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Exhibit 10.12

ASSIGNMENT OF DEBT AGREEMENT

THIS ASSIGNMENT OF DEBT AGREEMENT, dated effective December 31, 2014,

AMONG:

SUNVESTA,  INC., of Seestrasse 97, Oberrieden, Switzerland CH-8942

(the "Parent") and parent company of Subsidiary;

AND:

SUNVESTA HOLDING AG., of Seestrasse 97, Oberrieden, Switzerland CH-8942

(the "Subsidiary") and subsidiary company of Parent;

AND:

AIRES  INTERNATIONAL  INVESTMENTS,  INC.,  of  Quatisky  Building,  3rd  Floor,  Post

Office Box 905, Road Town, Tortola, British Virgin Islands (the “Creditor”) and creditor of

Subsidiary.

WHEREAS:

A.     Subsidiary  is  indebted  to  the  Creditor  in  the  amount  of  Eleven  Million  Five  Hundred  and  Forty

Two Thousand  Eight Hundred and Seventy Nine (CHF11,542,879) Swiss Francs as of December

31,  2014  (the  “Debt”)  pursuant  to  that  Loan  Agreement  dated  effective  the  31st  day  of  October,

2013.

B.   Parent wishes to assume Ten Million (CHF 10,000,000) in Swiss Francs of the Debt as of December

31,  2014,  (the  “Assumed  Debt”),  and  the  Subsidiary  and  Creditor  wish to  grant,  assign,  transfer

and  set over unto  Parent the entire right,  title,  obligation and  interest in and  to  the Assumed  Debt

upon the terms and conditions contained in this Assignment of Debt Agreement.

C.     Parent and Subsidiary wish to treat Parent’s assumption of the Assumed Debt as an investment in

a subsidiary company, in the form of a deemed cash contribution into capital surplus, provided to

Subsidiary  by  Parent,  in  an  amount  equal  to  the  Assumed  Debt  and  not  as  an  intercompany

obligation.

NOW  THEREFORE,  in  consideration  of  the  foregoing  and  such  other  consideration  as  the  parties

mutually agree, the parties hereto agree as follows:

1.

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SUBSIDIARY

1.1

Subsidiary represents, warrants and covenants to Parent that:

(a)   the  above  premises  are  true  and  complete,  and  that  the  Creditor  has  been  given  notice  of

and agreed to this assignment of the Assumed Debt by the Subsidiary to Parent;

(b)  the full amount of the Assumed Debt is owed by the Subsidiary to the Creditor; and

1.2

The  representations,  warranties  and  covenants  contained  in  Section  1.1  are  provided  for  the

exclusive  benefit  of  Parent  and  a  breach  of  any  one  or more  thereof  may be  waived  by  Parent

in  whole  or  in  part  at  any  time  without  prejudice  to  its  rights  in  respect  to  any  other  breach  of

the same or any other representation or warranty or covenant.  Any representations, warranties

and   covenants  contained   in  Article  1   will  survive  the  signing  of  this  Debt  Assignment

Agreement.

exhibit1012.docx

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Exhibit 10.12

2.    ASSIGNMENT OF THE DEBT AND RESTRUCTURING OF TERMS

2.1    Subsidiary grants,  assigns,  transfers and  sets over unto  Parent its entire right,  title,  obligation and

interest  in  and  to  the  Assumed  Debt,  including,  without  limitation,  all  rights,  benefits  and  advantages

of  the  Subsidiary  to  be  derived  therefrom  and  all  burdens,  obligations  and  liabilities  to  be  derived

thereunder, in consideration of the premises and the consideration set out in Section 2.3.

2.2   The Creditor, Subsidiary and Parent agree to restructure the terms of the Assumed Debt by causing

Parent to execute a Promissory Note to reflect the Assumed Debt, in consideration of the premises and

the consideration set out in Section 2.3.

