Document:

EXHIBIT
4.2

MICRO
COMPONENT TECHNOLOGY, INC.

STOCK OPTION PLAN FOR OUTSIDE DIRECTORS

(as amended through April 25, 2007)

ARTICLE I

PURPOSE

The purpose of this Plan is to provide a means whereby Micro Component
Technology, Inc. (the “Company”) may be able, by granting options to purchase
shares of the Company’s Common Stock (“Common Stock”), to attract and retain
qualified outside (non-employee) directors, and to motivate such
directors, through an increased personal interest in the Company, to exert
their best efforts on behalf of the Company, and thus to advance the interests
of the Company and its shareholders.

ARTICLE II

RESERVATION OF SHARES

A
total of 670,000 shares of authorized but unissued Common Stock is reserved for
issue upon the exercise of options granted under the Plan.  If any option expires or terminates for any
reason without having been exercised in full, the unpurchased shares covered
thereby shall become available for additional options which may be issued to
persons eligible under the Plan so long as it remains in effect.  Shares reserved for issue as provided herein
shall cease to be reserved upon termination of the Plan.

ARTICLE III

ADMINISTRATION

The
Plan shall be administered by the Board of Directors of the Company.  The Board shall have full power to construe
and interpret the Plan and to establish and amend rules and regulations for its
administration, subject to the express provisions of the Plan.  The Board may grant options under the Plan to
any director who is not an employee of the Company.

ARTICLE IV

GRANT OF OPTIONS

Each person who
becomes an outside director of the Company after this Plan becomes effective
shall automatically be granted an option to purchase 10,000 shares of Common
Stock immediately upon first being appointed or elected as a director of the
Company.  Beginning in the 1996 calendar
year, each outside director shall also automatically be granted an option to
purchase 10,000 shares of Common Stock immediately upon each re-election
as a director, or on the anniversary of the prior year’s grant in any year in
which there is no meeting of the shareholders at which directors are
elected.  In no event shall a director
receive more than one grant in any fiscal year.

ARTICLE V

PRICE

The
option price per share of Common Stock, to be determined from time to time by
the Board, shall be not less than the fair market value of such stock on the
date an option to purchase the same is granted. 
The fair market value of the Common Stock as of any date shall be equal
to the closing sale price of the Common Stock on the next preceding trading
date as reported by the NASDAQ Small Cap Market or National Market System, or
any other market, system or exchange on which a majority of the trades in the
Common Stock occur.

ARTICLE VI

CHANGES IN PRESENT STOCK

In the event of a
recapitalization, merger, consolidation, reorganization, stock dividend, stock
split or other change in capitalization affecting the Company’s present capital
stock, appropriate adjustment may be made by the Board in the number and kind
of shares and the option price of shares which are or may become subject to
options granted or to be granted hereunder.

ARTICLE VII

EXERCISE OF OPTIONS

An
optionee shall exercise an option by delivery of a signed, written notice to
the Company, specifying the number of shares to be purchased, together with
payment of the full purchase price for the shares.  The Company may accept payment from a broker
on behalf of the optionee and may, upon receipt of signed, written instructions
from the optionee, deliver the shares directly to the broker.  The date of receipt by the Company of the
final item required under this paragraph shall be the date of exercise of the
option.

ARTICLE VIII

OPTION PROVISIONS

Each
option granted under the Plan shall be evidenced by a Stock Option Agreement
executed by the Company and the optionee, and shall be subject to the following
terms and conditions, and such other terms and conditions as may be prescribed
by the Board:

(a)                                  Payment.  The full purchase price of the shares
acquired upon exercise of any option shall be paid in cash, by certified or
cashier’s check, or in the form of shares of Common Stock with a fair market
value equal to the full purchase price and free and clear of all liens and
encumbrances.

(b)                                 Exercise
Period.  The period within which an
option must be exercised shall be the earlier of (i) ten years from the date of
grant thereof, or (ii) the date which is one year after the director ceases to
be a director for any reason.  An option
may not be exercised during the first year after the date of grant.  The option shall become exercisable to the
extent of 50 percent of the shares on the first anniversary of the date of
grant and 100 percent of the shares on the second anniversary of the date of
grant, provided the optionee is still a director on each such anniversary
date.  To the extent exercisable, an
option may be exercised in whole or in part.

A
director who voluntarily declines to stand for re-election after the age
of 60 shall not be required to exercise his or her options within one year
after he or she ceases to be a director and shall continue to vest in his or
her options after he or she ceases to be a director.  In no event shall any of such director’s
options be exercisable more than ten years after the date of grant thereof.

