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                                                                    EXHIBIT 10.7

                        RESTRICTED STOCK AWARD AGREEMENT

                        UNDER THE CLAYTON HOLDINGS, INC.
                      2006 STOCK OPTION AND INCENTIVE PLAN

Name of Grantee:_____________________________
No. of Shares:_______________________________
Grant Date:__________________________________
Final Acceptance Date:_______________________

         Pursuant to the Clayton Holdings, Inc. 2006 Stock Option and Incentive
Plan (the "Plan") as amended through the date hereof, Clayton Holdings, Inc.
(the "Company") hereby grants a Restricted Stock Award (an "Award") to the
Grantee named above. Upon acceptance of this Award, the Grantee shall receive
the number of shares of Common Stock, par value $0.01 per share (the "Stock"),
of the Company specified above, subject to the restrictions and conditions set
forth herein and in the Plan.

         1.    ACCEPTANCE OF AWARD. The Grantee shall have no rights with
respect to this Award unless he or she shall have accepted this Award prior to
the close of business on the Final Acceptance Date specified above by (i)
signing and delivering to the Company a copy of this Award Agreement, and (ii)
delivering to the Company a stock power endorsed in blank. Upon acceptance of
this Award by the Grantee, the shares of Restricted Stock so accepted shall be
issued and held by the Company's transfer agent in book entry form, and the
Grantee's name shall be entered as the stockholder of record on the books of the
Company. Thereupon, the Grantee shall have all the rights of a stockholder with
respect to such shares, including voting and dividend rights, subject, however,
to the restrictions and conditions specified in Paragraph 2 below.

         2.    RESTRICTIONS AND CONDITIONS.

               (a)       Any book entries for the shares of Restricted Stock
granted herein shall bear an appropriate legend, as determined by the
Administrator in its sole discretion, to the effect that such shares are subject
to restrictions as set forth herein and in the Plan.

               (b)       Shares of Restricted Stock granted herein may not be
sold, assigned, transferred, pledged or otherwise encumbered or disposed of by
the Grantee prior to vesting.

               (c)       If the Grantee's employment with the Company and its
Subsidiaries is voluntarily or involuntarily terminated for any reason
(including death) prior to vesting of shares of Restricted Stock granted herein,
all shares of Restricted Stock shall immediately and automatically be forfeited
and returned to the Company.

         3.    VESTING OF RESTRICTED STOCK. The restrictions and conditions in
Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates specified
in the following schedule so long as the Grantee remains an employee of the
Company or a Subsidiary on such Dates. If a series

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of Vesting Dates is specified, then the restrictions and conditions in Paragraph
2 shall lapse only with respect to the number of shares of Restricted Stock
specified as vested on such date.

<Table>
<Caption>
                          NUMBER OF
                        SHARES VESTED                     VESTING DATE
                  ----------------------------            ------------
                  <S>                   <C>               <C>
                  -------------         (---%)            ------------
                  -------------         (---%)            ------------
                  -------------         (---%)            ------------
                  -------------         (---%)            ------------
                  -------------         (---%)            ------------
</Table>

         Subsequent to such Vesting Date or Dates, the shares of Stock on which
all restrictions and conditions have lapsed shall no longer be deemed Restricted
Stock. The Administrator may at any time accelerate the vesting schedule
specified in this Paragraph 3.

         4.    DIVIDENDS.  Dividends on Shares of Restricted Stock shall be paid
currently to the Grantee.

         5.    INCORPORATION OF PLAN. Notwithstanding anything herein to the
contrary, this Agreement shall be subject to and governed by all the terms and
conditions of the Plan, including the powers of the Administrator set forth in
Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the
meaning specified in the Plan, unless a different meaning is specified herein.

