Exhibit No. 10.47

ADVANCED PHOTONIX,
INC.EXECUTIVE INCENTIVE COMPENSATION
PLAN (amended and restated as of March 6, 2009)

The Advanced Photonix, Inc. Executive
Incentive Compensation Plan (the Plan) is adopted by Advanced Photonix, Inc.,
a Delaware corporation (the Company).

1.Purpose of the Plan.

The purpose of this Plan is to motivate
certain designated employees of the Company to achieve strategic business
objectives and to sustain high levels of performance by tying a significant
portion of their compensation to the achievement of the Companys financial
goals and pre-established strategic objectives.

2. Definitions.

2.1. Bonus has the meaning set forth
in Section 4.1.

2.2. Bonus Opportunity has the
meaning set forth in Section 4.4.

2.3. Committee means the Compensation
Committee of the Board of Directors of the Company.

2.4. EBIT Percentage means a
percentage computed bydividing(i) net incomeplus(a)
interest expense and (b) income taxes, as each such amount is reported on the
Companys audited or, if the Committee so determines, unaudited Consolidated
Statement of Operations for such Fiscal Year (but, in the case of each of the
amounts described in clauses (a) and (b), only to the extent such amount was
deducted in computing net income for such Fiscal Year), by (ii) Sales. In the
sole discretion of the Committee, EBIT Percentage may also be adjusted by
adjusting net income to eliminate (i) the costs of acquiring an ownership
interest in any entity during such Fiscal Year, (ii) the operating results of
such acquired entities for such Fiscal Year, (iii) losses on the impairment of
intangible assets or goodwill, (iv) deductions relating to depreciation and
amortization and (v) stock-based compensation expense (but, in the case of each
of the amounts described in clauses (i) through (v), only to the extent such
amount was taken into account in arriving at net income for such Fiscal Year).
In addition to the foregoing, in the sole discretion of the Committee, EBIT
Percentage may also be adjusted to account for the amount, if any, by which the
aggregate amount accrued for payment of Bonuses to all Participants for such
Fiscal Year exceeds or is less than the actual amounts of Bonus to be paid to
all Participants for such Fiscal Year.

2.5. EBIT Percentage Targets has the
meaning set forth in Section 4.2.

2.6. Eligible Salary means, for each
Participant for any Fiscal Year, the amount of such Participants annual base
compensation (determined as of the first day of such Fiscal Year or, if the
Committee subsequently approves any increase or increases in such compensation
during the first six months of such Fiscal Year, the first day the last such
increase is effective) as shown on the Company's payroll records.

2.7. Exchange means the NYSE Amex or
such other nationally-recognized securities exchange on which the Companys
stock is then listed.

2.8. Executive Employees means, with
respect to any Fiscal Year, the Companys Chief Executive Officer, Chief
Financial Officer and Chief Technology Officer and any other executive officer
of the Company designated by the Committee.

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2.9. Fiscal Year means the fiscal
year of the Company. Fiscal years are referred to in terms of the calendar year
in which the last day of the fiscal year occurs. Thus, for example, Fiscal Year
2008 refers to the Fiscal Year ending on or about March 31, 2008.

2.10. Matrix has the meaning set
forth in Section 4.2.

2.11. Mid-Year Participant has the
meaning set forth in Section 3.1.

2.12. Participant has the meaning set forth
in Section 3.1.

2.13. Payment Date has the meaning set forth in Section 5.

2.14. Plan means this Advanced
Photonix, Inc. Executive Incentive Compensation Plan.

2.15. Sales means net sales of the
Company as such amount is reported on the Companys audited or, if the Committee
so determines, unaudited Consolidated Statement of Operations for such Fiscal
Year.

2.16. Sales Targets has the meaning
set forth in Section 4.2.

3.Eligibility to Participate In the Plan.

