of termination of Employee's employment with the Company
pursuant to Section 6(c) or Section 6(d) above, the Company shall provide to
Employee the following termination benefits ("Termination Benefits"):

          (i)  continuation of salary at a rate equal to one-hundred (100%) of
     Employee's Base Salary as in effect on the date of termination for a period
     of one year from the date of termination (payment shall be subject to
     withholding under applicable law and shall be made in periodic installments
     in accordance with the Company's usual payroll practice for executive
     officers of the Company as in effect from time to time); and

          (ii) continuation of group health plan benefits during the first
     twelve (12) months in which Employees is receiving payments pursuant to
     subsection (i) above, to the extent authorized by and consistent with 29
     U.S.C. Section 1161 ET SEQ. (commonly known as "COBRA"), with the cost of
     the regular premium for such benefits shared in the same relative
     proportion by the Company and Employee as in effect on the date of
     termination.

The Company shall have the right to terminate all of the Termination Benefits
set forth in Section 6(e)(i) and Section 6(e)(ii) in the event that Employee
fails to comply with Employee's Continuing Obligations under this Agreement. The
Company's liability for Base Salary continuation pursuant to Section 6(e)(i)
shall be reduced by the amount of any severance pay paid to Employee pursuant to
any severance pay plan of the Company. Notwithstanding the foregoing, nothing in
this Section 6(e) shall be construed to affect Employee's right to receive COBRA
continuation entirely at Employee's own cost to the extent that Employee may
continue to be entitled to COBRA continuation after Employee's right to cost
sharing under Section 6(e)(ii) ceases. The Company and Employee agree that the
Termination Benefits paid by the Company to Employee under this Section 6(e)
shall be in full satisfaction, compromise and release of any claims arising
exclusively out of any termination of Employee's employment pursuant to Section
6(c) or Section 6(d), and that the payment of the Termination Benefits shall be
contingent upon Employee's delivery of a general release effectuating such full
satisfaction,

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compromise and release, in favor of the Company, Holdings and their affiliates
of any and all claims arising exclusively out of any such termination (other
than those arising under this Agreement, the Contribution Agreement and the
other agreements delivered pursuant to the Contribution Agreement), which
general release shall be effective upon termination of employment and shall be
in a form reasonably satisfactory to the Company, it being understood that no
Termination Benefits shall be provided unless and until Employee executes and
delivers such release.

          (f)  DISABILITY. If Employee shall be disabled so as to be unable to
perform the essential functions of Employee's then existing position or
positions under this Agreement with or without reasonable accommodation, which
disability has lasted or is reasonably expected to last for more than
one-hundred twenty (120) days, the Board of Directors may remove Employee from
any responsibilities and/or reassign Employee to another position with the
Company for the remainder of the Term or during the period of such disability.
Notwithstanding any such removal or reassignment, Employee shall continue to
receive Employee's full Base Salary (less any disability pay or sick pay
benefits to which Employee may be entitled under the Company's policies) and
benefits under Section 5 of this Agreement (except to the extent that Employee
may be ineligible for one or more such benefits under applicable plan terms) for
a period of up to six (6) months, and Employee's employment may be terminated by
the Company at any time thereafter. In the event of such termination, the
Company shall have no further obligations except to make Employee's accrued Base
Salary and benefit payments contemplated by this Section 6(f) through the date
of such termination. If any question shall arise as to whether during any period
Employee is disabled so as to be unable to perform the essential functions of
Employee's then existing position or positions with or without reasonable
accommodation, Employee may, and at the request of the Company shall, submit to
the Company a certification in reasonable detail by a physician (local to the
Company's principal offices) selected by the Company to whom Employee or
Employee's guardian has no reasonable objection as to whether Employee is so
disabled or how long such disability is expected to continue, and such
certification shall for the purposes of this Agreement be conclusive of the
issue. Employee shall cooperate with any reasonable request of the physician in
connection with such certification. If such question shall arise and Employee
shall fail to submit such certification, the Company's determination of such
issue shall be binding on Employee. Nothing in this Section 6(e) shall be
construed to waive Employee's rights, if any, under existing law including,
without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. Section
2601 ET SEQ. and the Americans with Disabilities Act, 42 U.S.C. Section 12101 ET
SEQ.

          (g)  DEATH. Employee's employment and all obligations of the Company
hereunder shall terminate in the event of the death of the Employee other than
any obligation to pay earned but unpaid Base Salary.

