Document:

<PAGE>   1
                                                                     EXHIBIT 4.1

                              THOUSAND TRAILS, INC.
              1999 STOCK OPTION AND RESTRICTED STOCK PURCHASE PLAN

         Section 1. Purpose. The purpose of the Thousand Trails, Inc. 1999 Stock
Option and Restricted Stock Purchase Plan (the "Plan") is to promote the
interests of Thousand Trails, Inc., a Delaware corporation (the "Company"), and
any Subsidiary thereof and the interests of the Company's stockholders by
providing an opportunity to selected employees and non-employee directors of the
Company or any Subsidiary thereof to purchase Common Stock of the Company. By
encouraging such stock ownership, the Company seeks to attract, retain and
motivate such employees and non-employee directors and to encourage such
employees and non-employee directors to devote their best efforts to the
business and financial success of the Company. Under the Plan, the Committee
shall have the authority (in its sole discretion) to grant "incentive stock
options" within the meaning of Section 422(b) of the Code, "non-qualified stock
options" as described in Treasury Regulation Section 1.83-7 or any successor
regulation thereto, or "restricted stock" awards.

         Section 2. Definitions. For purposes of the Plan, the following terms
used herein shall have the following meanings, unless a different meaning is
clearly required by the context.

         2.1 "Award" shall mean an award of the right to purchase Common Stock
granted under the provisions of Section 7 of the Plan.

         2.2 "Board of Directors" shall mean the Board of Directors of the
Company.

         2.3 "Code" shall mean the Internal Revenue Code of 1986, as amended.

         2.4 "Committee" shall mean the committee of the Board of Directors
referred to in Section 5 hereof.

         2.5 "Common Stock" shall mean the Common Stock, $.01 par value, of the
Company.

         2.6 "Employee" shall mean any person who, at the time of the grant of
an Award or Options, is: (i) a regular full-time common law employee of the
Company or any Subsidiary of the Company or (ii) a non-employee member of the
Board of Directors of the Company.

         2.7 "ISOs" shall mean Options granted to a Participant pursuant to the
Plan that constitute and shall be treated as "incentive stock options" as
defined in Section 422(b) of the Code.

         2.8 "Non-Qualified Options" shall mean Options granted to a Participant
pursuant to the Plan that are intended to be, and qualify as, "non-qualified
stock options" as described in Treasury Regulation Section 1.83-7 or any
successor regulation thereto and that shall not constitute nor be treated as
ISOs.

         2.9 "Options" shall mean any ISOs or Non-Qualified Options granted to
an Employee pursuant to the Plan.

                                     Page 1
<PAGE>   2

         2.10 "Participant" shall mean any Employee to whom an Award and/or
Option is granted under the Plan.

         2.11 "Parent of the Company" shall have the meaning set forth in
Section 424(e) of the Code.

         2.12 "Subsidiary of the Company" shall have the meaning set forth in
Section 424(f) of the Code.

         Section 3. Eligibility. Awards and/or Options may be granted to any
Employee. The Committee shall have the sole authority to select the persons to
whom Awards and/or Options are to be granted hereunder, and to determine whether
a person is to be granted Non-Qualified Options, ISOs or an Award or any
combination thereof. No person shall have any right to participate in the Plan.
Any person selected by the Committee for participation during any one period
will not by virtue of such participation have the right to be selected as a
Participant for any other period.

         Section 4. Common Stock Subject to the Plan.

         4.1 Number of Shares. The total number of shares of Common Stock for
which Options and/or Awards may be granted under the Plan (as well as the total
number of ISOs that may be granted hereunder) shall not exceed in the aggregate
140,000 shares of Common Stock (subject to adjustment as provided in Section 8
hereof).

         4.2 Reissuance. The shares of Common Stock that may be subject to
Options and/or Awards granted under the Plan may be either authorized and
unissued shares or shares reacquired at any time and now or hereafter held as
treasury stock as the Board of Directors may determine. In the event that any
outstanding Options expire or are terminated for any reason, the shares
allocable to the unexercised Options may again be subject to Awards and/or
Options granted under the Plan. If any shares of Common Stock acquired pursuant
to an Award shall have been repurchased by the Company, such shares shall again
become available for issuance pursuant to the Plan.

         4.3 Special ISO Limitations

         (a) ISOs may only be granted to Employees who are regular full-time
common law employees of the Company or a Subsidiary of the Company.

         (b) To the extent that the aggregate fair market value (determined as
of the date ISOs are granted) of the shares of Common Stock with respect to
which ISOs are exercisable for the first time by an Employee during any calendar
year (under all Incentive Stock Option Plans of the Company or any Parent or
Subsidiary of the Company) exceeds $100,000, then the excess thereof shall be
treated as Non-Qualified Options and not as ISOs. This rule shall be applied by
taking Options into account in the order in which they were granted.

         (c) No ISOs shall be granted to an Employee who, at the time the ISOs
are granted, owns (actually or constructively under the provisions of Section
424(d) of the Code) stock possessing more than 10% of the total combined voting
power of all classes of stock of the

                                     Page 2
<PAGE>   3

Company or any Parent or Subsidiary of the Company, unless the exercise price is
at lease 110% of the fair market value (determined as of the time the ISOs are
granted) of the shares of Common Stock subject to the ISOs and the ISOs by their
terms are not exercisable more than five years from the date they are granted.

