Document:

Exhibit
10.4

AMENDMENT
TO EMPLOYMENT AGREEMENT

This FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT (“Amendment”) dated as of January 30, 2007 is between
Clayton Holdings, Inc., a Delaware corporation with its principal place of
business located at 2 Corporate Drive, Shelton, CT 06484 (the “Employer”),
and Steven L. Cohen (the “Employee”).

WHEREAS,
the Employee is currently employed as the Senior Vice President — General
Counsel of the Employer under an Employment Agreement dated December 21, 2004 with
an effective date of January 31, 2005 (the “Agreement”); and

WHEREAS,
the Board of Directors of Employer has authorized new bonus and change of
control arrangements in respect of Employee, and the parties hereto consider it
appropriate that the Agreement be amended to reflect such arrangements;

NOW,
THERFORE, the Employer and the Employee agree to the following amendments
to the Agreement.  Capitalized terms used
in this Amendment that are not otherwise defined shall have the same meanings
as in the Agreement.

1. Section IV. of the
Agreement is hereby amended by deleting the second and third paragraphs in
their entirety and replacing them with the following:

“Notwithstanding the “at will” nature of this Agreement and Employee’s
employment hereunder, if Employee’s employment under this Agreement is
terminated for any reason other than (i) by Employer for Cause (as that term is
defined in Section I(b)), (ii) as a result of Employee’s voluntary termination
other than for Good Reason (as that term is defined herein), or (iii) due to
Employee’s death or disability, Employer shall provide to Employee the
Termination Benefits (as that term is defined below).

The “Termination Benefits” shall include continuation of salary
at a rate equal to one hundred percent (100 %) of Employee’s Base Salary as in
effect at the date of termination for a period of twelve (12) months following
the date of termination (payment shall be subject to withholding under
applicable law and shall be made in periodic installments in accordance with
the Employer’s payroll policies), unless such termination is within eighteen
(18) months after the consummation of a Change of Control (as that term is
defined herein) in which case the Employer will pay to Employee, within fifteen
(15) days after the termination of his employment, in one lump-sum payment the
sum of (y) eighteen (18) months of Base Salary and (z) one hundred fifty
percent (150%) of Employee’s target incentive bonus for the year in which the
termination of employment occurs.”

2. Section IV. of the Agreement
is further amended by deleting the sixth paragraph and replacing it with the
following:

“For purposes of this Agreement, a “Change of Control” shall
mean the occurrence of any of the following: (A) the consummation of a merger
or consolidation of the Employer with or into an entity unaffiliated with the
Employer prior to the effective date of such merger or consolidation or any
other corporate reorganization, if more than fifty percent (50%) of the
combined voting power of the continuing or surviving entity’s securities
outstanding immediately after such merger, consolidation or other
reorganization is owned by a person who in the aggregate owned less than
twenty-five percent (25%) of the Employer’s combined voting power represented
by the outstanding securities of the Employer immediately prior to such merger,
consolidation or other reorganization; (B) the sale, transfer or other
disposition of all or substantially all of the assets of the Employer; (C) a
change in the composition of the Board of Directors of the Employer (the “Board”),
resulting in fewer than one-half of its members either having been
(i) members of the Board on the date which was twenty-four (24) months
immediately prior to the date of the event that may constitute a Change of Control
(the “Original Members”), or (ii) elected or nominated for election
to the Board with the affirmative votes of at least a majority of the aggregate
of the 

Original Members who were on the Board at the time of the election or
nomination and the members whose election or nomination was previously so
approved; or (D) any transaction as a result of which any person becomes the “Beneficial
Owner” (as defined in Rule 13d-3 under the Securities Exchange Act of
1934, as amended), directly or indirectly, of securities of the Employer
representing more than fifty percent (50%) of the total voting power
represented by the Employer’s then outstanding voting securities.  For purposes of the immediately preceding
subsection (D), the term “Person” shall have the same meaning as when
used in section 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended, but shall exclude: (i) a trustee or other fiduciary
holding securities under an employee benefit plan of the Employer or a
subsidiary thereof; (ii) a corporation owned directly or indirectly by the
stockholders of the Employer in substantially the same proportions as their
ownership of the common stock of the Employer; and (iii) the
Employer.  For purposes of this
Agreement, “Good Reason” shall mean the occurrence of any of the
following events: (A) a reduction in Employee’s annual Base Salary; (B) a
material diminution of Employee’s duties or job function as the Senior Vice
President — General Counsel of the Employer or otherwise normally expected of
or assigned to a person holding the position of Senior Vice President — General
Counsel at a business of Employer’s size, nature and industry; or (C) the
relocation of the offices at which Employee is principally employed to any
other location which increases Employee’s commute by more than fifty (50) miles
from the current location of such offices.