          (h)  CONTINUING OBLIGATIONS. Notwithstanding termination of this
Agreement as provided in this Section 6 or any other termination of Employee's
employment with the Company, Employee's obligations under Section 7 hereof and

                                        6
<Page>

under the Non-Competition Agreement (collectively, the "Continuing Obligations")
shall survive any termination of Employee's employment with the Company at any
time and for any reason.

     7.   CONFIDENTIALITY; PROPRIETARY RIGHTS.

          (a)  In the course of performing services on behalf of Seller and the
Company and its affiliates, Employee has had and from time to time will have
access to Confidential Information (as defined below). Employee agrees (i) to
hold the Confidential Information in strict confidence, (ii) not to disclose the
Confidential Information to any person (other than in the regular business of
the Company or its affiliates), and (iii) not to use, directly or indirectly,
any of the Confidential Information for any purpose other than on behalf of the
Company and its affiliates or in connection with the Permitted Activities. All
documents, records, data, apparatus, equipment and other physical property,
whether or not pertaining to Confidential Information, that are furnished to
Employee by the Company, Holdings or any subsidiary thereof or are produced by
Employee in connection with Employee's employment will be and remain the sole
property of the Company, Holdings or such subsidiary, as applicable. Upon the
termination of Employee's employment with the Company and its subsidiaries for
any reason and as and when otherwise requested by the Company, all Confidential
Information (including, without limitation, all data, memoranda, customer lists,
notes, programs and other papers and items, and reproductions thereof relating
to the foregoing matters) in Employee's possession or control, shall be
immediately returned to the Company. The term "Confidential Information" shall
mean all information pertaining to the Company, Holdings or any subsidiary
thereof which is not publicly available or the disclosure of which could result
in a competitive or other disadvantage to the Company, Holdings or any
subsidiary thereof. Confidential Information includes information, whether or
not patentable or copyrightable, in written, oral, electronic or other tangible
or intangible forms, stored in any medium, including, by way of example and
without limitation, trade secrets, ideas, concepts, designs, configurations,
specifications, drawings, blueprints, diagrams, models, prototypes, samples,
flow charts processes, techniques, formulas, software, improvements, inventions,
data, know-how, discoveries, copyrightable materials, marketing plans and
strategies, sales and financial reports and forecasts, cost and performance
data, debt arrangements, equity structure, purchasing and sales data, price
lists, customer lists, studies, reports, records, books, contracts, instruments,
surveys, computer disks, diskettes, tapes, computer programs, corporate
information, including, by way of example and without limitation, policies,
resolutions, negotiations or litigation, operational information, personnel
information and business plans, prospects and opportunities (such as possible
acquisitions or dispositions of businesses or facilities) which have been
discussed or considered by the management of the Company, Holdings or any
subsidiary thereof (and of which Employee has knowledge). Confidential
Information includes information developed by Employee in the course of
Employee's employment by Seller or the Company and its subsidiaries, as well as
other information to which Employee may have access in connection with
Employee's employment. Confidential Information also includes the confidential

                                        7
<Page>

information of others with which the Company, Holdings or any subsidiary thereof
has a business relationship. Notwithstanding the foregoing, Confidential
Information does not include information in the public domain, unless due to
breach of Employee's duties under this Section 7(a).

          (b)  Employee hereby confirms that Employee is not bound by the terms
of any agreement that restricts in any way Employee's use or disclosure of
information relevant to the Company Business (as such term is defined in the
Non-Competition Agreement) or Employee's engagement in any business. Employee
represents to the Company that Employee's execution of this Agreement,
Employee's employment with the Company and the performance of Employee's
proposed duties for the Company will not violate any obligations Employee may
have to any other party. In Employee's work for the Company, Employee will not
disclose or make use of any information in violation of any agreements with or
rights of any such other party, and Employee will not bring to the premises of
the Company any copies or other tangible embodiments of non-public information
belonging to or obtained from any such previous employment or other party.