2.3    In  consideration  of  the  assignment  of  the  Assumed  Debt  and  the  restructuring  of  the  repayment

terms pursuant to the Promissory Note, Parent will sign and deliver the Promissory Note as evidence of

the restructured terms of the Assumed Debt. (Attached hereto as Exhibit A)

3.    CONSENT AND WARRANTY OF CREDITOR

3.1   The Creditor agrees and consents to the assignment of Subsidiary’s interests in the Assumed Debt

to Parent pursuant to the terms and conditions of this Debt Assignment Agreement.

3.2   The Creditor represents, warrants and covenants to Parent that (a) the full amount of the Assumed

Debt is evidenced  by the Promissory Note of even date,  (b) the Assumed  Debt has not been prepaid  in

full or in part, and (c) the Assumed Debt assigned to Parent is the sole responsibility of Parent with no

right of recourse against Subsidiary.

4.    PARENT’S ASSUMPTION OF DEBT AND CAPITAL CONTRIBUTION TO SUBSIDIARY

4.1     Parent agrees and consents to assume Subsidiary’s interests in the Assumed  Debt pursuant to the

terms and conditions of this Debt Assignment Agreement and Promissory Note.

4.2.   Parent agrees to waive any debt obligation incumbent on Subsidiary as the result of its assumption

of  the  Assumed  Debt  owed  to  Creditor  and  does  hereby  characterize  the  effect  of  the  transaction  as  a

deemed cash contribution into capital surplus of the subsidiary company.

5.    COUNTERPART

5.1   This Debt Assignment Agreement may be signed in one or more counterparts, each of which when

so  signed  will  be  deemed  an  original,  and  such  counterparts  together  will  constitute  one  in  the  same

instrument.

[SIGNATURE PAGE FOLLOWS]

exhibit1012.docx

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Exhibit 10.12

IN WITNESS WHEREOF this agreement was signed in Oberrieden, Switzerland by the parties hereto

effective as of the day and year first above written.

SUNVESTA,  INC.

/s/ Josef Mettler

/s/ Hans Rigendinger

By: Josef Mettler

By: Hans Rigendinger

Chief Executive Officer

Chief Operating Officer

AUTHORIZED SIGNATORY

SUNVESTA HOLDING AG

/s/ Hans Rigendinger

/s/ Josef Mettler

By: Hans Rigendinger

By: Josef Mettler

Chairman of the Board of Directors

Vice-Chairman     of     the     Board     of

Directors

AUTHORIZED SIGNATORY

AIRES INTERNATIONAL INVESTMENTS, INC.

/s/ Arno Spenger

/s/ Roland Rohrer

By: Arno Sprenger

By: Roland Rohrer

AUTHORIZED SIGNATORY

AUTHORIZED

SIGNATORY

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Exhibit 10.12

Exhibit  A

THE  ISSUANCE  AND  SALE  OF  THE  SECURITY  REPRESENTED  BY  THIS  NOTE  HAS

NOT   BEEN   REGISTERED   UNDER   THE   SECURITIES   ACT   OF   1933,   AS   AMENDED

(“SECURITIES  ACT”),  OR  APPLICABLE  STATE  SECURITIES  LAWS  SINCE  SAME  IS

BELIEVED   TO   BE   EXEMPT   FROM   REGISTRATION   UNDER   REGULATION    “S”

THERETO.  THIS SECURITY MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED

OR   ASSIGNED   TO   US   PERSONS   (I)   IN   THE   ABSENCE   OF   (A)   AN   EFFECTIVE

REGISTRATION STATEMENT FOR THE SECURITY UNDER THE SECURITIES ACT, OR

(B)   AN   OPINION   OF   COUNSEL,   IN   A   GENERALLY   ACCEPTABLE   FORM,   THAT

REGISTRATION   IS   NOT   REQUIRED   UNDER   SAID   ACT   OR   (II)   UNLESS   SOLD

PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE

FOREGOING,  THIS  SECURITY  MAY  BE  PLEDGED  IN  CONNECTION  WITH  A  BONA

FIDE   MARGIN   ACCOUNT   OR   OTHER   LOAN   OR   FINANCING   ARRANGEMENT

SECURED BY THIS SECURITY.