Outstanding
options shall become immediately exercisable in full in the event that the
Company is acquired by merger, purchase of all or substantially all of the
Company’s assets, or purchase of a majority of the outstanding stock by a
single party or a group acting in concert.

(c)                                  Rights
of Optionee Before Exercise.  The
holder of an option shall not have the rights of a stockholder with respect to
the shares covered by his or her option until such shares have been issued to
him or her upon exercise of an option.

(d)                                 Non-transferability
of Option.  No option shall be
transferable by the optionee otherwise than by will or by the laws of descent
and distribution, and each option shall be exercisable during the optionee’s lifetime
only by the optionee.  In the event of
the death of an optionee, the option, or any portion thereof, may be exercised
to the extent the optionee was entitled to do so at the time of his or her
death, by his or her personal representative.

ARTICLE IX

RESTRICTIONS ON TRANSFER

During
any period in which the offering of the shares under the Plan is not registered
under federal and state securities laws, the optionees shall agree in the Stock
Option Agreements that they are acquiring shares under the Plan for investment
purposes, and not for resale, and that the shares cannot be resold or otherwise
transferred except pursuant to registration or unless, in the opinion of
counsel for the Company, registration is not required.

Any
restrictions upon shares acquired upon exercise of an option pursuant to the
Plan and the Stock Option Agreement shall be binding upon the optionee and his
or her heirs, executors, and administrators. 
Any stock certificate issued under the Plan which is subject to
restrictions shall be endorsed so as to refer to the restrictions on transfer
imposed by the Plan and by applicable securities laws.

ARTICLE X

EFFECTIVE DATE AND DURATION

The
plan shall become effective as of February 15, 1996, and shall continue in
effect until February 15, 2006, unless earlier terminated by the Board of
Directors pursuant to Article XI.

ARTICLE XI

AMENDMENT OR TERMINATION OF THE PLAN

The Board of Directors of
the Company may at any time terminate the Plan, or make such modifications of
the Plan as it shall deem advisable, provided that the provisions relating to
timing of option grants, size of grants, and exercise price cannot be amended
more than once in any six-month period. 
In addition, the Board may not terminate the Plan or any options granted
thereunder at the time of a merger or other acquisition of the Company, or
within six months thereafter, without the consent of the optionees.  No termination or amendment of the Plan may,
without the consent of the optionees to whom any options shall theretofore have
been granted,Exhibit
10.1

CLAYTON HOLDINGS, INC.

NON-EMPLOYEE DIRECTORS’

DEFERRED COMPENSATION PROGRAM

I.                                         INTRODUCTION

The Clayton
Holdings, Inc. Non-Employee Directors’ Deferred Compensation Program (the “Program”),
effective July 25, 2007, is established pursuant to the Clayton Holdings, Inc.
2006 Stock Option and Incentive Plan (the “Plan”) and permits a Director who is
not an employee (a “Non-Employee Director”) of Clayton Holdings, Inc.
(the “Company”) to defer receipt of the cash compensation payable to him by the
Company.

II.                                     ADMINISTRATION

The Program shall
be administered by the Compensation Committee of the Board of Directors of the
Company (the “Committee”).  The Committee
shall have complete discretion and authority with respect to the Program and
its application, except as expressly limited by the Program.

III.                                 ELIGIBILITY

All Non-Employee
Directors are eligible to participate in the Program.

IV.                                DEFERRAL
OF CASH FEES

A Non-Employee
Director may elect in advance to defer the receipt of all Cash Fees payable under
the Company’s Non-Employee Directors’ Compensation Plan, as amended (the “Eligible
Payments”).  To make an election to defer
any Eligible Payments, the Non-Employee Director must execute and deliver
to the Committee an election form specifying the percentage of his Eligible
Payments he wishes to defer.  Except with
respect to a newly elected or appointed Non-Employee Director or in connection
with the establishment of this Program, any election 

under this paragraph shall apply only to Eligible
Payments that are earned with respect to services to be performed beginning on
or after the start of the next calendar year after such receipt and
acceptance.  A Non-Employee Director who
is serving as a director on the Effective Date may, within 30 days of the Effective
Date, file a deferral election which shall apply to Eligible Payments that are
earned with respect to services performed subsequent to the election.  A newly elected or appointed Non-Employee
Director, may, within 30 days of becoming a Non-Employee Director, file a
deferral election which shall apply only to Eligible Payments that are earned
with respect to services to be performed subsequent to the election.  An election shall remain in effect from year
to year, until a new election becomes effective with respect to Eligible
Payments payable in the next calendar year. 
A Non-Employee Director may revoke his deferral election with
respect to Eligible Payments that are payable in the calendar year beginning
after receipt and acceptance by the Company of his written revocation.