         4.4 Limitations Not Applicable to Non-Qualified Options or Awards.
Notwithstanding any other provision of the Plan, the provisions of Sections
4.3(a), (b) and (c) shall not apply, nor shall be construed to apply, to any
Non-Qualified Options or Awards granted under the Plan.

         Section 5. Administration of the Plan

         5.1 Administration. The Plan shall be administered by the Board of
Directors or by a committee (the "Committee") of the Board of Directors composed
solely of two or more "non-employee directors" as defined under Rule 16b-3
promulgated by the Securities and Exchange Commission. The Committee may be
appointed from time to time by, and shall serve at the pleasure of, the Board of
Directors. When the Board of Directors is administering the Plan, references
herein to "the Committee" shall refer to the Board of Directors.

         5.2 Grant of Options/Awards.

         (a) Options. The Committee shall have the sole authority and discretion
under the Plan (i) to select the Employees who are to be granted Options
hereunder; (ii) to designate whether any Options to be granted hereunder are to
be ISOs or Non-Qualified Options; (iii) subject to Sections 3 and 4.1 above, to
establish the number of shares of Common Stock that may be issued under each
Option; (iv) to determine the time and the conditions subject to which Options
may be exercised in whole or in part; (v) to determine the form of the
consideration that may be used to purchase shares of Common Stock upon exercise
of Options (including the circumstances under which the Company's issued and
outstanding shares of Common Stock may be used by a Participant to exercise
Options); (vi) to impose restrictions and/or conditions with respect to shares
of Common Stock acquired upon exercise of Options; (vii) to determine the
circumstances under which shares may be subject to repurchase by the Company;
(viii) to determine the circumstances and conditions subject to which shares
acquired upon exercise of Options may be sold or otherwise transferred,
including, without limitation, the circumstances and conditions subject to which
a proposed sale of shares of Common Stock acquired upon exercise of Options may
be subject to the Company's right of first refusal (as well as the terms and
conditions of any such right of first refusal); (ix) to establish a vesting
provision for Options relating to the time when (or the circumstances under
which) the Options may be exercised by a Participant, including, without
limitation, vesting provisions that may be contingent upon (A) the Company
meeting specified financial goals, (B) a change of control of the Company or (C)
the occurrence of other specified events; (x) to accelerate the time when
outstanding Options may be exercised, provided, however, that any ISOs may only
be "accelerated" within the meaning of Section 424(h) of the Code; and (xi) to
establish any other terms, restrictions and/or conditions applicable to any
Options not inconsistent with the provisions of the Plan.

         (b) Awards. The Committee shall have the sole authority and discretion
under the Plan (i) to select the Employees who are to be granted Awards
hereunder; (ii) to determine the amount to be paid by a Participant to acquire
shares of Common Stock pursuant to an Award, which amount may be equal to, more
than, or less than 100% of the fair market value of such shares on

                                     Page 3
<PAGE>   4

the date the Award is granted (but in no event less than the par value of such
shares); (iii) to determine the time or times and the conditions subject to
which Awards may be made; (iv) to determine the time or times and the conditions
subject to which Awards are to become vested and/or no longer subject to
repurchase by the Company; (v) to establish transfer restrictions and the terms
and conditions on which any such transfer restrictions with respect to shares of
Common Stock acquired pursuant to an Award shall lapse; (vi) to establish
vesting provisions with respect to any shares of Common Stock subject to an
Award, including, without limitation, vesting provisions which may be contingent
upon (A) the Company meeting specified financial goals, (B) a change of control
of the Company or (C) the occurrence of other specified events; (vii) to
determine the circumstances under which shares of Common Stock acquired pursuant
to an Award may be subject to repurchase by the Company; (viii) to determine the
circumstances and conditions subject to which any shares of Common Stock
acquired pursuant to an Award may be sold or otherwise transferred, including,
without limitation, the circumstances and conditions subject to which a proposed
sale of shares of Common Stock acquired pursuant to an Award may be subject to
the Company's right of first refusal (as well as the terms and conditions of any
such right of first refusal); (ix) to determine the form of consideration that
may be used to purchase shares of Common Stock pursuant to an Award (including
the circumstances under which the Company's issued and outstanding shares of
Common Stock may be used by a Participant to purchase the Common Stock subject
to an Award); (x) to accelerate the time at which any or all restrictions
imposed with respect to any shares of Common Stock subject to an Award will
lapse; and (xi) to establish any other terms, restrictions and/or conditions
applicable to any Award not inconsistent with the provisions of the Plan.
Notwithstanding anything in the Plan to the contrary, in no event shall any
Award granted to any director or officer of the Company who is subject to
Section 16 of the Securities and Exchange Act of 1934, as amended, be sold prior
to the date that is six months after the date such Award is granted to such
director or officer unless and to the extent expressly set forth in the written
award agreement specifying the terms and conditions thereof.

         5.3 Interpretation. The Committee shall be authorized to interpret the
Plan and may, from time to time, adopt such rules and regulations, not
inconsistent with the provisions of the Plan, as it may deem advisable to carry
out the purposes of the Plan.

         5.4 Finality. The interpretation and construction by the Committee of
any provisions of the Plan, any Options and/or Awards granted hereunder or any
agreement evidencing any such Options and/or Award shall be final and conclusive
upon all parties.

         5.5 Voting. Members of the Committee may vote on any matter affecting
the administration of the Plan or the granting of Options and/or Awards under
the Plan.

