Document:

<Page>

                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

                                  BY AND AMONG

                               CMH HOLDINGS, INC.

                                       AND

                                  THE INVESTORS
                                AS DEFINED HEREIN

                                       AND

                                  THE FOUNDERS
                                AS DEFINED HEREIN

<Page>

                           DATED AS OF MARCH 31, 2005

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                     Page
                                                                                     ----
<S>                                                                                   <C>
1.   CERTAIN DEFINITIONS...............................................................2

2.   DEMAND REGISTRATIONS..............................................................3

3.   FORM S-3..........................................................................5

4.   PIGGYBACK REGISTRATION............................................................5

5.   REGISTRATION PROCEDURES...........................................................6

6.   EXPENSES..........................................................................9

7.   INDEMNIFICATION...................................................................9

8.   COMPLIANCE WITH RULE 144.........................................................12

9.   AMENDMENTS.......................................................................12

10.  TRANSFERABILITY OF REGISTRATION RIGHTS...........................................12

11.  RIGHTS WHICH MAY BE GRANTED TO SUBSEQUENT INVESTORS..............................12

12.  DAMAGES..........................................................................12

13.  MISCELLANEOUS....................................................................13

14.  DISPUTE RESOLUTION...............................................................14

15.  NO WAIVER........................................................................14
</Table>

EXHIBITS

Exhibit A    -    Form of Joinder Agreement

                                        i
<Page>

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is dated as of March
31, 2005, by and among CMH Holdings, Inc., a Delaware corporation (together with
any successor thereto, "NEW HOLDINGS"), the persons designated as Investors on
the signature pages hereto and any assignees thereof (each, an "INVESTOR" and
collectively, the "INVESTORS"), and the persons or entities designated as
Founders on the signature pages hereto and any transferee thereof who executes
and delivers a joinder agreement in the form of EXHIBIT A hereto (each, a
"FOUNDER" and collectively, the "FOUNDERS").

     WHEREAS, prior to the date hereof, certain Investors and Founders (the
"TMHC FOUNDERS") were the holders of capital stock of TMHC Holdings, Inc., a
Delaware corporation ("TMHC"), and certain Investors and Founders (the "CLAYTON
Founders") were the holders of capital stock of Clayton Holdings, Inc., a
Delaware corporation ("CLAYTON");

     WHEREAS, on the date hereof, New Holdings, Clayton, TMHC, the Investors and
the Founders are entering into a certain Contribution and Share Exchange
Agreement (the "SHARE EXCHANGE AGREEMENT"), pursuant to which, among other
things, the Investors and the Founders are exchanging their shares of TMHC
capital stock and Clayton capital stock, as applicable, for shares of Common
Stock and Convertible Preferred Stock (each as defined below) of New Holdings;

     WHEREAS, TMHC, the TMHC Founders and certain of the Investors are parties
to a certain Registration Rights Agreement, dated as of May 24, 2004 (the "PRIOR
TMHC AGREEMENT"), and, in connection with the Share Exchange Agreement, the
parties thereto desire to terminate the Prior TMHC Agreement in its entirety and
enter into this Agreement for purposes of setting forth certain mutual
agreements and understandings among them;

     WHEREAS, Clayton, the Clayton Founders and certain of the Investors are
parties to a certain Registration Rights Agreement, dated as of August 2, 2004
(the "PRIOR CLAYTON AGREEMENT"), and, in connection with the Share Exchange
Agreement, the parties thereto desire to terminate the Prior Clayton Agreement
in its entirety and enter into this Agreement for purposes of setting forth
certain mutual agreements and understandings among them; and

     WHEREAS, it is a condition precedent to each of the parties' obligations
under the Share Exchange Agreement that this Agreement be executed by the
parties hereto, and the parties are willing to execute this Agreement and be
bound by the provisions hereof; and

     WHEREAS, the parties hereto desire to agree upon certain terms regarding
their rights and obligations with respect to the securities of New Holdings, now
or hereafter outstanding and held by them.

     NOW, THEREFORE, in consideration of the premises, as an inducement to the
Founders and the Investors to consummate the transactions contemplated by the
Share Exchange Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, New Holdings, the
Founders and the Investors hereby covenant and agree with each other as follows:

<Page>

     1.   CERTAIN DEFINITIONS. As used in this Agreement, the following terms
shall have the following respective meanings:

          "BOARD OF DIRECTORS" means the Board of Directors of New Holdings.

          "COMMISSION" shall mean the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Securities
Act and the Exchange Act.

          "COMMON STOCK" shall mean, collectively, (a) the common stock, par
value $0.01 per share, of New Holdings, (b) the Class B common stock, par value
$0.01 per share, of New Holdings, and (c) any other common equity securities
issued by New Holdings, and, in each case, any other shares of stock issued or
issuable with respect thereto (whether by way of a stock dividend or stock split
or in exchange for or upon conversion of such shares or otherwise in connection
with a combination of shares, recapitalization, merger, consolidation or other
corporate reorganization).

          "CONVERTIBLE PREFERRED STOCK" shall mean, collectively, (a) the Series
A convertible preferred stock, par value $0.01 per share, of New Holdings, and
(b) the Series B convertible preferred stock, par value $0.01 per share, of New
Holdings, and, in each case, any other shares of stock issued or issuable with
respect thereto (whether by way of a stock dividend or stock split or in
exchange for or upon conversion of such shares or otherwise in connection with a
combination of shares, recapitalization, merger, consolidation or other
corporate reorganization).

          "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended from time to time, or any similar successor federal statute, and the
rules and regulations of the Commission thereunder, all as the same shall be in
effect at the time.

          "MAJORITY INTEREST" shall mean Investors and Founders holding not less
than a majority of the outstanding Registrable Securities (on an as converted
basis) held by all Investors and Founders.

          "OPTIONS" shall mean options to purchase Common Stock issued by New
Holdings, including, but not limited to, options issued under New Holdings' 2005
Stock Option and Grant Plan (including options received subsequent to the date
of this Agreement), together with any shares or other securities issued or
issuable with respect thereto (whether by way of a stock dividend or stock split
or in exchange for or in replacement of such Options or otherwise in connection
with a combination of shares, recapitalization, merger, consolidation or other
corporation reorganization).

          "PERSON" shall mean any individual, corporation, joint venture, trust,
unincorporated organization, limited liability company, partnership, government
and any agency or political subdivision thereof.

          "REGISTRABLE SECURITIES" shall mean (i) any shares of Common Stock
(including Class B Common Stock) held by the Investors or Founders, or subject
to acquisition: (A) by any Founder upon exercise of the Options owned by such
Founder or (B) by any Investor upon

                                        2
<Page>

conversion of the Convertible Preferred Stock (it being understood that for
purposes of this Agreement, a Founder or Investor will be deemed to be a holder
of Registrable Securities whenever such Founder or Investor has the right to
then acquire or obtain from New Holdings any Registrable Securities, whether or
not such acquisition has actually been effected), and (ii) any other securities
issued and issuable with respect to any such shares described in clause (i)
above by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other
reorganization; PROVIDED, HOWEVER, that if a Founder owns Options or an Investor
owns Convertible Preferred Stock, the Founder or Investor may exercise its
registration rights hereunder by exercising the Options for, or by converting
the shares of Convertible Preferred Stock into, the shares of Common Stock to be
sold under the relevant registration statement as of the closing of the relevant
offering and shall not be required to cause such Options to be exercised for
Common Stock or such Convertible Preferred Stock to be converted to Common
Stock, unless and until such closing occurs, it being understood that New
Holdings shall at the request of the relevant Founder or Investor effect the
reconversion of Common Stock, acquired upon exercise of the Options or
conversion of Convertible Preferred Stock, to Options or Convertible Preferred
Stock, as applicable, if such an exercise or conversion occurs, notwithstanding
the foregoing, and the relevant offering does not close; and PROVIDED, FURTHER,
that any Common Stock that is sold in a registered sale pursuant to an effective
registration statement under the Securities Act or pursuant to Rule 144
thereunder shall not be deemed to be Registrable Securities, and that any Common
Stock that may be sold (as confirmed by an unqualified opinion of counsel to New
Holdings) without restriction as to volume or otherwise pursuant to Rule 144(k)
under the Securities Act shall not be deemed to be Registrable Securities.

          "REGISTRATION EXPENSES" shall mean the expenses so described in
Section 6 hereof.

          "SECURITIES ACT" shall mean the Securities Act of 1933, as amended
from time to time, or any similar successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at
the time.