         6.    TRANSFERABILITY.  This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.

         7.    TAX WITHHOLDING. The Grantee shall, not later than the date as of
which the receipt of this Award becomes a taxable event for Federal income tax
purposes, pay to the Company or make arrangements satisfactory to the
Administrator for payment of any Federal, state, and local taxes required by law
to be withheld on account of such taxable event. The Grantee may elect to have
the required minimum tax withholding obligation satisfied, in whole or in part,
by (i) authorizing the Company to withhold from shares of Stock to be issued, or
(ii) transferring to the Company, a number of shares of Stock with an aggregate
Fair Market Value that would satisfy the withholding amount due.

         8.    ELECTION UNDER SECTION 83(b). The Grantee and the Company hereby
agree that the Grantee may, within 30 days following the acceptance of this
Award as provided in Paragraph 1 hereof, file with the Internal Revenue Service
and the Company an election under Section 83(b) of the Internal Revenue Code. In
the event the Grantee makes such an election, he or she agrees to provide a copy
of the election to the Company.

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         9.    NO OBLIGATION TO CONTINUE EMPLOYMENT. Neither the Company nor any
Subsidiary is obligated by or as a result of the Plan or this Agreement to
continue the Grantee in employment and neither the Plan nor this Agreement shall
interfere in any way with the right of the Company or any Subsidiary to
terminate the employment of the Grantee at any time.

         10.   NOTICES.  Notices hereunder shall be mailed or delivered to the
Company at its principal place of business and shall be mailed or delivered to
the Grantee at the address on file with the Company or, in either case, at such
other address as one party may subsequently furnish to the other party in
writing.

                                               CLAYTON HOLDINGS, INC.

                                               By:
                                                   ----------------------------
                                                   Title:

The foregoing Agreement is hereby accepted and the terms and conditions thereof
hereby agreed to by the undersigned.

Dated:
        ---------------------------------      ---------------------------------
                                               Grantee's Signature

                                               Grantee's name and address:

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

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

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

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                                                                   EXHIBIT 10.18

                            INDEMNIFICATION AGREEMENT

         This Agreement made and entered into this ____ day of _______________,
(the "AGREEMENT"), by and between Clayton Holdings, Inc., a Delaware corporation
(the "COMPANY," which term shall include, where appropriate, any Entity (as
hereinafter defined) controlled, directly or indirectly, by the Company) and
_______________ (the "INDEMNITEE"):

         WHEREAS, it is essential to the Company that it be able to retain and
attract as directors and executive officers the most capable persons available;

         WHEREAS, increased corporate litigation has subjected directors and
executive officers to litigation risks and expenses, and the limitations on the
availability of directors and officers liability insurance have made it
increasingly difficult for the Company to attract and retain such persons;

         WHEREAS, the Company's By-laws as amended and in effect from time to
time (the "BY-LAWS") require it to indemnify its directors and executive
officers to the fullest extent permitted by law and permit it to make other
indemnification arrangements and agreements;

         WHEREAS, the Company desires to provide Indemnitee with specific
contractual assurance of Indemnitee's rights to full indemnification against
litigation risks and expenses (regardless, among other things, of any amendment
to or revocation of the Company's Certificate of Incorporation as amended and in
effect from time to time (the "CERTIFICATE OF INCORPORATION") or By-laws or any
change in the ownership of the Company or the composition of its Board of
Directors);

         WHEREAS, the Company intends that this Agreement provide Indemnitee
with greater protection than that which is provided by the Company's By-laws;
and

         WHEREAS, Indemnitee is relying upon the rights afforded under this
Agreement in becoming or continuing as a director or executive officer of the
Company.

         NOW, THEREFORE, in consideration of the promises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and agree as
follows:

         1.       DEFINITIONS.

                  (a)   "CORPORATE STATUS" describes the status of a person who
                  is serving or has served (i) as a director of the Company,
                  (ii) as an executive officer of the Company, (iii) in any
                  capacity with respect to any employee benefit plan of the
                  Company, or (iv) as a director, partner, trustee, officer,
                  employee, or agent of any other Entity at the request of the
                  Company. For purposes of subsection (iv) of this Section 1(a),
                  if Indemnitee is serving or has served as a director, partner,
                  trustee,

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                  officer, employee or agent of a Subsidiary, Indemnitee shall
                  be deemed to be serving at the request of the Company.

