Exhibit 10.47

2006 Incentive Plan

For

Key Management

The Eye Care Centers of America, Inc. 2006 Incentive Plan for Key Management
(hereafter referred to as “the company” and “the Plan”) is designated to
attract, retain and reward key management associates who contribute to the
achievement of Company objectives. The plan includes those participants who are
most able to influence the Company’s growth and profitability as determined by
the Chief Executive Officer.

The plan is intended to support the Company’s compensation philosophy, which is
to provide superior direct compensation opportunities for superior financial and
individual performance.

Objectives:

The specific objectives of the plan are to:

 

•   Motivate and reward key management for superior performance in achieving the
Company financial goals.

 

•   Strengthen the commonality of shareholder and management interests.

 

•   Enhance the Company’s ability to acquire and retain qualified management
associates.

Features:

The following is a summary of the major features of the Plan:

Plan Year:

The plan year shall be the fiscal year from January 1, 2006 through December 30,
2006.

Eligibility:

Participation in the plan is based on approval from the Chief Executive Officer.

The participant should be a regular full-time employee of the company at the
time of payment. A participant who subsequently is on a leave of absence away
from work for a period longer than 90 days during the plan year shall have
his/her incentive prorated based upon his/her active time in position.

 

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2006 Incentive Plan

For

Key Management

Incentive Opportunity:

No bonus shall be paid with respect to the fiscal year unless minimum Adjusted
EBITDA, as defined and set forth (in thousands) under Financial Objectives, is
exceeded for the year.

Base Salary is defined as the effective pay rate as of the fiscal year end not
including commissions, bonuses, contractual guarantees, etc.

Participant incentive awards will be based on weighted objectives of: (A) up to
90% on Adjusted EBITDA as defined under Financial Objectives and (B) a maximum
of 10% on up to five individual performance objectives consistent with the
criteria outlined under Performance Objectives.

Company Financial Objectives (CFO):

“Adjusted EBITDA” shall mean earnings for the Company before interest expense,
income tax, depreciation and amortization as determined in accordance with
generally accepted accounting principles. Adjusted EBITDA thresholds referenced
in this plan are for the current business. Acquisitions not comprehended in the
plan will be treated as a discretionary issue by the Compensation Committee.

No performance bonus shall be paid with respect to the fiscal year unless
minimum Adjusted EBITDA, as set forth below (in thousands), is exceeded for the
year. The Bonus shall be 30% of Base Salary if Target Adjusted EBITDA, as set
forth below (in thousands), is achieved for the year and shall be 100% of Base
Salary if superior Adjusted EBITDA, as set forth below (in thousands) is
achieved or exceeded for such year. If Adjusted EBITDA achieved for the fiscal
year falls between minimum Adjusted EBITDA and superior Adjusted EBITDA, the
bonus shall be such percentage of base salary between 0% and 100% calculated on
a straight line basis, as corresponds to the relative achievement of Adjusted
EBITDA, with 0% corresponding to minimum Adjusted EBITDA and 100% corresponding
to superior Adjusted EBITDA.

 

    

COMPANY
Adjusted
EBITDA
(000)

2006

   (CFO)
% of
Base
Salary   (PO) Superior    $73,600.00    90%   10% Target    $67,200.00    20%  
10%

 

* Any objective under Target Adjusted EBITDA for bonus purposes will be at the
discretion of the Board

 

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2006 Incentive Plan

For

Key Management

Performance Objectives (PO):

Each Plan year, Company performance objectives will be established by the Chief
Executive Officer. Up to five individual objectives may be set using the
following criteria.

 

•   Objective must be quantitative and/or well defined.

 

•   Objective will be set and weighted by the Participant’s supervisor.

 

•   Objectives must be approved by the C.E.O.

 

•   Objectives must be submitted to Human Resources.

 

•   Final results against objectives will be determined by the Participant’s
supervisor and approved by the C.E.O.

No performance bonus shall be paid with respect to these individual objectives
unless minimum Company Adjusted EBITDA, as defined and set forth (in thousands),
under Financial Objectives is exceeded for the year.

The portion of bonus earned as a result of performance against individual
objectives shall be calculated as the percent of base salary earned based on
Company Adjusted EBITDA times the points earned of those allocated to individual
objectives times the participant’s base salary.