     2.   DEMAND REGISTRATIONS.

          (a)  At any time after the initial public offering of New Holdings'
Common Stock pursuant to an effective registration under the Securities Act (the
"IPO"), a Majority Interest may request that New Holdings register under the
Securities Act all or any portion of the Registrable Securities held by such
Majority Interest; PROVIDED that all such requests shall be made in writing and
shall state the number of shares of Registrable Securities to be disposed of and
the intended method of disposition of such shares; and PROVIDED, FURTHER, that
such registration shall not become effective prior to the six month anniversary
of the effectiveness of New Holdings' IPO. Upon receipt of such request, New
Holdings shall promptly deliver notice of such request to all holders of
Registrable Securities, if any, who shall then have thirty (30) days to notify
New Holdings in writing of their desire to be included in such registration. If
the request for registration contemplates an underwritten public offering, New
Holdings shall state such in the written notice and in such event the right of
any holder of Registrable Securities to participate in such registration shall
be conditioned upon their participation in such underwritten public offering and
the inclusion of their Registrable Securities in the underwritten public

                                        3
<Page>

offering to the extent provided herein. New Holdings will use its best efforts
to expeditiously effect the registration of all Registrable Securities whose
holders request participation in such registration under the Securities Act and
to qualify such Registrable Securities for sale under any state blue sky law;
provided, however, that New Holdings shall not be required to effect
registration pursuant to a request under this Section 2 more than three (3)
times for the holders of the Registrable Securities as a group. Notwithstanding
anything to the contrary contained herein, no request may be made under this
Section 2 within ninety (90) days after the effective date of a registration
statement filed by New Holdings covering a firm commitment underwritten public
offering in which the holders of Registrable Securities shall have been entitled
to join pursuant to this Section 2 or Section 4 hereof and in which there shall
have been effectively registered all shares of Registrable Securities as to
which registration shall have been so requested. New Holdings may postpone the
filing or the effectiveness of any registration statement pursuant to this
Section 2 for a reasonable time period, provided that such postponements shall
not exceed ninety (90) days in the aggregate during any twelve (12) month
period, if (i) New Holdings has been advised by legal counsel that such filing
or effectiveness would require disclosure of a material financing, acquisition
or other corporate transaction, and the Board of Directors of New Holdings
determines in good faith that such disclosure is not in the best interests of
New Holdings and its stockholders, or (ii) the Board of Directors of New
Holdings determines in good faith that there is a valid business purpose or
reason for delaying filing or effectiveness. A registration will not count as a
requested registration under this Section 2(a) until the registration statement
relating to such registration has been declared effective by the Commission at
the request of the initiating Majority Interest; provided, however, that if a
Majority Interest shall request, in writing, that New Holdings withdraw a
registration statement which has been filed under this Section 2(a) but not yet
been declared effective, a Majority Interest may thereafter request New Holdings
to reinstate such registration statement, if permitted under the Securities Act,
or to file another registration statement, in accordance with the procedures set
forth herein.

          (b)  If a registration requested pursuant to Section 2(a) involves an
underwritten public offering and the managing underwriter of such offering
determines in good faith that the number of securities sought to be offered
should be limited due to market conditions, then the number of securities to be
included in such underwritten public offering shall be reduced to a number
deemed satisfactory by such managing underwriter; provided, however, that the
shares to be excluded shall be determined in the following sequence: (i) first,
securities held by any Persons not having registration rights, (ii) second,
securities held by any Persons having contractual, incidental "piggy back"
registration rights to include such securities in the registration statement
pursuant to an agreement which is not this Agreement, (iii) third, shares sought
to be registered by New Holdings for its own account, and (iv) fourth,
Registrable Securities held by holders who requested such registration pursuant
to Section 2(a) or who joined such requested registration pursuant to Section
2(a), it being understood that no shares shall be registered for the account of
New Holdings or any stockholder other than the holders of Registrable Securities
unless all Registrable Securities for which holders thereof have requested
registration have been registered. If there is a reduction of the number of
Registrable Securities pursuant to clauses (i), (ii), or (iv), such reduction
shall be made on a pro rata basis (based upon the aggregate number of shares of
Common Stock or Registrable Securities held by the holders in each tranche and
subject to the priorities set forth in the preceding sentence).

                                        4
<Page>

          (c)  With respect to a request for registration pursuant to Section
2(a) which is for an underwritten public offering, the managing underwriter
shall be chosen by a Majority Interest of the Registrable Securities to be sold
in such offering, subject to New Holdings' consent, which consent shall not be
unreasonably withheld. New Holdings may not cause any other registration of
securities for sale for its own account (other than a registration effected
solely to implement an employee benefit plan or a transaction to which Rule 145
of the Securities Act is applicable) to become effective within one hundred
eighty (180) days following the effective date of any registration required
pursuant to this Section 2.

     3.   FORM S-3. New Holdings shall use its best efforts to qualify and
remain qualified to register securities on Form S-3 (or any comparable successor
form) under the Securities Act. For so long as New Holdings is qualified to
register securities on Form S-3 (or any comparable successor form), an Investor
or Investors or a Founder or Founders holding Registrable Securities anticipated
to have an aggregate sale price (net of underwriting discounts and commissions,
if any) in excess of $500,000 shall have the right, on one or more occasions, to
request registration on Form S-3 (or any comparable successor form) for the
Registrable Securities held by such requesting Investor or Investors or Founder
or Founders. Such requests shall be in writing and shall state the number of
shares of Registrable Securities to be disposed of and the intended method of
disposition of such shares by such Investor or Investors or Founder or Founders.
New Holdings shall give notice to all other Investors and Founders holding
Registrable Securities of the receipt of a request for registration pursuant to
this Section 3 and such Investors and Founders shall then have thirty (30) days
to notify New Holdings in writing of their desire to participate in the
registration. New Holdings shall use its best efforts to effect promptly the
registration of all shares on Form S-3 (or any comparable successor form) to the
extent requested by such Investors or Founders; PROVIDED, HOWEVER, that New
Holdings may postpone the filing or the effectiveness of any registration
statement pursuant to this Section 3 for a reasonable period of time, provided
that such postponements shall not exceed ninety (90) days in the aggregate
during any twelve (12) month period, if (i) New Holdings has been advised by
legal counsel that such filing or effectiveness would require disclosure of a
material financing, acquisition or other corporate transaction, and the Board of
Directors of New Holdings determines in good faith that such disclosure is not
in the best interests of New Holdings and its stockholders or (ii) the Board of
Directors determines in good faith that there is a valid business purpose or
reason for delaying filing or effectiveness.

     4.   PIGGYBACK REGISTRATION. If New Holdings shall propose to register any
of its Common Stock or securities convertible into or exchangeable or
exercisable for any of its Common Stock under the Securities Act for sale to the
public, whether in connection with a public offering of securities by New
Holdings (including, but not limited to, an IPO), a public offering of
securities by stockholders, or both (but not including pursuant to a demand
under Section 2 hereof which shall be handled as provided therein), and except
(i) with respect to registration statements on Forms S-4, S-8 or another form
not available for registering the Registrable Securities for sale to the public,
and (ii) in connection with a registration effected solely to implement an
employee benefit plan or a transaction to which Rule 145 or any other similar
rule of the Commission under the Securities Act is applicable), New Holdings
shall promptly give written notice at the applicable address of record to each
holder of Registrable Securities of its intention to do so. Upon the written
request of any of such holder, given within thirty (30) days after receipt by
such holder of such notice, New Holdings shall, subject to the

                                        5
<Page>

limits contained in this Section 4, use its best efforts to cause all such
Registrable Securities of said requesting holder to be registered under the
Securities Act and qualified for sale under any state blue sky law, all to the
extent required to permit such sale or other disposition of said Registrable
Securities. Notwithstanding the foregoing, if New Holdings is advised in writing
in good faith by any managing underwriter of New Holdings' securities being
offered in a public offering pursuant to such registration statement that the
amount to be sold by Persons other than New Holdings (collectively, "Selling
Stockholders") is greater than the amount which can be offered without adversely
affecting the offering, New Holdings may reduce the amount offered for the
accounts of Selling Stockholders (including Selling Stockholders holding
Registrable Securities) to a number deemed satisfactory by such managing
underwriter. In such event, the shares to be excluded shall be determined in the
following sequence: (A) first, securities held by any Persons not having
registration rights, (B) second, securities held by any Persons having
contractual, incidental "piggyback" registration rights to include such
securities in the registration statement pursuant to an agreement which is not
this Agreement, and (C) third, the Registrable Securities sought to be included
by the holders thereof requesting such registration pursuant to this Section 4.
If there is a reduction of the number of Registrable Securities pursuant to
clauses (A), (B) or (C), such reduction shall be made on a pro rata basis (based
upon the aggregate number of shares of Common Stock or Registrable Securities
held by the holders in each tranche and subject to the priorities set forth in
the preceding sentence).