          (c)  During and after Employee's employment, Employee shall reasonably
cooperate with the Company and Holdings in the defense, procurement, maintenance
and enforcement of (i) any claims or actions (other than those brought by
Employee) now in existence or which may be brought in the future against or on
behalf of the Company, Holdings or any subsidiary thereof that relate to events
or occurrences that transpired while Employee was employed by Sellers or the
Company, and (ii) Intellectual Property Rights (as defined below) in
Company-Related Developments (as defined below). Employee's full cooperation in
connection with such claims or actions shall include, but not be limited to,
being available to meet with counsel to prepare for discovery or trial and to
act as a witness at mutually convenient times. During and after Employee's
employment, Employee also shall reasonably cooperate in connection with any
investigation or review of any federal, state or local regulatory authority as
any such investigation or review relates to events or occurrences that
transpired while Employee was employed by Sellers or the Company (to the extent
such cooperation does not conflict with or impair Employee's legal rights in
connection with any such matter). Employee will sign all papers, including,
without limitation, copyright applications, patent applications, declarations,
oaths, assignments of priority rights, and powers of attorney, which the Company
may reasonably deem necessary or desirable in order to protect its rights and
interests in any Company-Related Development. If the Company is unable, after
reasonable effort, to secure Employee's signature on any such papers, Employee
hereby irrevocably designates and appoints each officer of the Company as
Employee's agent and attorney-in-fact to execute and file any such papers on
Employee's behalf as the Company may deem reasonably necessary or desirable in
order to properly assign to the Company all rights and interests of Employee in
any Company-Related Development. The Company shall reimburse Employee for any
reasonable out-of-pocket expenses incurred in connection with Employee's
performance of obligations pursuant to this Section 7(c).

                                        8
<Page>

          (d)  Employee recognizes that the Company, Holdings and their
affiliates possess a proprietary interest in all of the information described in
Section 7(a) and have the exclusive right and privilege to use, protect by
copyright, patent or trademark, or otherwise exploit the processes, ideas and
concepts described therein to the exclusion of Employee, except as otherwise
agreed between the Company and Employee in writing and subject to Employee's
ability to participate in the Permitted Activities. Employee expressly agrees
that all work performed by Employee is on a "work for hire" basis, and Employee
hereby does assign and transfer, and will assign and transfer, to the Company
and its successors and assigns all of Employee's right, title and interest in
all works of authorship, speeches, products, developments, inventions,
discoveries, improvements, and creative works (whether or not able to be
protected by copyright, patent or trademark) created during Employee's
employment with Sellers or the Company that (i) relate to the business of the
Company, Holdings or any subsidiary thereof or any client of the Company,
Holdings or any subsidiary thereof or any of the products or services being
researched, developed, manufactured or sold by the Company, Holdings or any
subsidiary thereof or which may be used with such products or services, (ii)
result from tasks assigned to Employee by the Company, Holdings or any
subsidiary thereof; or (iii) result in any material manner from the use of
premises or personal property (whether tangible or intangible) owned, leased or
contracted for by the Company, Holdings or any subsidiary thereof (collectively,
"Company-Related Developments"), and all related patents, patent applications,
trademarks and trademark applications, copyrights and copyright applications,
and other intellectual property rights in all countries and territories
worldwide and under any international conventions ("Intellectual Property
Rights"). Employee further agrees that any and all Company-Related Developments
shall be promptly disclosed to the Company.

          (e)  Employee agrees, while he is employed by the Company, to offer or
otherwise make known or available to it or Holdings, as directed by the Board of
Directors of the Company or Holdings and without additional compensation or
consideration, any business prospects, contracts or other business opportunities
that Employee may discover, find, develop or otherwise have available to
Employee that relate to the Company Business (as such term is defined in the
Non-Competition Agreement) and further agrees that any such prospects, contacts
or other business opportunities shall be the property of the Company or
Holdings, as applicable; provided, however, that Employee shall not be subject
to the foregoing obligations, and the foregoing shall not be applicable, with
respect to any business prospects, contracts or business opportunities that
Employee may discover, find, develop or otherwise have available to Employee and
that constitute a Permitted Activity or that otherwise relate directly to
Employee's involvement in the Permitted Activities.

          (f)  Employee acknowledges that the provisions of this Section 7 and
the Non-Competition Agreement are integral parts of Employee's employment
arrangements with the Company.

                                        9
<Page>

          8.   PARTIES IN INTEREST; CERTAIN REMEDIES. It is specifically
understood and agreed that this Agreement is intended to confer a benefit,
directly or indirectly, on the Company, Holdings and their direct and indirect
subsidiaries, and that any breach of the provisions of this Agreement by
Employee will result in irreparable injury to the Company, Holdings and their
direct and indirect subsidiaries, that the remedy at law alone will be an
inadequate remedy for such breach and that, in addition to any other remedy it
may have, the Company, Holdings and their direct and indirect subsidiaries shall
be entitled to enforce the specific performance of this Agreement by Employee
through both temporary and permanent injunctive relief without the necessity of
posting a bond or proving actual damages, but without limitation of their right
to damages and any and all other remedies available to them, it being understood
that injunctive relief is in addition to, and not in lieu of, such other
remedies.