                  (b)   "ENTITY" shall mean any corporation, partnership,
                  limited liability company, joint venture, trust, foundation,
                  association, organization or other legal entity.

                  (c)   "ENTERPRISE" shall mean the Company and any other
                  corporation, partnership, joint venture, trust, employee
                  benefit plan or other enterprise of which Indemnitee is or was
                  serving at the request of the Company as a director, officer,
                  employee, agent or fiduciary.

                  (d)   "EXPENSES" shall mean all fees, costs and expenses
                  incurred by Indemnitee in connection with any Proceeding (as
                  defined below), including, without limitation, attorneys'
                  fees, disbursements and retainers (including, without
                  limitation, any such fees, disbursements and retainers
                  incurred by Indemnitee pursuant to Sections 13 and 14(c) of
                  this Agreement), fees and disbursements of expert witnesses,
                  private investigators and professional advisors (including,
                  without limitation, accountants and investment bankers), court
                  costs, transcript costs, fees of experts, travel expenses,
                  duplicating, printing and binding costs, telephone and fax
                  transmission charges, postage, delivery services, secretarial
                  services, and other disbursements and expenses.

                  (e)   "INDEMNIFIABLE AMOUNTS" shall have the meaning ascribed
                  to that term in Section 3 below.

                  (f)   "LIABILITIES" shall mean judgments, damages,
                  liabilities, losses, penalties, excise taxes, fines and
                  amounts paid in settlement.

                  (g)   "PROCEEDING" shall mean any threatened, pending or
                  completed claim, action, suit, arbitration, alternate dispute
                  resolution process, investigation, administrative hearing,
                  appeal, or any other proceeding, whether civil, criminal,
                  administrative, arbitrative or investigative, whether formal
                  or informal, including a proceeding initiated by Indemnitee
                  pursuant to Section 13 of this Agreement to enforce
                  Indemnitee's rights hereunder.

                  (h)   "SUBSIDIARY" shall mean any corporation, partnership,
                  limited liability company, joint venture, trust or other
                  Entity of which the Company owns (either directly or through
                  or together with another Subsidiary of the Company) either (i)
                  a general partner, managing member or other similar interest
                  or (ii) (A) 50% or

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                  more of the voting power of the voting capital equity
                  interests of such corporation, partnership, limited liability
                  company, joint venture or other Entity, or (B) 50% or more of
                  the outstanding voting capital stock or other voting equity
                  interests of such corporation, partnership, limited liability
                  company, joint venture or other Entity.

         2.       SERVICES OF INDEMNITEE. In consideration of the Company's
covenants and commitments hereunder, Indemnitee agrees to serve or continue to
serve as a director or executive officer of the Company. However, this Agreement
shall not impose any obligation on Indemnitee or the Company to continue
Indemnitee's service to the Company beyond any period otherwise required by law
or by other agreements or commitments of the parties, if any. Indemnitee may at
any time and for any reason resign from such position (subject to any other
contractual obligation or any obligation imposed by operation of law), upon
which event the Company shall have no obligation under this Agreement to
continue Indemnitee in such position. Notwithstanding the forgoing, this
Agreement shall continue in force after Indemnitee has ceased to serve as a
director or executive officer of the Company.

         3.       INDEMNITY IN THIRD-PARTY PROCEEDINGS. The Company shall
indemnify Indemnitee in accordance with the provisions of this Section 3 if
Indemnitee is, or is threatened to be made, by reason of Indemnitee's Corporate
Status, a party to or a participant in any Proceeding, other than a Proceeding
by or in the right of the Company to procure a judgment in its favor. Pursuant
to this Section 3, Indemnitee shall be indemnified against all Expenses and
Liabilities actually and reasonably incurred by Indemnitee or on his behalf in
connection with such Proceeding or any claim, issue or matter therein
(indemnifiable Expenses and Liabilities collectively referred herein as
"INDEMNIFIABLE AMOUNTS"), if Indemnitee acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company
and, in the case of a criminal Proceeding, had not reasonable cause to believe
that his conduct was unlawful. Indemnitee shall not enter into any settlement in
connection with a Proceeding without the consent of the Company, which shall not
be unreasonably held or delayed.

