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                                                                Exhibit 10.47

                                                                RICHARD E. GADDY
                                                                   Optionee

                           BIO-KEY INTERNATIONAL, INC.

                      NON-QUALIFIED STOCK OPTION AGREEMENT
                                    UNDER THE
                           BIO-KEY INTERNATIONAL, INC.
                            2004 STOCK INCENTIVE PLAN

     This Agreement is made as of the date set forth on Schedule A hereto (the
"Grant Date") by and between Bio-key International, Inc., a Minnesota
corporation (the "Corporation"), and the person named on Schedule A hereto (the
"Optionee").

     WHEREAS, Optionee is a director of the Corporation and the Corporation
considers it desirable and in its best interest that Optionee be given an
inducement to acquire a proprietary interest in the Corporation and an incentive
to advance the interests of the Corporation by granting the Optionee an option
to purchase shares of common stock of the Corporation (the "Common Stock");

     NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
agree that as of the Grant Date, the Corporation hereby grants Optionee an
option to purchase from it, upon the terms and conditions set forth in the
Corporation's 2004 Stock Incentive Plan, as amended from time to time (the
"Plan"), a copy of which is attached hereto, that number of shares of the
authorized and unissued Common Stock of the Corporation as is set forth on
Schedule A hereto.

     1. TERMS OF STOCK OPTION. The option to purchase Common Stock granted
hereby is subject to the terms, conditions, and covenants set forth in the Plan
as well as the following:

          (a)  This option shall constitute a Non-Qualified Stock Option which
               is not intended to qualify under Section 422 of the Internal
               Revenue Code of 1986, as amended;

          (b)  The per share exercise price for the shares subject to this
               option shall be the Fair Market Value (as defined in the Plan) of
               the Common Stock on the Grant Date, which exercise price is set
               forth on Schedule A hereto;

          (c)  This option shall vest in accordance with the vesting schedule
               set forth on Schedule A hereto; and

          (d)  No portion of this option may be exercised more than seven (7)
               years from the Grant Date.
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     2. PAYMENT OF EXERCISE PRICE. The option may be exercised, in part or in
whole, only by written request to the Corporation accompanied by payment of the
exercise price in full either: (i) in cash for the shares with respect to which
it is exercised; (ii) if the shares underlying the option are registered under
the Securities Act, by delivering to the Corporation a notice of exercise with
an irrevocable direction to a broker-dealer registered under the Securities
Exchange Act of 1934, as amended, to sell a sufficient portion of the shares and
deliver the sale proceeds directly to the Corporation to pay the exercise price;
or (iii) by delivering previously owned shares of Common Stock or a combination
of shares and cash having an aggregate Fair Market Value (as defined in the
Plan) equal to the exercise price of the shares being purchased; PROVIDED,
HOWEVER, that shares of Common Stock delivered by the Optionee may be accepted
as full or partial payment of the exercise price for any exercise of the option
hereunder only if the shares have been held by the Optionee for at least six (6)
months.

     3. MISCELLANEOUS.

          (a)  This Agreement is binding upon the parties hereto and their
               respective heirs, personal representatives, successors and
               assigns.

          (b)  This Agreement will be governed and interpreted in accordance
               with the laws of the State of Minnesota, and may be executed in
               more than one counterpart, each of which shall constitute an
               original document.

          (c)  No alterations, amendments, changes or additions to this
               agreement will be binding upon either the Corporation or Optionee
               unless reduced to writing and signed by both parties.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       2
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     In witness whereof, the parties have executed this Agreement as of the
Grant Date.

                                     BIO KEY INTERNATIONAL, INC.

                                     By: _______________________________________

                                     Title: ____________________________________

                                     OPTIONEE

                                     ___________________________________________
                                     Richard E. Gaddy

                                       3
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                                   SCHEDULE A

1.  Optionee: Richard E. Gaddy

2.  Grant Date: October 12, 2004

3.  Number of Shares of Common Stock covered by the Option: 50,000

4.  Exercise Price (Fair Market Value of Common Stock on the Grant Date): $1.03

5.  The Option shall vest in accordance with the following schedule:

         (i)   25,000 shares shall vest on October 12, 2005; and

         (ii)  25,000 shares shall vest on October 12, 2006.

