Document:

Exhibit 10.1

SECOND AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

This  SECOND  AMENDED
AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of
the 24th day of January, 2007, by and between Insight
Equity A.P. X, LP, a Texas limited partnership (the “Company”), and
Douglas  C. Hepper, a resident of the State of Minnesota (“Executive”).

RECITALS

WHEREAS,
the Company and Executive entered into that certain Employment Agreement, dated
November 1, 2004 (“Original
Agreement”), which Original Agreement was amended and restated
in its entirety pursuant to that certain First Amended and Restated Employment
Agreement, dated September 22, 2006 (“First Amendment”); and

WHEREAS,
the Company and Executive desire to amend and restate in its entirety the
Original Agreement and the First Amendment.

AGREEMENTS

NOW,
THEREFORE, in consideration of the mutual covenants contained
herein, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties agree as follows:

1.                                       EMPLOYMENT OF EXECUTIVE.

1.1.                              Duties and Status.  Executive has served as the Company’s
President and Chief Executive Officer in accordance with the provisions of the
Original Agreement and the First Amendment, and the Company hereby continues to
engage and employ Executive as President and Chief Executive Officer for the
Employment Period, as defined in Section 3.1 hereof, and Executive
accepts such employment, on the terms and subject to the conditions set forth
in this Agreement.  During the Employment
Period, Executive shall faithfully exercise such authority and perform such
duties on behalf of the Company as are normally associated with his title and
position as President and Chief Executive Officer and such other duties or
positions as Executive and the general partner of the Company (the “General Partner”) shall mutually
determine from time to time.  Executive
shall report to the Board of Managers of the General Partner (the “Board”).  Executive shall serve as a director on the
Board for as long as he is employed as President and Chief Executive Officer of
the Company.  Executive shall also serve
without additional compensation in such other offices of the Company or its
subsidiaries to which Executive may be elected or appointed by the Board with
the consent of Executive.  The Board
shall approve the annual financial and operating goals of the Company (the “Value Creation Plan”) in respect of
each fiscal year of the Company. 
Executive covenants and agrees to provide his best efforts and positive
support to the Value Creation Plan approved by the Board.

1.2.                              Time and Effort.  During the Employment Period, Executive shall
devote his entire working time, energy, skill and best efforts to the
performance of his duties hereunder in a manner which will faithfully and
diligently further the business and interests of the Company.  

Notwithstanding
the foregoing, Executive may participate fully in social, charitable, civic
activities and such other personal affairs of Executive as do not interfere
with performance of his duties hereunder.

2.                                       COMPENSATION AND BENEFITS.

2.1.                              Annual Base Salary.  For all of the services rendered by
Executive to the Company, the Company shall pay Executive an initial annual
base salary of $460,314 (the “Annual Base Salary”)
during the Employment Period.  Executive’s
Annual Base Salary shall be payable in equal installments in accordance with
the practice of the Company in effect from time to time for the payment of
salaries to officers of the Company. 
During the Employment Period, the Annual Base Salary shall not be less
than the initial Annual Base Salary and shall be reviewed from time to time
during the Employment Period by the Board to ascertain whether such Annual Base
Salary should be increased.  Executive’s
performance shall be reviewed at least annually. Executive will also have the
right, during the Employment Period, to be reimbursed by the Company in an
amount up to the aggregate of $1,000 per month for automobile use (in lieu of a
Company vehicle) and/or membership fees for a country club membership.

2.2.                              Expenses.  The Company shall pay or reimburse Executive
for all reasonable business expenses actually paid or incurred by Executive
during the Employment Period in the performance of Executive’s duties under
this Agreement in accordance with the Company’s employee business expense
reimbursement policies in effect from time to time.

2.3.                              Bonuses, Etc.  During the Employment Period, Executive shall
be entitled to participate in such annual bonus incentive compensation
programs, as well as such other profit-sharing, equity/option, incentive and
performance award plans and programs, as may from time to time be made
available to executives of the Company generally, or as determined by the
Board, all in accordance with the terms and conditions of such plans and
programs as they may be amended from time to time.  For 2006, Executive shall be eligible for an
annual bonus as described in Exhibit A attached hereto.  In connection with, and contingent upon, the
closing on or before July 31, 2007, of the contemplated initial public offering
(the “IPO”) of Vision-Ease Lens, Inc., a Delaware corporation, and successor to
the Company in connection with the IPO (“Vision-Ease Lens”), Executive shall be
granted bonus stock of Vision-Ease Lens as is set forth in the Bonus Stock
Award Agreement attached hereto as Exhibit B. 
The decision whether or not to pursue the IPO will be made solely by the
Board in its sole discretion.

2.4.                              Benefits.  During the Employment Period, Executive shall
be entitled to participate in such employee benefit plans and programs,
including, without limitation, any and all pension, disability, group life,
sickness, accident and health insurance plans or programs, as the Company may
provide from time to time to its salaried employees generally, and such other
benefits as the Board may from time to time establish for the Company’s highest
ranking executives, all in accordance with the terms and conditions of such
plans and programs as they may be amended from time to time.

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2.5.                              Special Bonus Payment Upon a Sale of the Company.

(a)                                          Upon
a Sale of the Company (as defined below), the Executive shall be entitled to
receive a bonus payment in an amount equal to a percentage of the Equity Value
(as defined below) determined according to the following table:

	
  Equity Value

  	
   

  	
  Bonus Percentage

  	
   

  
	
  $135 million

  	
   

  	
  1.00

  	
  %

  
	
  $145 million

  	
   

  	
  1.00

  	
  %

  
	
  $155 million

  	
   

  	
  1.05

  	
  %

  
	
  $165 million

  	
   

  	
  1.13

  	
  %

  
	
  $175 million

  	
   

  	
  1.23

  	
  %

  
	
  $185 million

  	
   

  	
  1.35

  	
  %

  
	
  $195 million

  	
   

  	
  1.50

  	
  %

  
	
  $205 million

  	
   

  	
  1.68

  	
  %

  
	
  $215 million

  	
   

  	
  1.88

  	
  %

  
	
  $225 million

  	
   

  	
  2.10

  	
  %

  
	
  $235 million

  	
   

  	
  2.35

  	
  %

  
	
  $245 million

  	
   

  	
  2.63

  	
  %

  
	
  $255 million or above

  	
   

  	
  2.93

  	
  %

  

 

Such bonus shall be
adjusted proportionately, on a straight-line basis, with respect to an Equity
Value (as defined below) that falls between any two Equity Values as shown in
the foregoing table.

(b)                                         Any
Bonus that becomes due to Executive under this Section 2.5 shall be paid to
Executive at the closing of the Sale of the Company or, if that is not
reasonably practical, within thirty (30) days thereafter.

(c)                                          The
provisions of this Section 2.5  shall apply
only to the first Sale of the Company to occur following the date of this
Agreement, and shall not apply with respect to any subsequent transaction that
would otherwise constitute a Sale of the Company.  Furthermore, the provisions of this Section
2.5 shall lapse and shall be of no further force or effect, and no bonus
payment shall be due to Executive under this Section 2.5 or otherwise upon a
Sale of the Company in the event that any of the following occurs prior to a
Sale of the Company:

(i)                                     the
consummation of the IPO;

(ii)                                  the
voluntary resignation by Executive, or the termination of Executive by the
Company for Cause; or

(iii)                               the
one year anniversary of the termination of Executive by the Company for any
reason other than Cause.

(d)                                         For
purposes of this Section 2.5, the following terms shall have the meanings set
forth:

(i)                                     “Person”
shall mean any individual, partnership, limited liability company, joint
venture, corporation, trust, unincorporated organization or association.

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(ii)                                  “Sale
of the Company” shall mean the acquisition by any one Person, or more than one
Person acting as a group, of ownership (directly or indirectly) of an interest
in the Company that, together with any such interest held by such Person(s),
constitutes more than 50% of the voting or profits interest in the Company;
provided, however, that the following events shall not constitute a Sale of the
Company:  (i) acquisition of additional
voting or profits interest in the Company by any Person (or more than one
Person acting as a group) who holds more than 50% of the ownership or profits
interest of the Company at the time he acquires such additional ownership or
profits interest; (ii) any transaction, reorganization or the like, if Insight
Equity Vision Partners, LP or Rosewood Vision Corporation, or subsidiaries of
either of the foregoing (individually or collectively) continues to own more
than 50% of the voting or profits interest in the Company or have representatives
who constitute a majority of the Board of Managers of the Company’s general
partner or similar governing authority; or (iii) or the IPO.

(iii)                               “Equity
Value” shall mean the value realized by the owners of equity interests of the
Company upon a Sale of the Company, as determined by the Company in good faith,
based on the premise that  such value
will be the total consideration paid by the purchaser, less all payment of debt
to non-owners at the time of the closing of the Sale of the Company and other
obligations as well as expenses and costs relating to the sale.

2.6.                              Vacation.  During the Employment Period, Executive shall
be entitled to four weeks paid vacation per calendar year and leave of absence
and leave for illness or temporary disability in accordance with the policies
of the Company in effect from time to time. 
Executive’s vacation entitlement shall be prorated in any calendar year
in which Executive does not work the entire calendar year.

2.7.                              Indemnification; D&O Insurance.  The Company shall indemnify the Executive for
any liability he incurs arising from his actions within the scope and course of
his employment hereunder in accordance with the Company’s governing partnership
documents (and, upon consummation of the IPO, the Certificate of Incorporation
and By-laws of Vision-Ease Lens) and any indemnification agreement which may be
executed between the Executive and the Company during the Term, provided that
(i) the Executive conducted himself in good faith, and (ii) the Executive
reasonably believed that his actions were in the best interests of the
Company.  Upon consummation of the IPO,
during the Employment Period, Vision-Ease Lens shall maintain a directors’ and
officers’ liability insurance policy covering the Executive in an amount and on
terms customary for similarly situated companies and with coverage and on other
terms reasonably determined by the Board of Directors of Vision-Ease Lens.

2.8.                              Access to Resources.  The Company shall furnish Executive with such
reasonable facilities and services as shall be suitable to Executive’s position
and adequate for the performance of his duties hereunder as deemed by the
Board, including, but not limited to, providing personnel, support services and
technology and third party consultants and advisors (including legal counsel,
if needed) sufficient to enable the Executive to perform all of his obligations
under applicable laws, including, if the IPO is consummated, the Executive’s
certification obligations under the Sarbanes-Oxley Act of 2002 and the rules
promulgated thereunder.

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3.                                       TERM AND TERMINATION.

3.1.                              Employment Period.  The Company initially employed Executive on
November 1, 2004.  Subject to Section
3.2 hereof, Executive’s employment pursuant to this Agreement (the “Employment Period”) shall commence
on January 2, 2007 (“Commencement Date”)  and shall terminate on the earlier of: (a)
the close of business on December 31, 2009 (the “Term”)
or (b) the termination of this Agreement pursuant to Section 3.2
hereof.  Thereafter, the Term and the Employment
Period shall be extended for successive one-year periods unless either party
shall provide the other party with written notice of its intent not to renew
the Term and Employment Period no later than 60 days prior to expiration of the
Term or any extension of the Term.  For
purposes of the Agreement, any reference to the Term or the Employment Period,
as the case may be, shall include the initial Term and Employment Period and
any extension thereof.

3.2.                              Termination of Employment.  Each party shall have the right to terminate
Executive’s employment hereunder before the Term expires to the extent, and
only to the extent, permitted by this Section.

(a)                                  By the Company for Cause.  The Company shall have the right to terminate
Executive’s employment at any time upon delivery of written notice of
termination for Cause (as defined below) to Executive (which notice shall
specify in reasonable detail the basis upon which such termination is made),
such employment to terminate immediately upon delivery of such notice unless
otherwise specified by the Board of the Company if the Board (excluding
Executive) determines in good faith that Executive: (i) has misappropriated,
stolen or embezzled funds or property from the Company or an affiliate of the
Company or secured or attempted to secure personally any profit in connection
with any transaction entered into on behalf of the Company or any affiliate of
the Company, (ii) has been convicted of a felony or entered a plea of “nolo contendre” which in the reasonable opinion
of the Board brings Executive into disrepute or is likely to cause material
harm to the Company’s (or any of its affiliate’s) business, customer or
supplier relations, financial condition or prospects, (iii) has neglected his
duties hereunder in a manner resulting in demonstrable adverse consequences to
the Company (it being understood that the mere failure to achieve any
performance target in any Value Creation Plan or other financial or operating
plan for the Company will not be a basis for a determination of “neglect of
duties” for purposes of this clause (iii)); provided
that prior to any termination pursuant to this clause (iii), the General
Partner shall provide Executive with (A) prior written notice describing such
failure to perform, (B) an opportunity to cure such failure to perform within
30 days after Executive’s receipt of such written notice from the General
Partner and (C) a reasonable opportunity, together with his counsel, to address
the Board with regard to the validity of its determination that Cause for
termination exists, (iv) has materially violated a provision of Section 4
hereof, or (v) has willfully violated or breached any provision of this
Agreement in any material respect or violated any material law or regulation to
the material detriment of the Company or any affiliate of the Company or its
business (collectively, “Cause”).  In the event that Executive’s employment is
terminated for Cause, Executive shall be entitled to receive only the payments
referred to in Section 3.3(e) hereof.