PROMISSORY NOTE

Principal Amount: CHF (Swiss Francs) 10,000,000

Issue Date: December 31, 2014

FOR   VALUE   RECEIVED,   SUNVESTA,   INC.,   a   Florida   corporation   (hereinafter   called   the

“Borrower”), hereby promises to pay to the order of Aires International Investments,  Inc., a British

Virgin Islands company, or registered assigns (the “Holder”) the sum of CHF 10,000,000 together with

interest  as  set  forth  herein,  on  December  31,  2017  (the  “Maturity  Date”),  and  to  pay  interest  on  the

unpaid  principal  balance  hereof  at  the  rate  of  seven  and  one  quarter  percent  (7  1⁄4%)  (the  “Interest

Rate”)  per  annum  from  the  date  hereof  (the  “Issue  Date”)  until  the  same  becomes  due  and  payable,

whether  at  maturity  or  upon  acceleration  or  by  prepayment  or  otherwise.  This  Promissory  Note  (the

“Note”) may be prepaid  in whole or in part. Any amount of  principal or interest on this Note which is

not  paid  when  due  shall  bear  interest  at  the  rate  of  ten  percent  (10%)  per  annum  from  the  due  date

thereof  until the same is paid  (“Default Interest”).   Interest  shall  commence  accruing on the date  that

the Note is issued  and  shall be computed on the basis of  a 365-day year and  the actual number of days

elapsed. All payments due hereunder shall be made in lawful money of Switzerland. All payments shall

be  made  at  such  address  as  the  Holder  shall  hereafter  give  to  the  Borrower  by  written  notice  made  in

accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of

this  Note  is  due  on  any  day  which  is  not  a  business  day,  the  same  shall  instead  be  due  on  the  next

succeeding  day  which  is  a  business  day  and,  in  the  case  of  any  interest  payment  date  which  is  not  the

date  on  which  this  Note  is  paid  in  full,  the  extension  of  the  due  date  thereof  shall  not  be  taken  into

account for purposes of determining the amount of interest due on such date.  As used in this Note, the

term  “business day”  shall mean  any day other  than a  Saturday,  Sunday or a day on which  commercial

banks  in  the  city  of  Oberrieden,  Switzerland  are  authorized  or  required  by  law  or  executive  order  to

remain closed. This Note is free from all taxes, liens, claims and encumbrances with respect to the issue

thereof  and  shall  not  be  subject  to  preemptive  rights  or  other  similar  rights  of  shareholders  of  the

Borrower and  will not impose personal liability upon the holder thereof.  This Note has been  issued  by

the Borrower pursuant to  the Assignment of Debt Agreement,  dated  effective December 31, 2014 (the

“Assignment of Debt Agreement”), by and among the Borrower, SunVesta Holding AG. (Borrower’s

subsidiary), and the Holder

The following additional terms shall apply to this Note:

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Exhibit 10.12

ARTICLE I.  CERTAIN COVENANTS

1.1

Distributions  on  Capital  Stock.   So  long  as  the  Borrower  shall  have  any  obligation  under  this

Note, the Borrower shall not without the Holder’s written consent (a) pay, declare or set apart for such

payment,  any dividend or other distribution (whether in cash, property or other securities) on shares of

capital  stock  or  (b)  directly  or  indirectly  or  through  any  subsidiary  make  any  other  payment  or

distribution in respect of its capital stock.

1.2

Restriction  on  Stock  Repurchases.   So  long  as  the  Borrower  shall  have  any  obligation  under

this Note, the Borrower shall not without the Holder’s written consent redeem, repurchase or otherwise

acquire  (whether  for  cash  or  in  exchange  for  property  or  other  securities  or  otherwise)  in  any  one

transaction or series of related transactions any shares of capital stock of the Borrower or any warrants,

rights or options to purchase or acquire any such shares.

