Document:

zixi-ex1027_296.htm

 

Exhibit 10.27

AMENDMENT NO. ONE TO

AMENDED AND RESTATED 2012 INCENTIVE PLAN

This Amendment No. One to Amended and Restated 2012 Incentive Plan (this “Amendment”), has been duly adopted, authorized and approved by the Board of Directors of Zix Corporation (the “Company”) effective as of December 9, 2015.  Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Zix Corporation Amended and Restated 2012 Incentive Plan, as approved by the shareholders of the Company at the annual meeting thereof held on June 24, 2015 (the “Plan”).

RECITALS

WHEREAS, the Board desires to amend the Plan to implement annual limitations on the Awards that may be granted to non-employee directors, beginning with the fiscal year commencing January 1, 2016;

WHEREAS, Section 16.1 of the Plan provides that the Board or the Committee may, at any time and from time to time, amend the Plan without shareholder approval, unless, in the reasonable opinion of the Board or the Committee, as applicable, any such amendment would have any of the effects on the Plan specified in clauses (i) through (v) of such Section;

WHEREAS, the Board has considered the content of this Amendment, received related legal advice, and has determined that this Amendment will not have any of the effects on the Plan specified in clauses (i) through (v) of Section 16.1 of the Plan; accordingly, the Board is authorized by Section 16.1 of the Plan to authorize, approve and adopt this Amendment without shareholder approval; and

WHEREAS, the Board has duly authorized, approved and adopted this Amendment;

AMENDMENT

NOW, THEREFORE, the Plan is hereby amended in the manner hereinafter set forth:

Section 1. A new Section 5.4(d) is hereby added to the Plan, effective as of the date first set forth above, to read in its entirety as follows:

(d) Annual Limit on Equity Awards to Non-Employee Directors.  With respect to any calendar year, commencing with the calendar year that begins on January 1, 2016, the aggregate value of all Awards granted in such year to any Participant who is a non-employee director of the Company shall not exceed the 100th percentile of annual retainer compensation (whether such compensation is paid in the form of cash, equity awards, a combination thereof or otherwise) paid to individuals serving as non-employee directors of public companies that are within the Company’s “peer group”.  For purposes of this Section 5.4(d), the determination of such “peer group” companies 

1

 

and of the value of such 100th percentile of annual retainer compensation shall be made once annually by an independent compensation consultant or consulting firm (the “Consultant”) selected by the Committee in its reasonable discretion, which determination shall be based upon the most current market data deemed reasonably available and reasonably reliable by the Consultant in its discretion.  For purposes of compliance with this Section 5.4(d), the Board or the Committee, as the case may be, shall be entitled to rely entirely on the work product and determinations of the Consultant, without any independent verification thereof.

Section 2. Except to the extent specifically amended hereby, the provisions of the Plan shall remain unmodified, and as amended hereby, the Plan is hereby ratified, confirmed and approved in all respects, and shall continue in full force and effect.

 

2zixi-ex1028_295.htm

 

Exhibit 10.28

AMENDMENT NO. 1

TO ZIX CORPORATION STOCK OPTION AGREEMENT

This Amendment No. 1 (this “Amendment”) is entered into as of January 18, 2016, between Richard Spurr (the “Optionee”) and Zix Corporation, a Texas corporation (the “Company”).  Reference is made to that certain Zix Corporation Stock Option Agreement, dated as of January 9, 2008, between the Optionee and the Company (the “Option Agreement”).

1. Amendment.  

(a) The first sentence of Section 4 of the Option Agreement is hereby deleted and replaced with the following:

“In the event the Optionee ceases to be an employee of either the Company or a Subsidiary of the Company due to death, Retirement, Resignation, Disability or termination by the Company for any reason other than “cause” (such five events each being a “Qualified Termination”), this Option may be exercised by the Optionee or his or her estate, personal representative or beneficiary with respect to all options that are vested as of the day of such employment termination (including without limitation, those that vest pursuant to the second sentence of subparagraph 3.a), until the later of (i) at any time within the one-year period commencing on the day next following such employment termination in the case of any Qualified Termination and (ii) at any time until the first anniversary of the date that the Optionee ceases to be a member of the Board (or in any such case in (i) or (ii) above, if shorter, only for the remaining stated term of this Option).”

(b) The following sentence is hereby inserted at the end of the first paragraph in Section 4 of the Option Agreement:

“If the Optionee’s directorship is terminated by a vote of the shareholders or directors for “cause”, this Option shall automatically expire simultaneously with such termination.”

2. Governing Law. This Amendment is governed by and will be construed, interpreted and enforced in accordance with, the laws of the State of Texas (excluding its conflict of law rules) and applicable federal law.

3. Counterparts. This Amendment may be executed in any number of counterparts, all of which shall constitute one and the same agreement, and any party hereto may execute this Amendment by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

 

 

4. No Other Changes. Other than as provided in this Amendment, the Option Agreement is and shall remain in full force and effect.

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the dates set forth below, to be effective as of the latest date set forth below.