     5.   REGISTRATION PROCEDURES. If and whenever New Holdings is required by
the provisions of this Agreement to use its best efforts to effect the
registration of any of its securities under the Securities Act, New Holdings
will, as expeditiously as possible:

          (a)  prepare and file with the Commission a registration statement on
the appropriate form under the Securities Act with respect to such securities,
which form shall comply as to form with the requirements of the applicable form
and include all financial statements required by the Commission to be filed
therewith, and use its best efforts to cause such registration statement to
become and remain effective until completion of the proposed offering;

          (b)  prepare and file with the Commission such amendments,
post-effective amendments, and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective as contemplated herein and to comply with the
provisions of the Securities Act with respect to the sale or other disposition
of all securities covered by such registration statement whenever the seller or
sellers of such securities shall desire to sell or otherwise dispose of the
same, but only to the extent provided in this Agreement;

          (c)  furnish to each selling holder and the underwriters, if any, such
number of copies of such registration statement, any amendments thereto, any
documents incorporated by reference therein, the prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities
Act, and such other documents as such selling holder may reasonably request in
order to facilitate the public sale or other disposition of the securities owned
by such selling holder;

                                        6
<Page>

          (d)  register or qualify the securities covered by such registration
statement under the securities or state "blue sky" laws of such jurisdictions as
each selling holder may request, and do any and all other acts and things which
may be necessary under such state securities or "blue sky" laws to enable such
selling holder to consummate the public sale or other disposition in such
jurisdictions of the securities owned by such selling holder; provided that New
Holdings shall not be required to register or qualify the securities in any
jurisdictions which require it to qualify to do business or subject itself to
general service of process therein;

          (e)  within a reasonable time before each filing of the registration
statement or prospectus or amendments or supplements thereto with the
Commission, furnish to counsel selected by the holders of Registrable Securities
copies of such documents proposed to be filed, which documents shall be subject
to the approval of such counsel, which approval shall not be unreasonably
withheld;

          (f)  immediately notify each selling holder of Registrable Securities,
such selling holders' counsel and any underwriter and (if requested by any such
Person) confirm such notice in writing, of the happening of any event which
makes any statement made in the registration statement or related prospectus
untrue, or which requires the making of any changes in such registration
statement or prospectus so that they will not contain any untrue statement of a
material fact, or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading; and thereafter,
prepare and file with the Commission and furnish a supplement or amendment to
such prospectus so that, as thereafter deliverable to the purchasers of such
Registrable Securities, such prospectus will not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements therein not misleading;

          (g)  use its best efforts to prevent the issuance of any order
suspending the effectiveness of a registration statement, and if one is issued
immediately notify each selling holder of Registrable Securities of the receipt
of such notice and use its reasonable best efforts to obtain the withdrawal of
any order suspending the effectiveness of a registration statement at the
earliest possible moment;

          (h)  if requested by the managing underwriter or underwriters (if
any), any selling holder, or such selling holder's counsel, promptly incorporate
in a prospectus supplement or post-effective amendment such information as such
Person requests to be included therein with respect to the selling holder or the
securities being sold, including, without limitation, with respect to the
securities being sold by such selling holder to such underwriter or
underwriters, the purchase price being paid therefor by such underwriter or
underwriters and with respect to any other terms of an underwritten offering of
the securities to be sold in such offering, and promptly make all required
filings of such prospectus supplement or post-effective amendment;

          (i)  make available to each selling holder, any underwriter
participating in any disposition pursuant to a registration statement, and any
attorney, accountant or other agent or representative retained by any such
selling holder or underwriter (collectively, the "Inspectors"), all financial
and other records, pertinent corporate documents and properties of New Holdings
(collectively, the "Records"), as shall be reasonably necessary to enable them
to exercise their due diligence responsibility, and cause New Holdings'
officers, directors and employees to

                                        7
<Page>

supply all information requested by any such Inspector in connection with such
registration statement subject, in each case, to such confidentiality agreements
as New Holdings shall reasonably request;

          (j)  enter into any reasonable underwriting agreement required by the
proposed managing underwriter or underwriter(s) for the selling holders, if any,
and use its best efforts to facilitate the public offering of the securities;
provided, however, that no selling holder shall be required to make any
representations or warranties other than with respect to its title to the
Registrable Securities and any written information provided by it to New
Holdings specifically for use in the registration statement, and if the proposed
managing underwriter or underwriter(s) require that representations or
warranties be made and that indemnification be provided, New Holdings shall make
all such representations and warranties and provide all such indemnities,
including, without limitation, in respect of New Holdings' business, operations
and financial information and the disclosures relating thereto in the
prospectus;

          (k)  request that each prospective selling holder be furnished a
signed counterpart, addressed to the prospective selling holder, of (i) an
opinion of counsel for New Holdings, dated the effective date of the
registration statement, and (ii) if and to the extent permitted by applicable
professional standards, a "comfort" letter signed by the independent public
accountants who have certified New Holdings' financial statements included in
the registration statement, covering substantially the same matters with respect
to the registration statement (and the prospectus included therein) and (in the
case of the accountants' letter) with respect to events subsequent to the date
of the financial statements, as are customarily covered (at the time of such
registration) in opinions of New Holdings' counsel and in accountants' letters
delivered to the underwriters in underwritten public offerings of securities;

          (l)  cause the securities covered by such registration statement to be
listed on the securities exchange or quoted on the quotation system on which the
similar securities issued by New Holdings are then listed or quoted (or, if the
Common Stock is not yet listed or quoted, then on such exchange or quotation
system as the selling holders of Registrable Securities and New Holdings shall
determine);

          (m)  otherwise use its best efforts to comply with all applicable
rules and regulations of the Commission and make generally available to its
stockholders, in each case as soon as practicable, but not later than thirty
(30) days after the close of the period covered thereby, an earnings statement
of New Holdings which will satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any comparable successor provisions);

          (n)  from and after the date of New Holdings' IPO, comply with all
applicable requirements of the Sarbanes-Oxley Act and all applicable listing
requirements, and in connection therewith establish and maintain a system of
adequate internal financial controls and a Board of Directors comprised of a
majority of independent directors which directors shall comprise the audit
committee and be members of the compensation and nominating and governance
committees;

                                        8
<Page>

          (o)  during the period when the prospectus is required to be delivered
under the Securities Act, promptly file all documents required to be filed with
the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act;

          (p)  appoint a transfer agent and registrar for all Registrable
Securities covered by a registration statement not later than the effective date
of such registration statement;

          (q)  in connection with an underwritten offering, to the extent
reasonably requested by the managing underwriter for the offering or the selling
holders, participate in and support customary efforts to sell the securities in
the offering, including, without limitation, participating in "road shows"; and

          (r)  otherwise cooperate with the underwriter(s), the Commission and
other regulatory agencies and take all reasonable actions and execute and
deliver or cause to be executed and delivered all documents reasonably necessary
to effect the registration of any securities under this Agreement.

     6.   EXPENSES. All expenses incurred by New Holdings and the holders of
Registrable Securities being registered in a registration provided for in
Sections 2, 3 and 4, including, without limitation, all registration and filing
fees, printing expenses, reasonable fees and disbursements of counsel for New
Holdings and one counsel for the Investors holding Registrable Securities and
who are participating in such registration as a group (selected by a majority in
interest of such Investors who participate in the registration) and one counsel
for each of the Clayton Founders and the TMHC Founders holding Registrable
Securities and who are participating in such registration as a group (selected
by a majority in interest of such Clayton Founders and TMHC Founders, as
applicable, who participate in such registration) (such fees and disbursements
for each of Investors' counsel, Clayton Founders' counsel and TMHC Founders'
counsel, in each case, not to exceed $10,000), underwriting expenses (other than
commissions or discounts), expenses of any audits incident to or required by any
such registration and expenses of complying with the securities or blue sky laws
of any jurisdictions (all of such expenses referred to as "Registration
Expenses"), shall be paid by New Holdings.

     7.   INDEMNIFICATION.

          (a)  Incident to any registration statement referred to in this
Agreement, and subject to applicable law, New Holdings shall indemnify and hold
harmless each underwriter (as defined in the Securities Act) and each holder of
Registrable Securities (including its partners (including partners of partners
and stockholders of any such partners), stockholders, members, trustees, and
directors, officers, employees and agents of any of them), and each person who
controls any of them within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (a "Controlling Person") who offers or sells any
such Registrable Securities in connection with such registration statement, from
and against any and all losses, claims, expenses, damages or liabilities, joint
or several (including any investigation, legal and other expenses incurred in
connection with, and any amount paid in settlement of, any action, suit or
proceeding or any claim asserted), as the same are incurred to which they, or
any of them, may become subject under the Securities Act, the Exchange Act,
other federal or state statutory law or regulation, at common law, or otherwise,
insofar as such losses, claims, expenses, damages or

                                        9
<Page>

liabilities (or action in respect thereof) arise out of or are based upon (i)
any untrue statement or alleged untrue statement of any material fact contained,
on the effective date thereof, in any registration statement under which such
securities were registered under the Securities Act (including any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereto), (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or (iii) any violation by New Holdings of the Securities Act, any
state securities or "blue sky" laws or any rule or regulation thereunder in
connection with such registration. Except as otherwise provided in Section 7(d),
New Holdings shall reimburse each such indemnified party in connection with
investigating or defending any such liability as expenses in connection with the
same are incurred. New Holdings shall not be liable to any indemnified party,
however, in any such case to the extent that any such liability arises out of or
is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement, preliminary or final
prospectus, or amendment or supplement thereto in reliance upon and in
conformity with information furnished in writing to New Holdings by such
indemnified party specifically for use therein, and New Holdings shall not be
required to indemnify any indemnified party against any liability arising from
any untrue or misleading statement or omission contained in any preliminary
prospectus if such deficiency is corrected in the final prospectus or for any
liability which arises out of the failure of any indemnified party to deliver a
prospectus as required by the Securities Act.