(b)                                 By the Company Upon Total Disability.  The Company shall have the right to terminate
Executive’s employment on five days’ prior written notice to Executive if the
Board determines that Executive is unable to perform his duties by reason of
Total Disability, but 

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any termination of employment pursuant to
this subsection (b) shall obligate the Company to make the payments referred to
in Section 3.3(b) hereof.  As
used herein, “Total
Disability” shall mean the inability of Executive, to engage in
any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months.

(c)                                  By the Company Other Than for Cause. 
The Company shall have the right to terminate Executive’s employment
other than for Cause, on 14 days’ prior written notice to Executive in the
Company’s sole discretion, but any termination of employment pursuant to this
subsection (c) shall obligate the Company to make the payments referred to in
Section 3.3(c) hereof.

(d)                                 By Executive. 
Executive shall have the right to terminate his employment hereunder:
(i) upon the failure of the Company to make any required payment to Executive
hereunder, which failure continues unremedied for 10 days after Executive has
given the Board written notice of such failure; (ii) upon any material failure
by the Company to comply with any of the provisions of this Agreement other
than a failure to make a required payment, which failure continues unremedied
for 30 days after Executive has given the Board written notice of such failure;
(iii) in the event of any (A) demotion of Executive or any material reduction
in his authority, adverse change in reporting relationship or assignment to him
of material duties that are substantially inconsistent with his position and
title immediately prior to such assignment or failure to elect Executive to
continue to serve as a director on the Board or removing Executive from the Board,
(B) reduction of Executive’s Annual Base Salary or target annual
bonus-eligibility amount, (C) requirement that Executive relocate outside of
the Twin Cities metropolitan area or (D) substantial reduction in the aggregate
value of benefits and perquisites provided to Executive; or (iv) otherwise
after 14 days’ prior written notice to the Company.  In the event that Executive elects to
terminate his employment pursuant to subsection (d)(iv), Executive shall be
entitled to receive only the payments referred to in Section 3.3(d)
hereof.  In the event Executive elects to
terminate his employment pursuant to subsection (d)(i), (ii) or (iii),
Executive shall be entitled to receive the payments referred to in Section
3.3(c) hereof.

(e)                                  By the Expiration of this Agreement. 
Executive’s employment hereunder shall terminate upon the expiration of
the Term pursuant to Section 3.1. 
In the event the employment of Executive is terminated by the expiration
of the Term, Executive shall be entitled to receive the payments referred to in
Section 3.3(f) hereof.

(f)                                    Death of Executive. 
Executive’s employment hereunder shall terminate upon the death of
Executive.  In such an event, Executive’s
surviving spouse, or if none, his estate shall be entitled to receive the
payments referred to in Section 3.3(a) hereof.

3.3.                              Compensation and Benefits Following Termination.
Except as specifically provided in this Section, any and all obligations of the
Company to make payments to Executive under this Agreement shall cease as of
the date the Employment Period expires pursuant to Section 3.1 or as of
the date Executive’s employment is terminated pursuant to Section 3.2,
as the case may be.  Executive shall be
entitled to receive only the following compensation and benefits following the termination
of his employment hereunder; provided that, as a condition to 

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receiving such compensation and benefits,
Executive shall be required to execute a release of claims in a form reasonably
required by the Company:

(a)                                  Upon Death.  In the event that the Employment Period
terminates pursuant to Section 3.2(f) on account of the death of
Executive, (i) the Company shall pay to Executive’s surviving spouse or, if
none, his estate, within 30 days of such termination, a lump-sum amount equal
to the sum of Executive’s earned and unpaid salary through the date of his
death, any bonus definitively earned by Executive but not yet paid to
Executive, additional salary in lieu of Executive’s accrued and unused
vacation, any unreimbursed business and entertainment expenses in accordance
with the Company’s policies, and any unreimbursed or unpaid employee benefits
that are payable in accordance with the Company’s employee benefit plans
through the date of termination (collectively, the “Standard Termination Payments”) and (ii)
death benefits, if any, under the Company’s employee benefit plans shall be
paid to Executive’s beneficiaries as properly designated in writing by
Executive.

(b)                                 Upon Termination for Total Disability.  In
the event that the Company elects to terminate the employment of Executive
pursuant to Section 3.2(b) because of his Total Disability, (i) the
Company shall pay to Executive a lump-sum amount equal to the Standard
Termination Payments and (ii) Executive shall be entitled to such disability
and other employee benefits as may be provided under the terms of the Company’s
employee benefit plans.

(c)                                  Upon Termination Other Than For Cause.  In the event that the Company elects to
terminate the employment of Executive pursuant to Section 3.2(c) or Executive
elects to terminate his employment pursuant to Section 3.2(d)(i), (ii)
or (iii), (i) the Company shall pay to Executive within 30 days of such
termination, by wire transfer of immediately available funds, a lump-sum amount
equal to the sum of (A) the Standard Termination Payments plus (B) an amount
equal to 2.99 times Executive’s Annual Base Salary as then in effect in
accordance with Section 2.1 and (ii) the Company shall also be obligated
to provide continued coverage, at the Company’s expense, under the Company’s
medical, dental, life insurance and total disability benefit plans or
arrangements with respect to Executive for a period of 12 months after
Executive’s termination; such continued coverage to run concurrently with
Executive’s continuation of coverage period required under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”).  If Executive has been employed for at least
six months in the Company’s fiscal year in which the Company elects to
terminate the employment of Executive pursuant to Section 3.2(c) or
Executive elects to terminate his employment pursuant to Section 3.2(d)(i),
(ii) or (iii), Executive will also be entitled to receive a
prorated portion (based on the number of days employed in the fiscal year in
which the termination occurs) of the bonus which would have been earned by
Executive under Section 2.3 for such fiscal year based on the Company’s
full year performance, which bonus, if any, will be paid at the same time that
bonuses are paid to other Company executives for the fiscal year in which the
termination occurs.  From the date of
such notice of termination other than for Cause or upon death or Total
Disability through the last date of Executive’s employment hereunder, Executive
shall continue to perform the normal duties of his employment hereunder (unless
waived by the Company), and shall be entitled to receive when due all
compensation and benefits applicable to Executive hereunder.  Executive shall have no duty to mitigate his
damages and the amounts due Executive under this Section 3.3(c) or Section
3.3(f) shall not be reduced by any payments received from other sources.

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(d)                                 By Executive.  In
the event Executive elects to terminate his employment pursuant to Section
3.2(d)(iv), (i) the Company shall pay to Executive within 30 days of such
termination, a lump-sum amount equal to the Standard Termination Payments and
(ii) Executive shall be entitled to such employee benefits as may be provided
under the terms of the Company’s employee benefit plans for the time period
provided for in such plans.

(e)                                  For Cause.  In the event that the Company terminates the
employment of Executive pursuant to Section 3.2(a) for Cause, the
Company shall pay to Executive within 30 days of such termination, a lump-sum
amount equal to the Standard Termination Payments.

(f)                                    By the Expiration of this Agreement.  In
the event that this Agreement expires at the end of the initial Term or any
one-year extension and is not renewed by the Company in accordance with Section
3.1 for an additional one-year period, the Company shall pay to Executive
within thirty (30) days of such expiration, by wire transfer of immediately
available funds, a lump-sum amount equal to the sum of (i) the Standard
Termination Payments plus (ii) 2.99 times the Annual Base Salary then in
effect.

3.4.                              All Payments; 409A Compliance. 
All payments made to Executive upon the termination of Executive’s
employment are in lieu of all other termination or severance payments available
at law or otherwise, other than any payments in connection with Executive’s
bonus stock or other equity incentive grants which shall be governed by the
terms of the applicable grant document. 
Notwithstanding any provision in this Agreement, the Company shall, to
the extent necessary and only to the extent necessary, modify the timing of
delivery of benefits if the Company determines that the timing would subject
the benefits to any additional tax or interest assessed under Section 409A of
the Internal Revenue Code. In such event, the payments will occur as soon as
practicable without causing the benefits to trigger such additional tax or
interest under Section 409A of the Internal Revenue Code.

4.                                       RESTRICTIVE COVENANTS.

4.1.                              Definitions.  When used in this Section 4, the
following terms shall have the meanings specified:

(a)                                  “Confidential Information”
shall mean any data or information with respect to the business conducted by
the Company or its subsidiaries that is material to the Company’s or its
subsidiary’s business operations and is not generally known to the public.  Without limitation and to the extent
consistent with the foregoing, Confidential Information includes any
information that is confidential and proprietary to the Company or a subsidiary
of the Company, including, but not limited to: (i) trade secrets; (ii) lists
and other information about current and prospective customers; (iii) plans or
strategies for sales, marketing, or business development; (iv) sales and
account records; (v) prices or pricing strategy or information; (vi) current
and proposed advertising and promotional programs; (vii) research and
development processes; (viii) the Company’s or a subsidiary’s methods, systems,
techniques, procedures, designs, formulae, inventions and know-how; and (ix)
other information of a similar nature not known to the public that, if misused
or disclosed, could adversely affect the business of the Company or a
subsidiary of the Company.  Confidential
Information includes any such 

 8
 

information that Executive may prepare or
create during Executive’s employment with the Company, as well as such
information that has been or may be created or prepared by others.

(b)                                 “Person”
shall mean an individual, partnership, corporation, limited liability company,
association or other group, however organized.

(c)                                  “Prohibited
Business” shall mean any Person who competes with the Company or a subsidiary
of the Company in the business of manufacturing lenses and supplying
polycarbonate, glass and hard-resin plastic lens products or competes with the
Company or a subsidiary of the Company in any other business in which the
Company or such subsidiary is engaged at the time of the termination of
Executive’s employment with the Company. 
However, nothing in this Agreement shall be construed to prohibit
Executive from involvement with any aspect of a portion of a Prohibited
Business that is not competitive to the business operations of the Company or
any subsidiary of the Company.

(d)                                 “Restricted
Area” shall mean the cities and counties within the United States in which (i)
the Company or a subsidiary of the Company has an office (including sales
offices) or (ii) any customer during the last 12 months of Executive’s
employment at the Company is located.

4.2.                              Nature of Employment.  Executive understands and acknowledges that
Executive’s employment with the Company is contingent upon signing this
Agreement.

4.3.                              Purpose of Agreement.  Executive confirms and acknowledges that, in
connection with his employment with the Company prior to the effective date of
this Agreement, he has, and in exchange for his agreement herein, Executive
will continue to be, provided, and will have access to, Confidential
Information of the Company and its subsidiaries.  Executive understands and acknowledges the
highly competitive nature of the business of the Company and its subsidiaries
and acknowledges that the Company and its subsidiaries own and have had and
continues to have a valuable property interest in their Confidential
Information.  Executive understands that
the Company has expended, and will continue to expend, significant time, effort
and expense in developing and protecting its Confidential Information and
building its customer relationships.  As
President and Chief Executive Officer, Executive has and will continue to
become personally acquainted with the Company’s customers and its Confidential
Information.  Executive recognizes and
acknowledges that the Confidential Information to which Executive will be
granted access in the course of Executive’s employment will be utilized by the
Company and its affiliates in all geographic areas in which the Company and its
subsidiaries do business.  Thus,
Executive acknowledges that such knowledge will make Executive a formidable
competitor to the Company and its subsidiaries in all geographic areas in which
the Company and its subsidiaries do business. 
By signing this Agreement, Executive is agreeing to abide by certain
legal obligations and responsibilities with respect to the customers and
Confidential Information of the Company and its subsidiaries in order to
protect the investment of the Company and its subsidiaries, as well as
Executive’s fellow employees.

4.4.                              Covenant Not To Use or Disclose Confidential
Information.  Executive
understands and acknowledges that during Executive’s employment, Executive has,
and will continue to make use of, acquiring or adding to, the Confidential
Information of the Company 

 9
 

and its subsidiaries.  In order to protect the Confidential
Information, Executive will not, during Executive’s employment with the Company
or thereafter, in any way utilize any of such Confidential Information except
in connection with Executive’s efforts for the Company and its
subsidiaries.  Executive will not at any
time use any Confidential Information for Executive’s own benefit or the
benefit of any person except the Company and its subsidiaries.  Except as expressly authorized in writing by
the Company, Executive will not at any time copy, reproduce or remove from the
Company’s premises the original or any copies of Confidential Information, and
Executive will not at any time disclose any Confidential Information to anyone
except in accordance with discharging Executive’s duties to the Company.  At the end of Executive’s employment,
regardless of how or why Executive’s employment ends, Executive will surrender
and return to the Company any and all Confidential Information in Executive’s
possession or control, as well as any other property of the Company or any
subsidiary of the Company that is in Executive’s possession or control.

4.5.                              Covenant Not To Compete.

(a)                                  Executive
agrees that while Executive is employed by the Company, Executive will not
directly or indirectly compete with any business conducted by the Company or
any subsidiary of the Company, and Executive will not directly or indirectly
provide any services to a Prohibited Business.

(b)                                 Executive
agrees that for a period of 12 months after Executive’s employment with the
Company ends, regardless of how or why Executive’s employment ends, Executive
will not compete with the Company or any subsidiary of the Company within the
Restricted Area by directly or indirectly performing for or providing to a
Prohibited Business substantially the same duties or services that Executive
performed for or provided to the Company or any subsidiary of the Company
within the last 12 months of Executive’s employment with the Company.