ARTICLE II.   EVENTS OF DEFAULT

If any of the following events of default (each, an “Event of Default”) shall occur:

2.1

Failure  to  Pay  Principal  or  Interest.   The  Borrower  fails  to  pay  the  principal  hereof  or  interest

thereon when due on this Note, whether at maturity, upon acceleration or otherwise.

2.2

Breach of Covenants.  The Borrower breaches any material covenant or other material term or

condition  contained  in  this  Note  and  any  collateral  documents  including  but  not  limited  to  the

Assignment  of  Debt  Agreement  and  such  breach  continues  for  a  period  of  ten  (10)  days  after  written

notice thereof to the Borrower from the Holder.

2.3

Breach  of  Representations  and  Warranties.    Any  representation  or  warranty  of  the  Borrower

made  herein  or  in  any  agreement,  statement  or  certificate  given  in  writing  pursuant  hereto  or  in

connection herewith (including, without limitation, the Assignment of Debt Agreement),  shall be false

or  misleading  in  any  material  respect  when  made  and  the  breach  of  which  has  (or  with  the  passage  of

time  will  have)  a  material  adverse  effect  on  the  rights  of  the  Holder  with  respect  to  this  Note  or  the

Assignment of Debt Agreement.

2.4

Receiver or Trustee.  The Borrower or any subsidiary of the Borrower shall make an assignment

for  the  benefit  of  creditors,  or  apply  for  or consent  to  the  appointment  of  a  receiver  or  trustee  for  it or

for  a  substantial  part  of  its  property  or  business,  or  such  a  receiver  or  trustee  shall  otherwise  be

appointed.

2.5

Bankruptcy.     Bankruptcy,   insolvency,   reorganization  or  liquidation  proceedings  or  other

proceedings,  voluntary or involuntary,  for relief  under  any bankruptcy law or  any law for the relief  of

debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower.

2.6

Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion

of its business.

2.7

Cessation  of  Operations.  Any  cessation  of  operations  by  Borrower  or  Borrower  admits  it  is

otherwise  generally  unable  to  pay  its  debts  as  such  debts  become  due,  provided,  however,  that  any

disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the

Borrower cannot pay its debts as they become due.

2.8

Maintenance of Assets. The failure by Borrower to maintain any material intellectual property

rights, personal, real property or other assets which are necessary to conduct its business (whether now

or in the future).

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Exhibit 10.12

Upon the occurrence and during the continuation of an Event of Default specified in this Article II, the

Note shall become immediately due and  payable and  the Borrower shall pay to  the Holder,  an amount

equal  to  the  Default  Amount  (as  defined  below)  effective  on  the  delivery  of  written  notice  to  the

Borrower  by  the  Holder  (the  “Default  Notice”),  in  full  satisfaction  of  its  obligations  hereunder,  an

amount equal to (x) the sum of the then outstanding principal amount of this Note plus (y) accrued and

unpaid  interest  on  the  unpaid  principal  amount  of  this  Note  to  the  date  of  payment  plus  (z)  Default

Interest,  if  any  (the  amounts  referred  to  in  clauses  (x),  (y)  and  (z)  shall  collectively  be  known  as  the

“Default  Amount”)  and  all  other  amounts  payable  hereunder  shall  immediately  become  due  and

payable, all without demand, presentment or notice, all of which hereby are expressly waived, together

with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall

be entitled to exercise all other rights and remedies available at law or in equity.

ARTICLE III.  MISCELLANEOUS

3.1

Failure or Indulgence Not Waiver.  No failure or delay on the part of the Holder in the exercise

of  any  power,  right  or  privilege  hereunder  shall  operate  as  a  waiver  thereof,  nor  shall  any  single  or

partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any

other right, power or privileges.  All rights and remedies existing hereunder are cumulative  to, and not

exclusive of, any rights or remedies otherwise available.

3.2

Subordination.   Holder  acknowledges  that  its  interest  in  the  properties  and   assets  of  the

Borrower, on the occurrence and continuation of an Event of Default, is subordinate to those additional

amounts, if any, due by Borrower to non-affiliated third party creditors.