9.   DISPUTE RESOLUTION.

          (a)  Without limitation of Section 8, all disputes, claims, or
controversies arising out of or relating to this Agreement or any other
agreement executed and delivered pursuant to this Agreement or the negotiation,
validity or performance hereof and thereof or the transactions contemplated
hereby and thereby, or the rights and obligations of the parties hereunder or
thereunder, that are not resolved by mutual agreement shall be resolved solely
and exclusively by binding arbitration to be conducted before JAMS/Endispute,
Inc. or its successor. The arbitration shall be held in Hartford, Connecticut
before a single arbitrator and shall be conducted in accordance with the rules
and regulations promulgated by JAMS/Endispute, Inc. unless specifically modified
herein.

          (b)  The parties covenant and agree that the arbitration shall
commence within 120 days of the date on which a written demand for arbitration
is filed by any party hereto (the "Filing Date"). In connection with the
arbitration proceeding, the arbitrator shall have the power to order the
production of documents by each party and any third-party witnesses. In
addition, each party may take up to three depositions as of right, and the
arbitrator may in his or her discretion allow additional depositions upon good
cause shown by the moving party. However, the arbitrator shall not have the
power to order the answering of interrogatories or the response to requests for
admission. In connection with any arbitration, each party shall provide to the
other, no later than seven (7) business days before the date of the arbitration,
the identity of all persons that may testify at the arbitration and a copy of
all documents that may be introduced at the arbitration or considered or used by
a party's witness or expert. The arbitrator's decision and award shall be made
and delivered within 180 days of the Filing Date. The arbitrator's decision
shall set forth a reasoned basis for any award of damages or finding of
liability. The arbitrator shall not have power to award damages in excess of
actual compensatory damages and shall not multiply actual damages or award
punitive damages or any other damages that are specifically excluded under this
Agreement, and each party hereby irrevocably waives any claim to such damages.

                                       10
<Page>

          (c)  The parties covenant and agree that they will participate in the
arbitration in good faith and that they will, except as provided below, (i) bear
their own attorneys' fees, costs and expenses in connection with the
arbitration, and (ii) share equally in the fees and expenses charged by
JAMS/Endispute, Inc. The arbitrator may in his or her discretion assess costs
and expenses (including the reasonable legal fees and expenses of the prevailing
party) against any party to a proceeding. Any party unsuccessfully refusing to
comply with an order of the arbitrators shall be liable for costs and expenses,
including attorneys' fees, incurred by the other party in enforcing the award.
This Section 9(c) applies equally to requests for temporary, preliminary or
permanent injunctive relief, except that in the case of temporary or preliminary
injunctive relief any party may proceed in court without prior arbitration for
the purpose of avoiding immediate and irreparable harm or to enforce the
provisions of Section 7 or the Non-Competition Agreement.

          (d)  Without limitation of Section 8, each of the parties hereto
irrevocably and unconditionally consents to the exclusive jurisdiction of
JAMS/Endispute, Inc. to resolve all disputes, claims or controversies arising
out of or relating to this Agreement or any other agreement executed and
delivered pursuant to this Agreement or the negotiation, validity or performance
hereof and thereof, or the transactions contemplated hereby and thereby, or the
rights and obligations of the parties hereunder or thereunder, and further
consents to the sole and exclusive jurisdiction of the courts of the State of
Connecticut for the purposes of enforcing the arbitration provisions of Section
9 of this Agreement. Each party further irrevocably waives any objection to
proceeding before JAMS/Endispute, Inc. based upon lack of personal jurisdiction
or to the laying of venue and further irrevocably and unconditionally waives and
agrees not to make a claim in any court that arbitration before JAMS/Endispute,
Inc. has been brought in an inconvenient forum. Each of the parties hereto
hereby consents to service of process by registered mail at the address to which
notices are to be given. Each of the parties hereto agrees that its or his
submission to jurisdiction and its or his consent to service of process by mail
is made for the express benefit of the other parties hereto.