         4.       INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY.
The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 4 if Indemnitee is, or is threatened to be made, by reason of
Indemnitee's Corporate Status, a party to or a participant in any Proceeding by
or in the right of the Company to procure a judgment in its favor. Pursuant to
this Section 4, Indemnitee shall be indemnified against all Expenses actually
and reasonably incurred by him or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company. No indemnification for Expenses shall be made under
this Section 4 in respect of any claim, issue or matter as to which Indemnitee
shall have been finally adjudged by a court to be liable to the Company, unless
and only to the extent that the Delaware Court of Chancery (the "DELAWARE
CHANCERY COURT") or any court in which the Proceeding was brought shall
determine upon application that, despite the adjudication of liability, but in
view of all the circumstances of the case, Indemnitee is fairly and reasonably

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entitled to indemnification for such Expenses as the Delaware Chancery Court or
such other court shall deem proper.

         5.       INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR
PARTLY SUCCESSFUL. If Indemnitee is not wholly successful in such Proceeding but
is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against: (a) all Expenses reasonably incurred by Indemnitee or on
Indemnitee's behalf in connection with each successfully resolved claim, issue
or matter; and (b) any claim, issue or matter related to any such successfully
resolved claim, issue or matter. For purposes of this Agreement, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, by reason of settlement, judgment, order or otherwise, shall be
deemed to be a successful result as to such claim, issue or matter.

         6.       PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS. Indemnitee
shall submit to the Company a written request specifying the Indemnifiable
Amounts for which Indemnitee seeks payment under Sections 3, 4 or 5 of this
Agreement and the basis for the claim. The Company shall pay such Indemnifiable
Amounts to Indemnitee promptly upon receipt of its request. At the request of
the Company, Indemnitee shall furnish such documentation and information as are
reasonably available to Indemnitee and necessary to establish that Indemnitee is
entitled to indemnification hereunder.

         7.       INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness in any Proceeding to which Indemnitee is not
a party, he shall be indemnified against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith.

         8.       EFFECT OF CERTAIN RESOLUTIONS. Neither the settlement or
termination of any Proceeding nor the failure of the Company to award
indemnification or to determine that indemnification is payable shall create a
presumption that Indemnitee is not entitled to indemnification hereunder. In
addition, the termination of any proceeding by judgment, order, settlement,
conviction, or upon a plea of NOLO CONTENDERE or its equivalent shall not create
a presumption that Indemnitee did not act in good faith and in a manner which
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company or, with respect to any criminal Proceeding, had reasonable cause to
believe that Indemnitee's action was unlawful.

         9.       EXCLUSIONS. Notwithstanding any provision in this Agreement to
the contrary, the Company shall not be obligated under this Agreement to make
any indemnity in connection with any claim made against Indemnitee:

                  (a)     for which payment has actually been made to or on
                          behalf of Indemnitee under any insurance policy or
                          other indemnity provision, except with

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                          respect to any excess beyond the amount paid under any
                          insurance policy or other indemnity provisions;

                  (b)     for an accounting of profits made from the purchase
                          and sale (or sale and purchase) by Indemnitee of
                          securities of the Company within the meaning of
                          Section 16(b) of the Securities Exchange Act of 1934,
                          as amended, or similar provisions of state statutory
                          law or common law; or

                  (c)     for which payment is prohibited by applicable law.