4.6.                              Covenant Not To Do Business With Customers.  Independent of the foregoing provisions,
Executive agrees that for a period of 12 months after Executive’s employment
with the Company ends, regardless of how or why Executive’s employment ends,
Executive will not, directly or indirectly, market, sell, attempt to sell,
provide or attempt to provide any products or services that compete with those
products or services sold or provided by the Company or any subsidiary of the
Company to any Person who is a customer of the Company or any subsidiary of the
Company during the last 12 months of Executive’s employment with the Company
and with whom Executive has communications (oral or written) regarding products
and services of the Company or any subsidiary of the Company during the last 12
months of Executive’s employment with the Company.

4.7.                              Covenant Not To Interfere With Business.  Independent of the foregoing provisions,
Executive agrees that for a period of 12 months after Executive’s employment
with the Company ends, regardless of how or why Executive’s employment ends,
Executive will not, directly or indirectly, encourage or otherwise cause any
Person to terminate, reduce, alter, divert, reject or refuse business with or
from the Company or any subsidiary of the Company.

 10

4.8.                              Covenant Not To Interfere With Employment.  Independent of the foregoing provisions,
Executive agrees that for a period of 12 months after Executive’s employment
with the Company ends, regardless of how or why Executive’s employment ends,
Executive will not, directly or indirectly, hire or attempt to hire any
employee of the Company or any subsidiary of the Company, nor will Executive,
directly or indirectly, encourage or otherwise cause any person employed by the
Company or any subsidiary of the Company to voluntarily terminate their
employment at the Company or any subsidiary of the Company or to cease
providing services to or on behalf of the Company or any subsidiary of the
Company.

4.9.                              Intellectual Property.  Executive agrees to disclose and assign to
the Company any and all material of a proprietary nature, particularly
including, but not limited to, material subject to protection as trade secrets
or as patentable ideas or copyrightable works, that Executive may conceive,
invent, author or discover, either solely or jointly with another or others
during Executive’s employment and that relates to or is capable of use in
connection with the business of the Company or any subsidiary of the Company or
any services or products offered, manufactured, used, sold or being developed
by the Company or any subsidiary of the Company at the time said material is
developed.  Executive will, upon request
of the Company, either during or at any time after Executive’s employment ends,
regardless of how or why Executive’s employment ends, execute and deliver all
papers, including applications for patents and registrations for copyrights,
and do such other legal acts (entirely at the Company’s expense) as may be
necessary to obtain and maintain proprietary rights in any and all countries
and to vest title thereto in the Company.

4.10.                        Remedy.  Executive understands and acknowledges that
the Company and its subsidiaries have a legitimate business interest in
preventing Executive from taking any actions in violation of this Section 4
and that this Section 4 is intended to protect the business and goodwill
of the Company and its subsidiaries. 
Executive further acknowledges that a breach of this Section 4
will irreparably and continually damage the Company and its subsidiaries and
that monetary damages alone will be inadequate to compensate the Company and
its subsidiaries for such breach. 
Executive therefore agrees that in the event Executive violates any of
the terms of this Section 4, the Company and its subsidiaries will be
entitled to, in addition to any other remedies available to it in law or in
equity, seek temporary, preliminary and permanent injunctive relief and
specific performance to enforce the terms of Section 4 without the
necessity of proving inadequacy of legal remedies or irreparable harm or
posting bond.  If Executive does take
actions in violation of Section 4.4, 4.5, 4.6, 4.7
or 4.8 of this Agreement, Executive understands that the time periods
set forth in those paragraphs will run from the date on which Executive’s
violations of those sections, whether by injunction or otherwise, ends and not
from the date that Executive’s employment ends. 
In the event any lawsuit, claim or other proceeding is brought to
enforce the terms of this Section 4, or to determine the validity of its
terms, then the prevailing party will be entitled to recover from the
non-prevailing party its reasonable attorneys’ fees and court costs incurred in
obtaining enforcement of, or determining the validity of, this Section 4.

4.11.                        Scope and Reasonableness.  This Section 4 is intended to limit
Executive’s right to compete only to the extent necessary to protect the
Company and its subsidiaries from unfair competition.  Executive acknowledges that Executive will be
reasonably able to earn a livelihood without violating the terms of this Section
4.  If any of the provisions of this Section
4 should 

 11
 

ever be deemed
to exceed the time, geographic area or activity limitations permitted by
applicable law, Executive agrees that such provisions may be reformed to the
maximum time, geographic area and activity limitations permitted by applicable
law, and Executive authorizes a court or other trier of fact having
jurisdiction to so reform such provisions.

4.12.                        Severability.  Executive understands and acknowledges that
each subsection of this Section 4, and each provision and clause of each
subsection, shall be regarded as separate and independent contractual
provisions.  The invalidity of any
subsection, provision or clause shall not affect the other subsections,
provisions or clauses, and this Section 4 shall be construed in all
respects as if such invalid or unenforceable subsection, provision or clause
were omitted.  If any subsection,
provision or clause should be found unenforceable by a court of competent
jurisdiction, it shall not impair the enforceability of the other subsections,
provisions or clauses of this Section 4.

4.13.                        Waiver.  Executive understands and agrees that in the
event the Company waives or allows any breach of this Section 4, such
waiver or allowance shall not constitute a waiver or allowance of any future
breach, whether of a similar or dissimilar nature.

5.                                       MISCELLANEOUS.

5.1.                              Applicable Law; Jurisdiction and Venue.  This Agreement shall be construed and
interpreted according to the laws of the State of Minnesota, without regard to
the conflicts of law rules thereof.  The
parties to this Agreement agree that jurisdiction and venue in any action
brought by any party hereto pursuant to this Agreement shall properly (but not
exclusively) lie in any federal or state court located in the State of
Minnesota, County of Hennepin, or the State of Texas, County of Dallas.  By execution and delivery of this Agreement,
each party hereto irrevocably submits to the jurisdiction of such courts for
itself or himself and in respect of its or his property with respect to such
action.  The parties hereto irrevocably
agree that venue would be proper in such court, and hereby waive any objection
that such court is an improper or inconvenient forum for the resolution of such
action.  The parties further agree that
the mailing by certified mail or registered mail, return receipt requested, of
any process required by any such court shall constitute valid and lawful
services of process against them, without necessity for service by any other
means provided by statute or rule of court.

5.2.                              Taxes;
Withholding.  The Company
reserves the right to withhold any taxes or other amounts otherwise payable to
Executive under this Agreement in accordance with the requirements of
applicable Federal, state and local laws. 
All payments hereunder shall be net of all such withholdings.

5.3.                              Headings.  The headings and captions set forth herein
are for convenience of reference only and shall not affect the construction or
interpretation hereof.

5.4.                              Notices.  Any notice or other communication required,
permitted, or desirable hereunder shall be hand delivered (including delivery
by a commercial courier service) or sent by United States registered or
certified mail, postage prepaid, addressed as follows:

 12
 

 

	
  If to the Company or

  	
   

  	
  Insight Equity A. P. X, LP

  
	
   the General Partner

  	
   

  	
  c/o Insight Equity

  
	
   

  	
   

  	
  1400 Civic Place

  
	
   

  	
   

  	
  Suite 250

  
	
   

  	
   

  	
  Southlake, Texas 76092-7641

  
	
   

  	
   

  	
  Attention:

  	
  Ted W. Beneski

  
	
   

  	
   

  	
  Telephone:

  	
  (817) 488-7775

  
	
   

  	
   

  	
  Fax:

  	
  (817) 488-7739

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Hunton & Williams LLP

  
	
   

  	
   

  	
  1601 Bryan Street, 30th Floor

  
	
   

  	
   

  	
  Attention:

  	
  Andrew W. Lawrence, Esq.

  
	
   

  	
   

  	
  Telephone:

  	
  (214) 979-3052

  
	
   

  	
   

  	
  Fax:

  	
  (214) 880-0011

  
	
   

  	
   

  	
   

  
	
  If to Executive:

  	
   

  	
  Douglas C. Hepper

  
	
   

  	
   

  	
  760 Linwood Ave.

  
	
   

  	
   

  	
  St. Paul, MN 55105

  
	
   

  	
   

  	
  Telephone:

  	
  (651) 224-1654

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Dorsey & Whitney LLP

  
	
   

  	
   

  	
  50 South Fifth Street

  
	
   

  	
   

  	
  Minneapolis, Minnesota 55402

  
	
   

  	
   

  	
  Attention:

  	
  Matthew J. Knopf, Esq.

  
	
   

  	
   

  	
  Telephone:

  	
  (612) 340-5603

  
	
   

  	
   

  	
  Fax:

  	
  (612) 340-7800

  

 

or such
other addresses as shall be furnished in writing by the parties.  Any such notice or communication shall be
deemed to have been given as of the date so delivered in person or three
business days after so mailed.

5.5.                              Successors and Assigns; Succession by Vision Ease
Lens Upon IPO.  The
Company may assign its rights under this Agreement to any successor to its
business (by merger, acquisition of substantially all of the Company’s assets
or otherwise), provided that such successor entity expressly assumes, in a
writing reasonably acceptable to Executive, this Agreement and all obligations
and undertakings of the Company hereunder. 
If the IPO is consummated, Vision-Ease Lens will assume all obligations
and undertakings of the Company as the Company’s successor hereunder and
Executive shall look solely to Vision-Ease Lens for the performance of all
obligations of his employer and of the Company hereunder and all references
hereunder to General Partner shall be to Vision-Ease Lens and all references to
the Board shall be to the Board of Directors of Vision-Ease Lens.  In such event, Executive shall serve as
President and Chief Executive Officer of Vision-Ease Lens and shall, subject to
election by its shareholders, serve as a member of the Vision-Ease Lens Board
of Directors which shall be substituted for all purposes under the Agreement in
lieu of the Board.  Executive may not
assign his rights or delegate his duties under this Agreement without the prior
written consent of the Company. 
Executive understands and agrees that this Agreement shall be binding
upon and inure to the benefit of the Company and its legal representatives,
successors and assigns.  

 13
 

Executive also understands and agrees that
this Agreement shall be binding upon and inure to the benefit of Executive’s
heirs and executors or administrators.

5.6.                              Late Payments.  Any payment due to Executive under this
Agreement which was not timely made by the Company without reasonable
justification shall include an award of interest at the rate of 6% per annum.

5.7.                              Entire Agreement; Amendments.  This Agreement sets forth the entire
agreement and understanding of the parties with respect to the subject matter
hereof, and there are no other contemporaneous written or oral agreements,
undertakings, promises, warranties or covenants not specifically referred to or
contained herein.  This Agreement
specifically supersedes any and all prior agreements and understandings of the
parties with respect to the subject matter hereof, all of which prior agreements
and understandings (if any) are hereby terminated and of no further force and
effect, including, without limitation, the Original Agreement; and the First
Amendment.  This Agreement may be
amended, modified or terminated only by a written instrument signed by the
parties hereto.

5.8.                              Execution of Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same Agreement.  This Agreement may be delivered by facsimile
transmission of an originally executed copy to be followed by immediate
delivery of the original of such executed copy.

5.9.                              Severability.  Without limiting Section 4.12, if any
provision, clause or part of this Agreement, or the applications thereof under
certain circumstances, is held invalid or unenforceable for any reason, the
remainder of this Agreement, or the application of such provision, clause or
part under other circumstances, shall not be affected thereby.

5.10.                        Incorporation of Recitals.  The Recitals to this Agreement are an
integral part of, and by this reference are hereby incorporated into, this
Agreement.

[Signature Page Follows]

 14
 

IN WITNESS WHEREOF, the parties have
executed this Employment Agreement as of the day and year first above written.

	
  

  	
   

  	
   

  	
  INSIGHT EQUITY A.P. X, LP

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Insight Equity A.P. X Company, LLC, its 

  
	
   

  	
   

  	
   

  	
   

  	
  General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Ted W. Beneski

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Ted W. Beneski,

  
	
   

  	
   

  	
   

  	
   

  	
  Chairman of the Board

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  /s/ Douglas C. Hepper

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Douglas C. Hepper

  

 

 15

2006 Payout Schedule

(EBITDA)

EXHIBIT A

2006 BONUS

	
   

  	
   

  	
  Percent Salary in Bonus

  	
   

  	
   

  	
   

  
	
  EBITDA

  	
   

  	
  D. Hepper (CEO)

  	
   

  	
  R. Faber (CFO)

  	
   

  	
  Key I

  	
   

  	
  Key II

  	
   

  	
   

  	
   

  
	
  $17.00

  	
   

  	
  37.5

  	
  %

  	
  25.0

  	
  %

  	
  20.0

  	
  %

  	
  10.0

  	
  %

  	
   

  	
   

  
	
  $18.00

  	
   

  	
  56.3

  	
  %

  	
  37.5

  	
  %

  	
  30.0

  	
  %

  	
  15.0

  	
  %

  	
   

  	
   

  
	
  $19.00

  	
   

  	
  75.0

  	
  %

  	
  50.0

  	
  %

  	
  40.0

  	
  %

  	
  15.0

  	
  %

  	
   Current Estimate

  	
                  

  
	
  $20.00

  	
   

  	
  93.8

  	
  %

  	
  62.5

  	
  %

  	
  50.0

  	
  %

  	
  25.0

  	
  %

  	
   

  	
   

  
	
  $21.00

  	
   

  	
  112.5

  	
  %

  	
  75.0

  	
  %

  	
  60.0

  	
  %

  	
  30.0

  	
  %

  	
   

  	
   

  
	
  $22.00

  	
   

  	
  131.3

  	
  %

  	
  87.5

  	
  %

  	
  70.0

  	
  %

  	
  35.0

  	
  %

  	
   

  	
   

  
	
  $23.00

  	
   

  	
  150.0

  	
  %

  	
  100.0

  	
  %

  	
  80.0

  	
  %

  	
  40.0

  	
  %

  	
   

  	
   

  
	
  $24.00

  	
   

  	
  168.8

  	
  %

  	
  112.5

  	
  %

  	
  90.0

  	
  %

  	
  45.0

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  

 

1.                                       This
bonus plan will be adjusted on actual EBITDA achieved at year-end (higher or
lower).