3.1. Each person who is an Executive
Employee on the first day of the Fiscal Year shall be entitled to participate in
the Plan for that Fiscal Year, In addition, prior to the beginning of each
Fiscal Year, the Chief Executive Officer of the Company may recommend to the
Committee other executive officers of the Company for participation in the Plan
with respect to such Fiscal Year. No later than six (6) months after the
beginning of any Fiscal Year, the Chief Executive Officer may also recommend to
the Committee for participation in the Plan any person who was not an Executive
Employee as of the beginning of such Fiscal Year but who is an Executive
Employee at the time of such recommendation (a Mid-Year Participant). In
either of such cases, the Committee, in its sole discretion, will designate from
among such recommendations those persons who will be entitled to participate in
the Plan for such Fiscal Year. Each person who participates in the Plan with
respect to a Fiscal Year will be referred to herein as a
Participant).

3.2. Notwithstanding that a person may
be a Participant with respect to a Fiscal Year, such person will not be entitled
to a Bonus under the Plan if such person is not employed by the Company on the
Payment Date relating to such Bonus, and any Bonus otherwise payable to such
person in accordance with Section 4 will instead be forfeited. For purposes of
this Section 3.2, (i) an employee of the Company who is receiving short-term
disability payments on the Payment Date will be treated as employed by the
Company on such Payment Date; and (ii) an employee of the Company who is
receiving long-term disability payments or who is receiving salary from the
Company only as part of a severance arrangement or plan entered into prior to
the Payment Date will not be considered to be employed by the Company on the
Payment Date.

4.Determination of Bonus.

4.1. Each Participant will be eligible
to earn a bonus for the Fiscal Year (the Bonus) in an amount not to exceed two
times such Participants Bonus Opportunity. The amount of the Bonus will be
dependent upon the combination of the EBIT Percentage Target and the Sales
Target attained by the Company.

4.2. Prior to the beginning of each
Fiscal Year the Committee will establish, based upon the recommendation of the
Chief Executive Officer, targets for EBIT Percentage and Sales for the ensuing
Fiscal Year (the EBIT Percentage Targets and Sales Targets, respectively)
and the applicable percentages of Bonus Opportunity related to the Companys
attainment of such targets. The EBIT Percentage Targets and the Sales Targets
will be set forth in a matrix (the Matrix) in which (i) the EBIT Percentage
Targets will be set forth in the far left column, with the highest EBIT
Percentage Target in the top row and the balance of the EBIT Percentage Targets
in descending order in the rows below and (ii) the Sales Targets will be set
forth in the heading row, with the highest Sales Target in the far right column
and the balance of the Sales Targets in descending order in the columns moving
from right to left. The applicable percentage of the Bonus Opportunity to be
earned will be set forth at the intersection of the highest EBIT Percentage
Target and the highest Sales Target that has been equaled or exceeded by the
Company for such Fiscal Year. The Committee will distribute to each Participant
a copy of the Matrix as soon as practicable after establishment under this
Section 4.2.

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4.3. At such time as the Company issues
its audited financial statements for the Fiscal Year, the Committee will, based
thereon, determine which EBIT Percentage Targets and Sales Targets, have been
met and, as a result, the applicable percentage of each Participants Bonus
Opportunity that was earned for the Fiscal Year. The Committee may,
alternatively, make such determinations based upon the Companys unaudited
financial statements for the applicable Fiscal Year, provided that, upon
issuance by the Company of its audited financial statements for such Fiscal
Year, the Committee shall again make such determinations and, to the extent
there is a difference between the determinations based on audited financial
statements and those based on unaudited financial statements, any shortfall
shall be promptly paid to the Participants and any excess shall be promptly
refunded to the Company by the Participants. If, for any Fiscal Year, Sales do
not fall within any Sales Target and/or EBIT Percentage does not fall within any
EBIT Percentage Target in the Matrix, the Committee will determine, after
consultation with the Chief Executive Officer and such other personnel as the
Committee may deem appropriate, whether and to what extent each Participant will
earn a percentage of his or her Bonus Opportunity for the Fiscal Year. As soon
as practicable after the end of the Fiscal Year, but in no event later than the
last day of the calendar year in which the Fiscal Year ends, the Committee will
issue its report or reports setting forth the Bonus payable to each Participant
for such Fiscal Year. Subject to the provisions of Sections 3.2 and 4.3, the
Participant will be entitled to receive the Bonus for the Fiscal Year as so
determined.