         10.      AGREEMENT TO ADVANCE EXPENSES; UNDERTAKING. The Company shall
advance all Expenses incurred by or on behalf of Indemnitee in connection with
any Proceeding, including a Proceeding by or in the right of the Company, in
which Indemnitee is involved by reason of such Indemnitee's Corporate Status
within thirty (30) calendar days after the receipt by the Company of a written
statement from Indemnitee requesting such advance or advances from time to time,
whether prior to or after final disposition of such Proceeding. Advances shall
be unsecured and interest free. Advances shall be made without regard to
Indemnitee's ability to repay the expenses and without regard to Indemnitee's
ultimate entitlement to indemnification under the other provisions of this
Agreement. To the extent required by Delaware law, Indemnitee hereby undertakes
to repay any and all of the amount of indemnifiable Expenses paid to Indemnitee
if it is finally determined by a court of competent jurisdiction that Indemnitee
is not entitled under this Agreement to indemnification with respect to such
Expenses. This undertaking is an unlimited general obligation of Indemnitee.

         11.      PROCEDURE FOR ADVANCE PAYMENT OF EXPENSES. Indemnitee shall
submit to the Company a written request specifying the Expenses for which
Indemnitee seeks an advancement under Section 10 of this Agreement, together
with documentation evidencing that Indemnitee has incurred such Expenses (which
shall include invoices received by Indemnitee in connection with such Expenses
but, in the case of invoices in connection with legal services, any reference to
legal work performed or to expenditures made that would cause Indemnitee to
waive any privilege accorded by applicable law shall not be included with the
invoice). Advances under Section 10 shall be made no later than thirty (30)
calendar days after the Company's receipt of such request. If a claim for
advancement of Expenses hereunder by Indemnitee is not paid in full by the
Company within thirty (30) calendar days after receipt by the Company of
documentation of Expenses and the required undertaking, Indemnitee may at any
time thereafter bring suit against the Company to recover the unpaid amount of
the claim and if successful in whole or in part, Indemnitee shall also be
entitled to be paid the expenses of prosecuting such claim. The burden of
proving that Indemnitee is not entitled to an advancement of expenses shall be
on the Company.

         12.      PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.

                  (a) In making a determination required to be made under
                  Delaware law with respect to entitlement to indemnification
                  hereunder, the person, persons or entity

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                  making such determination shall presume that Indemnitee is
                  entitled to indemnification under this Agreement if Indemnitee
                  has submitted a request for indemnification in accordance with
                  Section 6 of this Agreement, and the Company shall have the
                  burden of proof to overcome that presumption in connection
                  with the making of any determination contrary to that
                  presumption. Neither the failure of the Company or of any
                  person, persons or entity to have made a determination prior
                  to the commencement of any action pursuant to this Agreement
                  that indemnification is proper in the circumstances because
                  Indemnitee has met the applicable standard of conduct, nor an
                  actual determination by the Company or by any person, persons
                  or entity that Indemnitee has not met such applicable standard
                  of conduct, shall be a defense to the action or create a
                  presumption that Indemnitee has not met the applicable
                  standard of conduct.

                  (b)     The termination of any Proceeding or of any claim,
                  issue or matter therein, by judgment, order, settlement or
                  conviction, or upon a plea of NOLO CONTENDERE or its
                  equivalent, shall not (except as otherwise expressly provided
                  in this Agreement) of itself adversely affect the right of
                  Indemnitee to indemnification or create a presumption that
                  Indemnitee did not act in good faith and in a manner which he
                  reasonably believed to be in or not opposed to the best
                  interests of the Company or, with respect to any criminal
                  Proceeding, that Indemnitee had reasonable cause to believe
                  that his conduct was unlawful.

                  (c)     For purposes of any determination of good faith,
                  Indemnitee shall be deemed to have acted in good faith if
                  Indemnitee's action is based on the records or books of
                  account of the Enterprise, including financial statements, or
                  on information supplied to Indemnitee by the officers of the
                  Enterprise in the course of their duties, or on the advice of
                  legal counsel for the Enterprise or the Board of Directors or
                  counsel selected by any committee of the Board of Directors or
                  on information or records given or reports made to the
                  Enterprise by an independent certified public accountant or by
                  an appraiser, investment banker or other expert selected with
                  reasonable care by the Company or the Board of Directors or
                  any committee of the Board of Directors. The provisions of
                  this Section 12(c) shall not be deemed to be exclusive or to
                  limit in any way the other circumstances in which the
                  Indemnitee may be deemed to have met the applicable standard
                  of conduct set forth in this Agreement.