2.                                       EBITDA
performance is measured on a continuous scale (i.e., performance between the
levels yields a pro-rata increase in % Salary in Bonus).  Performance beyond $23.25M will continue to
increase % in Bonus on a pro-rata basis.

3.                                       Bonuses
are paid each year over January-March, based on the previous year’s
performance.

4.                                       Bonus
payouts are based on operating EBITDA net of target bonus accrual $960K in 2006.  In the case of over-accrual if performance is
less than the anticipated bonus levels, adjustments will be made at year-end as
the board deems appropriate to reflect this schedule.  In the case of under-accrual, payouts will
still be made in accordance with this schedule.

5.                                       The
board reserves the right to change or modify this schedule to prevent the
breaking of any financial covenants.

2006 Payout Schedule

(Debt Reduction)

 

	
  

  	
   

  	
  Percent Salary in Bonus

  	
   

  	
   

  	
   

  
	
  Debt Obligations

  	
   

  	
  D. Hepper (CEO)

  	
   

  	
  R. Faber (CFO)

  	
   

  	
  Key I

  	
   

  	
  Key II

  	
   

  	
   

  	
   

  
	
  $70.00

  	
   

  	
  -9.4

  	
  %

  	
  -6.3

  	
  %

  	
  -5.0

  	
  %

  	
  -3.0

  	
  %

  	
   

  	
   

  
	
  $65.00

  	
   

  	
  0.0

  	
  %

  	
  0.0

  	
  %

  	
  0.0

  	
  %

  	
  0.0

  	
  %

  	
   

  	
   

  
	
  $60.00

  	
   

  	
  15.0

  	
  %

  	
  10.0

  	
  %

  	
  8.0

  	
  %

  	
  4.0

  	
  %

  	
   

  	
   

  
	
  $55.00

  	
   

  	
  28.1

  	
  %

  	
  18.8

  	
  %

  	
  15.0

  	
  %

  	
  7.0

  	
  %

  	
   Current Estimate

  	
   

  
	
  $50.00

  	
   

  	
  37.5

  	
  %

  	
  25.0

  	
  %

  	
  20.0

  	
  %

  	
  9.0

  	
  %

  	
   

  	
   

  
	
  $45.00

  	
   

  	
  43.1

  	
  %

  	
  28.8

  	
  %

  	
  23.0

  	
  %

  	
  11.0

  	
  %

  	
   

  	
   

  
	
  $40.00

  	
   

  	
  48.8

  	
  %

  	
  32.5

  	
  %

  	
  26.0

  	
  %

  	
  13.0

  	
  %

  	
   

  	
   

  
	
  $35.00

  	
   

  	
  54.4

  	
  %

  	
  36.3

  	
  %

  	
  29.0

  	
  %

  	
  15.0

  	
  %

  	
   

  	
   

  
	
  $30.00

  	
   

  	
  60.0

  	
  %

  	
  40.0

  	
  %

  	
  32.0

  	
  %

  	
  17.0

  	
  %

  	
   

  	
   

  
	
  $25.00

  	
   

  	
  65.6

  	
  %

  	
  43.8

  	
  %

  	
  35.0

  	
  %

  	
  19.0

  	
  %

  	
   

  	
   

  
	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  

                                                                                                

1.                                       “Debt
Obligations” is equal to all debt outstanding.

2.                                       Debt
Obligations reduction performance is measure on a continuous scale (i.e.,
performance between the levels yields a pro-rata increase in % Salary in
Bonus).

3.                                       The
bonus levels here directly adjust the EBITDA bonus by the amounts indicated.

4.                                       Bonuses
are paid each year over January-March, based on the previous year’s
performance.

5.                                       Bonus
payouts are based on operating EBITDA net of target bonus accrual $960K in
2005.  In the case of over-accrual if
performance is less than the anticipated bonus levels, adjustments will be made
at year end as the board deems appropriate to reflect this schedule.  In the case of under-accrual, payouts will
still be made in accordance with this schedule.

6.                                       The
board reserves the right to change or modify this schedule to prevent the
breaking of any financial covenants.

 17
 

EXHIBIT B

BONUS STOCK AWARD AGREEMENT

THIS BONUS STOCK AWARD AGREEMENT (“Agreement”) is made
and entered into as of this 24th day of January, 2007 by and between
Vision-Ease Lens, Inc., a Delaware corporation (“Company”), and Douglas C.
Hepper (“Participant”).

WHEREAS, the Company has adopted, or prior to the
effective time of the IPO (as hereinafter defined) will adopt, the Vision-Ease
Lens, Inc. 2007 Equity Incentive Plan (“Plan”), the purpose of which is to
assist the Company and its Subsidiaries in attracting, retaining and motivating
valued directors, officers, employees, consultants and other service providers,
and to further align their interests with the interests of the Company’s
stockholders, by providing for, or increasing, their ownership interest in the
Company; and

WHEREAS, the Plan provides for various types of
stock-based incentive awards, which may be made to eligible employees,
directors, consultants and other service providers, all as determined in the
sole discretion of the Compensation Committee of the Board of Directors of the
Company (“Committee”), which administers the Plan; and

WHEREAS, the Company and Participant previously
executed that certain Bonus Stock Award Agreement dated as of September 15,
2006 (“Prior Bonus Stock Award Agreement”), which the parties wish to terminate
and to replace in full with this Agreement; and

WHEREAS, in accordance with the provisions of the
Plan, the Committee desires to award Participant shares of Stock under the
terms and conditions set forth in this Agreement, as a special bonus in order
to reward Participant for his efforts in connection with the Company’s initial
public offering.

NOW, THEREFORE, in consideration of the covenants
herein set forth and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

1.                                       Award
of Bonus Shares.  The Company shall,
effective as of the effective time of the Company’s initial public offering of
its Common Stock (“IPO”), award and distribute to Participant 231,700 shares
(“Bonus Shares”) of the Company’s Common Stock, subject to the terms and
conditions of this Agreement.  Upon
distribution to Participant, the Bonus Shares shall be fully vested, but shall
be subject to the restrictions and repayment obligations set forth herein.

2.                                       Award
Contingent on Company IPO. 
Participant understands and agrees that the Award of Bonus Shares
provided for herein is being made in contemplation and recognition of
Participant’s efforts in connection with, the Company’s IPO, and is contingent
upon the Company’s IPO becoming effective on or before July 31, 2007.  In the event that the Company’s IPO has not
become effective on or prior to such date, this Agreement shall terminate and
be of no force or effect, and Participant shall have no right or interest in or
to the Bonus Shares.

 18
 

3.                                       Transfer
Restrictions.  The Bonus Shares may
not, during the 12-month period following the Company’s IPO (“Holding Period”),
be sold, transferred, pledged, assigned or otherwise alienated, hypothecated or
disposed of in any manner.  The Bonus
Shares shall also be subject to holding or blackout period restrictions or
similar policies, which may be established by the Company’s Board of Directors
in its reasonable discretion from time to time to help ensure compliance with
legal requirements or material corporate initiatives (such as a secondary
public offering).  Any attempt to effect
any sale, transfer, pledge, assignment or disposition of the Bonus Shares or
any portion thereof prior to the expiration of the Holding Period and/or in violation
of any established Company policy shall be null and void and of no force or
effect whatsoever.

4.                                     Repayment
Obligation Upon Termination for Cause. 
In the event that Participant’s employment with the Company is
terminated due to Participant’s conviction of a felony that relates to his
conduct and performance of duties as an executive or director of the Company,
Participant shall promptly tender to the Company all of the Bonus Shares, or
(to the extent that Participant does not own a sufficient number of shares to
satisfy such repayment obligation) pay to the Company an amount of cash equal
to the Fair Market Value, as of the date of such termination of employment, of
the aggregate number of Bonus Shares awarded hereunder.

5.                                       Restrictive
Legends.  All certificates
representing any Bonus Shares subject to the provisions of this Agreement shall
have endorsed thereon the following legends:

(a)                                  “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A CERTAIN BONUS STOCK AWARD AGREEMENT WHICH, AMONG OTHER THINGS,
PROHIBITS THE TRANSFER OF THESE SECURITIES DURING A HOLDING PERIOD DESCRIBED IN
SUCH AGREEMENT.  COPIES OF SUCH AGREEMENT
MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION.”

(b)                                 Any
legend required to be placed thereon by applicable securities laws in the
reasonable discretion of the Committee.

6.                                       No
Obligation to Transfer.  The Company
shall not be required to (i) transfer on its books any Bonus Shares which
shall have been sold or transferred in violation of any provision of this
Agreement; or (ii) treat as owner of such Bonus Shares or to accord the
right to vote as such owner or to pay dividends to any transferee to whom such
Bonus Shares shall have been transferred in violation of a provision of this
Agreement.

7.                                       Capital
Adjustments.  The number and class of
Bonus Shares shall be subject to adjustment, if any, as the Committee deems
appropriate upon the occurrence of certain events and in the manner as
described in Section 12 of the Plan.

8.                                       No
Right to Employment or Future Awards. 
Neither this Agreement, nor the Award of the Bonus Shares provided for
herein, shall be construed as giving Participant any right of employment or
continued employment with the Company or any Affiliate of the Company.

 19
 

9.                                       Withholding;
Tax Liability.  Participant
understands and agrees that Participant shall be responsible and liable with
respect to any tax obligation of Participant relating to, or arising out of,
the Award of Bonus Shares evidenced by this Agreement.  Notwithstanding the foregoing, in order to
accommodate the necessary tax withholdings resulting from this Award, the
Company shall withhold from the Bonus Shares distributed to Participant, the
number of shares equal in Fair Market Value (at the IPO price) to the amount
required to satisfy all such tax withholdings and, provided the Company has
sufficient cash to do so, the Company shall pay all such tax withholdings on
behalf of Participant.

10.                                 Subject
to Plan.  The Award of the Bonus
Shares and this Agreement are subject to all of the terms and conditions of the
Plan (as the Plan may be amended from time to time).  In the event of any conflict between the
terms and conditions of the Plan and those set forth herein, the terms and
conditions of the Plan shall control.

11.                                 Termination of Prior Bonus Stock Award
Agreement.  The Prior Bonus Stock Award Agreement is
hereby terminated and of no force or effect whatsoever, such termination to be
effective as of the date of its execution as if it had not been executed, and
neither party shall have any rights or obligations whatsoever under the Prior
Bonus Stock Award Agreement.

12.                                 Governing Law.  This
Agreement shall be governed, construed, interpreted and administered in
accordance with the laws of the State of Delaware.

13.                                 Severability.  In the event any provision of this Agreement
shall be held invalid, illegal or unenforceable, in whole or in part, for any
reason, such determination shall not affect the validity, legality or
enforceability of any remaining provision or portion of provision, which shall
remain in full force and effect as if this Agreement had not contained the
invalid, illegal or unenforceable provision or portion.

14.                                 Amendment.  The Committee shall have the right to amend
this Agreement without the consent of Participant in order to:  (a) conform the Award evidenced by this
Agreement to, or otherwise satisfy, any legal requirement (including without
limitation the provisions of Code sections 162(m) and 409A and the regulations
and rulings promulgated thereunder); or (b) adjust the terms and conditions of
the Award evidenced by this Agreement in recognition of unusual or nonrecurring
events affecting the Company or the financial statements of the Company, in
order to prevent the dilution or enlargement of the benefits intended to be
made available under this Award. 
Additionally, this Agreement may be amended in any other manner pursuant
to a written amendment executed by the Company and Participant.

15.                                 Notices.  Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given when delivered
pursuant to personal delivery, facsimile, E-mail, or three (3) business days
following deposit in the United States Post Office, by registered or certified
mail, with postage and fees prepaid, addressed to the other party hereto at the
address shown opposite his signature below or at such other address as such
party may designate.

16.                                 Further
Assurances.  The parties agree to
execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement.

 20
 

17.                                 Entire
Agreement.  This Agreement
constitutes the entire agreement of the parties with respect to the subject
matter hereof.

18.                                 Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors, heirs, executors, administrators, guardians and personal
representatives.  Nothing in this
Agreement shall be construed to give any person or entity other than the
parties hereto and their respective successors any legal or equitable right,
remedy or claim under this Agreement.

19.                                 Capitalized
Terms.  Unless otherwise defined
herein, each of the capitalized terms used herein shall have the meaning given
to such term in the Plan.

20.                                 Headings.  Headings of the several sections of this
Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement effective as
of the day and year first above written.

	
  

  	
  VISION-EASE LENS, INC.