A.            Deferred Account.  As
of the date of payment of the Eligible Payments, a Non-Employee Director’s
deferred account (“Account”) shall be credited with a number of whole and
fractional stock units determined by dividing his deferred Eligible Payments by
the fair market value of a share of common stock, par value $0.01 per share, of
the Company (“Stock”).  For purposes of
this Program, “fair market value” of a share of Stock on any given date shall
mean the last reported sale price at which Stock is traded on such date,
or if no Stock is traded on such date, the most recent date on which Stock was
traded on the NASDAQ Global Market, or if applicable, any other national stock
exchange on which Stock is traded.

B.            Dividend
Equivalent Amounts.  Whenever
dividends (other than dividends payable only in shares of Stock) are paid with
respect to Stock, each Account shall be credited with a number of whole and
fractional stock units determined by multiplying the dividend value 

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per share by the stock unit balance of the Account on
the record date and dividing the result by the fair market value of a share of
Stock on the dividend payment date.

C.            Designation of
Beneficiary.  A Non-Employee
Director may designate one or more beneficiaries to receive payments from his
Account in the event of his death.  A
designation of beneficiary shall apply to a specified percentage of a Non-Employee
Director’s entire interest in his Account. 
Such designation, or any change therein, must be in writing and shall be
effective upon receipt by the Company. 
If there is no effective designation of beneficiary, or if no
beneficiary survives the Non-Employee Director, the estate of the Non-Employee
Director shall be deemed to be the beneficiary. 
All payments to a beneficiary or estate shall be made in a lump sum in
shares of Stock, with any fractional share paid in cash.

D.            Payment.  All stock units credited to a Non-Employee
Director’s Account shall be paid in shares of Stock to the Non-Employee
Director, or his designated beneficiary (or beneficiaries) or estate, in a lump
sum; provided, however, that fractional shares shall be paid in cash.  Such payment shall be made as soon as
practicable after the Non-Employee Director ceases to be a member of the Board
of Directors of the Company. 
Notwithstanding the foregoing, in the event of a Sale Event (as defined
in Section 3(c) of the Plan), all Accounts under the Program shall become
immediately payable in a lump sum.

V.                                    ADJUSTMENTS

In the event of a
stock dividend, stock split or similar change in capitalization affecting the
Stock, the Committee shall make appropriate adjustments in the number of stock
units credited to Non-Employee Directors’ Accounts.

VI.                                AMENDMENT
OR TERMINATION OF PROGRAM

The Company
reserves the right to amend or terminate the Program at any time, by action of
its Board of Directors, provided that no such action shall adversely affect a
Non-Employee 

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Director’s right to receive compensation earned before
the date of such action or his rights under the Program with respect to amounts
credited to his Account before the date of such action.  In no event shall the distribution of
Accounts to Non-Employee Directors be accelerated by virtue of any amendment or
termination of the Program, except to the extent permitted by Section 409A of
the Internal Revenue Code of 1986.

VII.                            MISCELLANEOUS
PROVISIONS

A.            Notices.  Any notice required or permitted to be given
by the Company or the Committee pursuant to the Program shall be deemed given
when personally delivered or deposited in the United States mail, registered or
certified, postage prepaid, addressed to the Non-Employee Director at the
last address shown for the Non-Employee Director on the records of the
Company.

B.            Nontransferability
of Rights.  During a Non-Employee
Director’s lifetime, any payment under the Program shall be made only to
him.  No sum or other interest under the
Program shall be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance or charge, and any attempt by a Non-Employee
Director or any beneficiary under the Program to do so shall be void.  No interest under the Program shall in any
manner be liable for or subject to the debts, contracts, liabilities,
engagements or torts of a Non-Employee Director or beneficiary entitled
thereto.

C.            Company’s
Obligations to Be Unfunded and Unsecured. 
The Accounts maintained under the Program shall at all times be entirely
unfunded, and no provision shall at any time be made with respect to
segregating assets of the Company (including Stock) for payment of any amounts
hereunder.  No Non-Employee
Director or other person shall have any interest in any particular assets of
the Company (including Stock) by reason of the right to receive payment under
the Program, and any Non-Employee Director or other person shall have 

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only the rights of a general unsecured creditor of the
Company with respect to any rights under the Program.

D.            Governing Law.  The terms of the Program shall be governed,
construed, administered and regulated in accordance with the laws of the State
of Delaware.  In the event any provision
of this Program shall be determined to be illegal or invalid for any reason,
the other provisions shall continue in full force and effect as if such illegal
or invalid provision had never been included herein.

E.             Effective Date
of Program.  The Program shall become
effective upon July 25, 2007.

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