         5.6 Expenses, Etc. All expenses and liabilities incurred by the
Committee in the administration of the Plan shall be borne by the Company. The
Committee may employ attorneys, consultants, accountants or other persons in
connection with the administration of the Plan. The Company, and its officers
and directors, shall be entitled to rely upon the advice, opinions or valuations
of any such persons.

         5.7 Indemnification. Neither the members of the Board of Directors nor
any member of the Committee shall be liable for any act, omission, or
determination taken or made in good faith with respect to the Plan or any
Options or Awards granted under it, and members of the Board of

                                     Page 4
<PAGE>   5

Directors and the Committee shall be entitled to indemnification and
reimbursement by the Company in respect of any claim, loss, damage, or expense
(including attorneys' fees, the costs of settling any suit, provided such
settlement is approved by independent legal counsel selected by the Company, and
amounts paid in satisfaction of a judgment, except a judgment based on a finding
of bad faith) arising therefrom to the full extent permitted by law.

         Section 6. Terms and Conditions of Options.

         6.1 ISOs. The terms and conditions of any ISOs granted under the Plan
shall be specified by the Committee and shall be set forth in an ISO agreement
between the Company and the Participant in such form as the Committee shall
approve. The terms and conditions of any ISOs shall be such that any ISOs issued
hereunder shall constitute and shall be treated as "incentive stock options" as
defined in Section 422(b) of the Code. The terms and conditions of any ISOs
granted hereunder need not be identical to those of any other ISOs granted
hereunder.

         The terms and conditions of any ISOs shall include the following:

         (a) The exercise price shall be fixed by the Committee but shall in no
event be less than 100% (or 110% in the case of an Employee referred to in
Section 4.3(c) hereof) of the fair market value of the shares of Common Stock
subject to the ISOs on the date the ISOs are granted. For purposes of the Plan,
the fair market value per share of Common Stock as of any day shall mean the
average of the closing prices of sales of shares of Common Stock on all national
securities exchanges on which the Common Stock may at the time be listed or, if
there shall have been no sales on any such day, the average of the highest bid
and lowest asked prices on all such exchanges at the end of such day, or, if on
any day the Common Stock shall not be so listed, the average of the
representative bid and asked prices quoted in the National Association of
Securities Dealers Automated Quotation System (the "NASDAQ System") as of 3:30
p.m., New York time, on such day, or, if on any day the Common Stock shall not
be quoted in the NASDAQ System, the average of the highest bid and the lowest
asked prices on such day in the over-the-counter market as reported by National
Quotation Bureau Incorporated, or any similar successor organization. If at any
time the Common Stock is not listed on any national securities exchange or
quoted in the NASDAQ System or the over-the-counter market, the fair market
value of the shares of Common Stock subject to the Options on the date the ISOs
are granted shall be the fair market value thereof determined in good faith by
the Board of Directors. The fair market value of Shares of Common Stock subject
to ISOs shall be determined without regard to any restriction other than a
restriction which, by its terms, will never lapse.

         (b) ISOs, by their terms, shall not be transferable otherwise than by
will or the laws of descent and distribution, and, during a Participant's
lifetime, the ISOs shall be exercisable only by the Participant.

         (c) Any ISOs must be granted within ten (10) years from the date the
Plan is adopted, or, if earlier, the date the Plan is approved by the
stockholders of the Company. The Committee shall fix the term of all ISOs
granted pursuant to the Plan (including the date on which the ISOs shall expire
and terminate), provided, however, that such term shall in no event exceed ten
years from the date on which such ISOs are granted (or, in the case of ISOs
granted to an Employee referred to in Section 4.3(c) hereof, such term shall in
no event exceed five years from the date on which the ISOs are granted). ISOs
shall be exercisable in such amount or amounts, under

                                     Page 5
<PAGE>   6

such conditions and at such times or intervals or in such installments as shall
be determined by the Committee in its sole discretion.

         (d) To the extent that the Company or any Parent or Subsidiary of the
Company is required to withhold any Federal, state or local taxes in respect of
any compensation income realized by any Participant as a result of any
"disqualifying disposition" of any shares of Common Stock acquired upon exercise
of ISOs granted hereunder, the Company shall deduct from any payments of any
kind otherwise due to such Participant the aggregate amount of such Federal,
state or local taxes required to be so withheld or, if such payments are
insufficient to satisfy such Federal, state or local taxes, such Participant
will be required to pay to the Company, or make other arrangements satisfactory
to the Company regarding payment to the Company of, the aggregate amount of any
such taxes. All matters with respect to the total amount of taxes to be withheld
in respect of any such compensation income shall be determined by the Board of
Directors in its sole discretion.

         (e) In the sole discretion of the Committee the terms and conditions of
any ISOs may (but need not) include any of the following provisions:

         (i) In the event a Participant shall cease to be employed by the
         Company or any Parent or Subsidiary of the Company on a full-time basis
         for any reason other than as a result of his death or "disability"
         (within the meaning of Section 22(e)(3) of the Code), any unexercised
         ISOs held by such Participant at that time may only be exercised within
         three (3) months after the date on which the Participant ceased to be
         so employed, and only to the extent that the Participant could have
         otherwise exercised such ISOs as of the date on which he ceased to be
         so employed.