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  1400 Civic Place #250

  	
  By:

  	
  /s/ Ted W. Beneski

  	
   

  
	
  Southlake, Texas 76092

  	
   

  	
  Ted W. Beneski, Chairman

  
	
  817.488.7775

  	
   

  	
   

  
	
  E-Mail: tbeneski@insightequity.com

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Douglas C. Hepper

  	
   

  
	
   

  	
   

  	
  Douglas C. Hepper

  
	
  Phone:

  	
   

  	
   

  	
   

  	
   

  
	
  E-Mail:

  	
   

  	
   

  	
   

  	
   

  

 

 

 21Exhibit
10.2

FIRST
AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT
(this “Agreement”)
is made and entered into as of the 24th day of January, 2007, by and between Insight
Equity A.P. X, LP, a Texas limited partnership (the “Company”), and
Richard G. Faber, a resident of the State of Minnesota (“Executive”).

RECITALS

WHEREAS,
the Company and Executive entered into that certain
Employment Agreement dated August 1, 2006 (“Original Agreement”); and

WHEREAS,
the Company and Executive also entered into that certain
Bonus Agreement dated June 12, 2006 (“Bonus Agreement”) providing for a special
cash bonus for Executive under certain circumstances described therein; and

WHEREAS,
the Company and Executive desire to amend and restate in its entirety the
Original Agreement, and in connection with such amendment and restatement, to
incorporate the provisions of the Bonus Agreement herein, such that this
Agreement amends, supersedes and replaces the Original Agreement and the Bonus
Agreement.

AGREEMENTS

NOW,
THEREFORE, in consideration of the mutual covenants contained
herein, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties agree as follows:

1.               EMPLOYMENT OF EXECUTIVE.

1.1                                 Duties and Status. 
Executive has served as the Company’s Vice President and Chief Financial
Officer in accordance with the provisions of the Original Agreement, and the
Company hereby continues to engage and employ Executive as Vice President and
Chief Financial Officer for the Employment Period, as defined in Section 3.1
hereof, and Executive accepts such employment, on the terms and subject to the
conditions set forth in this Agreement. 
During the Employment Period, Executive shall faithfully exercise such
authority and perform such duties on behalf of the Company as are normally
associated with his title and position as Vice President and Chief Financial
Officer and such other duties or positions as Executive and the General Partner
of the Company (the “General Partner”) shall mutually determine from time to
time.  Executive shall report to the
Board of Managers of the General Partner (the “Board”).  The Board shall approve the annual financial
and operating goals of the Company (the “Value Creation Plan”)
in respect of each fiscal year of the Company. 
Executive covenants and agrees to provide his best efforts and positive
support to the Value Creation Plan approved by the Board.

1.2                                 Time and Effort. 
During the Employment Period, Executive shall devote his entire working
time, energy, skill and best efforts to the performance of his duties hereunder
in a manner which will faithfully and diligently further the business and
interests of the Company. 
Notwithstanding the foregoing, Executive may participate fully in social,
charitable, civic activities and such other personal affairs of Executive as do
not interfere with performance of his duties hereunder.

2.               COMPENSATION AND BENEFITS.

2.1                                 Annual Base Salary. 
For all of the services rendered by Executive to the Company, the
Company shall pay Executive an initial annual base salary of $185,000 (the “Annual Base Salary”) during the
Employment Period.  Executive’s Annual
Base Salary shall be payable in equal installments in accordance with the
practice of the Company in effect from time to time for the payment of salaries
to officers of the Company.  During the
Employment Period, the Annual Base Salary shall not be less than the initial
Annual Base Salary and shall be reviewed from time to time during the
Employment Period by the Board to ascertain whether such Annual Base Salary
should be increased.  Executive’s
performance shall be reviewed at least annually.

2.2                                 Expenses.  The Company shall pay
or reimburse Executive for all reasonable business expenses actually paid or
incurred by Executive during the Employment Period in the performance of
Executive’s duties under this Agreement in accordance with the Company’s
employee business expense reimbursement policies in effect from time to time.

2.3                                 Bonuses, Etc.  During the Employment Period, Executive shall
be entitled to participate in such annual bonus incentive compensation
programs, as well as such other profit-sharing, equity/option, incentive and
performance award plans and programs as may from time to time be made available
to executives of the Company generally or as determined by the Board, all in
accordance with the terms and conditions of such plans and programs as they may
be amended from time to time.  For 2006,
Executive shall be eligible for an annual bonus as described in Exhibit A
attached hereto.  In connection with, and
contingent upon, the closing on or before July 31, 2007 of the contemplated
initial public offering (the “IPO”) of Vision-Ease Lens, Inc., a Delaware
corporation, and successor to the Company in connection with the IPO (“Vision-Ease
Lens”), Executive shall be granted bonus stock of Vision-Ease Lens as is set
forth in the Bonus Stock Award Agreement attached hereto as Exhibit B.  The decision whether or not to pursue the IPO
will be made solely by the Board in its sole discretion.

2.4                                 Benefits.  During the Employment
Period, Executive shall be entitled to participate in such employee benefit
plans and programs including, without limitation, any and all pension,
disability, group life, sickness, accident and health insurance plans or
programs, as the Company may provide from time to time to its salaried
employees generally, and such other benefits as the Board may from time to time
establish for the Company’s highest ranking executives, all in accordance with
the terms and conditions of such plans and programs as they may be amended from
time to time.

 2
 

2.5                                 Special Bonus Payment Upon a Sale of the Company.

(a)          Upon a Sale of the
Company (as defined below), the Executive shall be entitled to receive a bonus
payment in an amount equal to a percentage of the Equity Value (as defined
below) determined according to the following table:

	
  Equity Value

  	
   

  	
  Bonus Percentage

  	
   

  
	
  $135 million

  	
   

  	
  0.308

  	
  %

  
	
  $145 million

  	
   

  	
  0.308

  	
  %

  
	
  $155 million

  	
   

  	
  0.323

  	
  %

  
	
  $165 million

  	
   

  	
  0.346

  	
  %

  
	
  $175 million

  	
   

  	
  0.377

  	
  %

  
	
  $185 million

  	
   

  	
  0.415

  	
  %

  
	
  $195 million

  	
   

  	
  0.462

  	
  %

  
	
  $205 million

  	
   

  	
  0.515

  	
  %

  
	
  $215 million

  	
   

  	
  0.577

  	
  %

  
	
  $225 million

  	
   

  	
  0.646

  	
  %

  
	
  $235 million

  	
   

  	
  0.723

  	
  %

  
	
  $245 million

  	
   

  	
  0.808

  	
  %

  
	
  $255 million or above

  	
   

  	
  0.900

  	
  %

  

 

Such bonus shall be
adjusted proportionately, on a straight-line basis, with respect to an Equity
Value (as defined below) that falls between any two Equity Values as shown in
the foregoing table.

(b)                                 Any
Bonus that becomes due to Executive under this Section 2.5 shall be paid to
Executive at the closing of the Sale of the Company or, if that is not
reasonably practical, within thirty (30) days thereafter.

(c)                                  The
provisions of this Section 2.5  shall
apply only to the first Sale of the Company to occur following the date of this
Agreement, and shall not apply with respect to any subsequent transaction that
would otherwise constitute a Sale of the Company.  Furthermore, the provisions of this Section
2.5 shall lapse and shall be of no further force or effect, and no bonus
payment shall be due to Executive under this Section 2.5 or otherwise upon a
Sale of the Company in the event that any of the following occurs prior to a
Sale of the Company:

(i)                                     the
consummation of the IPO;

(ii)                                  the
voluntary resignation by Executive, or the termination of Executive by the
Company for Cause; or

(iii)                               the
one year anniversary of the termination of Executive by the Company for any
reason other than Cause.

(d)                                 For
purposes of this Section 2.5, the following terms shall have the meanings set
forth:

(i)                                     “Person”
shall mean any individual, partnership, limited liability company, joint
venture, corporation, trust, unincorporated organization or association.

 3
 

(ii)                                  “Sale
of the Company” shall mean the acquisition by any one Person, or more than one
Person acting as a group, of ownership (directly or indirectly) of an interest
in the Company that, together with any such interest held by such Person(s),
constitutes more than 50% of the voting or profits interest in the Company;
provided, however, that the following events shall not constitute a Sale of the
Company:  (i) acquisition of additional
voting or profits interest in the Company by any Person (or more than one
Person acting as a group) who holds more than 50% of the ownership or profits
interest of the Company at the time he acquires such additional ownership or
profits interest; (ii) any transaction, reorganization or the like, if Insight
Equity Vision Partners, LP or Rosewood Vision Corporation, or subsidiaries of
either of the foregoing (individually or collectively) continues to own more
than 50% of the voting or profits interest in the Company or have
representatives who constitute a majority of the Board of Managers of the
Company’s general partner or similar governing authority; or (iii) the IPO.

(iii)                               “Equity
Value” shall mean the value realized by the owners of equity interests of the
Company upon a Sale of the Company, as determined by the Company in good faith,
based on the premise that such value will be the total consideration paid by
the purchaser, less all payment of debt to non-owners at the time of the
closing of the Sale of the Company and other obligations as well as expenses
and costs relating to the sale.

2.6                                 Vacation.  During the Employment
Period Executive shall be entitled to four weeks paid vacation per calendar
year and leave of absence and leave for illness or temporary disability in
accordance with the policies of the Company in effect from time to time.  Executive’s vacation entitlement shall be
prorated in any calendar year in which Executive does not work the entire
calendar year.

2.7                                 Indemnification; D&O Insurance.  The Company shall indemnify the Executive for
any liability he incurs arising from his actions within the scope and course of
his employment hereunder in accordance with the Company’s governing partnership
documents (and, upon consummation of the IPO, the Certificate of Incorporation
and By-laws of Vision-Ease Lens) and any indemnification agreement which may be
executed between the Executive and the Company during the Term, provided that
(i) the Executive conducted himself in good faith, and (ii) the Executive
reasonably believed that his actions were in the best interests of the
Company.  Upon consummation of the IPO,
during the Employment Period, Vision-Ease Lens shall maintain a directors’ and
officers’ liability insurance policy covering the Executive in an amount and on
terms customary for similarly situated companies and with coverage and on other
terms reasonably determined by the Board of Directors of Vision-Ease Lens

2.8                                 Access to Resources.  The Company shall furnish Executive with such
reasonable facilities and services as shall be suitable to Executive’s position
and adequate for the performance of his duties hereunder as deemed by the
Board, including, but not limited to, providing personnel, support services and
technology and third party consultants and advisors (including legal counsel,
if needed) sufficient to enable the Executive to perform all of his obligations
under applicable laws, including, if the IPO is 

 4
 

consummated, the Executive’s
certification obligations under the Sarbanes-Oxley Act of 2002 and the rules
promulgated thereunder.

3.               TERM AND TERMINATION.

3.1                                 Employment Period.  The
Company initially employed Executive
on               Subject
to Section 3.2 hereof, Executive’s employment pursuant to this Agreement
(the “Employment Period”) shall commence on January 2, 2007,
(“Commencement Date”)  and shall terminate on the earlier of:  (a) the close of business on December
31, 2009 (the “Term”) or (b) the termination
of this Agreement pursuant to Section 3.2 hereof.  Thereafter, the Term and the Employment
Period shall be extended for successive one-year periods unless either party
shall provide the other party with written notice of its intent not to renew the
Term and Employment Period no later than 60 days prior to expiration of the
Term or any extension of the Term.  For
purposes of the Agreement, any reference to the Term or the Employment Period,
as the case may be, shall include the initial Term and Employment Period and
any extension thereof.

3.2                                 Termination of Employment. 
Each party shall have the right to terminate Executive’s employment
hereunder before the Term expires to the extent, and only to the extent,
permitted by this Section.

(a)                                  By the Company for Cause. 
The Company shall have the right to terminate Executive’s employment at
any time upon delivery of written notice of termination for Cause (as defined
below) to Executive (which notice shall specify in reasonable detail the basis
upon which such termination is made), such employment to terminate immediately
upon delivery of such notice unless otherwise specified by the Board of the
Company if the Board (excluding Executive) determines in good faith that
Executive: (i) has misappropriated, stolen or embezzled funds or property from
the Company or an affiliate of the Company or secured or attempted to secure
personally any profit in connection with any transaction entered into on behalf
of the Company or any affiliate of the Company, (ii) has been convicted of a
felony or entered a plea of “nolo contendre”
which in the reasonable opinion of the Board brings Executive into disrepute or
is likely to cause material harm to the Company’s (or any of its affiliate’s)
business, customer or supplier relations, financial condition or prospects,
(iii) has neglected his duties hereunder in a manner resulting in demonstrable
adverse consequences to the Company (it being understood that the mere failure
to achieve any performance target in any Value Creation Plan or other financial
or operating plan for the Company will not be a basis for a determination of “neglect
of duties” for purposes of this clause (iii)); provided
that prior to any termination pursuant to this clause (iii), the General
Partner shall provide Executive with (A) prior written notice describing such
failure to perform, (B) an opportunity to cure such failure to perform within
30 days after Executive’s receipt of such written notice from the General
Partner and (C) a reasonable opportunity, together with his counsel, to address
the Board with regard to the validity of its determination that Cause for
termination exists, (iv) has materially violated a provision of Section 4
hereof, or (v) has willfully violated or breached any provision of this
Agreement in any material respect or violated any material law or regulation to
the material detriment of the Company or any affiliate of the Company or its
business 

 5
 

(collectively, “Cause”).  In the event that Executive’s employment is
terminated for Cause, Executive shall be entitled to receive only the payments
referred to in Section 3.3(e) hereof.