          (b)  Each holder selling Registrable Securities included in such
registration being effected shall, severally and not jointly, indemnify and hold
harmless each underwriter (as defined in the Securities Act), New Holdings
(including its directors, officers, employees and agents), and each other
selling holder (including its partners (including partners of partners and
stockholders of any such partners), stockholders, members, trustees and
directors, officers, employees and agents of any of them), and each person who
controls any of them within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all losses, claims,
damages, expenses and liabilities, joint or several, to which they, or any of
them, may become subject under the Securities Act, the Exchange Act or other
federal or state statutory law or regulation, at common law, or otherwise to the
same extent provided in Section 7(a) above, insofar as such liability (or
actions in respect thereof) arises out of or is based upon (i) any untrue
statement or alleged untrue statement of any material fact contained, on the
effective date thereof, in any registration statement under which securities
were registered under the Securities Act at the request of such selling holder,
any preliminary prospectus or final prospectus contained therein, or any
amendment or supplement thereto, or (ii) any omission or alleged omission by
such selling holder to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, in the case
of both (i) and (ii) to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made
in such registration statement, preliminary or final prospectus, amendment or
supplement thereto in reliance upon and in conformity with information furnished
in writing to New Holdings by such selling holder specifically for use therein.
In no event, however, shall the liability of any selling holder for
indemnification under this Section 7 in its capacity as a seller of Registrable
Securities exceed the lesser of (A) that proportion of the total of such losses,
claims, damages, expenses or liabilities indemnified against equal to the
proportion of the total securities sold under such registration statement which
is being sold by such selling holder, or (B) the amount equal to the proceeds to
such selling

                                       10
<Page>

holder of the securities sold in any such registration. Further, no selling
holder shall be required to indemnify any Person against any liability arising
from any untrue or misleading statement or omission contained in any preliminary
prospectus if such deficiency is corrected in the final prospectus or for any
liability which arises out of the failure of any Person to deliver a prospectus
as required by the Securities Act.

          (c)  If the indemnification provided for in this Section 7 for any
reason is held by a court of competent jurisdiction to be unavailable to an
indemnified party in respect of any losses, claims, damages, expenses or
liabilities referred to therein, then each indemnifying party under this Section
7, in lieu of indemnifying such indemnified party thereunder, shall contribute
to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, expenses or liabilities (i) in such proportion as is
appropriate to reflect the relative benefits received by New Holdings, the
selling holders and the underwriters from the offering of the Registrable
Securities, or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of New Holdings, the selling holders and the underwriters in connection
with the statements or omissions which resulted in such losses, claims, damages,
expenses or liabilities, as well as any other relevant equitable considerations.
The relative benefits received by New Holdings, the selling holders and the
underwriters shall be deemed to be in the same respective proportions that the
net proceeds from the offering (before deducting expenses) received by New
Holdings and the selling holders, and the underwriting discount received by the
underwriters, in each case as set forth in the table on the cover page of the
applicable prospectus, bear to the aggregate public offering price of the
Registrable Securities. The relative fault of New Holdings, the selling holders
and the underwriters shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by New Holdings, the selling holders or the underwriters and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

          (d)  New Holdings, the selling holders and the underwriters agree that
it would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata or per capita allocation or by any other method of
allocation which does not take account of the equitable considerations referred
to in the immediately preceding paragraph. In no event, however, shall a selling
holder be required to contribute any amount under this Section 7(d) in excess of
the lesser of (A) that proportion of the total of such losses, claims, damages,
expenses or liabilities indemnified against equal to the proportion of the total
Registrable Securities sold under such registration statement which are being
sold by such selling holder, or (B) the proceeds received by such selling holder
from its sale of Registrable Securities under such registration statement. No
Person found guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not found guilty of such fraudulent misrepresentation.

          (e)  The indemnification and contribution provided for in this Section
7 will remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified parties or any officer, director, employee,
agent or controlling person of the indemnified parties. The obligations under
this Section 7 shall survive the completion of any

                                       11
<Page>

offering of Registrable Securities in a registration statement and the
termination of this Agreement. No indemnifying party, in the defense of any such
claim or litigation, shall consent to the entry of any judgment or enter into
any settlement without the indemnified party's prior written consent unless the
sole relief provided is monetary damages that are paid in full by the
indemnifying party. Unless waived by the indemnified party, all judgments and
settlements must include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability
to the claimant or plaintiff with respect to such claim or litigation.

     8.   COMPLIANCE WITH RULE 144. In the event that New Holdings (a) registers
a class of securities under Section 12 of the Exchange Act, or (b) shall
commence to file reports under Section 13 or 15(d) of the Exchange Act, New
Holdings will use its best efforts thereafter to file with the Commission such
information as is required under the Exchange Act for so long as there are
holders of Registrable Securities; and in such event, New Holdings shall use its
best efforts to take all action as may be required as a condition to the
availability of Rule 144 or Rule 144A under the Securities Act (or any
comparable successor rules). New Holdings shall furnish to any holder of
Registrable Securities upon request a written statement executed by New Holdings
as to the steps it has taken to comply with the current public information
requirement of Rule 144 or Rule 144A (or such comparable successor rules).

     9.   AMENDMENTS. The provisions of this Agreement may not be modified or
amended except in writing signed by New Holdings, a Majority Interest, the
Clayton Founders holding a majority of the Shares held by all Clayton Founders
and the TMHC Founders holding a majority of the Shares held by all TMHC
Founders; PROVIDED, HOWEVER, that any proposed modification or amendment that,
by its terms, could reasonably be expected to adversely affect the rights of any
Investor or Founder in a manner different from other Investors or Founders
hereunder shall require the prior written consent of such adversely affected
Investor or Founder.

     10.  TRANSFERABILITY OF REGISTRATION RIGHTS. The registration rights set
forth in this Agreement are transferable and assignable to any transferee of
Registrable Securities. Each subsequent holder of Registrable Securities must
consent in writing to be bound by the terms and conditions of this Agreement in
order to acquire the rights granted pursuant to this Agreement; provided that,
for the avoidance of doubt, each transferee of a Founder will acquire the rights
of a Founder and be treated as a "Founder" hereunder, and each transferee of an
Investor will acquire the rights of an Investor and be treated as an "Investor"
hereunder.

     11.  RIGHTS WHICH MAY BE GRANTED TO SUBSEQUENT INVESTORS. Other than
transferees as contemplated by Section 10, New Holdings shall not, without the
prior written consent of a Majority Interest, (a) allow purchasers of New
Holdings' securities to become a party to this Agreement, or (b) grant any other
registration rights to any third parties other than subordinate piggyback
registration rights.

     12.  DAMAGES. New Holdings recognizes and agrees that each holder of
Registrable Securities will not have an adequate remedy if New Holdings fails to
comply with the terms and provisions of this Agreement and that damages will not
be readily ascertainable, and New Holdings expressly agrees that, in the event
of such failure, it shall not oppose an application by any holder of Registrable
Securities or any other Person entitled to the benefits of this

                                       12
<Page>

Agreement requiring specific performance of any and all provisions hereof or
enjoining New Holdings from continuing to commit any such breach of this
Agreement.

     13.  MISCELLANEOUS.

          (a)  All notices, requests, demands and other communications provided
for hereunder shall be in writing and mailed (by first class registered or
certified mail, postage prepaid), telegraphed, sent by express overnight courier
service or electronic facsimile transmission (with a copy by mail), or delivered
to the applicable party at the addresses indicated below:

     IF TO NEW HOLDINGS:

          c/o TA Associates, Inc.
          High Street Tower, Suite 2500
          125 High Street, Boston, MA  02110
          Attn:  Roger B. Kafker
          Telecopy No.: (617) 574-6728

     IF TO THE INVESTORS:

          TA Associates, Inc.
          High Street Tower, Suite 2500
          125 High Street, Boston, MA  02110
          Attn:  Roger B. Kafker
          Telecopy No.: (617) 574-6728

          TA Associates, Inc.
          70 Willow Road
          Menlo Park, CA 94025-3652
          Attention: Jeffrey T. Chambers and Todd R. Crockett
          Telecopy No.: (650) 326-4933

          Madison Capital Funding LLC
          30 South Wacker Drive, Suite 3700
          Chicago, IL  60606
          Attn: Clayton Account Manager
          Facsimile No.: 312-596-6950

          Libman Family Holdings LLC
          1065 Weed Street
          New Cannan, CT 06840
          Facsimile No.: (203) 964-1779

                                       13
<Page>

     IF TO ANY OTHER HOLDER OF REGISTRABLE SECURITIES:

          At such Person's address for notice as set forth on the signature
          pages hereto

or, as to each of the foregoing, at such other address as shall be designated by
such Person in a written notice to other parties complying as to delivery with
the terms of this subsection (a). All such notices, requests, demands and other
communications shall, when mailed, telegraphed or sent, respectively, be
effective (i) two days after being deposited in the mails or (ii) one day after
being delivered to the telegraph company, deposited with the express overnight
courier service or sent by electronic facsimile transmission, respectively,
addressed as aforesaid.

          (b)  This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to conflicts of
laws principles thereof.

          (c)  This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

          (d)  If any provision of this Agreement shall be held to be illegal,
invalid or unenforceable, such illegality, invalidity or unenforceability shall
attach only to such provision and shall not in any manner affect or render
illegal, invalid or unenforceable any other provision of this Agreement, and
this Agreement shall be carried out as if any such illegal, invalid or
unenforceable provision were not contained herein.