6.  Expiration Date: October 11, 2011

                                        _________
                                        Initials of Authorized
                                        Officer of BIO KEY INTERNATIONAL, INC.

                                        _________
                                        Optionee's Initials

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Exhibit 4.9    
    

 
 

AMENDMENT NUMBER FIVE
  TO THE
  UNIVERSAL COMPRESSION HOLDINGS, Inc.
  INCENTIVE STOCK OPTION PLAN    
    

        WHEREAS, Universal Compression Holdings, Inc., a Delaware corporation (the "Corporation"), previously adopted the Universal Compression
Holdings, Inc. Incentive Stock Option Plan, as amended (the "Plan"); 

        WHEREAS,
Section 17 of the Plan reserves to the Corporation the right to amend the Plan by action of its Board of Directors (the "Board"); and 

        WHEREAS,
the Corporation desires to amend the Plan, subject to the approval of the stockholders of the Corporation, to increase the maximum aggregate number of shares available to be
granted under the Plan and to delete reference to Capital Harlan Partners III, L.P., its former major shareholder; 

        NOW,
THEREFORE, pursuant to the power of amendment reserved in Section 17 of the Plan, the Board hereby amends the Plan as follows: 

        1.     Section 6
of the Plan is hereby amended in its entirety, effective as of the date of adoption of this Amendment to provide as follows: 

        6.     Maximum Shares Available.    The maximum aggregate number of shares available to be granted under the Plan is
6,012,421 shares of Common Stock, and such shares shall be reserved for Options granted under the Plan (subject to adjustment as provided in Section 10(h)). 

        2.     Section 10(c)
of the Plan is hereby amended in its entirety, effective as of July 23, 2004, to provide as follows: 

        (c)   Exercise of Option.    Unless otherwise set forth in the written agreement evidencing the Option, each Option
shall become exercisable in accordance with the following schedule: 

	Years from Grant Date
 
	 	Amount Exercisable
	 
	1 year	 	331/3	%
	2 years	 	331/3	%
	3 years	 	331/3	%

Notwithstanding
the foregoing, if the written agreement evidencing an Option so provides, the Option shall become immediately exercisable upon: (i) a public offering of Common Stock of the
Corporation; (ii) the acquisition by any Person of fifty one percent (51%) or more of the Common Stock of the Corporation; or (iii) a sale of all or substantially all of the assets of
the Corporation. 

        IN
WITNESS WHEREOF, and as evidence of the adoption of this amendment by the Corporation, the undersigned officer being duly authorized has signed this amendment this 23rd day of July,
2004. 

	 	 	UNIVERSAL COMPRESSION HOLDINGS, INC.
	

 	
 	

By:	

/s/  J. MICHAEL ANDERSON      
 J. Michael Anderson
 Senior Vice President & Chief Financial
Officer

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Exhibit 4.9

AMENDMENT NUMBER FIVE TO THE UNIVERSAL COMPRESSION HOLDINGS, Inc. INCENTIVE STOCK OPTION PLANQuickLinks
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Exhibit 4.11    
    

 
 

AMENDMENT NO. 1
  TO THE
  UNIVERSAL COMPRESSION HOLDINGS, INC.
  RESTRICTED STOCK PLAN FOR EXECUTIVE OFFICERS    
    

        WHEREAS, Universal Compression Holdings, Inc., a Delaware corporation (the "Corporation"), previously adopted the Universal Compression
Holdings, Inc. Restricted Stock Plan for Executive Officers (the "Plan"); 

        WHEREAS,
Section 9 of the Plan reserves to the Corporation the right to amend the Plan by action of its Board of Directors (the "Board"); and 

        WHEREAS,
the Corporation desires to amend the Plan, subject to the approval of the stockholders of the Corporation, to increase the number of shares available under the Plan and to
enlarge the group of employees who are eligible to receive awards of stock granted under the Plan; 