                  (d)     The knowledge and/or actions, or failure to act, of
                  any director, officer, agent or employee of the Enterprise
                  shall not be imputed to Indemnitee for purposes of determining
                  the right to indemnification under this Agreement.

         13.      REMEDIES OF INDEMNITEE.

                  (a)     RIGHT TO PETITION COURT. In the event that Indemnitee
                  makes a request for payment of Indemnifiable Amounts under
                  Sections 3, 4 and 5 above or a request

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                  for an advancement of Expenses under Sections 10 and 11 above
                  and the Company fails to make such payment or advancement in a
                  timely manner pursuant to the terms of this Agreement,
                  Indemnitee may petition the Delaware Chancery Court to enforce
                  the Company's obligations under this Agreement.

                  (b)     BURDEN OF PROOF. In any judicial proceeding brought
                  under Section 13(a) above, the Company shall have the burden
                  of proving that Indemnitee is not entitled to payment of
                  Indemnifiable Amounts hereunder.

                  (c)     EXPENSES. The Company agrees to reimburse Indemnitee
                  in full for any Expenses incurred by Indemnitee in connection
                  with investigating, preparing for, litigating, defending or
                  settling any action brought by Indemnitee under Section 13(a)
                  above, or in connection with any claim or counterclaim brought
                  by the Company in connection therewith, if Indemnitee is
                  successful in whole or in part in connection with any such
                  action.

                  (d)     FAILURE TO ACT NOT A DEFENSE. The failure of the
                  Company (including its Board of Directors or any committee
                  thereof, independent legal counsel, or stockholders) to make a
                  determination concerning the permissibility of the payment of
                  Indemnifiable Amounts or the advancement of indemnifiable
                  Expenses under this Agreement shall not be a defense in any
                  action brought under Section 13(a) above, and shall not create
                  a presumption that such payment or advancement is not
                  permissible.

         14.      DEFENSE OF THE UNDERLYING PROCEEDING.

                  (a)     NOTICE BY INDEMNITEE. Indemnitee agrees to notify the
                  Company promptly upon being served with any summons, citation,
                  subpoena, complaint, indictment, information, or other
                  document relating to any Proceeding which may result in the
                  payment of Indemnifiable Amounts or the advancement of
                  Expenses hereunder; provided, however, that the failure to
                  give any such notice shall not disqualify Indemnitee from the
                  right, or otherwise affect in any manner any right of
                  Indemnitee, to receive payments of Indemnifiable Amounts or
                  advancements of Expenses unless the Company's ability to
                  defend in such Proceeding is materially and adversely
                  prejudiced thereby.

                  (b)     DEFENSE BY COMPANY. Subject to the provisions of the
                  last sentence of this Section 14(b) and of Section 14(c)
                  below, the Company shall have the right to defend Indemnitee
                  in any Proceeding which may give rise to the payment of
                  Indemnifiable Amounts hereunder; provided, however that the
                  Company shall notify Indemnitee of any such decision to defend
                  within thirty (30) calendar days of receipt of notice of any
                  such Proceeding under Section 14(a) above. The Company shall
                  not, without the prior written consent of Indemnitee, consent
                  to

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                  the entry of any judgment against Indemnitee or enter into any
                  settlement or compromise which (i) includes an admission of
                  fault of Indemnitee or (ii) does not include, as an
                  unconditional term thereof, the full release of Indemnitee
                  from all liability in respect of such Proceeding, which
                  release shall be in form and substance reasonably satisfactory
                  to Indemnitee. This Section 14(b) shall not apply to a
                  Proceeding brought by Indemnitee under Section 13(a) above or
                  pursuant to Section 22 below.