          (e)  This Agreement is intended by the parties as a final expression
of their agreement and intended to be complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter,
including, without limitation, the Prior Clayton Agreement and the Prior TMHC
Agreement, which agreements are hereby terminated.

     14.  DISPUTE RESOLUTION. 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 or thereby, that are not
resolved by mutual agreement shall be resolved in accordance with the provisions
set forth in Sections 5.7 and 5.8 of the Share Exchange Agreement.

     15.  NO WAIVER. No provision of this Agreement shall be construed to limit,
waive, amend or alter the terms and provisions of the Credit Agreement (the
"Credit Agreement"), dated as of August 2, 2004, among Clayton Services, Inc.
(formerly known as Clayton GRP, Inc.), a Delaware corporation and wholly-owned
subsidiary of Clayton (the "Company"), the Lenders (as defined therein) and
Madison Capital Funding LLC ("Madison") and the other Loan Documents (as defined
in the Credit Agreement) or any rights or remedies available to Madison and its
Affiliates thereunder. This restriction shall terminate only at such time as the
Company

                                       14
<Page>

and its Affiliates shall have paid in full any and all Obligations (as defined
in the Credit Agreement) pursuant to the terms of the Credit Agreement and the
other Loan Documents and no disputes remain outstanding between the Company and
Madison and its Affiliates with respect thereto.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                       15
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed as of the date first set forth above.

HOLDINGS:
                                 CMH HOLDINGS, INC.

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

FOUNDERS:
                                  /s/ Margaret Sue Ellis
                                 -----------------------------------------------
                                  Margaret Sue Ellis

                                  Address For Notice:

                                  c/o The Murrayhilll Company
                                 -----------------------------------------------
                                  1700 Lincoln Street, Suite 1600,
                                 -----------------------------------------------
                                  Denver, Colorado 80203
                                 -----------------------------------------------

                                  /s/ Harvey Allon
                                 -----------------------------------------------
                                  Harvey Allon

                                  Address For Notice:

                                  c/o Braddock Financial Corporation
                                 -----------------------------------------------
                                  Tabor Center, 1200 17th Street, Suite 880
                                 -----------------------------------------------
                                  Denver, CO 80202
                                 -----------------------------------------------
                                  Facsimile: (303) 291-1312

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

                                  Address For Notice:

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

<Page>

                                  /s/ Peter Krell
                                 -----------------------------------------------
                                  Peter Krell

                                  Address For Notice:

                                  15 Brentwood CT
                                 -----------------------------------------------
                                  Basking Ridge, JN 07920
                                 -----------------------------------------------

                                  /s/ Brian Kramer
                                 -----------------------------------------------
                                  Brian Kramer

                                  Address For Notice:

                                  6 Saint Andrews Drive
                                 -----------------------------------------------
                                  Avon, CT 06001
                                 -----------------------------------------------
                                 -----------------------------------------------

                                  BNS FAMILY IRREVOCABLE GRANTOR
                                  TRUST

                                  By:  /s/ Nicholas Lamando
                                      ------------------------------------------
                                       Name:  Nicholas Lamando
                                       Title: Authorized Person

                                  Address For Notice:

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

<Page>

                                 LAMANDO CHARITABLE REMAINDER
                                 UNITRUST

                                 By:  /s/ Stephen M. Lamando
                                     -------------------------------------------
                                      Name:  Stephen M. Lamando
                                      Title: Authorized Person

                                 Address For Notice:

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

<Page>

INVESTORS:

                            TA IX L.P.

                            By:  TA Associates IX LLC, its General Partner

                            By:  TA Associates, Inc., its Manager

                            By:/s/ Roger B. Kafker
                               ---------------------------------------
                            Name: Roger B. Kafker
                            Its:  Managing Director

                            TA/ATLANTIC AND PACIFIC IV L.P.

                            By:  TA Associates AP IV L.P., its General Partner

                            By:  TA Associates, Inc., its General Partner

                            By: /s/ Roger B. Kafker
                               ------------------------------------------
                            Name: Roger B. Kafker
                            Its:  Managing Director

                            TA STRATEGIC PARTNERS FUND A L.P.

                            By:  TA Associates SPF L.P., its General Partner

                            By:  TA Associates, Inc., its General Partner

                            By: /s/ Roger B. Kafker
                               ------------------------------------------
                            Name: Roger B. Kafker
                            Its:  Managing Director

<Page>

                            TA STRATEGIC PARTNERS FUND B L.P.

                            By:  TA Associates SPF L.P., its General Partner

                            By:  TA Associates, Inc., its General Partner

                            By: /s/ Roger B. Kafker
                               ------------------------------------------
                            Name: Roger B. Kafker
                            Its:  Managing Director

                            TA INVESTORS II, L.P.

                            By:  TA Associates, Inc., its General Partner

                            By: /s/ Roger B. Kafker
                               ------------------------------------------
                            Name: Roger B. Kafker
                            Its:  Managing Director

                            TA SUBORDINATED DEBT FUND, L.P.

                            By:  TA Associates SDF LLC, its General Partner

                            By:  TA Associates, Inc., its Manager

                            By: /s/ Roger B. Kafker
                               ------------------------------------------
                            Name: Roger B. Kafker
                            Its:  Managing Director

<Page>

                        MADISON CAPITAL FUNDING LLC

                            By: /s/ Jerry B. Capsay
                               --------------------------------
                            Name: Jenny B. Capsay
                            Its:  Managing Director

                        LIBMAN FAMILY HOLDINGS LLC

                            By: /s/ Brian Libman
                               --------------------------------
                            Name: Brian Libman
                            Its:<Page>

                                                                    Exhibit 10.1

                             CLAYTON HOLDINGS, INC.

                        2005 STOCK OPTION AND GRANT PLAN

SECTION 1.  GENERAL PURPOSE OF THE PLAN; DEFINITIONS

     The name of the plan is the Clayton Holdings, Inc. 2005 Stock Option and
Grant Plan (the "Plan"). The purpose of the Plan is to encourage and enable the
officers, employees, directors, consultants and other key persons of Clayton
Holdings, Inc., a Delaware corporation (the "Company"), and its Subsidiaries,
upon whose judgment, initiative and efforts the Company largely depends for the
successful conduct of its business to acquire a proprietary interest in the
Company. It is anticipated that providing such persons with a direct stake in
the Company's welfare will assure a closer identification of their interests
with those of the Company, thereby stimulating their efforts on the Company's
behalf and strengthening their desire to remain with the Company.

     The following terms shall be defined as set forth below:

     "ACT" means the Securities Act of 1933, as amended, and the rules and
regulations thereunder.

     "AWARD" or "AWARDS," except where referring to a particular category of
grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Restricted Stock Awards, Unrestricted Stock Awards, or any combination
of the foregoing. "BOARD" means the Board of Directors of the Company or its
successor entity.

     "CODE" means the Internal Revenue Code of 1986, as amended, and any
successor Code, and related rules, regulations and interpretations.

     "COMMITTEE" has the meaning specified in Section 2.

     "EFFECTIVE DATE" means the date on which the Plan is approved by
stockholders as set forth at the end of this Plan.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations thereunder.

     "FAIR MARKET VALUE" of the Stock on any given date means the fair market
value of the Stock determined in good faith by the Committee; PROVIDED, HOWEVER,
that (i) if the Stock trades on a national securities exchange, the Fair Market
Value on any given date is the closing sale price on such date; (ii) if the
Stock does not trade on any national securities exchange but is admitted to
trading on NASDAQ, the Fair Market Value on any given date is the closing sale

<Page>

price as reported by NASDAQ on such date; or if no such closing sale price
information is available, the average of the highest bid and lowest asked prices
for the Stock reported on such date. For any date that is not a trading day, the
Fair Market Value of the Stock for such date will be determined by using the
closing sale price or the average of the highest bid and lowest asked prices, as
appropriate, for the immediately preceding trading day. The Committee can
substitute a particular time of day or other measure of closing sale price if
appropriate because of changes in exchange or market procedures. Notwithstanding
the foregoing, if the date for which Fair Market Value is determined is the
first day when trading prices for the Stock are reported on NASDAQ or trading on
a national securities exchange, the Fair Market Value shall be the "Price to the
Public" (or equivalent) set forth on the cover page for the final prospectus
relating to the Company's Initial Public Offering.

     "INCENTIVE STOCK OPTION" means any Stock Option designated and qualified as
an "incentive stock option" as defined in Section 422 of the Code.

     "INITIAL PUBLIC OFFERING" means the consummation of the first fully
underwritten, firm commitment public offering pursuant to an effective
registration statement under the Act covering the offer and sale by the Company
of its equity securities, as a result of or following which the Stock shall be
publicly held.

     "NASDAQ" means the Nasdaq Stock Market, including the Nasdaq National
Market and the Nasdaq SmallCap Market.

     "NON-QUALIFIED STOCK OPTION" means any Stock Option that is not an
Incentive Stock Option.

     "OPTION" or "STOCK OPTION" means any option to purchase shares of Stock
granted pursuant to Section 5.

     "RESTRICTED STOCK AWARD" means Awards granted pursuant to Section 6.