 

	
ZIX CORPORATION

	
 
	
 
	
 

	
By:
	
 
	
/s/ Justin Ferguson

	
 
	
 
	
Justin Ferguson,

	
 
	
 
	
Vice President and General Counsel

	
 
	
 
	
 

	
Date:
	
 
	
January 18, 2016

 

	
/s/ Richard Spurr

	
Richard Spurr

	
 
	
 
	
 

	
Date:
	
 
	
1/18/2016zixi-ex1029_294.htm

 

Exhibit 10.29

AMENDMENT NO. 1

TO ZIX CORPORATION EMPLOYEE STOCK OPTION AGREEMENT

This Amendment No. 1 (this “Amendment”) is entered into as of January 18, 2016, between Richard Spurr (the “Optionee”) and Zix Corporation, a Texas corporation (the “Company”).  Reference is made to that certain Zix Corporation Employee Stock Option Agreement, effective as of July 26, 2012, between the Optionee and the Company (the “Option Agreement”).

1. Amendments.  

a. Section 3.1 of the Option Agreement is hereby deleted and replaced with the following: 

“3.1 Termination of Continuous Service or Departure of Director Other Than for “Cause”

This Option terminates on the later of (i) one year after Optionee’s Continuous Service terminates due to death, “Disability,” “Resignation,” “Retirement” or termination by the Company other than for “Cause” and (ii) one year after Optionee ceases to be a member of the Board.” 

b. Section 3.2 of the Option Agreement is hereby deleted and replaced with the following:

“3.2 Termination of Continuous Service or Removal of Director for “Cause”

This Option (whether vested or unvested) terminates immediately and automatically (i) upon the Company or any Subsidiary terminating the Continuous Service of Optionee for “Cause” or (ii) if Optionee is removed from the Board for “Cause”.” 

2. Governing Law. This Amendment is governed by and will be construed, interpreted and enforced in accordance with, the laws of the State of Texas (excluding its conflict of law rules) and applicable federal law.

3. Counterparts. This Amendment may be executed in any number of counterparts, all of which shall constitute one and the same agreement, and any party hereto may execute this Amendment by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

4. No Other Changes. Other than as provided in this Amendment, the Option Agreement is and shall remain in full force and effect.

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the dates set forth below, to be effective as of the latest date set forth below.

 

	
ZIX CORPORATION

	
 
	
 
	
 

	
By:
	
 
	
/s/ Justin Ferguson

	
 
	
 
	
Justin Ferguson,

	
 
	
 
	
Vice President and General Counsel

	
 
	
 
	
 

	
Date:
	
 
	
January 18, 2016

 

	
/s/ Richard Spurr

	
Richard Spurr

	
 
	
 
	
 

	
Date:
	
 
	
1/18/2016zixi-ex1030_293.htm

Exhibit 10.30

AMENDMENT NO. 1

TO ZIX CORPORATION EMPLOYEE STOCK OPTION AGREEMENT

This Amendment No. 1 (this “Amendment”) is entered into as of January 18, 2016, between Richard Spurr (the “Optionee”) and Zix Corporation, a Texas corporation (the “Company”). Reference is made to that certain Zix Corporation Employee Stock Option Agreement, effective as of February 21, 2013, between the Optionee and the Company (the “Option Agreement”).

1. Amendments. 

a. Section 3.1 of the Option Agreement is hereby deleted and replaced with the following: 

“3.1 Termination of Continuous Service or Departure of Director Other Than for “Cause”

This Option terminates on the later of (i) one year after Optionee’s Continuous Service terminates due to death, “Disability,” “Resignation,” “Retirement” or termination by the Company other than for “Cause” and (ii) one year after Optionee ceases to be a member of the Board.” 

b. Section 3.2 of the Option Agreement is hereby deleted and replaced with the following:

“3.2 Termination of Continuous Service or Removal of Director for “Cause”

This Option (whether vested or unvested) terminates immediately and automatically (i) upon the Company or any Subsidiary terminating the Continuous Service of Optionee for “Cause” or (ii) if Optionee is removed from the Board for “Cause”.” 

2. Governing Law. This Amendment is governed by and will be construed, interpreted and enforced in accordance with, the laws of the State of Texas (excluding its conflict of law rules) and applicable federal law.

3. Counterparts. This Amendment may be executed in any number of counterparts, all of which shall constitute one and the same agreement, and any party hereto may execute this Amendment by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

4. No Other Changes. Other than as provided in this Amendment, the Option Agreement is and shall remain in full force and effect.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the dates set forth below, to be effective as of the latest date set forth below.

 

	
ZIX CORPORATION

	
 
	
 
	
 

	
By:
	
 
	
/s/ Justin Ferguson

	
 
	
 
	
Justin Ferguson,

	
 
	
 
	
Vice President and General Counsel

	
 
	
 
	
 

	
Date:
	
 
	
January 18, 2016

 

	
/s/ Richard Spurr

	
Richard Spurr

	
 
	
 
	
 

	
Date:
	
 
	
1/18/2016

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