3.3

Notices.    All  notices,  demands,  requests,  consents,  approvals,  and  other  communications

required  or  permitted  hereunder  shall  be  in  writing  and,  unless  otherwise  specified  herein,  shall  be  (i)

personally  served,  (ii)  deposited  in  the  mail,  registered  or  certified,  return  receipt  requested,  postage

prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand

delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall

have  specified  most  recently  by  written  notice.    Any  notice  or  other  communication  required  or

permitted  to  be  given  hereunder  shall  be  deemed  effective  (a)  upon  hand  delivery  or  delivery  by

facsimile,  with  accurate  confirmation  generated  by  the  transmitting  facsimile  machine,  at  the  address

or number designated  below  (if  delivered  on  a business day during normal business  hours  where  such

notice is to  be received),  or the first business day following such delivery (if  delivered  other than on  a

business  day  during  normal  business  hours  where  such  notice  is  to  be  received)  or  (b)  on  the  second

business day following the date of  mailing by express courier service,  fully prepaid,  addressed  to  such

address,  or  upon  actual  receipt  of  such  mailing,  whichever  shall  first  occur.   The  addresses  for  such

communications shall be:

If to the Borrower, to:

SunVesta,  Inc.

Seestrasse 97

Oberriden

Switzerland CH-8942

Attn: Josef Mettler, Chief Executive Officer

facsimile: 011 41 43 388 40 60

e-mail: josef.mettler@sunvesta.com

exhibit1012.docx

6 | 8

Exhibit 10.12

If to the Holder:

Aires International Investments,  Inc.

Quatisky Building, 3rd Floor

Post Office Box 905

Road Town

Tortola, British Virgin Islands

Attn:

facsimile:

e-mail:

3.4

Amendments.   This  Note  and  any  provision  hereof  may  only  be  amended  by  an  instrument  in

writing  signed  by  the  Borrower  and  the  Holder.   The  term  “Note”  and  all  reference  thereto,  as  used

throughout  this  instrument,  shall  mean  this  instrument  as  originally  executed,  or  if  later  amended  or

supplemented, then as so amended or supplemented.

3.5

Assignability.   This  Note  shall  be  binding  upon  the  Borrower  and  its  successors  and  assigns,

and  shall  inure  to  be  the  benefit  of  the  Holder  and  its  successors  and  assigns.   Each  transferee  of  this

Note must not be a “US Person” (as that term is defined in Rule 902 of Regulation S, and is not acquiring

the securities for the account or benefit of  any  U.S.  person; as defined  in Rule 501(a) of  the Securities

Act).   Notwithstanding anything in this Note to  the contrary,  this Note may be pledged  as collateral in

connection with a bona fide margin account or other lending arrangement.

3.6

Cost of Collection.   If  default is made in the payment of  this Note,  the Borrower  shall pay  the

Holder hereof costs of collection, including reasonable attorneys’ fees.

3.7

Governing Law.  This Note shall be governed by and construed in accordance with the laws of

the  Switzerland  without  regard  to  principles  of  conflicts  of  laws.  The  parties  to  this  Note  hereby

irrevocably  waive  any  objection  to  jurisdiction  and  venue  of  any  action  instituted  hereunder  and  shall

not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  The

Borrower and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other

party  its  reasonable  attorney's  fees  and  costs.  In  the  event  that  any  provision  of  this  Note  or any  other

agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or

rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith

and  shall  be  deemed  modified  to  conform  with  such  statute  or  rule  of  law.  Any  such  provision  which

may prove invalid  or unenforceable under any  law shall not affect the validity or enforceability of  any

other provision of any agreement. Each party hereby irrevocably waives personal service of process and

consents  to  process  being  served  in  any  suit,  action  or  proceeding  in  connection  with  this  Note  by

mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)

to such party at the address in effect for notices to it under this Agreement and agrees that such service

shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall

be deemed to limit in any way any right to serve process in any other manner permitted by law.