        NOW,
THEREFORE, pursuant to the power of amendment reserved in Section 9 of the Plan, the Board hereby amends of the Plan, as of the date of adoption of this Amendment, as
follows: 

	1.
	The
name of the Plan is hereby changed to "Universal Compression Holdings, Inc. Restricted Stock Plan."

	2.
	The
introductory paragraph of the Plan is hereby amended to read as follows: 

The
Board of Directors (the "Board") has adopted the Universal Compression Holdings, Inc. Restricted Stock Plan (the "Plan"), covering an aggregate of One Million Three Hundred and Fifty
Thousand (1,350,000) shares of Common Stock, as set forth herein. 

	3.
	Section 1
of the Plan is hereby amended in its entirety to read as follows: 

        1.     PURPOSE.    The purposes of the Plan are to attract and retain for the Company and its Affiliates the best
available Executive Officers and other management employees, to provide additional incentive to the Executive Officers and other management employees, to increase their interest in the Company's
welfare and to promote the success of the business of the Company and its Affiliates. 

	4.
	Section 2(i) of
the Plan is hereby amended in its entirety to read as follows: 

        i.      "Continuous Service" means that the Covered Employee's provision of services to the Company in any management capacity is
not interrupted or terminated. Service shall not be considered interrupted or terminated for this purpose in the case of (i) any approved leave of absence, (ii) transfers of employment
involving the Company or any successor, in any other management capacity, or (iii) any change in status as long as the individual remains in the service of the Company in any management
capacity. An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. 

	5.
	Section 2(j)
of the Plan is hereby amended in its entirety to read as follows: 

        j.      "Covered
Employee" means an individual employed in a management position by the Corporation or a Subsidiary who is selected by the Committee to be eligible for a
Restricted Stock Award under the Plan. 

	6.
	Section 2(o)
of the Plan is hereby amended in its entirety to read as follows: 

        o.     "Grantee"
means a Covered Employee to whom an Award has been granted under the Plan. 

	7.
	Section 2(r)
of the Plan is hereby amended in its entirety to read as follows: 

        r.     "Plan"
means the Universal Compression Holdings, Inc. Restricted Stock Plan, as set forth herein and as it may be amended from time to time. 

	8.
	Section 7
of the Plan is hereby amended in its entirety to read as follows: 

        7.     EFFECT OF PLAN.    Neither the adoption of the Plan nor any action of the Board or the Committee shall be deemed
to give any Covered Employee any right to be granted an Award or any other rights except as may be evidenced by the Restricted Stock Agreement, or any amendment thereto, duly authorized by the
Committee, and executed on behalf of the Company, and then only to the extent and on the terms and conditions expressly set forth therein. The existence of the Plan and the Awards granted hereunder
shall not affect in any way the right of the Board, the Committee or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the
Company's capital structure or its business, any merger or consolidation or other transaction involving the Company, any issue of bonds, debentures, or shares of preferred stock ahead of or affecting
the Common Stock or the rights thereof, the dissolution or liquidation of the Company or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or
proceeding by or for the Company. Nothing contained in the Plan, Restricted Stock Agreement, or in other related documents shall confer upon any Covered Employee any right with respect to such
person's Continuous Service or interfere or affect in any way with the right of the Company to terminate such person's Continuous Service at any time, with or without cause. 

        IN
WITNESS WHEREOF, and as evidence of the adoption of this Amendment by the Corporation, the undersigned officer, being duly authorized, has signed this Amendment this 23rd day of July,
2004. 

	 	 	UNIVERSAL COMPRESSION HOLDINGS, INC.
	

 	
 	

By:	

/s/  J. MICHAEL ANDERSON      
 J. Michael Anderson
 Senior Vice President & Chief Financial
Officer

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Exhibit 4.11

AMENDMENT NO. 1 TO THE UNIVERSAL COMPRESSION HOLDINGS, INC. RESTRICTED STOCK PLAN FOR EXECUTIVE OFFICERS

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