         (ii) In the event a Participant shall cease to be employed by the
         Company or any Parent or Subsidiary of the Company on a full-time basis
         by reason of his "disability" (within the meaning of Section 22(e)(3)
         of the Code), any unexercised ISOs held by such Participant at that
         time may only be exercised within one year after the date on which the
         Participant ceased to be so employed, and only to the extent that the
         Participant could have otherwise exercised such ISOs as of the date on
         which he ceased to be so employed.

         (iii) In the event a Participant shall die while in the full-time
         employ of the Company or a Parent or Subsidiary of the Company (or
         within a period of three (3) months after ceasing to be an Employee for
         any reason other than his "disability" or within a period of one year
         after ceasing to be an Employee by reason of such "disability"), any
         unexercised ISOs held by such Participant at the time of his death may
         only be exercised within one year after the date of such Participant's
         death, and only to the extent that the Participant could have otherwise
         exercised such ISOs at the time of his death. In such event, such ISOs
         may be exercised by the executor or administrator of the Participant's
         estate or by any person or persons who shall have acquired the ISOs
         directly from the Participant by bequest or inheritance.

         6.2 Non-Qualified Options. The terms and conditions of any
Non-Qualified Options granted under the Plan shall be specified by the
Committee, in its sole discretion, and shall be set forth in a written option
agreement between the Company and the Participant in such form as the Committee
shall approve. The terms and conditions of any Non-Qualified Options will be
such (and each Non-Qualified Option Agreement shall expressly so state) that any
Non-Qualified

                                     Page 6
<PAGE>   7

Options issued hereunder shall not constitute nor be treated as "incentive stock
options" as defined in Section 422(b) of the Code but will be "non-qualified
stock options" for Federal, state or local income tax purposes. The terms and
conditions of any Non-Qualified Options granted hereunder need not be identical
to those of any other Non-Qualified Options granted hereunder.

         The terms and conditions of each Non-Qualified Option Agreement shall
include the following:

         (a) The exercise price shall be fixed by the Committee and may be equal
to, more than or less than 100% of the fair market value of the shares of Common
Stock subject to the Non-Qualified Options on the date such Non-Qualified
Options are granted, provided, however, that the exercise price shall not be
less than the par value of such shares of Common Stock.

         (b) The Committee shall fix the term of all Non-Qualified Options
granted pursuant to the Plan (including the date on which such Non-Qualified
Options shall expire and terminate). Such term may be more than ten years from
the date on which such Non-Qualified Options are granted. Non-Qualified Options
shall be exercisable in such amount or amounts, under such conditions (including
provisions governing the rights to exercise such Non-Qualified Options), and at
such times or intervals or in such installments as shall be determined by the
Committee in its sole discretion.

         (c) Non-Qualified Options shall not be transferable otherwise than by
will or the laws of descent and distribution, and during a Participant's
lifetime Non-Qualified Options shall be exercisable only by the Participant.

         (d) To the extent that the Company is required to withhold Federal,
state or local taxes in respect of any compensation income realized by any
Participant in respect of any Non-Qualified Options granted hereunder or in
respect of any shares of Common Stock acquired upon exercise of Non-Qualified
Options, the Company shall deduct from any payments of any kind otherwise due to
such Participant the aggregate amount of such Federal, state or local taxes
required to be so withheld or, if such payments are insufficient to satisfy such
Federal, state or local taxes, or if no such payments are due or to become due
to such Participant, then, such Participant will be required to pay to the
Company, or make other arrangements satisfactory to the Company regarding
payment to the Company of, the aggregate amount of any such taxes. All matters
with respect to the total amount of taxes to be withheld in respect of any such
compensation income shall be determined by the Board of Directors in its sole
discretion.

         Section 7. Terms and Conditions of Awards. The terms and conditions of
each Award granted under the Plan shall be specified by the Committee, in its
sole discretion, and shall be set forth in a written agreement between the
Participant and the Company, in such form as the Committee shall approve. The
terms and provision of any Award granted hereunder need not be identical to
those of any other Award granted hereunder.

         The terms and conditions of each Award shall include the following:

         (a) The amount to be paid by a Participant to acquire the shares of
Common Stock pursuant to an Award shall be fixed by the Board of Directors (or
the Committee) and may be equal to, more than or less than 100% of the fair
market value of the shares of Common Stock

                                     Page 7
<PAGE>   8

subject to the Award on the date the Award is granted (but in no event less than
the par value of such shares).

         (b) Each Award shall contain such vesting provisions, such transfer
restrictions and such other restrictions and conditions as the Committee, in its
sole discretion, may determine, including, without limitation, the circumstances
under which the Company shall have the right and option to repurchase shares of
Common Stock acquired pursuant to an Award.

         (c) Stock certificates representing Common Stock acquired pursuant to
an Award shall bear a legend referring to the restrictions imposed on such stock
and such other matters as the Committee may determine.

         (d) To the extent that the Company is required to withhold any Federal,
state or local taxes in respect of any compensation income realized by the
Participant in respect of an Award granted hereunder, or in respect of any
shares acquired pursuant to an Award, or in respect of the vesting of any such
shares of Common Stock, then the Company shall deduct from any payments of any
kind otherwise due to such Participant the aggregate amount of such Federal,
state or local taxes required to be so withheld or, if such payments are
insufficient to satisfy such Federal, state or local taxes, or if no such
payments are due or to become due to such Participant, then, such Participant
will be required to pay to the Company, or make other arrangements satisfactory
to the Company regarding payment to the Company of, the aggregate amount of any
such taxes. All matters with respect to the total amount of taxes to be withheld
in respect of any such compensation income shall be determined by the Committee
in its sole discretion.