                  (c)     INDEMNITEE'S RIGHT TO COUNSEL. Notwithstanding the
                  provisions of Section 14(b) above, if in a Proceeding to which
                  Indemnitee is a party by reason of Indemnitee's Corporate
                  Status, (i) Indemnitee reasonably concludes that he or she may
                  have separate defenses or counterclaims to assert with respect
                  to any issue which may not be consistent with the position of
                  other defendants in such Proceeding, (ii) a conflict of
                  interest or potential conflict of interest exists between
                  Indemnitee and the Company, or (iii) if the Company fails to
                  assume the defense of such proceeding in a timely manner,
                  Indemnitee shall be entitled to be represented by a separate
                  legal counsel of Indemnitee's choice at the expense of the
                  Company. In addition, if the Company fails to comply with any
                  of its obligations under this Agreement or in the event that
                  the Company or any other person takes any action to declare
                  this Agreement void or unenforceable, or institutes any
                  action, suit or proceeding to deny or to recover from
                  Indemnitee the benefits intended to be provided to Indemnitee
                  hereunder, Indemnitee shall have the right to retain a counsel
                  of Indemnitee's choice, at the expense of the Company, to
                  represent Indemnitee in connection with any such matter.

         15.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
hereby represents and warrants to Indemnitee as follows:

                  (a)     AUTHORITY. The Company has all necessary power and
                  authority to enter into, and be bound by the terms of, this
                  Agreement, and the execution, delivery and performance of the
                  undertakings contemplated by this Agreement have been duly
                  authorized by the Company.

                  (b)     ENFORCEABILITY. This Agreement, when executed and
                  delivered by the Company in accordance with the provisions
                  hereof, shall be a legal, valid and binding obligation of the
                  Company, enforceable against the Company in accordance with
                  its terms, except as such enforceability may be limited by
                  applicable bankruptcy, insolvency, moratorium, reorganization
                  or similar laws affecting the enforcement of creditors' rights
                  generally.

         16.      INSURANCE. The Company shall, from time to time, make the good
faith determination whether or not it is practicable for the Company to obtain
and maintain a policy or policies of insurance with a reputable insurance
company providing the Indemnitee with coverage for losses from wrongful acts.
For so long as Indemnitee shall remain a director or executive officer of the
Company and with respect to any such prior service, in all policies of

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director and officer liability insurance, Indemnitee shall be named as an
insured in such a manner as to provide Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company's officers and
directors. Notwithstanding the foregoing, the Company shall have no obligation
to obtain or maintain such insurance if the Company determines in good faith
that such insurance is not reasonably available, if the premium costs for such
insurance are disproportionate to the amount of coverage provided, or if the
coverage provided by such insurance is limited by exclusions so as to provide an
insufficient benefit. The Company shall promptly notify Indemnitee of any good
faith determination not to provide such coverage.

         17.      CONTRACT RIGHTS NOT EXCLUSIVE. The rights to payment of
Indemnifiable Amounts and advancement of indemnifiable Expenses provided by this
Agreement shall be in addition to, but not exclusive of, any other rights which
Indemnitee may have at any time under applicable law, the Company's Certificate
of Incorporation or By-laws, or any other agreement, vote of stockholders or
directors (or a committee of directors), or otherwise, both as to action in
Indemnitee's official capacity and as to action in any other capacity as a
result of Indemnitee's serving as a director or executive officer of the
Company.

         18.      SUCCESSORS. This Agreement shall be (a) binding upon all
successors and assigns of the Company (including any transferee of all or a
substantial portion of the business, stock and/or assets of the Company and any
direct or indirect successor by merger or consolidation or otherwise by
operation of law) and (b) binding on and shall inure to the benefit of the
heirs, personal representatives, executors and administrators of Indemnitee.
This Agreement shall continue for the benefit of Indemnitee and such heirs,
personal representatives, executors and administrators after Indemnitee has
ceased to have Corporate Status.