3. Section V of the
Agreement is hereby deleted in its entirety and replaced with the following:

“V.          INCENTIVE COMPENSATION:

In addition to Base Salary, Employee shall be eligible
to receive an annual incentive bonus. The Employer, at its discretion, shall
determine the exact amount of such bonus based on a combination of Employer and
Employee performance goals, criteria and targets established by the Employer’s
Board of Directors or a committee thereof.”

[Remainder of Page Intentionally Left Blank]

 2
 

IN WITNESS WHEREOF, the Employee
and Employer have executed this Amendment as of the date set forth above.

	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Steven L.
  Cohen

  
	
   

  	
  Steven L. Cohen

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYER:

  
	
   

  	
   

  
	
   

  	
  CLAYTON
  HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Frank P.
  Filipps

  
	
   

  	
  Frank P. Filipps

  
	
   

  	
  Chief Executive
  Officer

  

 

 3Exhibit
10.5

AMENDMENT
TO EMPLOYMENT AGREEMENT

This FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT dated as of January 30, 2007 is between Clayton Holdings,  Inc., a Delaware corporation with its
principal place of business located at 2 Corporate Drive, Shelton, CT 06484 (the
“Company”), and David Keith Johnson (the “Employee”).

WHEREAS,
the Employee is currently employed as the President and Chief Operating Officer
of the Company under an Employment Agreement dated May 1, 2006 (the “Agreement”);
and

WHEREAS,
the Board of Directors of the Company has authorized new termination arrangements
in respect of Employee, and the parties hereto consider it appropriate that the
Agreement be amended to reflect such arrangements;

NOW,
THERFORE, the Company and the Employee agree to the following amendment
to the Agreement.  Capitalized terms used
in this Amendment that are not otherwise defined shall have the same meanings
as in the Agreement.

1. Section 3.02(f) of the
Agreement is deleted in its entirety and replaced with the following:

“(f)                              Upon not less than
thirty (30) days’ written notice from Employee to the Company of Employee’s
voluntary resignation for Good Reason (as that term is defined below) (which
resignation must be within one hundred twenty (120) days of the occurrence of
the event or events giving rise to such Good Reason), by written notice to the
Chief Executive Officer and the Board of Directors setting forth such Good
Reason and giving the Company a reasonable period of time, not less than ten
(10) business days, to eliminate and cure such Good Reason.  For purposes of this Agreement, “Good
Reason” shall mean the occurrence of any of the following events: (A) a
reduction in Employee’s annual Base Salary; (B) a material diminution of
Employee’s duties or job function as the President and Chief Operating Officer
of the Company or otherwise normally expected of or assigned to a person
holding the position of President and Chief Operating Officer at a business of Company’s
size, nature and industry; or (C) the relocation of the offices at which
Employee is principally employed to any other location which increases Employee’s
commute by more than fifty (50) miles from the current location of such
offices.”

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Employee
and Company have executed this Amendment as of the date set forth above.

	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
  /s/ David Keith
  Johnson

  
	
   

  	
  David Keith
  Johnson

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CLAYTON
  HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Frank P.
  Filipps

  
	
   

  	
  Frank P. Filipps

  
	
   

  	
  Chief Executive
  Officer

  

 

 2Exhibit 10.35

 

2007
Base Salaries for Named Executive Officers

 

	
  Name and Title

  	
   

  	
  Salary

  	
   

  
	
  James M. Gower

  	
   

  	
  $

  	
  500,000

  	
   

  
	
  Chief Executive Officer and President

  	
   

  	
   

  	
   

  
	
  (principal executive officer and named executive
  officer)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Donald G. Payan

  	
   

  	
  $

  	
  420,000

  	
   

  
	
  Executive Vice President and Chief Scientific
  Officer

  	
   

  	
   

  	
   

  
	
  (named executive officer)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Elliot B. Grossbard

  	
   

  	
  $

  	
  390,200

  	
   

  
	
  Senior Vice President, Medical Development

  	
   

  	
   

  	
   

  
	
  (named executive officer)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Raul R. Rodriguez

  	
   

  	
  $

  	
  380,000

  	
   

  
	
  Executive Vice President, Chief Operating Officer

  	
   

  	
   

  	
   

  
	
  (named executive officer)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ryan Maynard

  	
   

  	
  $

  	
  260,000

  	
   

  
	
  Chief Financial Officer and Vice President

  	
   

  	
   

  	
   

  
	
  (principal financial officer and named executive
  officer)

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