EXHIBIT 10.47

                              EMPLOYMENT AGREEMENT
                              --------------------

         THIS EMPLOYMENT  AGREEMENT  ("Agreement")  is made and entered into and
effective as of October 27, 1999 (the "Effective Date"), by and between
LASERSIGHT TECHNOLOGIES, INC., a Delaware corporation (the "Company"), and JACK
HOLLADAY, M.D., M.S.E.E. an individual residing in the State of Texas
(the "Employee").

                                    RECITALS
                                    --------

            A.  The  Employee  desires to be employed by the Company with a
title to be conferred immediately upon assuming the duties of the position for
which the Employee is employed.

            B.  The Company  desires to retain the Employee  upon the terms
and conditions herein set forth.

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Employment of the Employee.  Subject to the terms and conditions of
this Agreement, the Company hereby employs the Employee, and the Employee hereby
accepts such employment and agrees to perform the services specified herein.

         2. Duties.  The  Employee  shall hold the title of and serve as Medical
Director of the Company and have authority and responsibility in accordance with
policies and practices of the Company. The Employee shall report to and be
subject to the direction of the Chief Executive Officer of the Company or such
person's designee. During the term of employment hereunder, the Employee shall:

            (a) Perform, to the best of the Employee's ability, those duties
         reasonably assigned to the Employee from time to time;

            (b) Devote  the  Employee's  full  time  and  first  priority
         business efforts to the Company's business, provided that nothing
         herein shall prohibit the Employee from spending reasonable amounts of
         time for personal affairs, including, without limitation, managing his
         personal investments, current consulting relationships pursuant
         to Exhibit A; and

            (c) Carry  out the  Company's  policies  and  directives  in a
         manner that will promote and develop the Company's best interests.

         3. Base  Salary.  In  consideration  of the  Employee  satisfying  the
Employee's obligation under this Agreement, the Employee will receive a base
salary (the "Base Salary") which will be calculated at an annual rate of Two
Hundred Thousand Dollars ($200,000). The Base Salary shall be payable in equal

<PAGE>

installments in accordance with the Company's customary mode of salary payments
for employees of the Company and shall be subject to the Company's standard
withholdings for applicable taxes and benefit contributions. If the Company
establishes a refractive laser center in the Orlando area, Employee and the
Company shall review Employee's compensation in light of services to be provided
by the Employee at such center.

         4. Stock  Options.  The  Employee  will be granted  options to purchase
200,000 shares of the Company's common stock (the "Stock Options") on the last
to occur of the following dates (such date to be referred to as the "Approval
Date"): (i) October 14, 1999, the date on which the Company's Board of Directors
approved the grant of the Stock Options, and (ii) the date on which this
Agreement is executed by both the Company and the Employee. The Stock
Options shall be granted pursuant to and shall be governed by the terms of the
Company's 1996 Equity Incentive Plan, as amended and restated (the "Equity
Incentive Plan") and the award agreement to be delivered to the Employee
pursuant to the Equity Incentive Plan. The Stock Options shall be granted at an
option price per share equal to the Fair Market Value per share (as defined in
the Equity Incentive Plan) on the Approval Date and shall vest as set forth
in Exhibit B.

         5. Fringe  Benefits.  During  the term of  employment  hereunder,  the
Employee shall be entitled to those fringe benefits and perquisites set forth on
Exhibit A hereto.

         6. Expenses.  The Company shall  reimburse the Employee for reasonable
costs and expenses, including, but not limited to, expenses for travel, lodging
and meals, incurred in connection with the performance of the Employee's duties
hereunder. In order for the Employee to be eligible for reimbursement, the
Employee shall comply with the Company's relevant policies, procedures and
guidelines established and implemented from time to time by the Company.

         7. Terms of Employment; Severance.

            (a) The term of this Agreement  shall begin on the date hereof
         and shall continue for the three year period immediately thereafter,
         unless sooner terminated as provided in this Section 7 (the "Initial
         Term"). Unless either party shall give notice of intent not to renew
         this Agreement to the other party at least 60 days prior to the end of
         the Initial Term or any Renewal Term (as defined herein), the term of
         this Agreement shall, on each such anniversary date, be automatically
         extended for successor terms of one year each (each a "Renewal Term").

            (b) Notwithstanding the foregoing,  the Employee's  employment
         hereunder may be terminated by the Company at any time for Cause. Such
         termination shall be effective upon the Company providing written
         notice to the Employee as to the effective date of termination.

