Document:

Exhibit
10.41

CLAYTON
HOLDINGS, INC.

2005
STOCK OPTION AND GRANT PLAN

First
Amendment

A.            The
Clayton Holdings, Inc. 2005 Stock Option and Grant Plan (the “Plan”), is
amended by deleting Section 3(b) in its entirety and replacing it with the
following:

“(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 or consolidation, sale of all or substantially all of the assets of the
Company, the outstanding shares of Stock are converted into or exchanged for
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)
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, (v) the 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 Committee shall also make equitable or
proportionate adjustments in the number of shares subject to outstanding Awards
and the exercise price and the terms of outstanding Awards to take into
consideration cash dividends paid other than in the ordinary course or any other
extraordinary corporate event. 
Notwithstanding the foregoing, no adjustment shall be made under this
Section 3(b) if the Committee determines that such action could cause any Award
to fail to satisfy the conditions of any applicable exception from the
requirements of Section 409A or otherwise could subject the grantee to the
additional tax imposed under Section 409A in respect of an outstanding Award or
constitute a modification, extension or renewal of an Incentive Stock Option
within the meaning of Section 424(h) of the Code.   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.”

B.            This
Amendment shall be effective on the date of execution.

C.            Except as amended herein, the Plan is confirmed in all
other respects.

IN WITNESS
WHEREOF, Clayton Holdings, Inc. has caused this Amendment to be executed by its
duly authorized officer this 28th day of February, 2007.

	
  

  	
  CLAYTON HOLDINGS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frederick C. Herbst

  	
   

  
	
   

  	
  Name:

  	
  Frederick C. Herbst

  	
   

  
	
   

  	
  Title:

  	
  Chief Financial OfficerExhibit
10.42

CLAYTON
HOLDINGS, INC.

2006
STOCK OPTION AND INCENTIVE PLAN

First
Amendment

A.            The
Clayton Holdings, Inc. 2006 Stock Option and Incentive Plan (the “Plan”), is
amended by deleting Section 3(b) in its entirety and replacing it with the
following:

“(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 or consolidation, sale of all or substantially all of the assets of the
Company, the outstanding shares of Stock are converted into or exchanged for
securities of the Company or any successor entity (or a parent or subsidiary
thereof), the Administrator shall make an appropriate or proportionate
adjustment in (i) the maximum number of shares reserved for issuance under the
Plan, including the maximum number of shares that may be issued in the form of
Incentive Stock Options, (ii) the number of Stock Options or Stock Appreciation
Rights that can be granted to any one individual grantee and the maximum number
of shares that may be granted under a Performance-based Award, (iii) the number
and kind of shares or other securities subject to any then outstanding Awards
under the Plan, (iv) the repurchase price, if any, per share subject to each
outstanding Restricted Stock Award, (v) the number of Stock Options automatically
granted to Non-Employee Directors, and (vi) the price for each share subject to
any then outstanding Stock Options and Stock Appreciation Rights under the
Plan, without changing the aggregate exercise price (i.e., the exercise price
multiplied by the number of Stock Options and Stock Appreciation Rights) as to
which such Stock Options and Stock Appreciation Rights remain exercisable.  The Administrator shall also make equitable
or proportionate adjustments in the number of shares subject to outstanding
Awards and the exercise price and the terms of outstanding Awards to take into
consideration cash dividends paid other than in the ordinary course or any
other extraordinary corporate event. 
Notwithstanding the foregoing, no adjustment shall be made under this
Section 3(b) if the Administrator determines that such action could 

cause any Award to fail to satisfy the conditions of
any applicable exception from the requirements of Section 409A or otherwise
could subject the grantee to the additional tax imposed under Section 409A in
respect of an outstanding Award or constitute a modification, extension or
renewal of an Incentive Stock Option within the meaning of Section 424(h) of
the Code.   The adjustment by the Administrator
shall be final, binding and conclusive. 
No fractional shares of Stock shall be issued under the Plan resulting
from any such adjustment, but the Administrator in its discretion may make a
cash payment in lieu of fractional shares.”

B.            This
Amendment shall be effective on the date of execution.

C.            Except as amended herein, the Plan is confirmed in all
other respects.

IN WITNESS
WHEREOF, Clayton Holdings, Inc. has caused this Amendment to be executed by its
duly authorized officer this 28th day of February, 2007.

	
  

  	
  CLAYTON HOLDINGS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frederick C. Herbst

  	
   

  
	
   

  	
  Name:

  	
  Frederick C. Herbst

  
	
   

  	
  Title:

  	
  Chief Financial OfficerExhibit 10.1

AMENDMENT TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This
Amendment (the “Amendment”) to the Amended and Restated Employment Agreement
entered into August 19, 2004 between Oren G. Shaffer (the “Executive”) and
Qwest Services Corporation, a Colorado corporation (the “Company”), as
previously amended on October 21, 2005, December 16, 2005 and
February 16, 2006 (the “Employment Agreement”) is made and entered into on
March 23, 2007, between the Executive and the Company.

WITNESSETH THAT:

WHEREAS, the parties previously entered into the Employment Agreement
pertaining to the employment of the Executive by the Company; and

WHEREAS, the parties previously amended the Employment Agreement on
October 21, 2005, December 16, 2005 and February 16, 2006 in certain respects;
and

WHEREAS, the Executive is a “specified employee” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended; and

WHEREAS, the parties desire to amend the Employment Agreement as set
forth below to comply with Section 409A.

NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below, the Executive and the Company hereby amend the Employment
Agreement as follows:

1.             A
new Paragraph 23 is added to the Employment Agreement to provide in its
entirety as follows:

23.           Compliance with
Section 409A of the Code.

Notwithstanding
any other provision of this Agreement, the payment of amounts or the provision
of benefits required under this Agreement that are deferred compensation within
the meaning of Section 409A of the Internal Revenue Code of 1986, as amended,
and any related guidance, proposed and final regulations issued thereunder
(collectively, “Section 409A”) shall be paid and provided in accordance with
the following provisions:

(a)           6-Month
Delay.  No payment or provision of
benefits shall be made before the date that is six months after the Executive’s
“separation from service” (as defined in Section 409A) (“Separation from
Service”) (or, if earlier, the date of the Executive’s death) (the “6-Month Delay”).

(i)            Payment
of Cash Benefits. Any cash payment otherwise due to the Executive under
this Agreement upon Separation from Service shall be paid in a lump sum, minus
any applicable or legally-required withholdings, as soon as administratively
practicable following the 6-Month Delay.

(ii)           Payment
of Non-Cash Benefits. Any payment by the Company to provide non-cash
benefits under this Agreement, including, but not limited to, the office and
related services and equipment set forth in subparagraph 4(g), 

 

shall be made as soon as administratively practicable following the
6-Month Delay.

(b)           Modification.  The payment of amounts or provision of
benefits under this Agreement may be further modified or amended as necessary
to comply with any guidance issued under Section 409A after the date of this
Amendment.

2.             Except as set forth above, the Employment
Agreement, as previously amended, remains in full force and effect.

Dated
and intended to be effective this 23rd day of March, 2007.

	
  

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  QWEST SERVICES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Teresa A. Taylor

  
	
   

  	
   

  	
  Teresa A. Taylor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Oren G. Shaffer

  
	
   

  	
  Oren G. Shaffer

  

 

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