Example 1

Company achieves Target Adjusted EBITDA ($67,200), which equates to a payout of
30% of base salary if business objectives are achieved. Of the 30%, business
objectives equate to 10% and Company Adjusted EBITDA 20%. In this example, the
manager achieved all of their business objectives and therefore is paid a bonus
on the entire 30%.

Example 2

Company achieves Target Adjusted EBITDA ($67,200), which equates to 30% of base
salary, but manager does not achieve all business objectives. The manager in
this scenario achieved  1/2 of their business objectives. (Formula: 10% x 50% =
5%) Therefore this manager would be paid 5% on their personal objectives and 20%
on the company’s Adjusted EBITDA achievement.

 

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2006 Incentive Plan

For

Key Management

Example 3

Company meets/exceeds Superior Adjusted EBITDA ($73,600), which equates to 100%
of base salary to be paid in bonus, but manager does not achieve all business
objectives. The manager in this scenario achieved 1/3 of their business
objectives. (Formula: 10% x 33.3% = 3.33%) Therefore this manager would be paid
3.33% on their personal objectives and 90% on the company’s EBITDA achievement

Payment:

Individual incentive awards may be paid when the Company’s performance exceeds
the minimum Company Adjusted EBITDA. The incentive bonus will be determined
following the completion of the audit of the Company’s financial statements.
Payment will be by check and made no later than March 15th following the end of
the Plan year.

The Board of Directors holds the right to payout a discretionary incentive award
should the Board deem the payout appropriate.

Withholding:

The Company shall have the right to deduct any sums as required to be withheld
by federal, state, or local tax laws with respect to the payment of any bonus
award. There is no obligation hereunder that any Plan Participant be advised of
the existence of the tax or the amount which the Company will be required to
withhold.

Employee New Hire/Transfer/Promotion/Demotion:

If an employee is hired, transferred, promoted, or demoted into a position, with
eligibility in the Plan, their incentive will be considered effective, for
purposes of the Plan, on the date determined by the Chief Executive Officer. Any
incentive will be calculated on a pro-rata basis from that date.

If an employee is demoted to a non-eligible position during the fiscal year,
he/she shall lose his/her bonus potential for the entire fiscal year.

Employment Termination:

If a Participant becomes permanently disabled or dies during or after the Plan
year, the Plan may award the Participant or his/her estate a bonus on a pro-rata
basis following the year-end closing. If the Participant leaves the Company for
any reason other than disability or death, the Participant will forfeit the
right to a bonus payment. The Participant must be an active employee at the time
the incentive payment is made to receive payment.

 

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2006 Incentive Plan

For

Key Management

Plan Administration:

The C.E.O. will have the sole discretionary authority to administer the Plan in
all of its details. All actions and determinations of the C.E.O. will be final
and binding upon all parties.

The company reserves the sole discretionary right to modify, amend or terminate
the Plan at any time, for any reason, with or without notice. If any questions
arise as to the administration of the Plan, the C.E.O. will serve as the main
contact person.

Rights of Plan Participants:

All payments made under this Plan will be made from the general assets of the
Company. No participant or other party will have any right to or interest in any
assets of the Company except as specifically provided for in this Plan.

Limitation of Rights:

The establishment, maintenance and provisions of the Plan will not be considered
or construed: (1) as giving to any employee any right to be continued in the
employment of the Company; (2) as limiting the right of the Company to
discipline or discharge any of its employees; (3) as creating any contract of
employment between the Company and any employee; or (4) as conferring any legal
or equitable right against the Company or any individual responsible for
administering the Plan.

No Assignments:

Amounts payable under the Plan will constitute general assets of the Company and
will not be subject to any claims by any creditor of or claimant against the
Participant; and any attempt to reach such amounts by any such creditor or
claimant, or attempt by the Participant to confer on any such creditor or
claimant any right or interest with respect to such amounts, will be null and
void. No amounts payable under the Plan will cause the Company to be liable for,
or subject to, any manner of debt or liability of any Participant.

Governing Law:

This Plan shall be governed by, and construed in accordance with, the laws of
the State of Texas. Any claim or dispute arising under this Plan will be
adjudicated by a court of competent jurisdiction in the State of Texas.

 

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2006 Incentive Plan

For

Key Management

Severability:

If any of the provisions of the Plan are held to be invalid, such holdings will
not in any way affect the validity of the remainder of the Plan.

