Document:

Exhibit 10.48

 

FIRST AMENDMENT

TO

EMPLOYMENT AGREEMENT

 

A.           The Employment
Agreement (the “Agreement”) entered into as of April 25, 2005 by
and between Frank P. Filipps (“Executive”) and Clayton Holdings, Inc.
(formerly CMH Holdings, Inc.), a Delaware corporation (the “Company”)
is hereby amended as follows:

 

1.            Section 5 of the
Agreement is hereby amended by adding the following sentence at the end of
subsection (e) thereof:

 

“In order to be eligible
to receive the Termination Benefits, Executive must execute such release within
forty-five (45) days of Executive’s receipt of such release.”

 

2.            The following Section 12
is hereby added immediately following Section 11:

 

“12.         SECTION 409A.   Anything in this Agreement to
the contrary notwithstanding, if at the time of Executive’s separation from
service within the meaning of Section 409A of the Code, the Company
determines that Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of
the Code, then to the extent any payment or benefit that Executive becomes
entitled to under this Agreement would be considered deferred compensation
subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of
the Code, such payment shall not be payable and such benefit shall not be
provided until the date that is the earlier of (a) six months and one day
after Executive’s separation from service, or (b) Executive’s death.”

 

B.           Except as amended
herein, the Agreement is hereby confirmed in all other respects.

 

 

IN WITNESS WHEREOF, this First Amendment is entered into this 13th
day of April, 2008 by the parties hereto.

 

	
   

  	
  CLAYTON HOLDINGS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Cohen

  
	
   

  	
   

  	
  Name:

  	
  Steven Cohen

  
	
   

  	
   

  	
  Title:

  	
  SVP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frank P. Filipps

  
	
   

  	
   

  	
  Frank
  P. Filipps

  
					

 

2Exhibit 10.49

 

SECOND AMENDMENT

TO

EMPLOYMENT AGREEMENT

 

A.           The Employment
Agreement (the “Agreement”) entered into as of May 1, 2006 by and
between Clayton Holdings, Inc., a Delaware corporation (the “Company”)
and David Keith Johnson (“Employee”), as amended as of January 30,
2007, is hereby further amended as follows:

 

1.            Section 4.06 of
the Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“In addition, in order to
be eligible to receive the Separation Benefit or the CIC Benefit, Employee must
execute the Releases within forty-five (45) days of Employee’s receipt of such
Releases.”

 

2.            Section 4 of the
Agreement is hereby amended by adding the following Section 4.07
immediately following Section 4.06:

 

“4.07      Modified Cutback

 

Anything in this
Agreement to the contrary notwithstanding, in the event that any compensation,
payment or distribution by the Company to or on behalf of Employee, whether
paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise (the “Severance Payments”) would be subject to
the excise tax imposed by Section 4999 of the Internal Revenue Code of
1986, as amended (the “Code” and such excise tax, together with any
interest or penalties incurred by Employee with respect to such excise tax, the
“Excise Tax”), the following provisions shall apply:

 

(a)           If the Severance
Payments, reduced by the sum of (i) the Excise Tax and (ii) the total
of the federal, state, and local income and employment taxes payable by
Employee on the amount of the Severance Payments which is in excess of the
Threshold Amount (defined below), are greater than or equal to the Threshold
Amount, Employee shall be entitled to the full benefits payable under this
Agreement.

 

 

(b)           If the Threshold Amount
is less than (x) the Severance Payments, but greater than (y) the
Severance Payments reduced by the sum of (i) the Excise Tax and (ii) the
total of the federal, state, and local income and employment taxes on the
amount of the Severance Payments which is in excess of the Threshold Amount,
then the benefits payable under this Agreement shall be reduced (but not below
zero) to the extent necessary so that the sum of the Severance Payments shall
not exceed the Threshold Amount.

 

For the purposes of this Section 4.07,
“Threshold Amount” shall mean three times Employee’s “base amount”
within the meaning of Section 280G(b)(3) of the Code and the
regulations promulgated thereunder less one dollar ($1.00).

 

The determination as to
which of the alternative provisions of Section 4.07 above shall apply to
Employee shall be made by a nationally recognized accounting firm selected by
the Company (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and Employee within 15 business
days of the date on which Employee’s employment is terminated, if applicable,
or at such earlier time as is reasonably requested by the Company or
Employee.  For purposes of determining
which of the alternative provisions of Section 4.07 above shall apply,
Employee shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation applicable to individuals for the calendar year
in which the determination is to be made, and state and local income taxes at
the highest marginal rates of individual taxation in the state and locality of
Employee’s residence on the date on which Employee’s employment is terminated,
net of the maximum reduction in federal income taxes which could be obtained
from deduction of such state and local taxes. 
Any determination by the Accounting Firm shall be binding upon the
Company and Employee.”

 

3.            Section 8 of the
Agreement is hereby amended by adding the following Section 8.07
immediately following Section 8.06:

 

“8.07      Section 409A

 

Anything in this
Agreement to the contrary notwithstanding, if at the time of Employee’s
separation from service within the meaning of Section 409A of the Code,
the Company determines that Employee is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent
any payment or benefit that Employee becomes entitled to under this Agreement 

 

2

 

would be considered
deferred compensation subject to the 20 percent additional tax imposed pursuant
to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of
the Code, such payment shall not be payable and such benefit shall not be
provided until the date that is the earlier of (a) six months and one day
after Employee’s separation from service, or (b) Employee’s death.”