         Section 8. Adjustments. In the event that, after the adoption of the
Plan by the Board of Directors, the outstanding shares of the Company's Common
Stock shall be changed into or exchanged for a different number or kind of
shares of stock or other securities of the Company or of another corporation
through reorganization, merger or consolidation, recapitalization,
reclassification, stock split, split-up, combination or exchange of shares or
increased because of any dividends paid in Common Stock, the Board of Directors
shall appropriately adjust (i) the number of shares of Common Stock (and the
exercise price per share) subject to any unexercised Options (to the nearest
possible full share), provided, however, that the limitations of Section 424 of
the Code shall apply with respect to adjustments made to ISOs, (ii) the number
of shares of Common Stock to be acquired pursuant to an Award which have not
become vested, and (iii) the number of shares of Common Stock for which Options
and/or Awards may be granted under the Plan, as set forth in Sections 3 and 4.1
hereof, and such adjustments shall be effective and binding for all purposes of
the Plan.

         Section 9. Effect of the Plan on Employment Relations. Neither the Plan
nor any Options and/or Award granted hereunder to a Participant shall be
construed as conferring upon such Participant any right to continue in the
employ of (or otherwise provide services to) the Company or any Subsidiary or
Parent thereof, or limit in any respect the right of the Company or any
Subsidiary or Parent thereof to terminate such Participant's employment or other
relationship with the Company or any Subsidiary or Parent, as the case may be,
at any time.

         Section 10. Amendment of the Plan. The Board of Directors may amend the
Plan from time to time as it deems desirable; provided, however, that, (a) no
such amendment shall deprive any Participant of any Options and/or Award
theretofore granted under the Plan, without the consent of such Participant, or
of any of his or her rights thereunder or with respect thereto; and

                                     Page 8
<PAGE>   9

(b) without the approval of the holders of a majority of the stock of the
Company present, or represented, and entitled to vote thereon at a meeting, the
Board of Directors may not amend the Plan (i) to increase (except for increases
due to adjustments in accordance with Section 8 hereof) the aggregate number of
shares of Common Stock for which Options and/or Awards may be granted hereunder;
(ii) to decrease the minimum exercise price specified by the Plan in respect of
ISOs; (iii) to change the class of Employees eligible to receive ISOs under the
Plan; or (iv) to make any other change requiring shareholder approval under any
applicable rule, regulation, or procedure of any national securities exchange or
securities association upon which any securities of the Company are listed (or
any listing agreement with any such securities exchange or securities
association).

         Section 11. Termination of the Plan. The Board of Directors may
terminate the Plan at any time. Unless the Plan theretofore has been terminated
by the Board of Directors, the Plan shall terminate on September 27, 2009. No
Options and/or Award may be granted hereunder after termination of the Plan. The
termination of the Plan shall not alter or impair any rights or obligations
under any Options and/or Award theretofore granted under the Plan.

         Section 12. Effective Date of the Plan. The Plan shall be effective as
of September 28, 1999, the date on which the Plan was adopted by the Board of
Directors of the Company; provided, however, that the Plan shall be null and
void ab initio unless approved by the affirmative vote of the holders of a
majority of the stock of the Company present, or represented, and entitled to
vote at a meeting of the stockholders of the Company held within twelve (12)
months before or after the date of such adoption.

         Section 13. Legal Restrictions. Nothing herein, in any agreement
entered into hereunder, or in any Options or Award granted hereunder, shall
require the Company to sell or issue any Common Stock or other securities
pursuant to any Options or Award if such sale or issuance would, in the opinion
of counsel for the Company, constitute a violation of the Securities Act of
1933, as amended, or any similar or superseding statute or statues, or any other
applicable federal or state statute, rule, or regulation, as then in effect. At
the time of any grant or exercise of any Options or Award, or sale or issuance
of Common Stock or other securities pursuant thereto, the Company may, as a
condition precedent to the sale or issuance of Common Stock or other securities
pursuant thereto, require from the holder of the Options or Award (or in the
event of his death, his legal representatives, legatees, or distributees) such
written representations, if any, concerning his (or the transferee's) intentions
with regard to the retention or disposition of the Common Stock or other
securities being acquired pursuant to such Options or Award, and such written
covenants and agreements, if any, as to the manner of disposal of such Common
Stock or other securities as, in the opinion of counsel to the Company, may be
necessary to ensure that any disposition by such holder (or in the event of his
death, his legal representatives, legatees, or distributees), will not involve a
violation of the Securities Act of 1933, as amended, or any similar or
superseding statute or statutes, or any other applicable federal or state
statute, rule, or regulation, as then in effect. Certificates for Common Stock
or other securities, when issued, shall have appropriate legends, or statements
of other applicable restrictions, endorsed thereon, and may or may not be
immediately transferable.

                                     Page 9
<PAGE>   10

         Section 14. Governing Law. All questions arising with respect to the
provisions of the Plan or any agreement entered into hereunder or any Options or
Award shall be determined by application of the laws of the State of Delaware
except to the extent Delaware law is preempted by federal law.

                                          Dated as of September 28, 1999.