     10.  NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered personally or mailed by certified or registered mail (return receipt
requested) as follows:

     To the Company and Holdings:        c/o TA Associates, Inc.
                                         High Street Tower, Suite 2500
                                         125 High Street
                                         Boston, MA 02110
                                         Attention: Roger B. Kafker
                                         Facsimile No.: (617) 574-6728

     To Employee:                        Stephen M. Lamando

                                       11
<Page>

                                         Facsimile No.: (203) 227-3110

or to such other address of which any party may notify the other parties as
provided above. Notices shall be effective as of the date of such delivery or
mailing.

     11.  SCOPE OF AGREEMENT. The parties acknowledge that the time, scope,
geographic area and other provisions of Section 7 and the Non-Competition
Agreement have been specifically negotiated by sophisticated parties and agree
that all such provisions are reasonable under the circumstances of the
transactions contemplated hereby, and are given as an integral and essential
part of the transactions contemplated hereby. Employee has independently
consulted with counsel and has been advised in all respects concerning the
reasonableness and propriety of the covenants contained herein, with specific
regard to the business to be conducted by Company, Holdings and their
subsidiaries and affiliates, and represents that the Agreement is intended to
be, and shall be, fully enforceable and effective in accordance with its terms.

     12.  SEVERABILITY. In the event that any covenant contained in this
Agreement shall be determined by any court of competent jurisdiction to be
unenforceable by reason of its extending for too great a period of time or over
too great a geographical area or by reason of its being too extensive in any
other respect, it shall be interpreted to extend only over the maximum period of
time for which it may be enforceable and/or over the maximum geographical area
as to which it may be enforceable and/or to the maximum extent in all other
respects as to which it may be enforceable, all as determined by such court in
such action. The existence of any claim or cause of action which Employee may
have against the Company, Holdings or any of their subsidiaries or affiliates
shall not constitute a defense or bar to the enforcement of any of the
provisions of this Agreement.

     13.  MISCELLANEOUS. This Agreement shall be governed by and construed under
the laws of the State of Connecticut, without consideration of its choice of law
provisions, and shall not be amended, modified or discharged in whole or in part
except by an agreement in writing signed by both of the parties hereto. The
failure of either of the parties to require the performance of a term or
obligation or to exercise any right under this Agreement or the waiver of any
breach hereunder shall not prevent subsequent enforcement of such term or
obligation or exercise of such right or the enforcement at any time of any other
right hereunder or be deemed a waiver of any subsequent breach of the provision
so breached, or of any other breach hereunder. This Agreement shall inure to the
benefit of, and be binding upon and assignable to, successors of the Company or
Holdings by way of merger, consolidation or sale and may not be assigned by
Employee. This Agreement supersedes and terminates all prior understandings and
agreements between the parties (or their predecessors) relating to the subject
matter hereof. For purposes of this Agreement, the term "person" means an
individual, corporation, partnership, association, trust or any unincorporated
organization; a "subsidiary" means any corporation more than 50 percent of whose
outstanding voting securities, or any partnership, joint venture or other entity
more than 50 percent of whose total equity interest, is directly or indirectly
owned by such person; and an "affiliate" of a person shall

                                       12
<Page>

mean, with respect to a person or entity, any person or entity which directly or
indirectly controls, is controlled by, or is under common control with such
person or entity.

     14.  HOLDINGS GUARANTY. Notwithstanding anything herein to the contrary,
and in no way limiting any other provisions of this Agreement, Holdings, subject
to the terms, conditions and restrictions contained in any credit agreement or
related document applicable to Holdings, hereby guarantees the full and timely
performance of the obligations of the Company under Sections 4, 5 and 6(e)
hereof, when and as each such obligation shall be required to be performed in
accordance with the terms of this Agreement.

                  [Remainder of Page Intentionally Left Blank]

                                       13
<Page>

     IN WITNESS WHEREOF, the parties have executed this Employment Agreement
under seal as of the date first set forth above.

                                        COMPANY:

                                        CLAYTON GRP, INC.

                                          By:/s/ Roger B. Kafker
                                             -----------------------------------
                                          Name:  Roger B. Kafker
                                          Title: President

                                        EMPLOYEE:

                                        /s/ Stephen M. Lamando
                                        ----------------------------------------
                                        Stephen M. Lamando

                                        Solely for purposes of Sections 7 and 14
                                        hereof:

                                        HOLDINGS:

                                        CLAYTON HOLDINGS, INC.

                                          By:/s/ Roger B. Kafker
                                          --------------------------------------
                                          Name:  Roger B. Kafker
                                          Title: President

                                       14

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