(b)                                 By the Company Upon Total Disability. 
The Company shall have the right to terminate Executive’s employment on
five days’ prior written notice to Executive if the Board determines that
Executive is unable to perform his duties by reason of Total Disability, but
any termination of employment pursuant to this subsection (b) shall obligate
the Company to make the payments referred to in Section 3.3(b) hereof.  As used herein “Total Disability” shall mean the inability of
Executive, to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months.

(c)                                  By the Company Other Than for Cause.  The Company shall have the right to terminate
Executive’s employment other than for Cause, on 14 days’ prior written notice
to Executive in the Company’s sole discretion, but any termination of
employment pursuant to this subsection (c) shall obligate the Company to make
the payments referred to in Section 3.3(c) hereof.

(d)                                 By Executive. 
Executive shall have the right to terminate his employment
hereunder:  (i) upon the failure of
the Company to make any required payment to Executive hereunder, which failure
continues unremedied for 10 days after Executive has given the Board written
notice of such failure; (ii) upon any material failure by the Company to
comply with any of the provisions of this Agreement other than a failure to
make a required payment, which failure continues unremedied for 30 days after
Executive has given the Board written notice of such failure; (iii) in the
event of any (A) demotion of Executive or any material reduction in his
authority, adverse change in reporting relationship or assignment to him of
material duties that are substantially inconsistent with his position and title
immediately prior to such assignment, (B) reduction of Executive’s Annual
Base Salary or target annual bonus eligibility amount, (C) requirement
that Executive relocate outside of the Twin Cities metropolitan area or
(D) substantial reduction in the aggregate value of benefits and
perquisites provided to Executive; or (iv) otherwise after 14 days’ prior
written notice to the Company.  In the
event that Executive elects to terminate his employment pursuant to subsection
(d)(iv), Executive shall be entitled to receive only the payments referred to
in Section 3.3(d) hereof.  In the
event Executive elects to terminate his employment pursuant to subsection
(d)(i), (ii) or (iii), Executive shall be entitled to receive the payments
referred to in Section 3.3(c) hereof.

(e)                                  By the Expiration of this Agreement. 
Executive’s employment hereunder shall terminate upon the expiration of
the Term pursuant to Section 3.1. 
In the event the employment of Executive is terminated by the expiration
of the Term, Executive shall be entitled to receive the payments referred to in
Section 3.3(f) hereof.

(f)                                    Death of Executive. 
Executive’s employment hereunder shall terminate upon the death of
Executive.  In such an event, Executive’s
surviving spouse, 

 6
 

or if none, his estate shall be entitled to
receive the payments referred to in Section 3.3(a) hereof.

3.3                                 Compensation and Benefits Following Termination. 
Except as specifically provided in this Section, any and all obligations
of the Company to make payments to Executive under this Agreement shall cease
as of the date the Employment Period expires pursuant to Section 3.1 or
as of the date Executive’s employment is terminated pursuant to Section 3.2,
as the case may be.  Executive shall be
entitled to receive only the following compensation and benefits following the
termination of his employment hereunder; provided that, as a condition to
receiving such compensation and benefits, Executive shall be required to
execute a release of claims in a form reasonably required by the Company:

(a)                                  Upon Death.  In
the event that the Employment Period terminates pursuant to Section 3.2(f)
on account of the death of Executive, (i) the Company shall pay to
Executive’s surviving spouse or, if none, his estate, within 30 days of such
termination, a lump-sum amount equal to the sum of Executive’s earned and unpaid
salary through the date of his death, any bonus definitively earned by
Executive but not yet paid to Executive, additional salary in lieu of Executive’s
accrued and unused vacation, any unreimbursed business and entertainment
expenses in accordance with the Company’s policies, and any unreimbursed or
unpaid employee benefits that are payable in accordance with the Company’s
employee benefit plans through the date of termination (collectively, the “Standard Termination Payments”)
and (ii) death benefits, if any, under the Company’s employee benefit
plans shall be paid to Executive’s beneficiaries as properly designated in
writing by Executive.

(b)                                 Upon Termination for Total Disability.  In
the event that the Company elects to terminate the employment of Executive
pursuant to Section 3.2(b) because of his Total Disability, (i) the
Company shall pay to Executive a lump-sum amount equal to the Standard
Termination Payments and (ii) Executive shall be entitled to such
disability and other employee benefits as may be provided under the terms of
the Company’s employee benefit plans.

(c)                                  Upon Termination Other Than For Cause.  In
the event that the Company elects to terminate the employment of Executive
pursuant to Section 3.2(c) or Executive elects to terminate his
employment pursuant to Section 3.2(d)(i), (ii) or (iii),
(i) the Company shall pay to Executive within 30 days of such termination, by
wire transfer of immediately available funds, a lump-sum amount equal to the
sum of (A) the Standard Termination Payments plus (B) an amount equal
to 2.99 times Executive’s Annual Base Salary as then in effect in accordance
with Section 2.1 and (ii) the Company shall also be obligated to provide
continued coverage, at the Company’s expense, under the Company’s medical, dental,
life insurance and total disability benefit plans or arrangements with respect
to Executive for a period of 12 months after Executive’s termination; such
continued coverage to run concurrently with Executive’s continuation of
coverage period required under the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”).  If Executive has
been employed for at least six months in the Company’s fiscal year in which the
Company elects to terminate the employment of 

 7
 

Executive pursuant to Section 3.2(c)
or Executive elects to terminate his employment pursuant to Section
3.2(d)(i), (ii) or (iii), Executive will also be entitled to
receive a prorated portion (based on the number of days employed in the fiscal
year in which the termination occurs) of the bonus which would have been earned
by Executive under Section 2.3 for such fiscal year based on the Company’s
full year performance, which bonus, if any, will be paid at the same time that
bonuses are paid to other Company executives for the fiscal year in which the
termination occurs.  From the date of
such notice of termination other than for Cause or upon death or Total
Disability through the last date of Executive’s employment hereunder, Executive
shall continue to perform the normal duties of his employment hereunder (unless
waived by the Company), and shall be entitled to receive when due all
compensation and benefits applicable to Executive hereunder.  Executive shall have no duty to mitigate his
damages and the amounts due Executive under this Section 3.3(c) or Section
3.3(f) shall not be reduced by any payments
received from other sources.

(d)                                 By Executive.  In
the event Executive elects to terminate his employment pursuant to Section
3.2(d)(iv), (i) the Company shall pay to Executive within 30 days of
such termination, a lump-sum amount equal to the Standard Termination Payments
and (ii) Executive shall be entitled to such employee benefits as may be
provided under the terms of the Company’s employee benefit plans for the time
period provided for in such plans.

(e)                                  For Cause.  In the event that the
Company terminates the employment of Executive pursuant to Section 3.2(a)
for Cause, the Company shall pay to Executive within 30 days of such
termination, a lump sum amount equal to the Standard Termination Payments.

(f)                                    By the Expiration of this Agreement.  In
the event that this Agreement expires at the end of the initial Term or any
one-year extension and is not renewed by the Company in accordance with Section
3.1 for an additional one-year period, the
Company shall pay to Executive within thirty (30) days of such expiration, by
wire transfer of immediately available funds, a lump-sum amount equal to the
sum of (i) the Standard Termination Payments plus (ii) 2.99 times the
Annual Base Salary then in effect.

3.4                                 All Payments 409A Compliance. 
All payments made to Executive upon the termination of Executive’s
employment are in lieu of all other termination or severance payments available
at law or otherwise, other than any payments in connection with Executive’s
bonus stock or other equity incentive grants which shall be governed by the
terms of the applicable grant document. 
Notwithstanding any provision in this Agreement, the Company shall, to
the extent necessary and only to the extent necessary, modify the timing of
delivery of benefits if the Company determines that the timing would subject
the benefits to any additional tax or interest assessed under Section 409A of
the Internal Revenue Code. In such event, the payments will occur as soon as
practicable without causing the benefits to trigger such additional tax or
interest under Section 409A of the Internal Revenue Code.

 8
 

4.               RESTRICTIVE COVENANTS.

4.1                                 Definitions.  When used in this Section 4, the
following terms shall have the meanings specified:

(a)                                  “Confidential Information”
shall mean any data or information with respect to the business conducted by
the Company or its subsidiaries that is material to the Company’s or its
subsidiary’s business operations and is not generally known to the public.  Without limitation and to the extent
consistent with the foregoing, Confidential Information includes any
information that is confidential and proprietary to the Company or a subsidiary
of the Company, including, but not limited to: (i) trade secrets; (ii) lists
and other information about current and prospective customers; (iii) plans or
strategies for sales, marketing, or business development; (iv) sales and
account records; (v) prices or pricing strategy or information; (vi) current
and proposed advertising and promotional programs; (vii) research and
development processes; (viii) the Company’s or a subsidiary’s methods, systems,
techniques, procedures, designs, formulae, inventions and know-how; and (ix)
other information of a similar nature not known to the public that, if misused
or disclosed, could adversely affect the business of the Company or a
subsidiary of the Company.  Confidential
Information includes any such information that Executive may prepare or create
during Executive’s employment with the Company, as well as such information
that has been or may be created or prepared by others.

(b)                                 “Person” shall
mean an individual, partnership, corporation, limited liability company,
association or other group, however organized.

(c)                                  “Prohibited Business”
shall mean any Person who competes with the Company or a subsidiary of the
Company in the business of manufacturing lenses and supplying polycarbonate,
glass and hard-resin plastic lens products or competes with the Company or a
subsidiary of the Company in any other business in which the Company or such
subsidiary is engaged at the time of the termination of Executive’s employment
with the Company.  However, nothing in
this Agreement shall be construed to prohibit Executive from involvement with
any aspect of a portion of a Prohibited Business that is not competitive to the
business operations of the Company or any subsidiary of the Company.

(d)                                 “Restricted Area”
shall mean the cities and counties within the United States in which (i) the
Company or a subsidiary of the Company has an office (including sales offices)
or (ii) any customer during the last 12 months of Executive’s employment at the
Company is located.

4.2                                 Nature of Employment. 
Executive understands and acknowledges that Executive’s employment with
the Company is contingent upon signing this Agreement.

4.3                                 Purpose of Agreement. 
Executive confirms and acknowledges that, in connection with his
employment with the Company prior to the effective date of this Agreement, he
has, and in exchange for his agreement herein, Executive will continue to 

 9
 

be, provided, and will have access to,
Confidential Information of the Company and its subsidiaries.  Executive understands and acknowledges the
highly competitive nature of the business of the Company and its subsidiaries
and acknowledges that the Company and its subsidiaries own and have had and
continues to have a valuable property interest in their Confidential
Information.  Executive understands that
the Company has expended, and will continue to expend, significant time, effort
and expense in developing and protecting its Confidential Information and
building its customer relationships.  As
Vice President and Chief Financial Officer, Executive has and will continue to
become personally acquainted with the Company’s customers and its Confidential
Information.  Executive recognizes and
acknowledges that the Confidential Information to which Executive will be
granted access in the course of Executive’s employment will be utilized by the
Company and its affiliates in all geographic areas in which the Company and its
subsidiaries do business.  Thus,
Executive acknowledges that such knowledge will make Executive a formidable
competitor to the Company and its subsidiaries in all geographic areas in which
the Company and its subsidiaries do business. 
By signing this Agreement, Executive is agreeing to abide by certain
legal obligations and responsibilities with respect to the customers and
Confidential Information of the Company and its subsidiaries in order to
protect the investment of the Company and its subsidiaries, as well as
Executive’s fellow employees.

4.4                                 Covenant Not To Use or Disclose Confidential
Information.  Executive understands and acknowledges that
during Executive’s employment, Executive has, and will continue to make use of,
acquiring or adding to, the Confidential Information of the Company and its
subsidiaries.  In order to protect the
Confidential Information, Executive will not, during Executive’s employment
with the Company or thereafter, in any way utilize any of such Confidential
Information except in connection with Executive’s efforts for the Company and
its subsidiaries.  Executive will not at
any time use any Confidential Information for Executive’s own benefit or the
benefit of any person except the Company and its subsidiaries.  Except as expressly authorized in writing by
the Company, Executive will not at any time copy, reproduce or remove from the
Company’s premises the original or any copies of Confidential Information, and
Executive will not at any time disclose any Confidential Information to anyone
except in accordance with discharging Executive’s duties to the Company.  At the end of Executive’s employment,
regardless of how or why Executive’s employment ends, Executive will surrender
and return to the Company any and all Confidential Information in Executive’s
possession or control, as well as any other property of the Company or any
subsidiary of the Company that is in Executive’s possession or control.

4.5                                 Covenant Not To Compete.

(a)                                  Executive
agrees that while Executive is employed by the Company, Executive will not
directly or indirectly compete with any business conducted by the Company or
any subsidiary of the Company, and Executive will not directly or indirectly
provide any services to a Prohibited Business.

(b)                                 Executive
agrees that for a period of 12 months after Executive’s employment with the
Company ends, regardless of how or why Executive’s employment 

 10
 

ends, Executive will not
compete with the Company or any subsidiary of the Company within the Restricted
Area by directly or indirectly performing for or providing to a Prohibited
Business substantially the same duties or services that Executive performed for
or provided to the Company or any subsidiary of the Company within the last 12
months of Executive’s employment with the Company.