            (c) Notwithstanding the foregoing,  the Employee's  employment
         hereunder shall terminate in the event of the Employee's death or
         Disability (as defined in Section 10).

            (d) Notwithstanding the foregoing,  the Employee's  employment
         hereunder may be terminated by the Company at any time for Good Reason
         (as defined in Section 10) upon prior written notice to the Company
         specifying therein the grounds for termination and the effective
         date of termination.

<PAGE>
            (e) In addition to all other rights of the Employee and obligations
         of the Company described herein which arise or continue upon
         termination of the Employee's employment hereunder for any reason
         whatsoever, the Company shall pay to the Employee all salary and
         benefits earned through the effective date of termination.

         8. Restriction Against Competition.

            a)  In  consideration  of  the  Compensation  to be  received
         hereunder, the Employee agrees that while he is employed by the Company
         pursuant to this Agreement, and during the eighteen months period
         following the effective date of termination of this Agreement, for any
         reason, the Employee shall not, directly or indirectly, as a
         stockholder, partner, officer, director, agent, consultant, employee,
         or otherwise:

                (i) engage in any  business  that  competes  with the
            business of the Company ("Company" defined in Sections 8, 9
            and 10(b) herein to mean all Subsidiaries, Affiliates,
            divisions, successors, and assigns of the Company and any of
            their Subsidiaries or Affiliates) anywhere within the United
            States and such other countries that the Company is then
            conducting its business; provided, however, that the foregoing
            shall not prohibit the Employee's ownership of up to 1% of the
            outstanding shares of capital stock of any corporation whose
            securities are publicly traded on a national or regional stock
            exchange;

                (ii)  purposefully  interfere or attempt to interfere
            with any of the Company's contracts (regardless of whether
            these contracts are in writing or verbal) or business
            relationships or advantages existing and in effect as of the
            effective date of termination of this Agreement;

                (iii)  solicit  for  employment,  either  directly or
            indirectly, for himself or for another, any of the technical
            or professional employees who are or were employed by the
            Company during the eighteen month period following the termination
            of this Agreement; and

                (iv)   purposefully   interfere   with  the  business
            relationship of or solicit the business or orders of Persons
            (a) who are the Company's customers on the effective date of
            termination of this Agreement, or one year prior thereto, or
            (b) a prospective or potential customer of the Company, except
            that with respect to the eighteen month period following the
            effective date of termination of this Agreement, such
            restriction shall apply only to prospective or potential
            customers (1) to whom the Company has submitted a formal
            quotation within the one year prior to the effective date of
            termination of this Agreement, or (2) that have been
            previously listed or identified by the Company as a business
            prospect at any time during the six months preceding the
            effective date of termination.

            (b) The  parties  agree  that  if  the  Employee  commits  or
         threatens to commit a breach of the covenants of this Section 8, the
         Company shall have the right to seek and obtain all appropriate
         injunctive and other equitable remedies therefor, in addition to any
<PAGE>
         other rights and remedies that may be available at law, it being
         acknowledged and agreed that any such breach would cause irreparable
         injury to the parties and that money damages may not provide an
         adequate remedy therefor.

         9. Protection  of  Confidential  Information  and Trade Secrets of the
Company.

            (a) Confidentiality. During the term of this Agreement and for
         a period of three years after any termination or expiration thereof,
         the Employee agrees that the Employee will not use for the Employee or
         others or divulge or convey to others any secret or confidential
         information, knowledge or data of the Company obtained by the Employee
         during his employment with the Company. Such information, knowledge or
         data includes but is not limited to secret or confidential matters: (i)
         of a technical nature such as, but not limited to, methods, know-how,
         formulae, compositions, processes, discoveries, machines, inventions,
         intellectual property, computer programs and similar items or research
         projects; (ii) of a business nature such as, but not limited to,
         information about the cost, purchasing, profits, markets, sales or
         customers; and (iii) pertaining to future developments such as, but not
         limited to, research and development, future marketing or merchandising
         plans and future expansion plans. The term "secret or confidential
         information, knowledge or data" shall not be deemed to include
         information that is published, information that is generally known
         throughout the industry, or which generally is available to the
         industry without restriction through no fault of the Employee.