     "STOCK" means the Common Stock, par value $0.01 per share, of the Company,
subject to adjustments pursuant to Section 3.

     "SUBSIDIARY" means any corporation or other entity (other than the Company)
in any unbroken chain of corporations or other entities beginning with the
Company if each of the corporations or entities (other than the last corporation
or entity in the unbroken chain) owns stock or other interests possessing fifty
percent (50%) or more of the economic interest or fifty percent (50%) or more of
the total combined voting power of all classes of stock or other interests in
one of the other corporations or entities in the chain.

     "UNRESTRICTED STOCK AWARD" means any Award granted pursuant to Section 7.

                                        2
<Page>

SECTION 2.  ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND
            DETERMINE AWARDS

     (a)    ADMINISTRATION OF PLAN. The Plan shall be administered by the Board,
or at the discretion of the Board, by a committee of the Board, comprised,
except as contemplated by Section 2(c), of not less than two (2) Directors. All
references herein to the Committee shall be deemed to refer to the group then
responsible for administration of the Plan at the relevant time (i.e., either
the Board of Directors or a committee or committees of the Board, as
applicable).

     (b)    POWERS OF COMMITTEE. The Committee shall have the power and
authority to grant Awards consistent with the terms of the Plan, including the
power and authority:

            (i)    to select the individuals to whom Awards may from time to
time be granted;

            (ii)   to determine the time or times of grant, and the extent, if
any, of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock
Awards, Unrestricted Stock Awards, or any combination of the foregoing, granted
to any one or more grantees;

            (iii)  to determine the number of shares of Stock to be covered by
any Award and, subject to the provisions of Section 5(a)(i) below, the exercise
price and other terms relating thereto;

            (iv)   to determine and modify from time to time the terms and
conditions, including restrictions, not inconsistent with the terms of the Plan,
of any Award, which terms and conditions may differ among individual Awards and
grantees, and to approve the form of written instruments evidencing the Awards;

            (v)    to accelerate at any time the exercisability or vesting of
all or any portion of any Award;

            (vi)   to impose any limitations on Awards granted under the Plan,
including limitations on transfers, repurchase provisions and the like and to
exercise repurchase rights or obligations;

            (vii)  subject to the provisions of Section 5(a)(ii), to extend at
any time the period in which Stock Options may be exercised; and

            (viii) at any time to adopt, alter and repeal such rules, guidelines
and practices for administration of the Plan and for its own acts and
proceedings as it shall deem advisable; to interpret the terms and provisions of
the Plan and any Award (including related written instruments); to make all
determinations it deems advisable for the administration of the Plan; to decide
all disputes arising in connection with the Plan; and to otherwise supervise the
administration of the Plan.

     All decisions and interpretations of the Committee shall be binding on all
persons, including the Company and Plan grantees.

                                        3
<Page>

     (c)    DELEGATION OF AUTHORITY TO GRANT AWARDS. The Committee, in its
discretion, may delegate to the Chief Executive Officer of the Company all or
part of the Committee's authority and duties with respect to the granting of
Awards at Fair Market Value, and in the event of such delegation, such Chief
Executive Officer shall be deemed a one-person Committee of the Board. Any such
delegation by the Committee shall include a limitation as to the amount of
Awards that may be granted during the period of the delegation and shall contain
guidelines as to the determination of the exercise price of any Option, the
conversion ratio or price of other Awards and the vesting criteria. Any such
delegation by the Committee shall also provide that the Chief Executive Officer
may not grant awards to himself or herself without the approval of the Board of
Directors of the Company. The Committee may revoke or amend the terms of a
delegation at any time but such action shall not invalidate any prior actions of
the Committee's delegate or delegates that were consistent with the terms of the
Plan.

     (d)    INDEMNIFICATION. Neither the Board nor the Committee, nor any member
of either or any delegatee thereof, shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection
with the Plan, and the members of the Board and the Committee (and any delegatee
thereof) shall be entitled in all cases to indemnification and reimbursement by
the Company in respect of any claim, loss, damage or expense (including, without
limitation, reasonable attorneys' fees and expenses) arising or resulting
therefrom to the fullest extent permitted by law and/or under any directors' and
officers' liability insurance coverage which may be in effect from time to time.

     (e)    DEFERRAL ARRANGEMENT. The Committee may establish rules and
procedures setting forth the circumstances under which the distribution or the
receipt of Stock and other amounts payable with respect to an Award shall be
deferred either automatically or at the election of the grantee and whether and
to what extent the Company shall pay or credit amounts constituting interest (at
rates determined by the Committee) or dividends or deemed dividends on such
deferrals.

SECTION 3.  STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

     (a)    STOCK ISSUABLE. The maximum number of shares of Stock reserved and
available for issuance under the Plan shall be 7,398,236 shares of Stock,
subject to adjustment as provided in Section 3(b). For purposes of this
limitation, the shares of Stock underlying any Awards which are forfeited,
canceled, reacquired by the Company, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) shall be added back to the shares
of Stock available for issuance under the Plan. If the exercise price of any
Award is satisfied by tendering shares of stock to the Company (either by actual
delivery or by attestation) only the number of shares of stock issued, net of
shares of stock tendered, shall be deemed delivered for purposes of determining
the maximum number of shares of Stock available for Awards under the Plan.
Subject to such overall limitation, shares of Stock may be issued up to such
maximum number pursuant to any type or types of Award; PROVIDED, HOWEVER, that
from and after the date the Company becomes subject to the deduction limit
imposed by Section 162(m) of the Code, Stock Options with respect to no more
than 500,000 shares of Stock may be granted to any one individual grantee during
any one calendar year period. The shares available for issuance under

                                        4
<Page>

the Plan may be authorized but unissued shares of Stock or shares of Stock
reacquired by the Company and held in its treasury.

     (b)    CHANGES IN STOCK. Subject to Section 3(c) hereof, if, as a result of
any reorganization, recapitalization, reclassification, stock dividend, stock
split, reverse stock split or other similar change in the Company's capital
stock, the outstanding shares of Stock are increased or decreased or are
exchanged for a different number or kind of shares or other securities of the
Company, or additional shares or new or different shares or other securities of
the Company or other non-cash assets are distributed with respect to such shares
of Stock or other securities, or, if, as a result of any merger, consolidation
or sale of all or substantially all of the assets of the Company, the
outstanding shares of Stock are converted into or exchanged for a different
number or kind of securities of the Company or any successor entity (or a parent
or subsidiary thereof), the Committee shall make an appropriate or proportionate
adjustment in (i) the maximum number of shares reserved for issuance under the
Plan, (ii) if applicable, the number of Stock Options that can be granted to any
one individual grantee, (iii) the number and kind of shares or other securities
subject to any then outstanding Awards under the Plan, (iv) the repurchase price
per share subject to each outstanding Restricted Stock Award, and (v) the
exercise price and/or exchange price for each share subject to any then
outstanding Stock Options under the Plan, without changing the aggregate
exercise price (i.e., the exercise price multiplied by the number of Stock
Options ) as to which such Stock Options remain exercisable. The adjustment by
the Committee shall be final, binding and conclusive. No fractional shares of
Stock shall be issued under the Plan resulting from any such adjustment, but the
Committee in its discretion may make a cash payment in lieu of fractional
shares.

     The Committee may also adjust the number of shares subject to outstanding
Awards and the exercise price and the terms of outstanding Awards to take into
consideration material changes in accounting practices or principles,
extraordinary dividends, acquisitions or dispositions of stock or property or
any other event if it is determined by the Committee that such adjustment is
appropriate to avoid distortion in the operation of the Plan, PROVIDED THAT no
such adjustment shall be made in the case of an Incentive Stock Option, without
the consent of the grantee, if it would constitute a modification, extension or
renewal of the Option within the meaning of Section 424(h) of the Code.

     (c)    MERGERS AND OTHER SALE EVENTS. In the case of and subject to the
consummation of (i) the dissolution or liquidation of the Company, (ii) the sale
of all or substantially all of the assets of the Company on a consolidated basis
to an unrelated person or entity, (iii) a merger, reorganization or
consolidation in which the outstanding shares of Stock are converted into or
exchanged for securities of the successor entity and the holders of the
Company's outstanding voting power immediately prior to such transaction do not
own at least a majority of the outstanding voting power of the successor entity
immediately upon completion of such transaction, (iv) the sale of all or a
majority of the outstanding Stock of the Company to an unrelated person or
entity or (v) any other transaction in which the holders of the Company's
outstanding voting power immediately prior to such transaction do not own at
least a majority of the outstanding voting power of a successor entity
immediately upon completion of the transaction (in each case, regardless of the
form thereof, a "Sale Event"), unless otherwise provided in the Award agreement,
the Plan and all outstanding Options issued hereunder shall terminate upon the
effective time of any such Sale Event, unless provision is made in connection