                                           /s/ Walter B. Jaccard
                                          --------------------------------------
                                          Walter B. Jaccard, Corporate Secretary

                                    Page 10<PAGE>   1
                                                                   EXHIBIT 10.28

                        EYE CARE CENTERS OF AMERICA, INC.
                             STOCK OPTION AGREEMENT
                          UNDER 1998 STOCK OPTION PLAN
                           NON-QUALIFIED STOCK OPTION

         AGREEMENT entered into as of this _____ day of _____, 1999 (the "Date
of Grant"), by and between EYE CARE CENTERS OF AMERICA, INC., a Texas
corporation (the "Company"), and the undersigned employee of the Company (the
"Optionee"). Capitalized terms used herein as defined terms which are not
otherwise defined herein shall have the meanings given to them in the
Stockholders' Agreement dated as of April 24, 1998 among the Company, certain
affiliates of Thomas H. Lee Company, and certain other stockholders of the
Company (the "Stockholders' Agreement").

         WHEREAS, the Company desires to grant the Optionee a non-qualified
stock option under the Company's 1998 Stock Option Plan (the "Plan") to acquire
shares of the Company's common stock, par value $.01 per share ("Common Stock").

         WHEREAS, Section 6 of the Plan provides that each option is to be
evidenced by an option agreement, setting forth the terms and conditions of the
option.

         NOW, THEREFORE, the Company and the Optionee hereby agree as follows:

         1. Grant of Option. The Company hereby irrevocably grants under the
Plan and subject to the terms and conditions of the Plan to the Optionee a
non-qualified stock option (the "Option") to purchase up to ______ shares (the
"Shares") of Common Stock on the terms and conditions hereinafter set forth.
This option shall not be treated as an incentive stock option under Section 422
of the Internal Revenue Code of 1986, as amended (the "Code").

         2. Purchase Price. The purchase price payable upon exercise of the
Option shall be $10.41 per Share.

         3. Vesting.

           (a) Time Based Vesting. Subject to paragraph (b) below, the Option
shall become exercisable ("vest") as follows:

              (i)   10% on the first anniversary of the Date of Grant;

              (ii)  15% on the second anniversary of the Date of Grant;

              (iii) 25% on the third anniversary of the Date of Grant; and

              (iv)  50% on the fourth anniversary of the Date of Grant.

         ; provided in each case that the Optionee is an employee of the Company
on such anniversary date; provided, further, that the Option shall become fully
vested upon the Optionee's death or Disability prior to such fourth anniversary.

<PAGE>   2

           (b) Acceleration.

               (i) Sale.

                    (A) Notwithstanding any provision to the contrary in this
Section 3, but subject to the other restrictions in the Plan and this Agreement,
in the event of a Sale (as defined below), a portion of the unvested Shares
subject to the Option shall become vested and immediately exercisable in the
event the Lee IRR (as defined below) is greater than or equal to twenty percent
(20%). The portion thereof which shall become vested and immediately exercisable
shall range from zero percent (0%) to one hundred percent (100%) in proportion
to the amount by which the Lee IRR exceeds twenty (20%) (up to thirty-five
percent (35%)) compared to the difference between twenty percent (20%) and
thirty-five percent (35%). The term "Lee IRR" shall mean the internal rate of
return achieved by the Lee Holders on their aggregate investment in the Company,
determined as of consummation of the Sale; provided that Lee IRR shall not
include any management, transaction or structuring fees (or the like) paid to
the Lee Holders or any affiliate of the Lee Holders. In the event Optionee holds
more than one option pursuant to separate option agreements with the Company,
and the aggregate number of Shares which vest by operation of this Section
3(b)(i) and substantially similar provisions in such other option agreements is
less than the aggregate number of shares subject to vesting under all such
option agreements, then the vesting of Shares pursuant to this Section 3(b)(i)
and such other provisions shall be applied first with respect to the options
with the earliest Date of Grant, and then to each succeeding Option in
chronological order of Dates of Grant.

                    (B) For purposes hereof, the term "Sale" shall mean:

                         (1) the acquisition by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
(a "Person") of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of voting securities of (a) the Company or
(b) the surviving entity in any reorganization, merger or consolidation
involving the Company (any such entity referred to herein as the "Corporation")
where such acquisition causes such Person to own more than fifty percent (50%)
of the combined voting power of the then outstanding voting securities of the
Corporation entitled to vote generally in the election of directors, other than
acquisitions by the Thomas H. Lee Company or its Affiliates (as defined in the
Stockholders' Agreement);

                         (2) approval by the shareholders of the Company of
a complete liquidation or dissolution of the Company; or

                         (3) the acquisition by a third party not affiliated
with the Company of all or substantially all of the Company's assets (without
regard to cash or accounts receivable).

                                       2
<PAGE>   3

                    (C) The accelerated vesting provided in this Section 3(b)(i)
shall take effect immediately prior to but contingent upon the Sale giving rise
to such accelerated vesting. The phrase "immediately prior to the Sale" shall be
understood to mean sufficiently in advance of a Sale to permit the Optionee to
take all steps reasonably necessary to permit the Optionee to become a
shareholder of the Company as of the consummation of such Sale with respect to
the Shares subject to the accelerated vesting provided in this Section 3(b)(i).