            (b) Injunctive  Relief. The Employee agrees that the Company's
         remedies at law for any breach or threat of breach by him of the
         provisions of paragraph (a) of this Section 9 will be inadequate, and
         that the Company shall be entitled to an injunction or injunctions to
         prevent breaches of the provisions of paragraph (a) of this Section 9
         and to enforce specifically the terms and provisions thereof, in
         addition to any other remedy to which the Company may be entitled at
         law or equity.

            (c)  Return  of  Documents  and  Other Property.   Upon  the
         termination of the Employee's employment with the Company, or at any
         time upon the request of the Company, the Employee shall deliver to the
         Company (i) all documents and materials containing secret or
         confidential information, knowledge or data relating to the Company's
         business and affairs, and (ii) all documents, materials and other
         property belonging to the Company, which in either case are in the
         possession or under the control of the Employee.


            (d) Intellectual  Property Rights.  The Employee  acknowledges
         and agrees that in consideration for his employment with the Company
         and in exchange for the consideration to be paid to the Employee in
         connection with such employment, all creative works The Employee
         produces in connection with his employment by the Company which relate
         to the Company's actual or demonstrably anticipated research or
         development, including, without limitation, any invention, formula,
         pattern, compilation, computer program (and related documentation and
         source code), device, method, technique, drawing, process or other
         intellectual property or property right (collectively, "Intellectual
         Property"), shall be considered to have been prepared for the Company
         as a part of and pursuant to the Employee's employment with the

<PAGE>
         Company. The Employee shall disclose to the Company the existence of
         such Intellectual Property when he becomes aware of its existence, and
         the Employee agrees that any such Intellectual Property shall be owned
         by the Company regardless of whether it would otherwise be considered a
         work made for hire. The Employee agrees to execute any documents which
         the Company deems necessary to protect the Company's interest,
         including assignments, and further agrees to give evidence and
         testimony and take any other reasonable actions as may be necessary, to
         secure and enforce the Company's rights.

            Notwithstanding anything set forth in this Section 9(d) to the
         contrary, the parties acknowledge and agree that any Intellectual
         Property that the Employee (i) has developed or was in the process of
         developing prior to the Effective Date or which he develops during the
         Term, and (ii) has not used any of the Company's resources (whether
         materials, equipment, supplies, or other employees, contractors or
         consultants of the Company) in connection with such development, shall
         be owned by the Employee (the "Employee Intellectual Property");
         provided, however, the Employee shall promptly notify (the "Development
         Notice") the Company of the existence of such Employee Intellectual
         Property. The Development Notice shall completely describe the Employee
         Intellectual Property and the applications for such Employee
         Intellectual Property. If within 30 days after the Company's receipt of
         the Development Notice Company notifies the Employee that the Company
         would like to purchase or license the item of Employee Intellectual
         Property which is the subject of the Development Notice, then the
         Company and the Employee shall negotiate in good faith for the purchase
         or license of such item of Employee Intellectual Property. The Employee
         agrees that he will not directly or indirectly disclose the existence
         of the Employee Intellectual Property to any third party unless the
         Company either notifies the Employee in writing that the Company does
         not elect to purchase or license the Employee Intellectual Property or
         the Company fails to notify the Employee of its intent with regard to
         the purchase or license of the Employee Intellectual Property within 30
         days after the date of the Company's receipt of the Development Notice.

        10. Certain  Defined  Terms.  For  purposes  of  this  Agreement,  the
following definitions shall apply:

            (a) "Affiliate" shall mean with respect to any Person, (i) any
         Person which directly, or indirectly through one or more
         intermediaries, controls, or is controlled by, or is under common
         control with, such Person or (ii) any Person who is a director or
         officer (A) of such Person, (B) of any Subsidiary of such Person, or
         (C) of any Person described in the foregoing clause (i). For purposes
         of this definition, "control" of a Person shall mean the power, direct
         or indirect, (i) to vote or direct the voting of more than 20% of the
         outstanding voting securities of such Person, or (ii) to direct or
         cause the direction of the management and policies of such Person,
         whether by contract or otherwise.

            (b) "Cause" shall mean any of the following:

<PAGE>
                (i)  The  Employee's  conviction  of  or  plea  of no
            contest to any crime involving moral turpitude, the theft or
            willful destruction of money or other property of the Company
            or his conviction of or plea of no contest to any felony
            crime;

                (ii)  The   Employee's   inability   to  perform  his
            responsibilities due to his abuse or misuse of alcohol or
            prescribed drugs or any use of illegal drugs;

                (iii)   The    Employee's    commission   of   theft,
            embezzlement or fraud against the Company;

                (iv) The Employee has willfully damaged the Company's
            property, business reputation, or good will;

                (v)  Unsatisfactory  performance  by the Employee of
            his job or duties hereunder that is not cured within 10 days
            after the Employee is notified of such unsatisfactory
            performance; or

                (vi)   The   Employee's   insubordination   or  other
            misconduct as determined by the Company in its sole and
            absolute discretion.