                                        5
<Page>

with such Sale Event in the sole discretion of the parties thereto for the
assumption or continuation of Options theretofore granted by the successor
entity, or the substitution of such Options with new Options of the successor
entity or a parent or subsidiary thereof, with such adjustment as to the number
and kind of shares and, if appropriate, the per share exercise prices as such
parties shall agree (in all cases, after taking into account any acceleration,
if any, hereunder). In the event of such termination, each grantee shall be
permitted, within a specified period of time prior to the consummation of the
Sale Event as determined by the Committee, to exercise all outstanding Options
held by such grantee which are then exercisable or will become exercisable as of
the effective time of the Sale Event; PROVIDED, HOWEVER, that the exercise of
Options not exercisable prior to the Sale Event shall be subject to the
consummation of the Sale Event. In the event of a Sale Event pursuant to which
holders of the Stock of the Company will receive upon consummation thereof a
cash payment for each share surrendered in the Sale Event, the Company shall
have the right, but not the obligation, to make or provide for a cash payment to
the holders of vested Options, in exchange for the cancellation thereof, in an
amount equal to the difference between (a) the value as determined by the
Committee of the consideration payable per share of Stock pursuant to the Sale
Event (the "Sale Price") times the number of shares of Stock subject to such
outstanding Options (to the extent then exercisable at prices not in excess of
the Sale Price) and (b) the aggregate exercise price of all such outstanding
Options. In the event provision is made in connection with the Sale Event for
the assumption or continuation of Awards, or the substitution of such Awards
with new Awards of the successor entity or parent thereof, then any Award so
assumed or continued or substituted therefor shall be deemed vested and
exercisable in full upon the date on which the grantee's employment or service
relationship with the Company and its subsidiaries or successor entity, as the
case may be, terminates if such termination occurs (i) within a specified period
after such Sale Event and (ii) such termination is by the Company or its
Subsidiaries or successor entity without Cause (as defined in the relevant Award
agreement) or by the grantee for Good Reason (as defined in the relevant Award
agreement).The treatment of Restricted Stock Awards in connection with any such
transaction shall be as specified in the relevant Award agreement.

     (d)    SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in
substitution for similar stock based awards held by employees, directors or
other key persons of another corporation in connection with a merger or
consolidation of the employing corporation with the Company or a Subsidiary or
the acquisition by the Company or a Subsidiary of property or stock of the
employing corporation. The Committee may direct that the substitute awards be
granted on such terms and conditions as the Committee considers appropriate in
the circumstances. Any substitute Awards granted under the Plan shall not count
against the share limitation set forth in Section 3(a).

SECTION 4.  ELIGIBILITY

     Grantees in the Plan will be such full or part-time officers, employees,
directors, consultants, advisors, and other key persons (including prospective
employees, but conditioned on their employment) of the Company and its
Subsidiaries who are responsible for, or contribute to, the management, growth
or profitability of the Company and its Subsidiaries as are selected from time
to time by the Committee in its sole and absolute discretion; provided, however,
that

                                        6
<Page>

an Incentive Stock Option may be granted only to a person who, at the time the
Incentive Stock Option is granted, is an employee of the Company or any of its
Subsidiaries.

SECTION 5.  STOCK OPTIONS

     Any Stock Option granted under the Plan shall be pursuant to a Stock Option
Agreement which shall be in such form as the Committee may from time to time
approve. Option agreements need not be identical.

     Stock Options granted under the Plan may be either Incentive Stock Options
or Non-Qualified Stock Options. Incentive Stock Options may be granted only to
employees of the Company or any Subsidiary that is a "subsidiary corporation"
within the meaning of Section 424(f) of the Code. To the extent that any Option
does not qualify as an Incentive Stock Option, it shall be deemed a
Non-Qualified Stock Option.

     No Incentive Stock Option shall be granted under the Plan after the date
which is ten (10) years from the date the Plan is approved by the Board.

     (a)    TERMS OF STOCK OPTIONS. Stock Options granted under the Plan shall
be subject to the following terms and conditions and shall contain such
additional terms and conditions, not inconsistent with the terms of the Plan, as
the Committee shall deem desirable. If the Committee so determines, Stock
Options may be granted in lieu of cash compensation at the grantee's election,
subject to such terms and conditions as the Committee may establish, as well as
in addition to other compensation.

            (i)    EXERCISE PRICE. The exercise price per share for the Stock
covered by a Stock Option shall be determined by the Committee at the time of
grant but, in the case of Incentive Stock Options, shall not be less than one
hundred percent (100%) of the Fair Market Value on the date of grant. If an
employee owns or is deemed to own (by reason of the attribution rules of Section
424(d) of the Code) more than ten percent (10%) of the combined voting power of
all classes of stock of the Company or any parent or Subsidiary and an Incentive
Stock Option is granted to such employee, the option price of such Incentive
Stock Option shall be not less than one hundred ten percent (110%) of the Fair
Market Value on the grant date.

            (ii)   OPTION TERM. The term of each Stock Option shall be fixed by
the Committee, but no Stock Option shall be exercisable more than ten (10) years
after the date the Stock Option is granted. If an employee owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than
ten percent (10%) of the combined voting power of all classes of stock of the
Company or any parent or subsidiary corporation and an Incentive Stock Option is
granted to such employee, the term of such Stock Option shall be no more than
five (5) years from the date of grant.

            (iii)  EXERCISABILITY; RIGHTS OF A STOCKHOLDER. Stock Options shall
become exercisable at such time or times, whether or not in installments, as
shall be determined by the Committee at or after the grant date. The Committee
may at any time accelerate the exercisability of all or any portion of any Stock
Option. An optionee shall have the rights of a

                                        7
<Page>

stockholder only as to shares acquired upon the exercise of a Stock Option and
not as to unexercised Stock Options.

            (iv)   METHOD OF EXERCISE. Stock Options may be exercised in whole
or in part, by giving written notice of exercise to the Company, specifying the
number of shares to be purchased. Payment of the purchase price may be made by
one or more of the following methods (or any combination thereof) to the extent
provided in the Award agreement or as otherwise provided by the Committee:

                   (A)    In cash, by certified or bank check or by wire
     transfer of immediately available funds, or other instrument acceptable to
     the Committee in U.S. funds payable to the order of the Company in an
     amount equal to the purchase price of such shares issuable pursuant to the
     Award;

                   (B)    If permitted by the Committee, through the delivery
     (or attestation to the ownership) of shares of Stock that have been
     purchased by the optionee on the open market or that have been beneficially
     owned by the optionee for at least six (6) months and are not then subject
     to restrictions under any Company plan. Such surrendered shares shall be
     valued at Fair Market Value on the exercise date;

                   (C)    If permitted by the Committee, by the optionee
     delivering to the Company a properly executed exercise notice together with
     irrevocable instructions to a broker to promptly deliver to the Company
     cash or a check payable and acceptable to the Company to pay the purchase
     price; PROVIDED THAT in the event the optionee chooses to pay the purchase
     price as so provided, the optionee and the broker shall comply with such
     procedures and enter into such agreements of indemnity and other agreements
     as the Committee shall prescribe as a condition of such payment procedure.

     Payment instruments will be received subject to collection. No certificates
for shares of Stock so purchased will be issued to optionee until the Company
has completed all steps required by law to be taken in connection with the
issuance and sale of the shares, including without limitation (i) receipt of a
representation from the optionee at the time of exercise of the Option that the
optionee is purchasing the shares for the optionee's own account and not with a
view to any sale or distribution thereof, (ii) the legending of any certificate
representing the shares to evidence the foregoing representations and
restrictions, and (iii) obtaining from optionee payment or provision for all
withholding taxes due as a result of the exercise of the Option. The delivery of
certificates representing the shares of Stock to be purchased pursuant to the
exercise of a Stock Option will be contingent upon receipt from the optionee (or
a purchaser acting in his or her stead in accordance with the provisions of the
Stock Option) by the Company of the full purchase price for such shares and the
fulfillment of any other requirements contained in the Option Award agreement or
applicable provisions of laws. In the event an optionee chooses to pay the
purchase price by previously-owned shares of Stock through the attestation
method, the number of shares of Stock transferred to the optionee upon the
exercise of the Stock Option shall be net of the number of shares attested to.

     (b)    ANNUAL LIMIT ON INCENTIVE STOCK OPTIONS. To the extent required for
"incentive stock option" treatment under Section 422 of the Code, the aggregate
Fair Market Value

                                        8
<Page>

(determined as of the time of grant) of the shares of Stock with respect to
which Incentive Stock Options granted under this Plan and any other plan of the
Company or its parent and Subsidiaries become exercisable for the first time by
an optionee during any calendar year shall not exceed $100,000. To the extent
that any Stock Option exceeds this limit, it shall constitute a Non-Qualified
Stock Option.

     (c)    NON-TRANSFERABILITY OF OPTIONS. No Stock Option shall be
transferable by the optionee otherwise than by will or by the laws of descent
and distribution and all Stock Options shall be exercisable, during the
optionee's lifetime, only by the optionee, or by the optionee's legal
representative or guardian in the event of the optionee's incapacity.
Notwithstanding the foregoing, the Committee, in its sole discretion, may
provide in the Award agreement regarding a given Option that the optionee may
transfer, without consideration for the transfer, his or her Non-Qualified Stock
Options to members of his or her immediate family, to trusts for the benefit of
such family members, or to partnerships in which such family members are the
only partners, PROVIDED THAT the transferee agrees in writing with the Company
to be bound by all of the terms and conditions of this Plan and the applicable
Option.