Written Plan Requirement:

No person has the authority to make any verbal statement of any kind which
(1) is legally binding upon the Company and/or (2) alters the Plan documents or
other documents maintained in conjunction with the Plan.

 

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FY 2006 CEO Incentive Plan Payout Grid

 

EBITDA   Bonus %   $  73,600   150.00 % $  73,500   149.22 % $  73,400   148.44
% $  73,300   147.66 % $  73,200   146.88 % $  73,100   146.09 % $  73,000  
145.31 % $  72,900   144.53 % $  72,800   143.75 % $  72,700   142.97 %
$  72,600   142.19 % $  72,500   141.41 % $  72,400   140.63 % $  72,300  
139.84 % $  72,200   139.06 % $  72,100   138.28 % $  72,000   137.50 %
$  71,900   136.72 % $  71,800   135.94 % $  71,700   135.16 % $  71,600  
134.38 % $  71,500   133.59 % $  71,400   132.81 % $  71,300   132.03 %
$  71,200   131.25 % $  71,100   130.47 % $  71,000   129.69 % $  70,900  
128.91 % $  70,800   128.13 % $  70,700   127.34 % $  70,600   126.56 %
$  70,500   125.78 % $  70,400   125.00 % $  70,300   124.22 % $  70,200  
123.44 % $  70,100   122.66 % $  70,000   121.88 % $  69,900   121.09 %
$  69,800   120.31 % $  69,700   119.53 % $  69,600   118.75 % $  69,500  
117.97 % $  69,400   117.19 % $  69,300   116.41 % $  69,200   115.63 %
$  69,100   114.84 % $  69,000   114.06 % $  68,900   113.28 % $  68,800  
112.50 % $  68,700   111.72 % $  68,600   110.94 % $  68,500   110.16 %
$  68,400   109.38 % $  68,300   108.59 % $  68,200   107.81 % $  68,100  
107.03 % $  68,000   106.25 % $  67,900   105.47 % $  67,800   104.69 %
$  67,700   103.91 % $  67,600   103.13 % $  67,500   102.34 % $  67,400  
101.56 % $  67,300   100.78 % $  67,200   100.00 % $  67,100   98.06 % $  67,000
  96.13 % $  66,900   94.19 % $  66,800   92.26 % $  66,700   90.32 % $  66,600
  88.39 % $  66,500   86.45 % $  66,400   84.52 % $  66,300   82.58 % $  66,200
  80.65 % $  66,100   78.71 % $  66,000   76.77 % $  65,900   74.84 % $  65,800
  72.90 % $  65,700   70.97 % $  65,600   69.03 % $  65,500   67.10 % $  65,400
  65.16 % $  65,300   63.23 % $  65,200   61.29 % $  65,100   59.35 % $  65,000
  57.42 % $  64,900   55.48 % $  64,800   53.55 % $  64,700   51.61 % $  64,600
  49.68 % $  64,500   47.74 % $  64,400   45.81 % $  64,300   43.87 % $  64,200
  41.94 % $  64,100   40.00 %

Note: EBITDA is expressed in thousands

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FY 2006 COO & CFO Incentive Plan Payout Grid

 