3.8

Certain Amounts.   Whenever pursuant to  this  Note the Borrower is required  to  pay an amount

in  excess  of  the  outstanding  principal  amount  (or  the  portion  thereof  required  to  be  paid  at  that  time)

plus  accrued  and  unpaid  interest  plus  Default  Interest  on  such  interest,  the  Borrower  and  the  Holder

agree  that  the  actual  damages  to  the  Holder  from  the  receipt  of  cash  payment  on  this  Note  may  be

difficult to determine and the amount to be so  paid by the Borrower represents stipulated damages and

not a penalty.

3.9

Assignment  Agreement.   By  its  acceptance  of  this  Note,  each  party  agrees  to  be  bound  by  the

applicable terms of the Assignment of Debt Agreement.

exhibit1012.docx

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Exhibit 10.12

3.10

Remedies.   The  Borrower  acknowledges  that  a  breach  by  it  of  its  obligations  hereunder  will

cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated

hereby.  Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations

under  this  Note  will  be  inadequate  and  agrees,  in  the  event  of  a  breach  or  threatened  breach  by  the

Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available

remedies  at  law  or  in  equity,  and  in  addition  to  the  penalties  assessable  herein,  to  an  injunction  or

injunctions  restraining,  preventing  or  curing  any  breach  of  this  Note  and  to  enforce  specifically  the

terms and provisions thereof, without the necessity of showing economic loss and without any bond or

other security being required.

IN  WITNESS  WHEREOF,  Borrower  has  caused  this  Note  to  be  signed  in  its  name  by  its  duly

authorized officer this December 31, 2014.

SUNVESTA, INC.

By: /s/ Josef Mettler

Josef Mettler, Chief Executive Officer

By: /s/ Hans Rigendiner

Hans Rigendinger, Chief Operating Officer

exhibit1012.docx

8 | 8EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

EMPLOYMENT TERMINATION BENEFITS AGREEMENT 

This Amended and Restated Employment Termination Benefits Agreement, dated effective as of
            , 20    , is entered into by and between Zix Corporation, a Texas corporation (“Company”), and the undersigned individual
(“Employee”). This agreement serves to amend and restate the existing Employment Termination Benefits Agreement between the Company and Employee, which was entered into effective as of
            , 20    .  
 Employee is an “at
will” employee of an Affiliate of Company and is based in                     . 

Company wishes to specify terms under which Employee would leave employment in the circumstances described in this agreement. 

The parties agree as follows: 

Capitalized terms not otherwise defined in this agreement have the meanings ascribed to them in section 5. 

1. Separation Payment. If the Company or its Affiliate terminates Employee’s employment other than for Cause, then the Company shall pay to
Employee the Separation Payment pursuant to and in accordance with subsection 1.B. If Employee resigns from employment (subject to the notice and cure provisions set forth below) with the Company and its Affiliates within 24 months after a
Change in Control and the resignation was for a Change In Control Good Reason, then the resignation will be deemed to be a termination of Employee’s employment other than for Cause and the Company shall pay to Employee the Separation Payment
pursuant to and in accordance with subsection 1.B. Neither Employee’s death nor Employee’s resignation (other than for a Change in Control Good Reason) or termination for Cause or on account of disability will give rise to any
Separation Payment. The Company’s obligation to make the Separation Payment will not be mitigated or offset by virtue of Employee obtaining new employment or failing to seek new employment. The Separation Payment encompasses and includes any
applicable employment standards entitlements. 
 A. Notice Required for Change in Control Good Reason. Notwithstanding anything to the
contrary in the preceding paragraph, Employee will not be deemed to have resigned employment for a Change In Control Good Reason unless and until: (i) Employee provided to the Company notice of the existence of the Change In Control Good Reason
condition within 90 days of its initial existence; (ii) the Company failed to remedy the Change In Control Good Reason condition within 30 days after the Company received the notice; and (iii) Employee resigned employment within 180 days
after the initial existence of the Change In Control Good Reason condition. 