SECTION 6.  RESTRICTED STOCK AWARDS

     (a)    NATURE OF RESTRICTED STOCK AWARDS. A Restricted Stock Award is an
Award pursuant to which the Company may, in its sole discretion, grant or sell,
at such purchase price as determined by the Committee, in its sole discretion,
shares of Stock subject to such restrictions and conditions as the Committee may
determine at the time of grant ("Restricted Stock"), which purchase price shall
be payable in cash or other form of consideration acceptable to the Committee.
Conditions may be based on continuing employment (or other service relationship)
and/or achievement of pre-established performance goals and objectives. The
terms and conditions of each such agreement shall be determined by the
Committee, and such terms and conditions may differ among individual Awards and
grantees, all of whom must be eligible persons under Section 4 hereof.

     (b)    RIGHTS AS A STOCKHOLDER. Upon execution of a written instrument
setting forth the Restricted Stock Award and payment of any applicable purchase
price, a grantee shall have the rights of a stockholder with respect to the
voting of the Restricted Stock, subject to such conditions contained in the
written instrument evidencing the Restricted Stock Award. Unless the Committee
shall otherwise determine, certificates evidencing the Restricted Stock shall
remain in the possession of the Company until such Restricted Stock is vested as
provided in subsection (d) below of this Section, and the grantee shall be
required, as a condition of the grant, to deliver to the Company a stock power
endorsed in blank.

     (c)    RESTRICTIONS. Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein or in the Restricted Stock Award agreement. If a
grantee's employment (or other service relationship) with the Company and its
Subsidiaries terminates under the conditions specified in the relevant
instrument relating to the Award, or upon such other event or events as may be
stated in the instrument evidencing the Award, the Company or its assigns shall
have the right or shall agree,

                                        9
<Page>

as may be specified in the relevant instrument, to repurchase some or all of the
shares of Stock subject to the Award at such purchase price as is set forth in
such instrument.

     (d)    VESTING OF RESTRICTED STOCK. The Committee at the time of grant
shall specify the date or dates and/or the attainment of pre-established
performance goals, objectives and other conditions on which Restricted Stock
shall become vested, subject to such further rights of the Company or its
assigns as may be specified in the instrument evidencing the Restricted Stock
Award.

     (e)    WAIVER, DEFERRAL AND REINVESTMENT OF DIVIDENDS. The Restricted Stock
Award agreement may require or permit the immediate payment, waiver, deferral or
investment of dividends paid on the Restricted Stock.

SECTION 7.  UNRESTRICTED STOCK AWARDS

     (a)    GRANT OR SALE OF UNRESTRICTED STOCK. The Committee may, in its sole
discretion, grant (or sell at par value or such higher purchase price determined
by the Committee) an Unrestricted Stock Award to any grantee, pursuant to which
such grantee may receive shares of Stock free of any vesting restrictions
("Unrestricted Stock") under the Plan. Unrestricted Stock Awards may be granted
or sold as described in the preceding sentence in respect of past services or
other valid consideration, or in lieu of any cash compensation due to such
individual.

     (b)    ELECTIONS TO RECEIVE UNRESTRICTED STOCK IN LIEU OF COMPENSATION.
Upon the request of an eligible person under Section 4 hereof and with the
consent of the Committee, each such grantee may, pursuant to an advance written
election delivered to the Company no later than the date specified by the
Committee, receive a portion of the cash compensation otherwise due to such
grantee in the form of shares of Unrestricted Stock either currently or on a
deferred basis.

     (c)    RESTRICTIONS ON TRANSFERS. The right to receive shares of
Unrestricted Stock on a deferred basis may not be sold, assigned, transferred,
pledged or otherwise encumbered, other than by will or the laws of descent and
distribution.

SECTION 8.  TAX WITHHOLDING

     Each grantee shall, no later than the date as of which the value of an
Award or of any Stock or other amounts received thereunder first becomes
includable in the gross income of the grantee for Federal income tax purposes,
pay to the Company, or make arrangements satisfactory to the Committee regarding
payment of, any federal, state, or local taxes of any kind required by law to be
withheld with respect to such income. The Company and its Subsidiaries shall, to
the extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to the grantee. The Company's obligation to
deliver stock certificates to any grantee is subject to and conditioned on tax
obligations being satisfied by the grantee.

                                       10
<Page>

SECTION 9.  TRANSFER, LEAVE OF ABSENCE, ETC.

     For purposes of the Plan, the following events shall not be deemed a
termination of employment:

     (a)    a transfer to the employment of the Company from a Subsidiary or
from the Company to a Subsidiary, or from one Subsidiary to another Subsidiary;
or

     (b)    an approved leave of absence for military service, sickness or
disability, or for any other purpose approved by the Committee, if the
employee's right to re-employment is guaranteed either by a statute or by
contract or under the policy pursuant to which the leave of absence was granted
or if the Committee otherwise so provides in writing.

SECTION 10. AMENDMENTS AND TERMINATION

     The Board may, at any time, amend or discontinue the Plan and the Committee
may, at any time, amend or cancel any outstanding Award (or provide substitute
Awards at the same or a reduced exercise or purchase price or with no exercise
or purchase price in a manner not inconsistent with the terms of the Plan,
provided that such price, if any, must satisfy the requirements which would
apply to the substitute or amended Award if it were then initially granted under
this Plan for the purpose of satisfying changes in law or for any other lawful
purpose), but no such action shall adversely affect rights under any outstanding
Award without the holder's consent. In addition, to the extent determined by the
Committee to be required by the Code to ensure that Incentive Stock Options
granted under the Plan are qualified under Section 422 of the Code, Plan
amendments shall be subject to approval by the Company's stockholders who are
entitled to vote at a meeting of stockholders. Nothing in this Section 10 shall
limit the Board's or Committee's authority to take any action permitted pursuant
to Section 3(c).

SECTION 11. STATUS OF PLAN

     With respect to the portion of any Award that has not been exercised and
any payments in cash, Stock or other consideration not received by a grantee, a
grantee shall have no rights greater than those of a general creditor of the
Company unless the Committee shall otherwise expressly determine in connection
with any Award or Awards. In its sole discretion, the Committee may authorize
the creation of trusts or other arrangements to meet the Company's obligations
to deliver Stock or make payments with respect to Awards hereunder, PROVIDED
THAT the existence of such trusts or other arrangements is consistent with the
foregoing sentence.

SECTION 12. GENERAL PROVISIONS

     (a)    NO DISTRIBUTION; COMPLIANCE WITH LEGAL REQUIREMENTS. The Committee
may require each person acquiring Stock pursuant to an Award to represent to and
agree with the Company in writing that such person is acquiring the shares
without a view to distribution thereof. No shares of Stock shall be issued
pursuant to an Award until all applicable securities

                                       11
<Page>

law and other legal and stock exchange or similar requirements have been
satisfied. The Committee may require the placing of such stop-orders and
restrictive legends on certificates for Stock and Awards as it deems
appropriate.

     (b)    DELIVERY OF STOCK CERTIFICATES. Stock certificates to grantees under
this Plan shall be deemed delivered for all purposes when the Company or a stock
transfer agent of the Company shall have mailed such certificates in the United
States mail, addressed to the grantee, at the grantee's last known address on
file with the Company.

     (c)    OTHER COMPENSATION ARRANGEMENTS; NO EMPLOYMENT RIGHTS. Nothing
contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, including trusts, and such arrangements may be either
generally applicable or applicable only in specific cases. The adoption of this
Plan and the grant of Awards do not confer upon any employee any right to
continued employment with the Company or any Subsidiary.

     (d)    TRADING POLICY RESTRICTIONS. Option exercises and other Awards under
the Plan shall be subject to such Company's insider-trading-policy-related
restrictions, terms and conditions as may be established by the Committee, or in
accordance with policies set by the Committee, from time to time.

     (e)    LOANS TO AWARD RECIPIENTS. The Company shall have the authority, to
the extent permitted by law, to make loans to recipients of Awards hereunder
(including to facilitate the purchase of shares) and shall further have the
authority to issue shares for promissory notes hereunder

     (f)    DESIGNATION OF BENEFICIARY. Each grantee to whom an Award has been
made under the Plan may designate a beneficiary or beneficiaries to exercise any
Award or receive any payment or issuance of stock under any Award payable or
issuable on or after the grantee's death. Any such designation shall be on a
form provided for that purpose by the Committee and shall not be effective until
received by the Committee. If no beneficiary has been designated by a deceased
grantee, or if the designated beneficiaries have predeceased the grantee, the
beneficiary shall be the grantee's estate.

SECTION 13. EFFECTIVE DATE OF PLAN

     This Plan shall become effective upon approval by the stockholders in
accordance with applicable law. Subject to such approval by the stockholders and
to the requirement that no Stock may be issued hereunder prior to such approval,
Stock Options and other Awards may be granted hereunder on and after adoption of
this Plan by the Board.

                                       12
<Page>

SECTION 14. GOVERNING LAW

     This Plan and all Awards and actions taken thereunder shall be governed by
Delaware law, applied without regard to conflict of law principles.

ADOPTED BY BOARD OF DIRECTORS:   March 31, 2005

APPROVED BY STOCKHOLDERS:        March 31, 2005

                                       13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]