            (c) "Compensation" shall mean, with respect to any Person, all
         payments and accruals, if any, commonly considered to be compensation,
         including, without limitation, all wages, salary, deferred payment
         arrangements, bonus payments and accruals, profit sharing arrangements,
         payments in respect of equity options or phantom equity options or
         similar arrangements, equity appreciation rights or similar rights,
         incentive payments, pension or employment benefit contributions or
         similar payments, made to or accrued for the account of such Person or
         otherwise for the direct or indirect benefit of such Person, plus auto
         benefits provided to such Person, if any.

            (d)  "Disability"  shall  mean the  inability,  by  reason  of
         illness or other incapacity, of the Employee substantially to perform
         the duties of his then regular employment with the Company, which
         inability is reasonably determined by the Company and continues for at
         least 90 consecutive days, or for shorter periods aggregating 120 days
         during any consecutive twelve-month period.

            (e) "Good Reason" shall mean any material breach or default by
         the Company that is not cured within 30 days after the Company is
         notified of such breach.


            (f)  "Person"  shall  mean  an  individual  or a  corporation,
         association, partnership, joint venture, organization, business,
         individual, trust, or any other entity or organization, including a
         government or any subdivision or agency thereof.

            (g)  "Subsidiary"  shall mean as to any Person a  corporation,
         partnership or other entity of which 25% or more of the outstanding
         shares of voting stock or other equity ownership are at the time owned,
         directly or indirectly through one or more intermediaries, or both, by
         such Person and shall include any such entity which becomes a
         Subsidiary of such Person after the date hereof. Consolidated

<PAGE>
         Subsidiary shall mean any Subsidiary of which 51% or more of the
         outstanding shares or voting stock or other equity ownership are at the
         time owned, directly or indirectly through one or more intermediaries,
         or both, by such Person and shall include any such entity which becomes
         a Subsidiary of such Person after the date hereof.

        11. Payments.  Except as  specifically  provided  herein,  all amounts
payable pursuant to this Agreement shall be paid without reduction regardless of
any amounts of salary, compensation or other amounts which may be paid or
payable to the Employee from any source or which the Employee could have
obtained upon seeking other employment; provided that the Company shall be
permitted to make all payments pursuant to this Agreement net of any legally
required tax withholdings.

        12.  Expenses.  In the  event of any  litigation  between  the  parties
relating to this Agreement and their rights hereunder, the prevailing party
shall be entitled to recover all litigation costs and reasonable attorneys' fees
and expenses from the non-prevailing party.

        13. Entire  Agreement.  This Agreement  comprises the entire  agreement
between the parties hereto and as of the date of this contract, supersedes,
cancels and annuls any and all prior agreements between the parties hereto with
respect to the Employee's provision of services to the Company, including,
without limitation, any consulting arrangement between Employee and the Company.

        14.  Severability.  If all or any part of this Agreement is declared by
any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity shall not serve to invalidate any portion of this Agreement not
declared to be unlawful or invalid. Any portion so declared to be unlawful or
invalid shall, if possible, be construed in a manner that will give effect to
the terms of such portion to the fullest extent possible while remaining lawful
and valid.

        15.  Successors and Assigns.  This Agreement shall be binding upon, and
inure to the benefit of the parties hereto and their respective heirs,
successors, assigns and personal representatives. The Company may assign this
Agreement to any successor or assignee to its business without the written
consent of the Employee. The Employee may not assign, pledge, or encumber his
interest in this Agreement, or any part thereof, without the written consent of
the Company.

        16.  Notices.   Any  notice  required  or  permitted  pursuant  to  the
provisions of this Agreement shall be deemed to have been properly given if in
writing and when received by certified or registered United States mail, postage
prepaid, by overnight courier, telecopy or when personally delivered, addressed
as follows:

                  If to the Company:

                           LaserSight Technologies, Inc.
                           3300 University Boulevard
                           Suite 140
                           Winter Park, Florida  32792
                           Attn:  President
                           Fax No.: (407) 678-9982

<PAGE>

                  If to the Employee:

                           Jack Holladay, M.D., M.S.E.E.
                           5108 Braeburn Drive
                           Bellaire, Texas 77401
                           Fax No.: (713) 669-9153

Each party shall be  entitled to specify a different  address for the receipt of
subsequent notices by giving written notice thereof to the other party in
accordance with this Section. Telecopy notices must be followed up with the
original by certified mail, postmarked within one business day of the date of
the telecopy.