  
 1 

 B. Time of Payment. The Company shall pay the Separation Payment to Employee in equal
monthly payments over the number of months of base salary used to calculate the Separation Payment, beginning as soon as practicable after termination of Employee’s employment but no later than 60 days after such termination, subject to
subsection 7.O(5). 
 C. Liability Release as Condition to Payment. Notwithstanding anything to the contrary in this agreement, the
Company’s obligation to pay the Separation Payment is subject to and conditioned upon the Company’s receiving from the Employee, within 60 days after Employee’s termination other than for Cause or resignation for a Change in Control
Good Reason, a duly executed separation agreement containing a release of claims in a form reasonably satisfactory to the Company. If Employee fails to execute and deliver such a separation agreement to the Company within that 60-day time period, or
Employee revokes such release pursuant to the terms of the separation agreement, then Employee is deemed to forfeit any entitlement to receive the Separation Payment and shall promptly return any portion of the Separation Payment which he or she
received before such failure to execute and deliver or revocation. The Company will provide the separation agreement to Employee promptly after Employee’s termination other than for Cause or resignation for a Change in Control Good Reason. 

D. Withholding. Employee is responsible for all withholdings for taxes and other withholdings required by applicable law as to any
amounts owed by Employee to Company, and Employee shall pay the same to the Company promptly upon demand if not otherwise withheld. 
 2. Accelerated
Vesting of Stock-Based Compensation. Notwithstanding anything to the contrary in any award agreement between Employee and Company: 
 A.
Change in Control. 
 (1) Awards not Assumed or Substituted by Surviving Entity. Upon the occurrence of a
Change in Control, and except with respect to any awards described in subsection 2.A(2) below: (i) any outstanding stock options or stock appreciation rights (“SARs”) held by Employee will immediately become fully
exercisable; (ii) any time-based restrictions on other outstanding stock awards (such as restricted stock and restricted stock units) held by Employee will lapse and all such awards will become fully vested, disregarding any performance-based
vesting criteria; and (iii) the payout level under any outstanding performance-based cash awards held by Employee will be determined and deemed to have been earned as of the effective date of the Change in Control based upon (A) an assumed
achievement of all relevant performance goals at the “target” level if the Change in Control occurs during the first half of the applicable performance period, or (B) the greater of (1) the assumed achievement of all relevant
performance goals at the “target” level and (2) the actual level of achievement of all relevant performance goals against target (measured as of the date of the Change in Control), if the Change in Control occurs during the second
half of the applicable performance period, and, in either such case, Employee will receive a prorata payout within sixty (60) days following the Change in Control (unless a later date is required by subsection 7.O hereof), based upon the length
of time within the performance period that has elapsed prior to the Change in Control. Any options or SARs will thereafter continue or lapse in accordance with the other provisions of the applicable plan and the applicable award agreement. To the
extent that this provision causes incentive stock options to exceed the dollar limitation set forth in section 422(d) of the Code, the excess stock options will be deemed to be nonstatutory stock options. In addition, the Company has the right
to settle stock awards in accordance with subsection 2.D below. 

  
 2 

 (2) Stock Awards Assumed or Substituted by Surviving Entity. With respect
to stock awards that are assumed by the Surviving Entity or are otherwise equitably converted or substituted in connection with a Change in Control in a manner approved by the Board, if, within two years after the effective date of the Change in
Control, either (a) the Company or its Affiliate or the Surviving Entity terminates Employee’s employment other than for Cause or (b) Employee resigns for a Change in Control Good Reason: then (i) any outstanding stock options or
SARs held by Employee will immediately become fully exercisable; (ii) any time-based restrictions on other outstanding stock awards (such as restricted stock and restricted stock units) held by Employee will lapse and all such awards will
become fully vested, disregarding any performance-based vesting criteria and (iii) the payout level under any performance-based cash awards held by Employee that were outstanding immediately prior to effective time of the Change in Control will
be determined and deemed to have been earned as of the date of termination based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the date of termination occurs during the first half of the
applicable performance period, or (B) the greater of (1) the assumed achievement of all relevant performance goals at the “target” level, and (2) the actual level of achievement of all relevant performance goals against
“target” (measured as of the end of the calendar quarter immediately preceding the date of termination), if the date of termination occurs during the second half of the applicable performance period, and, in either such case, Employee will
receive a prorata payout within sixty (60) days following the date of termination of employment (unless a later date is required by subsection 7.O hereof), based upon the length of time within the performance period that has elapsed prior to
the date of termination of employment. Any options or SARs will thereafter continue or lapse in accordance with the other provisions of the applicable plan and the applicable award agreement. To the extent that this provision causes incentive stock
options to exceed the dollar limitation set forth in section 422(d) of the Code, the excess stock options will be deemed to be nonstatutory stock options. 