 

B.            Except as amended
herein, the Agreement is hereby confirmed in all other respects.

 

IN WITNESS WHEREOF, this Second Amendment is entered
into this 13th day of April, 2008 by the parties hereto.

 

	
   

  	
  CLAYTON HOLDINGS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Cohen

  
	
   

  	
   

  	
  Name:

  	
  Steven Cohen

  
	
   

  	
   

  	
  Title:

  	
  SVP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Keith Johnson

  
	
   

  	
   

  	
  David
  Keith Johnson

  
					

 

3Exhibit 10.50

 

SECOND AMENDMENT

TO

EMPLOYMENT AGREEMENT

 

A.                                 The
Employment Agreement (the “Agreement”) entered into September 2,
2005 by and between Clayton Holdings, Inc., a Delaware corporation (“Employer”)
and Frederick C. Herbst (“Employee”), as amended as of January 30,
2007, is hereby further amended as follows:

 

1.                                     Section VI
of the Agreement is hereby amended by adding the following sentence at the end
of subsection (b) thereof:

 

“In order to be eligible
to receive the Termination Benefits, Employee must execute the release within
forty-five (45) days of Employee’s receipt of such release.”

 

2.                                     Section VI
of the Agreement is hereby further amended by adding the following subsection (e) immediately
following subsection (d):

 

“(e)                            Anything
in this Agreement to the contrary notwithstanding, in the event that any
compensation, payment or distribution by Employer to or on behalf of Employee,
whether paid or payable or distributed or distributable pursuant to the terms
of this Agreement or otherwise (the “Severance Payments”) would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue
Code of 1986, as amended (the “Code” and such excise tax, together with
any interest or penalties incurred by Employee with respect to such excise tax,
the “Excise Tax”), the following provisions shall apply:

 

(i)                                     If
the Severance Payments, reduced by the sum of (A) the Excise Tax and (B) the
total of the federal, state, and local income and employment taxes payable by
Employee on the amount of the Severance Payments which is in excess of the
Threshold Amount (defined below), are greater than or equal to the Threshold
Amount, Employee shall be entitled to the full benefits payable under this
Agreement.

 

(ii)                                  If
the Threshold Amount is less than (x) the Severance Payments, but greater
than (y) the Severance Payments reduced by the sum of (A) the Excise
Tax and (B) the total of the federal, state, and local income and
employment taxes on the 

 

 

amount of the Severance
Payments which is in excess of the Threshold Amount, then the benefits payable
under this Agreement shall be reduced (but not below zero) to the extent
necessary so that the sum of the Severance Payments shall not exceed the
Threshold Amount.

 

For the purposes of this
subsection (e), “Threshold Amount” shall mean three times Employee’s “base
amount” within the meaning of Section 280G(b)(3) of the Code and the
regulations promulgated thereunder less one dollar ($1.00).

 

The determination as to
which of the alternative provisions of subsection (e) above shall apply to
Employee shall be made by a nationally recognized accounting firm selected by
Employer (the “Accounting Firm”), which shall provide detailed
supporting calculations both to Employer and Employee within 15 business days
of the date on which Employee’s employment is terminated, if applicable, or at
such earlier time as is reasonably requested by Employer or Employee.  For purposes of determining which of the
alternative provisions of subsection (e) above shall apply, Employee shall
be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation applicable to individuals for the calendar year in which the
determination is to be made, and state and local income taxes at the highest
marginal rates of individual taxation in the state and locality of Employee’s
residence on the date on which Employee’s employment is terminated, net of the
maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes. 
Any determination by the Accounting Firm shall be binding upon Employer
and Employee.”

 

3.                                     The
Agreement is hereby amended by adding the following Section XII
immediately following Section XI:

 

“XII.                    SECTION 409A

 

Anything in this
Agreement to the contrary notwithstanding, if at the time of Employee’s
separation from service within the meaning of Section 409A of the Code,
Employer determines that Employee is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code, then to the extent any
payment or benefit that Employee becomes entitled to under this Agreement would
be considered deferred compensation subject to the 20 percent additional tax
imposed pursuant to Section 409A(a) of the Code as a result of the
application of Section 409A(a)(2)(B)(i) of the Code, such payment
shall not be payable and such benefit shall 

 

2

 

not be provided until the
date that is the earlier of (a) six months and one day after Employee’s
separation from service, or (b) Employee’s death.”

 

B.                                   Except
as amended herein, the Agreement is hereby confirmed in all other respects.

 

IN WITNESS WHEREOF, this Second Amendment is entered
into this 13th day of April, 2008 by the parties hereto.

 

	
   

  	
  CLAYTON HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Cohen

  
	
   

  	
   

  	
  Name:

  	
  Steven Cohen

  
	
   

  	
   

  	
  Title:

  	
  SVP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frederick C. Herbst

  
	
   

  	
   

  	
  Frederick
  C. Herbst

  	
   

  
						

 

3

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