         19.      SUBROGATION. In the event of any payment of Indemnifiable
Amounts under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of contribution or recovery of Indemnitee
against other persons, and Indemnitee shall take, at the request of the Company,
all reasonable action necessary to secure such rights, including the execution
of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

         20.      CHANGE IN LAW. To the extent that a change in Delaware law
(whether by statute or judicial decision) shall permit broader indemnification
or advancement of expenses than is provided under the terms of the By-laws and
this Agreement, Indemnitee shall be entitled to such broader indemnification and
advancements, and this Agreement shall be deemed to be amended to such extent.

         21.      SEVERABILITY. Whenever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Agreement, or any clause
thereof, shall be determined by a court of competent jurisdiction to be illegal,
invalid or unenforceable, in whole or in part, such provision or clause

                                        9
<Page>

shall be limited or modified in its application to the minimum extent necessary
to make such provision or clause valid, legal and enforceable, and the remaining
provisions and clauses of this Agreement shall remain fully enforceable and
binding on the parties.

         22.      INDEMNITEE AS PLAINTIFF. Except as provided in Section 13(c)
of this Agreement and in the next sentence, Indemnitee shall not be entitled to
payment of Indemnifiable Amounts or advancement of indemnifiable Expenses with
respect to any Proceeding brought by Indemnitee against the Company, any Entity
which it controls, any director or officer thereof, or any third party, unless
the Board of Directors of the Company has consented to the initiation of such
Proceeding. This Section 22 shall not apply to counterclaims or affirmative
defenses asserted by Indemnitee in an action brought against Indemnitee.

         23.      MODIFICATIONS AND WAIVER. Except as provided in Section 20
above with respect to changes in Delaware law which broaden the right of
Indemnitee to be indemnified by the Company, no supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by each
of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions of this
Agreement (whether or not similar), nor shall such waiver constitute a
continuing waiver.

         24.      GENERAL NOTICES. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given (a) when delivered by hand, (b) when transmitted by facsimile and
receipt is acknowledged, or (c) if mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so
mailed:

                  (i)     If to Indemnitee, to:

                          _____________________________
                          _____________________________
                          _____________________________
                          _____________________________

                  (ii)    If to the Company, to:

                          Clayton Holdings, Inc.
                          2 Corporate Drive
                          Shelton, CT 06484
                          Attention: Chief Executive Officer

or to such other address as may have been furnished in the same manner by any
party to the others.

                                       10
<Page>

         25.      GOVERNING LAW; CONSENT TO JURISDICTION; SERVICE OF PROCESS.
This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware without regard to its rules of conflict of laws. Each of
the Company and the Indemnitee hereby irrevocably and unconditionally consents
to submit to the exclusive jurisdiction of the Delaware Chancery Court and the
courts of the United States of America located in the State of Delaware (the
"DELAWARE COURTS") for any litigation arising out of or relating to this
Agreement and the transactions contemplated hereby (and agrees not to commence
any litigation relating thereto except in such courts), waives any objection to
the laying of venue of any such litigation in the Delaware Courts and agrees not
to plead or claim in any Delaware Court that such litigation brought therein has
been brought in an inconvenient forum. Each of the parties hereto agrees, (a) to
the extent such party is not otherwise subject to service of process in the
State of Delaware, to appoint and maintain an agent in the State of Delaware as
such party's agent for acceptance of legal process, and (b) that service of
process may also be made on such party by prepaid certified mail with a proof of
mailing receipt validated by the United States Postal Service constituting
evidence of valid service. Service made pursuant to (a) or (b) above shall have
the same legal force and effect as if served upon such party personally within
the State of Delaware. For purposes of implementing the parties' agreement to
appoint and maintain an agent for service of process in the State of Delaware,
each such party does hereby appoint The Corporation Trust Company, 1209 Orange
Street, Wilmington, New Castle County, Delaware 19801, as such agent and each
such party hereby agrees to complete all actions necessary for such appointment.

                            [signature page follows]

                                       11
<Page>

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

                                                  CLAYTON HOLDINGS, INC.

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  INDEMNITEE

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

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