        17.  Amendments  and Waivers.  Any  provision of this  Agreement may be
amended or waived only with the prior written consent of the Company and the
Employee. No failure or delay on the part of either party to this Agreement in
the exercise of any power or right, and no course of dealing between the parties
hereto, shall operate as a waiver of such power or right, nor shall any single
or partial exercise of any power or right preclude any further or other exercise
thereof or the exercise of any other power or right. The remedies provided for
herein are cumulative and not exclusive of any remedies which may be available
to either party at law or in equity. Any waiver of any provision of this
Agreement, and any consent to any departure by either party from the terms of
any provision hereof, shall be effective only in the specific instance and for
the specific purpose for which given. Nothing contained in this Agreement and no
action or waiver by any party hereto shall be construed to permit any violation
of any other provision of this Agreement or any other document or operate as a
waiver by such party of any of his or its rights under any other provision of
this Agreement or any other document.

        18. Controlling  Law. This Agreement  shall be construed in accordance
with the laws of the State of Florida, except for its choice of law provisions.
The parties do hereby irrevocably submit themselves to the personal jurisdiction
of the United States Federal Court for the Middle District of Florida and do
hereby irrevocably agree to service of such Court's process on them.

        19. Headings.  Section  headings herein are for  convenience  only and
shall not affect the meaning or interpretation of the contents hereof.

        20. Counterparts.  This Agreement may be executed in counterparts, each
of which is deemed to be an original and all of which taken together constitute
one and the same agreement.


<PAGE>


        IN WITNESS WHEREOF, the Company has caused this Agreement to be executed
on its behalf by a duly authorized officer and the Employee has executed this
Agreement, all as of the first day and year written above.


                                     LASERSIGHT TECHNOLOGIES, INC.


                                     By:    /s/Michael R. Farris
                                            -------------------------
                                     Title: Chief Executive Officer
                                            -------------------------


                                     "EMPLOYEE"

                                     /s/Jack Holladay
                                     -----------------------------
                                     Jack Holladay, M.D., M.S.E.E.



<PAGE>

                                    EXHIBIT A
                                    ---------

                         Current Consulting Arrangements

A-Scan and IOL Companies that use the Holladay Formulas - Intraocular Lens
     Calculations and Outcomes
Refractive Consulting Group with Dr. Kezirian - Refractive Consultant Software
     Program for Multifactorial Regression Analysis
Keravision - Analysis of visual acuity results regarding topography and the need
     for a prolate corneal shape
Holladay Consulting  - Sub  Chapter  S  Corporation  for  Software  Sales  of
     the Holladay  IOL  Consultant  and  Surgical  Outcomes   Assessment
     Program Software for Intraocular lens power calculations and Outcomes
     analysis


<PAGE>


                                    EXHIBIT B
                                    ---------

                         Stock Options Vesting Schedule

1. Fifty Thousand  Options vested upon  execution of employment  agreement.
2. Fifty Thousand Options vested on first year anniversary of employment.
3. Fifty Thousand  Options  vested on second year  anniversary  of  employment.
4. Fifty Thousand Options vested on third year anniversary of employment.


<PAGE>


                                    EXHIBIT C
                                    ---------

                                 Fringe Benefits

                                  See Attached


        The following is a brief summary of benefits  offered to the Employee by
the Company. Reference should be made to the benefits package supplied by the
Company for a full explanation of each benefit. Each benefit described herein is
subject to the terms, qualifications, limitations and conditions of the
Company's benefit programs, as amended from time to time, and benefits may be
changed, modified, terminated, increased or decreased from time to time. In
order for the Employee to be eligible for certain Company benefits the Employee
may be required to make the contributions required by such benefit plans.

         1.     Health insurance for the Employee and his eligible dependents.
         2.     Disability insurance for the Employee.
         3.     Life insurance for the Employee.
         4.     Ability to participate in the Company's 401(k) Plan.
         5.     $6,000 moving expense allowance to be paid to Employee in
                monthly payments of $500 during each of the initial 12 months of
                the Initial Term.