EBITDA   Bonus %   $  73,600   120.00 % $  73,500   118.91 % $  73,400   117.81
% $  73,300   116.72 % $  73,200   115.63 % $  73,100   114.53 % $  73,000  
113.44 % $  72,900   112.34 % $  72,800   111.25 % $  72,700   110.16 %
$  72,600   109.06 % $  72,500   107.97 % $  72,400   106.88 % $  72,300  
105.78 % $  72,200   104.69 % $  72,100   103.59 % $  72,000   102.50 %
$  71,900   101.41 % $  71,800   100.31 % $  71,700   99.22 % $  71,600   98.13
% $  71,500   97.03 % $  71,400   95.94 % $  71,300   94.84 % $  71,200   93.75
% $  71,100   92.66 % $  71,000   91.56 % $  70,900   90.47 % $  70,800   89.38
% $  70,700   88.28 % $  70,600   87.19 % $  70,500   86.09 % $  70,400   85.00
% $  70,300   83.91 % $  70,200   82.81 % $  70,100   81.72 % $  70,000   80.63
% $  69,900   79.53 % $  69,800   78.44 % $  69,700   77.34 % $  69,600   76.25
% $  69,500   75.16 % $  69,400   74.06 % $  69,300   72.97 % $  69,200   71.88
% $  69,100   70.78 % $  69,000   69.69 % $  68,900   68.59 % $  68,800   67.50
% $  68,700   66.41 % $  68,600   65.31 % $  68,500   64.22 % $  68,400   63.13
% $  68,300   62.03 % $  68,200   60.94 % $  68,100   59.84 % $  68,000   58.75
% $  67,900   57.66 % $  67,800   56.56 % $  67,700   55.47 % $  67,600   54.38
% $  67,500   53.28 % $  67,400   52.19 % $  67,300   51.09 % $  67,200   50.00
% $  67,100   49.12 % $  67,000   48.24 % $  66,900   47.35 % $  66,800   46.47
% $  66,700   45.59 % $  66,600   44.71 % $  66,500   43.82 % $  66,400   42.94
% $  66,300   42.06 % $  66,200   41.18 % $  66,100   40.29 % $  66,000   39.41
% $  65,900   38.53 % $  65,800   37.65 % $  65,700   36.76 % $  65,600   35.88
% $  65,500   35.00 % $  65,400   34.12 % $  65,300   33.24 % $  65,200   32.35
% $  65,100   31.47 % $  65,000   30.59 % $  64,900   29.71 % $  64,800   28.82
% $  64,700   27.94 % $  64,600   27.06 % $  64,500   26.18 % $  64,400   25.29
% $  64,300   24.41 % $  64,200   23.53 % $  64,100   20.00 %

Note: EBITDA is expressed in thousands

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FY 2006 Key Management Incentive Plan Payout Grid

 

EBITDA   Bonus %   $  73,600   100.00 % $  73,500   98.91 % $  73,400   97.81 %
$  73,300   96.72 % $  73,200   95.63 % $  73,100   94.53 % $  73,000   93.44 %
$  72,900   92.34 % $  72,800   91.25 % $  72,700   90.16 % $  72,600   89.06 %
$  72,500   87.97 % $  72,400   86.88 % $  72,300   85.78 % $  72,200   84.69 %
$  72,100   83.59 % $  72,000   82.50 % $  71,900   81.41 % $  71,800   80.31 %
$  71,700   79.22 % $  71,600   78.13 % $  71,500   77.03 % $  71,400   75.94 %
$  71,300   74.84 % $  71,200   73.75 % $  71,100   72.66 % $  71,000   71.56 %
$  70,900   70.47 % $  70,800   69.38 % $  70,700   68.28 % $  70,600   67.19 %
$  70,500   66.09 % $  70,400   65.00 % $  70,300   63.91 % $  70,200   62.81 %
$  70,100   61.72 % $  70,000   60.63 % $  69,900   59.53 % $  69,800   58.44 %
$  69,700   57.34 % $  69,600   56.25 % $  69,500   55.16 % $  69,400   54.06 %
$  69,300   52.97 % $  69,200   51.88 % $  69,100   50.78 % $  69,000   49.69 %
$  68,900   48.59 % $  68,800   47.50 % $  68,700   46.41 % $  68,600   45.31 %
$  68,500   44.22 % $  68,400   43.13 % $  68,300   42.03 % $  68,200   40.94 %
$  68,100   39.84 % $  68,000   38.75 % $  67,900   37.66 % $  67,800   36.56 %
$  67,700   35.47 % $  67,600   34.38 % $  67,500   33.28 % $  67,400   32.19 %
$  67,300   31.09 % $  67,200   30.00 % $  67,100   29.12 % $  67,000   28.24 %
$  66,900   27.35 % $  66,800   26.47 % $  66,700   25.59 % $  66,600   24.71 %
$  66,500   23.82 % $  66,400   22.94 % $  66,300   22.06 % $  66,200   21.18 %
$  66,100   20.29 % $  66,000   19.41 % $  65,900   18.53 % $  65,800   17.65 %
$  65,700   16.76 % $  65,600   15.88 % $  65,500   15.00 % $  65,400   14.12 %
$  65,300   13.24 % $  65,200   12.35 % $  65,100   11.47 % $  65,000   10.59 %
$  64,900   9.71 % $  64,800   8.82 % $  64,700   7.94 % $  64,600   7.06 %
$  64,500   6.18 % $  64,400   5.29 % $  64,300   4.41 % $  64,200   3.53 %
$  63,800   0.00 %

Note: EBITDA is expressed in thousands