4.6                                 Covenant Not To Do Business With Customers. 
Independent of the foregoing provisions, Executive agrees that for a
period of 12 months after Executive’s employment with the Company ends,
regardless of how or why Executive’s employment ends, Executive will not,
directly or indirectly, market, sell, attempt to sell, provide or attempt to
provide any products or services that compete with those products or services
sold or provided by the Company or any subsidiary of the Company to any Person
who is a customer of the Company or any subsidiary of the Company during the
last 12 months of Executive’s employment with the Company and with whom
Executive has communications (oral or written) regarding products and services
of the Company or any subsidiary of the Company during the last 12 months of
Executive’s employment with the Company.

4.7                                 Covenant Not To Interfere With Business. 
Independent of the foregoing provisions, Executive agrees that for a
period of 12 months after Executive’s employment with the Company ends,
regardless of how or why Executive’s employment ends, Executive will not,
directly or indirectly, encourage or otherwise cause any Person to terminate,
reduce, alter, divert, reject or refuse business with or from the Company or
any subsidiary of the Company.

4.8                                 Covenant Not To Interfere With Employment. 
Independent of the foregoing provisions, Executive agrees that for a
period of 12 months after Executive’s employment with the Company ends,
regardless of how or why Executive’s employment ends, Executive will not,
directly or indirectly, hire or attempt to hire any employee of the Company or
any subsidiary of the Company, nor will Executive, directly or indirectly,
encourage or otherwise cause any person employed by the Company or any
subsidiary of the Company to voluntarily terminate their employment at the
Company or any subsidiary of the Company or to cease providing services to or
on behalf of the Company or any subsidiary of the Company.

4.9                                 Intellectual Property. 
Executive agrees to disclose and assign to the Company any and all
material of a proprietary nature, particularly including, but not limited to,
material subject to protection as trade secrets or as patentable ideas or
copyrightable works, that Executive may conceive, invent, author or discover,
either solely or jointly with another or others during Executive’s employment
and that relates to or is capable of use in connection with the business of the
Company or any subsidiary of the Company or any services or products offered,
manufactured, used, sold or being developed by the Company or any subsidiary of
the Company at the time said material is developed.  Executive will, upon request of the Company,
either during or at any time after Executive’s employment ends, regardless of
how or why Executive’s employment ends, execute and deliver all papers,
including applications for patents and registrations for copyrights, and do
such other legal acts (entirely at the Company’s expense) as may 

 11
 

be necessary to obtain and
maintain proprietary rights in any and all countries and to vest title thereto
in the Company.

4.10                           Remedy.  Executive understands
and acknowledges that the Company and its subsidiaries have a legitimate business
interest in preventing Executive from taking any actions in violation of this Section
4 and that this Section 4 is intended to protect the business and
goodwill of the Company and its subsidiaries. 
Executive further acknowledges that a breach of this Section 4
will irreparably and continually damage the Company and its subsidiaries and
that monetary damages alone will be inadequate to compensate the Company and
its subsidiaries for such breach. 
Executive therefore agrees that in the event Executive violates any of
the terms of this Section 4, the Company and its subsidiaries will be
entitled to, in addition to any other remedies available to it in law or in
equity, seek temporary, preliminary and permanent injunctive relief and
specific performance to enforce the terms of Section 4 without the
necessity of proving inadequacy of legal remedies or irreparable harm or
posting bond.  If Executive does take
actions in violation of Section 4.4, 4.5, 4.6, 4.7
or 4.8 of this Agreement, Executive understands that the time periods
set forth in those paragraphs will run from the date on which Executive’s
violations of those sections, whether by injunction or otherwise, ends and not
from the date that Executive’s employment ends. 
In the event any lawsuit, claim or other proceeding is brought to
enforce the terms of this Section 4, or to determine the validity of its
terms, then the prevailing party will be entitled to recover from the
non-prevailing party its reasonable attorneys’ fees and court costs incurred in
obtaining enforcement of, or determining the validity of, this Section 4.

4.11                           Scope and Reasonableness. 
This Section 4 is intended to limit Executive’s right to compete
only to the extent necessary to protect the Company and its subsidiaries from
unfair competition.  Executive
acknowledges that Executive will be reasonably able to earn a livelihood
without violating the terms of this Section 4.  If any of the provisions of this Section 4
should ever be deemed to exceed the time, geographic area or activity
limitations permitted by applicable law, Executive agrees that such provisions
may be reformed to the maximum time, geographic area and activity limitations
permitted by applicable law, and Executive authorizes a court or other trier of
fact having jurisdiction to so reform such provisions.

4.12                           Severability. 
Executive understands and acknowledges that each subsection of this Section
4, and each provision and clause of each subsection, shall be regarded as
separate and independent contractual provisions.  The invalidity of any subsection, provision
or clause shall not affect the other subsections, provisions or clauses, and
this Section 4 shall be construed in all respects as if such invalid or
unenforceable subsection, provision or clause were omitted.  If any subsection, provision or clause should
be found unenforceable by a court of competent jurisdiction, it shall not
impair the enforceability of the other subsections, provisions or clauses of
this Section 4.

4.13                           Waiver. 
Executive understands and agrees that in the event the Company waives or
allows any breach of this Section 4, such waiver or allowance shall not
constitute a waiver or allowance of any future breach, whether of a similar or
dissimilar nature.

 12

5.     MISCELLANEOUS.

5.1           Applicable Law;
Jurisdiction and Venue.  This Agreement shall be construed and
interpreted according to the laws of the State of Minnesota, without regard to
the conflicts of law rules thereof.  The
parties to this Agreement agree that jurisdiction and venue in any action
brought by any party hereto pursuant to this Agreement shall properly (but not
exclusively) lie in any federal or state court located in the State of
Minnesota, County of Hennepin, or the State of Texas, County of Dallas.  By execution and delivery of this Agreement,
each party hereto irrevocably submits to the jurisdiction of such courts for
itself or himself and in respect of its or his property with respect to such
action.  The parties hereto irrevocably
agree that venue would be proper in such court, and hereby waive any objection
that such court is an improper or inconvenient forum for the resolution of such
action.  The parties further agree that
the mailing by certified mail or registered mail, return receipt requested, of
any process required by any such court shall constitute valid and lawful
services of process against them, without necessity for service by any other
means provided by statute or rule of court.

5.2           Taxes; Withholding.  The Company reserves the right to withhold
any taxes or other amounts otherwise payable to Executive under this Agreement
in accordance with the requirements of applicable Federal, state and local
laws.  All payments hereunder shall be
net of all such withholdings.

5.3           Headings.  The
headings and captions set forth herein are for convenience of reference only
and shall not affect the construction or interpretation hereof.

5.4           Notices. 
Any notice or other communication required, permitted or desirable
hereunder shall be hand delivered (including delivery by a commercial courier
service) or sent by United States registered or certified mail, postage
prepaid, addressed as follows:

	
  If to the Company or the General Partner:

  	
   

  	
  Insight Equity A.P. X, LP

  	 

	
   

  	
   

  	
  c/o Insight Equity

  	 

	
   

  	
   

  	
  1400 Civic Place

  	 

	
   

  	
   

  	
  Suite 250

  	 

	
   

  	
   

  	
  Southlake, Texas 76092-7641

  	 

	
   

  	
   

  	
  Attention:

  	
  Ted W. Beneski

  
	
   

  	
   

  	
  Telephone:

  	
  (817) 488-7775

  
	
   

  	
   

  	
  Fax:

  	
  (817) 488-7739

  
	
   

  	
   

  	
   

  	 

	
  With a copy to:

  	
   

  	
  Hunton & Williams LLP 

  1601 Bryan Street, 30th Floor 

  Attention Andrew W. Lawrence, Esq. 

  Telephone:(214) 979-3052 

  Fax:(214) 880-0011

  	 

							

 

 13
 

 

	
  If to Executive:

  	
   

  	
  Richard G. Faber 

  9104 Preserve Blvd. 

  Eden Prairie, Minnesota 55347

  	 

	
   

  	
   

  	
  Telephone:

  	
  (952) 942-5959

  
	
   

  	
   

  	
   

  	 

	
  With a copy to:

  	
   

  	
  Dorsey & Whitney LLP

  
	
   

  	
   

  	
  50 South Fifth Street

  
	
   

  	
   

  	
  Minneapolis, Minnesota 55402

  
	
   

  	
   

  	
  Attention:

  	
  Matthew J. Knopf, Esq.

  
	
   

  	
   

  	
  Telephone:

  	
  (612) 340-5603

  
	
   

  	
   

  	
  Fax:

  	
  (612) 340-7800

  
							

 

or such other addresses as shall be furnished in
writing by the parties.  Any such notice
or communication shall be deemed to have been given as of the date so delivered
in person or three business days after so mailed.

5.5           Successors and Assigns;
Succession by Vision-Ease Lens Upon IPO. 
The Company may assign its rights under this Agreement to any successor
to its business (by merger, acquisition of substantially all of the Company’s
assets or otherwise), provided that such successor entity expressly assumes, in
a writing reasonably acceptable to Executive, this Agreement and all
obligations and undertakings of the Company hereunder.  If the IPO is consummated, Vision-Ease Lens
will assume all obligations and undertakings of the Company as the Company’s
successor hereunder and Executive shall look solely to Vision-Ease Lens for the
performance of all obligations of his employer and of the Company hereunder and
all references hereunder to General Partner shall be to Vision-Ease Lens and
all references to the Board shall be to the Board of Directors of Vision-Ease
Lens.  In such event, Executive shall
serve as the Vice President and Chief Financial Officer of Vision-Ease
Lens.  Executive may not assign his
rights or delegate his duties under this Agreement without the prior written
consent of the Company.  Executive
understands and agrees that this Agreement shall be binding upon and inure to
the benefit of the Company and its legal representatives, successors and
assigns.  Executive also understands and
agrees that this Agreement shall be binding upon and inure to the benefit of
Executive’s heirs and executors or administrators.

5.6           Late Payments. 
Any payment due to Executive under this Agreement which was not timely
made by the Company without reasonable justification shall include an award of
interest at the rate of 6% per annum.

5.7           Entire Agreement;
Amendments.  This Agreement sets forth the entire
agreement and understanding of the parties with respect to the subject matter
hereof, and there are no other contemporaneous written or oral agreements,
undertakings, promises, warranties or covenants not specifically referred to or
contained herein.  This Agreement
specifically supersedes any and all prior agreements and understandings of the
parties with respect to the subject matter hereof, all of which prior
agreements and understandings (if any) are hereby terminated and of no further
force and effect,  including, without
limitation, the Original Agreement and the Bonus Agreement.  This 

 14
 

Agreement may be amended, modified or
terminated only by a written instrument signed by the parties hereto.

5.8           Execution of Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one and the same
Agreement.  This Agreement may be
delivered by facsimile transmission of an originally executed copy to be
followed by immediate delivery of the original of such executed copy.

5.9           Severability. 
Without limiting Section 4.12, if any provision, clause or part of this
Agreement, or the applications thereof under certain circumstances, is held
invalid or unenforceable for any reason, the remainder of this Agreement, or
the application of such provision, clause or part under other circumstances,
shall not be affected thereby.

5.10         Incorporation of Recitals. 
The Recitals to this Agreement are an integral part of, and by this
reference are hereby incorporated into, this Agreement.

[Signature Page Follows]

 15
 

IN WITNESS
WHEREOF, the parties have executed this Employment Agreement as of the day and
year first above written.

	
  

  	
   

  	
  INSIGHT EQUITY A.P.X, LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Insight Equity A.P.X Company, LLC, 

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Ted W. Beneski

  
	
   

  	
   

  	
   

  	
  Ted W. Beneski,

  
	
   

  	
   

  	
   

  	
  Chairman of the Board

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Richard G. Faber

  
	
   

  	
   

  	
  Richard G. Faber

  

 

 

 16

2006
Payout Schedule

(EBITDA)

EXHIBIT
A

2006
BONUS

	
   

  	
   

  	
  Percent Salary in Bonus

  	
   

  	
   

  	
   

  
	
  EBITDA

  	
   

  	
  D. Hepper (CEO)

  	
   

  	
  R. Faber (CFO)

  	
   

  	
  Key I

  	
   

  	
  Key II

  	
   

  	
   

  	
   

  
	
  $17.00

  	
   

  	
  37.5

  	
  %

  	
  25.0

  	
  %

  	
  20.0

  	
  %

  	
  10.0

  	
  %

  	
   

  	
   

  
	
  $18.00

  	
   

  	
  56.3

  	
  %

  	
  37.5

  	
  %

  	
  30.0

  	
  %

  	
  15.0

  	
  %

  	
   

  	
   

  
	
  $19.00

  	
   

  	
  75.0

  	
  %

  	
  50.0

  	
  %

  	
  40.0

  	
  %

  	
  20.0

  	
  %

  	
   Current Estimate

  	
   

  
	
  $20.00

  	
   

  	
  93.8

  	
  %

  	
  62.5

  	
  %

  	
  50.0

  	
  %

  	
  25.0

  	
  %

  	
   

  	
   

  
	
  $21.00

  	
   

  	
  112.5

  	
  %

  	
  75.0

  	
  %

  	
  60.0

  	
  %

  	
  30.0

  	
  %

  	
   

  	
   

  
	
  $22.00

  	
   

  	
  131.3

  	
  %

  	
  87.5

  	
  %

  	
  70.0

  	
  %

  	
  35.0

  	
  %

  	
   

  	
   

  
	
  $23.00

  	
   

  	
  150.0

  	
  %

  	
  100.0

  	
  %

  	
  80.0

  	
  %

  	
  40.0

  	
  %

  	
   

  	
   

  
	
  $24.00

  	
   

  	
  168.8

  	
  %

  	
  112.5

  	
  %

  	
  90.0

  	
  %

  	
  45.0

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  

 

 

1.               This bonus plan
will be adjusted on actual EBITDA achieved at year-end (higher or lower).

2.               EBITDA performance
is measured on a continuous scale (i.e., performance between the levels yields
a pro-rata increase in % Salary in Bonus). 
Performance beyond $23.25M will continue to increase % in Bonus on a
pro-rata basis.