4.4. For purposes of this Section 4,
the term Bonus Opportunity for any Participant and any Fiscal Year means an
amount equal to that percentage (as determined by the Committee) of the
Participants Eligible Salary. For Fiscal Year 2008, the Bonus Opportunity for
the Chief Executive Officer will be 50% and the Bonus Opportunity for each of
the Chief Financial Officer and Chief Technology Officer will be 35%.

5.Payment of Bonus; Payment in Restricted Stock.

5.1 Subject to Section 3.2, the Bonus
payable for any Fiscal Year under the Plan will be paid in the form, as
determined in the sole discretion of the Committee, of (i) cash; (ii) a grant of
restricted stock issued under any of the Companys equity incentive plans then
in effect and subject to the terms and conditions thereunder (Restricted
Stock); or (iii) a combination of cash and Restricted Stock, provided that all
Bonuses paid under the Plan with respect to any Fiscal Year shall be allocated
between cash and Restricted Stock in the same proportion . Bonuses shall be paid
concurrently with issuance of the Committees report, as described in Section
4.3, relating to the Bonuses payable with respect to such Fiscal Year and, in
any event, such payment will be made no later than on the last day of the
calendar year in which such Fiscal Year ends. The date of actual payment of the
Bonus with respect to any Fiscal Year is referred to as the Payment Date. A
copy of the applicable Company equity incentive plan will be made available to
each Participant in connection with any Bonus payable, in whole or in part, in
Restricted Stock.

5.2 In the event the Committee
determines to pay all or a portion of the Bonus in Restricted Stock, the number
of shares of Restricted Stock comprising such Bonus amount shall be determined
by dividing such Bonus amount by the price per share of Restricted Stock based
on the mean between the highest and lowest selling prices of the Companys stock
on the Exchange on the trading day immediately preceding the Payment Date. No
fractional shares will be issued with respect to any Bonus amount, and cash
payment will be made in lieu thereof. Restricted Stock granted hereunder shall
vest and become non-forfeitable on the date that is three months after the
Payment Date, provided that all such shares will immediately vest and become
non-forfeitable in the event that a Participant ceases to be employed by the
Company or its subsidiary for any reason other than termination of employment by
such Participant at will or by the Company or its subsidiary for cause. Each
grant of Restricted Stock shall be subject to such other terms and conditions as
evidenced by an agreement to be executed by the Participant in such form as the
Committee shall from time to time approve.

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6. Administration.

The Plan will be administered by the
Committee, which will have plenary authority to take all action in connection
with the Plan as it deems advisable or necessary. The interpretation,
construction and administration of the Plan by the Committee and the Committees
decisions with respect to the awarding and the amount of any Bonus hereunder
will be binding and conclusive on the Company and the Participants.

7.No
Right of Employment.

No Participant will have any right to
continued employment with the Company by virtue of his participation in the
Plan. No employee of the Company will have any right to participate in the Plan
except as stated herein.

8. No
Alienation.

No Participant will have any right to
pledge, transfer, assign or otherwise alienate his right to receive any payment
under the Plan except pursuant to an order of a court of competent jurisdiction.

9. Amendment.

The Board of Directors of the Company
will have the right to amend the Plan at any time and from time to time
(including the right to terminate the Plan) except that no such amendment of the
Plan will adversely affect the right of any Participant to receive a Bonus under
the Plan with respect to any Fiscal Year that has ended prior to the date of
such amendment.

10. Choice of Law.

The interpretation, enforceability and
validity of the Plan, and all rights hereunder, will be governed by the
substantive laws (but not the choice of law rules) of the State of Delaware.

11. Tax Withholding.

All payments to be made to a
Participant under the Plan will be subject to all required withholding of
federal, state and local income and employment taxes.

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