               (ii) Initial Public Offering. Notwithstanding any provision to
the contrary in this Section 3, but subject to the other restrictions in the
Plan and this Agreement, in event of the completion of the Company's initial
Public Offering (as defined below) a fraction of the total Shares subject to the
Option shall become vested and immediately exercisable, such fraction to have a
numerator equal to the aggregate number of shares of Common Stock sold by the
Lee Holders pursuant to the initial Public Offering, and a denominator equal to
the aggregate number of shares of Common Stock owned by the Lee Holders
immediately following consummation of the Recapitalization (as adjusted for
stock splits, stock dividends, reclassifications and the like); provided,
however, that to the extent any of the Shares subject to the Option shall have
become exercisable prior to the Company's initial Public Offering (the
"Previously Vested Option Shares"), then the number of Shares which become
vested and exercisable pursuant to this Section 3(b)(ii) shall be reduced by the
number of Previously Vested Option Shares (but not below zero, with the result
that the number of Previously Vested Option Shares shall remain unchanged). The
term "Public Offering" shall mean the completion of a sale of Common Stock
pursuant to a registration statement which has become effective under the 1933
Act, excluding registration statements on Form S-4, S-8 or similar limited
purpose forms. The term "Recapitalization" shall mean the transactions
contemplated by the Recapitalization Agreement dated March 6, 1998, among ECCA
Merger Corp., the Company and the sellers named therein, as amended from time to
time.

         4. Term of Options.

            (a) Each Option shall expire on the 10th anniversary of the Date of
Grant, but shall be subject to earlier termination as herein provided.

            (b) Except as otherwise provided in this Section 4, the Option
shall terminate on the 30th day following the date the Optionee ceases to be an
employee of the Company or one of its subsidiaries.

            (c) The Option shall terminate immediately upon termination of
Optionee's employment for Cause by the Company or one of its subsidiaries.

            (d) The Option shall terminate on the 60th day following the date
the Optionee ceases to be an employee of the Company or one of its subsidiaries
due to Optionee's Disability.

                                       3
<PAGE>   4

            (e) The Option shall terminate on the 180th day following the date
of the Optionee's death if the Optionee ceases to be an employee of the Company
or one of its subsidiaries due to Optionee's death.

         5. Exercisability.

            (a) If the Optionee ceases to be an employee of the Company, the
Option granted to the Optionee hereunder shall be exercisable only to the extent
that the right to purchase Shares under the Option has accrued and is in effect
on the date the Optionee ceases to be an employee of the Company; provided that
in the event of a Sale or a Public Offering in which the Lee Holders sell any
shares of Common Stock, the binding contract with respect to which was entered
into within three months following a termination of the Optionee's employment by
the Company without Cause, the vesting of the Optionee's unvested options shall
be governed by Section 3(b)(i) or Section 3(b)(ii) above, as the case may be. A
binding contract in respect of a Public Offering shall be deemed to mean only a
definitive underwriting agreement with respect thereto.

            (b) Notwithstanding any other provision of this Agreement to the
contrary, the Option may not be exercised in whole or in part prior to the
earlier to occur of the following: (i) completion of the Company's initial
Public Offering; or (ii) immediately prior to a Sale (and contingent upon
completion thereof).

         6. Manner of Exercise of Option.

            (a) To the extent that the right to exercise the Option has accrued
and is in effect, the Option may be exercised in full or in part by giving
written notice to the Company stating the number of Shares to be purchased,
together with payment in full of the purchase price for such Shares. Payment may
be in the form of (i) cash or a check payable to the order of the Company in an
amount equal to the purchase price for the Shares being purchased, (ii) shares
of Common Stock owned by the Optionee having a fair market value equal in amount
to the purchase price for the Shares being purchased, or (iii) any combination
of (i) and (ii). With the consent of the Committee, payment also may be made by
delivery of a properly executed exercise notice to the Company, together with a
copy of irrevocable instruments to a broker to deliver promptly to the Company
the amount of sale or loan proceeds to pay the purchase price for the Shares
being purchased. To facilitate the foregoing, the Company may enter into
agreements for coordinated procedures with one or more brokerage firms. Upon
such exercise, delivery of a certificate for paid-up, non-assessable Shares
shall be made at the principal office of the Company to the person exercising
the Option, not more than thirty (30) days from the date of receipt of such
notice and payment by the Company.

                                       4
<PAGE>   5

            (b) The Company shall at all times during the term of the Option
reserve and keep available such number of Shares as will be sufficient to
satisfy the requirements of the Option.

         7. Non-Transferability. The right of the Optionee to exercise the
Option shall not be assignable or transferable by the Optionee otherwise than by
will or the laws of descent and distribution, and the Option may be exercised
during the lifetime of the Optionee only by him or her. The Option shall be null
and void and without effect upon the bankruptcy of the Optionee or upon any
attempted assignment or transfer, except as hereinabove provided, including
without limitation any purported assignment, whether voluntary or by operation
of law, pledge, hypothecation or other disposition contrary to the provisions
hereof, or levy of execution, attachment, trustee process or similar process,
whether legal or equitable, upon the Option.

         8. Representation Letter and Investment Legend.

            (a) In the event that for any reason the Shares to be issued upon
exercise of the Option shall not be effectively registered under the federal
Securities Act of 1933, as amended, when the Option is exercised in whole or in
part, the person exercising the Option shall give a written representation to
the Company in the form attached hereto as Exhibit 1 and the Company shall place
an "investment legend", so-called, as described in Exhibit 1, upon any
certificate for the Shares issued by reason of such exercise.