3.               Bonuses are paid
each year over January-March, based on the previous year’s performance.

4.               Bonus payouts are
based on operating EBITDA net of target bonus accrual $960K in 2006.  In the case of over-accrual if performance is
less than the anticipated bonus levels, adjustments will be made at year-end as
the board deems appropriate to reflect this schedule.  In the case of under-accrual, payouts will
still be made in accordance with this schedule.

5.               The board reserves
the right to change or modify this schedule to prevent the breaking of any
financial covenants.

 17
 

2006
Payout Schedule

(Debt Reduction)

	
   

  	
   

  	
  Percent Salary in Bonus

  	
   

  	
   

  	
   

  
	
  Debt Obligations

  	
   

  	
  D. Hepper (CEO)

  	
   

  	
  R. Faber (CFO)

  	
   

  	
  Key I

  	
   

  	
  Key II

  	
   

  	
   

  	
   

  
	
  $70.00

  	
   

  	
  -9.4

  	
  %

  	
  -6.3

  	
  %

  	
  -5.0

  	
  %

  	
  -3.0

  	
  %

  	
   

  	
   

  
	
  $65.00

  	
   

  	
  0.0

  	
  %

  	
  0.0

  	
  %

  	
  0.0

  	
  %

  	
  0.0

  	
  %

  	
   

  	
   

  
	
  $60.00

  	
   

  	
  15.0

  	
  %

  	
  10.0

  	
  %

  	
  8.0

  	
  %

  	
  4.0

  	
  %

  	
   

  	
   

  
	
  $55.00

  	
   

  	
  28.1

  	
  %

  	
  18.8

  	
  %

  	
  15.0

  	
  %

  	
  7.0

  	
  %

  	
   Current Estimate

  	
   

  
	
  $50.00

  	
   

  	
  37.5

  	
  %

  	
  25.0

  	
  %

  	
  20.0

  	
  %

  	
  9.0

  	
  %

  	
   

  	
   

  
	
  $45.00

  	
   

  	
  43.1

  	
  %

  	
  28.8

  	
  %

  	
  23.0

  	
  %

  	
  11.0

  	
  %

  	
   

  	
   

  
	
  $40.00

  	
   

  	
  48.8

  	
  %

  	
  32.5

  	
  %

  	
  26.0

  	
  %

  	
  13.0

  	
  %

  	
   

  	
   

  
	
  $35.00

  	
   

  	
  54.4

  	
  %

  	
  36.3

  	
  %

  	
  29.0

  	
  %

  	
  15.0

  	
  %

  	
   

  	
   

  
	
  $30.00

  	
   

  	
  60.0

  	
  %

  	
  40.0

  	
  %

  	
  32.0

  	
  %

  	
  17.0

  	
  %

  	
   

  	
   

  
	
  $25.00

  	
   

  	
  65.6

  	
  %

  	
  43.8

  	
  %

  	
  35.0

  	
  %

  	
  19.0

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  

 

 

1.               “Debt Obligations”
is equal to all debt outstanding.

2.               Debt Obligations
reduction performance is measure on a continuous scale (i.e., performance
between the levels yields a pro-rata increase in % Salary in Bonus).

3.               The bonus levels
here directly adjust the EBITDA bonus by the amounts indicated.

4.               Bonuses are paid
each year over January-March, based on the previous year’s performance.

5.               Bonus payouts are
based on operating EBITDA net of target bonus accrual $960K in 2005.  In the case of over-accrual if performance is
less than the anticipated bonus levels, adjustments will be made at year end as
the board deems appropriate to reflect this schedule.  In the case of under-accrual, payouts will
still be made in accordance with this schedule.

6.               The board reserves
the right to change or modify this schedule to prevent the breaking of any
financial covenants.

 

 18

EXHIBIT
B

BONUS
STOCK AWARD AGREEMENT

THIS
BONUS STOCK AWARD AGREEMENT (“Agreement”) is made and entered into as of this
24th day of January, 2007 by and between Vision-Ease Lens, Inc., a Delaware
corporation (“Company”), and Richard Faber (“Participant”).

WHEREAS,
the Company has adopted, or prior to the effective time of the IPO (as
hereinafter defined) will adopt, the Vision-Ease Lens, Inc. 2007 Equity
Incentive Plan (“Plan”), the purpose of which is to assist the Company and its
Subsidiaries in attracting, retaining and motivating valued directors,
officers, employees, consultants and other service providers, and to further
align their interests with the interests of the Company’s stockholders, by
providing for, or increasing, their ownership interest in the Company; and

WHEREAS,
the Plan provides for various types of stock-based incentive awards, which may
be made to eligible employees, directors, consultants and other service
providers, all as determined in the sole discretion of the Compensation
Committee of the Board of Directors of the Company (“Committee”), which
administers the Plan; and

WHEREAS,
the Company and Participant previously executed that certain Bonus Stock Award
Agreement dated as of September 15, 2006 (“Prior Bonus Stock Award Agreement”),
which the parties wish to terminate and to replace in full with this Agreement;
and

WHEREAS,
in accordance with the provisions of the Plan, the Committee desires to award
Participant shares of Stock, under the terms and conditions set forth in this
Agreement, as a special bonus in order to reward Participant for his efforts in
connection with the Company’s initial public offering.

NOW,
THEREFORE, in consideration of the covenants herein set forth and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

1.                                       Award
of Bonus Shares.  The Company shall,
effective as of the effective time of the Company’s initial public offering of
its Common Stock (“IPO”), award and distribute to Participant 73,600 shares
(“Bonus Shares”) of the Company’s Common Stock, subject to the terms and
conditions of this Agreement.  Upon
distribution to Participant, the Bonus Shares shall be fully vested, but shall
be subject to the restrictions and repayment obligations set forth herein.

2.                                       Award
Contingent on Company IPO. 
Participant understands and agrees that the Award of Bonus Shares
provided for herein is being made in contemplation and recognition of
Participant’s efforts in connection with, the Company’s IPO, and is contingent
upon the Company’s IPO becoming effective on or before July 31, 2007.  In

 19
 

the event that the
Company’s IPO has not become effective on or prior to such date, this Agreement
shall terminate and be of no force or effect, and Participant shall have no
right or interest in or to the Bonus Shares.

3.                                       Transfer
Restrictions.  The Bonus Shares may
not, during the 12-month period following the Company’s IPO (“Holding Period”),
be sold, transferred, pledged, assigned or otherwise alienated, hypothecated or
disposed of in any manner.  The Bonus
Shares shall also be subject to holding or blackout period restrictions or
similar policies, which may be established by the Company’s Board of Directors
in its reasonable discretion from time to time to help ensure compliance with
legal requirements or material corporate initiatives (such as a secondary
public offering).  Any attempt to effect
any sale, transfer, pledge, assignment or disposition of the Bonus Shares or
any portion thereof prior to the expiration of the Holding Period and/or in
violation of any established Company policy shall be null and void and of no
force or effect whatsoever.

4.                                     Repayment
Obligation Upon Termination for Cause. 
In the event that Participant’s employment with the Company is
terminated due to Participant’s conviction of a felony that relates to his
conduct and performance of duties as an executive or director of the Company,
Participant shall promptly tender to the Company all of the Bonus Shares, or
(to the extent that Participant does not own a sufficient number of shares to
satisfy such repayment obligation) pay to the Company an amount of cash equal
to the Fair Market Value, as of the date of such termination of employment, of
the aggregate number of Bonus Shares awarded hereunder.

5.                                       Restrictive
Legends.  All certificates
representing any Bonus Shares subject to the provisions of this Agreement shall
have endorsed thereon the following legends:

(a)                                  “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A CERTAIN BONUS STOCK AWARD AGREEMENT WHICH, AMONG OTHER THINGS,
PROHIBITS THE TRANSFER OF THESE SECURITIES DURING A HOLDING PERIOD DESCRIBED IN
SUCH AGREEMENT.  COPIES OF SUCH AGREEMENT
MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION.”

(b)                                 Any
legend required to be placed thereon by applicable securities laws in the
reasonable discretion of the Committee.

6.                                       No
Obligation to Transfer.  The Company
shall not be required to (i) transfer on its books any Bonus Shares which
shall have been sold or transferred in violation of any provision of this
Agreement; or (ii) treat as owner of such Bonus Shares or to accord the
right to vote as such owner or to pay dividends to any transferee to whom such
Bonus Shares shall have been transferred in violation of a provision of this
Agreement.

 20
 

7.                                       Capital
Adjustments.  The number and class of
Bonus Shares shall be subject to adjustment, if any, as the Committee deems
appropriate upon the occurrence of certain events and in the manner as
described in Section 12 of the Plan.

8.                                       No
Right to Employment or Future Awards. 
Neither this Agreement, nor the Award of the Bonus Shares provided for
herein, shall be construed as giving Participant any right of employment or
continued employment with the Company or any Affiliate of the Company.

9.                                       Withholding;
Tax Liability.  Participant
understands and agrees that Participant shall be responsible and liable with
respect to any tax obligation of Participant relating to, or arising out of,
the Award of Bonus Shares evidenced by this Agreement.  Notwithstanding the foregoing, in order to
accommodate the necessary tax withholdings resulting from this Award, the
Company shall withhold from the Bonus Shares distributed to Participant, the
number of shares equal in Fair Market Value (at the IPO price) to the amount
required to satisfy all such tax withholdings and, provided the Company has
sufficient cash to do so, the Company shall pay all such tax withholdings on
behalf of Participant.

10.                                 Subject
to Plan.  The Award of the Bonus
Shares and this Agreement are subject to all of the terms and conditions of the
Plan (as the Plan may be amended from time to time).  In the event of any conflict between the
terms and conditions of the Plan and those set forth herein, the terms and
conditions of the Plan shall control.

11.                                 Termination of Prior Bonus Stock Award
Agreement.  The Prior Bonus Stock Award Agreement is
hereby terminated and of no force or effect whatsoever, such termination to be
effective as of the date of its execution as if it had not been executed, and
neither party shall have any rights or obligations whatsoever under the Prior
Bonus Stock Award Agreement.

12.                                 Governing Law.  This
Agreement shall be governed, construed, interpreted and administered in
accordance with the laws of the State of Delaware.

13.                                 Severability.  In the event any provision of this Agreement
shall be held invalid, illegal or unenforceable, in whole or in part, for any
reason, such determination shall not affect the validity, legality or
enforceability of any remaining provision or portion of provision, which shall
remain in full force and effect as if this Agreement had not contained the
invalid, illegal or unenforceable provision or portion.

14.                                 Amendment.  The Committee shall have the right to amend
this Agreement without the consent of Participant in order to:  (a) conform the Award evidenced by this
Agreement to, or otherwise satisfy, any legal requirement (including without
limitation the provisions of Code sections 162(m) and 409A and the regulations
and rulings promulgated thereunder); or (b) adjust the terms and conditions of
the Award evidenced by this Agreement in recognition of unusual or nonrecurring
events affecting the Company or the financial statements of the Company, in
order to prevent the dilution or enlargement of the benefits intended to be
made available under this Award.  

 21
 

Additionally, this
Agreement may be amended in any other manner pursuant to a written amendment
executed by the Company and Participant.

15.                                 Notices.  Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given when delivered
pursuant to personal delivery, facsimile, E-mail, or three (3) business days
following deposit in the United States Post Office, by registered or certified
mail, with postage and fees prepaid, addressed to the other party hereto at the
address shown opposite his signature below or at such other address as such
party may designate.

16.                                 Further
Assurances.  The parties agree to
execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement.

17.                                 Entire
Agreement.  This Agreement
constitutes the entire agreement of the parties with respect to the subject
matter hereof.

18.                                 Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors, heirs, executors, administrators, guardians and personal
representatives.  Nothing in this
Agreement shall be construed to give any person or entity other than the
parties hereto and their respective successors any legal or equitable right,
remedy or claim under this Agreement.

19.                                 Capitalized
Terms.  Unless otherwise defined
herein, each of the capitalized terms used herein shall have the meaning given
to such term in the Plan.

20.                                 Headings.  Headings of the several sections of this
Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement effective as
of the day and year first above written.

	
  

  	
  VISION-EASE LENS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  1400 Civic Place #250

  	
  By:

  	
  /s/ Ted W. Beneski

  	
   

  
	
  Southlake, Texas 76092

  	
   

  	
  Ted W. Beneski, Chairman

  
	
  817.488.7775

  	
   

  	
   

  
	
  E-Mail: tbeneski@insightequity.com

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
                                                  

  	
   

  	
  /s/ Richard Faber

  	
   

  
	
                                                  

  	
   

  	
  Richard Faber

  
	
  Phone:

  	
                          

  	
   

  	
   

  
	
  E-Mail:

  	
                          

  	
   

  	
   

  
							

 

 

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