            (b) The Company shall be under no obligation to qualify Shares or to
cause a registration statement or a post-effective amendment to any registration
statement to be prepared for the purposes of covering the issue of Shares.

         9. Adjustments on Changes in Recapitalization, Reorganization and the
Like. Adjustments on changes in recapitalization, reorganization and the like
shall be made in accordance with Section 12 of the Plan, as in effect on the
date of this Agreement.

         10. No Special Employment Rights. Nothing contained in the Plan or this
Agreement shall be construed or deemed by any person under any circumstances to
bind the Company (or any of its subsidiaries) to continue the employment of the
Optionee for the period within which this Option may be exercised. However,
during the period of the Optionee's employment, the Optionee shall render
diligently and faithfully the services which are assigned to the Optionee from
time to time by the Board, officers or management of the Company or its
subsidiaries, and shall at no time take any action which directly or indirectly
would be inconsistent with the best interests of the Company or its
subsidiaries.

         11. Rights as a Stockholder. The Optionee shall not have any rights as
a stockholder of the Company with respect to any Shares which may be purchased
by exercise of this Option unless and until a stock certificate representing
such Shares is executed and delivered to the Optionee. Except as otherwise
expressly provided in the Plan, no adjustment shall be made for

                                       5
<PAGE>   6

dividends or other rights for which the record date is prior to the date such
stock certificate is issued.

         12. Withholding Taxes. Whenever Shares are to be issued upon exercise
of this Option, the Company shall have the right to withhold (or to cause one of
the Company's subsidiaries to withhold) from compensation otherwise payable to
the Optionee, or to require the Optionee to remit to the Company an amount
sufficient to satisfy all federal, state and local withholding tax requirements
in respect of the Shares being purchased by the Optionee prior to the issuance
of such Shares and the delivery of any certificate or certificates for such
Shares, and from time to time thereafter.

         13. Stockholders' Agreement. As a condition to the grant of the Option,
and to any exercise of the Option, the Optionee shall join in the Stockholders'
Agreement. The Option and the Shares issuable upon exercise of the Option are
subject to restrictions on transfer, voting agreements, co-sale agreements and
other matters more fully described therein.

                                  * * * * * * *

                                       6
<PAGE>   7

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed and its corporate seal to be hereto affixed by its officer thereunto
duly authorized, and the Optionee has hereunto set his or her hand and seal, all
as of the day and year first above written.

                                 EYE CARE CENTERS OF AMERICA, INC.

                                 By:
                                      ------------------------------------------
                                      Name: Bernard W. Andrews
                                      Title: Chairman - Chief Executive Officer

                                 OPTIONEE:

                                 -----------------------------------------------
                                 Name:

                                 Address:
                                          ------------------------

                                          ------------------------

                                          ------------------------

                                 Social Security No.:

                                 ------------------------

                                       7
<PAGE>   8

                                    EXHIBIT 1
                            TO STOCK OPTION AGREEMENT

Eye Care Centers of America, Inc.
11103 West Avenue
San Antonio, Texas  78213

Ladies and Gentlemen:

         I hereby exercise my option to purchase ________ shares of common
stock, par value $.01 per share, of Eye Care Centers of America, Inc., a Texas
corporation (the "Company"), under the non-qualified stock option dated
________, 1999, granted to me under the Company's 1998 Stock Option Plan. In
connection with such exercise, I am delivering herewith the full exercise price
with respect to the shares being purchased, and I hereby acknowledge and agree
to the following:

         1. The shares of common stock of the Company to be issued to me
pursuant to the exercise of said option have not been registered under the
Securities Act of 1933, as amended (the "Act"), and accordingly, must be held
indefinitely unless such shares are subsequently registered under the Act, or an
exemption from such registration is available.

         2. Routine sales of securities made in reliance upon Rule 144
promulgated under the Act can be made only after the expiration of the
applicable holding period and only in limited amounts in accordance with the
terms and conditions provided by that Rule. Any sale to which such Rule is not
applicable will require registration or compliance with some other exemption
under the Act.

         3. The Company is under no obligation to me to register the shares or
to comply with any exemptions from registration under the Act.

         4. The availability of Rule 144 is dependent upon the availability of
adequate current public information with respect to the Company. At the time
that I may desire to make a sale pursuant to Rule 144, the Company may not wish
nor be able to comply with such information requirement.

         In consideration of the issuance to me of certificates for the shares,
I hereby represent and warrant that I am acquiring such shares for my own
account for investment, and that I will not sell, pledge or transfer such shares
in the absence of an effective registration statement covering the same, except
as permitted by the provisions of Rule 144, if applicable, or some other
applicable exemption under the Act. In view of this representation and warranty,
I agree that

                                       i
<PAGE>   9

there may be affixed to the certificates for the shares to be issued to me, and
to all certificates issued hereafter representing such shares (until in the
opinion of counsel, which opinion must be reasonably satisfactory in form and
substance to counsel for the Company, it is no longer necessary or required) a
legend as follows:

         "The securities represented by this Certificate have not been
         registered under the Securities Act of 1933, as amended, and may not be
         sold, pledged, or hypothecated in the absence of an effective
         registration statement under the said Act or an opinion of counsel
         satisfactory to the Company and its counsel that such registration is
         not required."

         I further agree that the Company may place a stop order with its
transfer agent, prohibiting the transfer of such shares, so long as the legend
remains on the certificates representing the shares.

                                                    Very truly yours,

                                       ii

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}]]