B. Termination Other Than for Cause. If the Company or its Affiliate terminates Employee’s employment other than for Cause absent a
Change in Control, then (i) any outstanding stock options or SARs held by Employee will immediately become fully exercisable; and (ii) any time-based restrictions on other outstanding stock awards (such as restricted stock and restricted
stock units) held by Employee will lapse and such awards will become fully vested, and (iii) the payout level under any outstanding performance-based stock awards held by Employee will be determined and deemed to have been earned based upon the
actual level of achievement of all relevant performance goals against “target” (measured over the full performance period), and Employee will receive a prorata payout within thirty (30) days following the date the performance against
such goals is certified by the Compensation Committee (unless a later date is required by subsection 7.O hereof), based upon the length of time within the performance period that has elapsed prior to the date of termination of employment. 

C. Phrases referring to Employee’s termination “not for Cause” or “other than for Cause” in this agreement exclude any
termination or resignation as a result of Employee’s death or disability. Neither Employee’s death nor Employee’s resignation (other than for a Change in Control Good Reason) or termination on account of disability will give rise to
any accelerated vesting or right to settlement of any stock awards under this agreement. 

  
 3 

 D. Company’s Election. In the circumstances described in subsection 2.A, the
Company has the right to choose to settle in cash, as described in subsection 2.E below, all or any portion of Employee’s stock awards. The Employee shall surrender and transfer to the Company all stock awards that the Company elects to
settle in cash. Any stock awards that are not settled in cash shall thereafter continue or lapse in accordance with the other provisions of the plan and the award agreement under which they were granted. 

E. Settlement in Cash. If the Company chooses to settle some or all of the stock awards in cash, pursuant to subsection 2.D above,
it may do so 
 (1) in the case of stock options or SARs, by paying Employee either (i) the difference (if any,
including a deemed distribution of $0) between the price being paid for the Company’s common stock in the Change in Control over the exercise or base price, as applicable, of the award (that difference, the “Spread Amount”),
multiplied by the number of such stock options or SARs; or (ii) the “fair value” of those stock options or SARs under Generally Accepted Accounting Principles (as determined as of the settlement date through the Black-Scholes,
binomial, or any other option pricing model permissible under FASB Accounting Standards Codification 718 or a successor standard), but only if that fair value would yield a greater payment to Employee than the Spread Amount. The Company shall pay
the settlement amount, net of any required withholding, to Employee within sixty (60) days after the Change in Control (unless a later date is required by subsection 7.O hereof); or  

(2) in the case of stock awards other than stock options or SARs (such as restricted stock or restricted stock units), by
paying Employee the price being paid for the Company’s common stock in the Change in Control multiplied by the number of such shares underlying the stock award. The Company shall pay the settlement amount, net of any required withholding, to
Employee within sixty (60) days after the Change in Control (unless a later date is required by subsection 7.O hereof). 
 3. No Conflict of
Interest. Without limiting Employee’s obligations to comply with the Company’s Code of Conduct and Code of Ethics, Employee agrees that during the term of Employee’s employment: 

A. Employee shall not engage, either directly or indirectly, in any activity that may involve a conflict of interest with the Company or
its Affiliate, including without limitation ownership in any supplier, contractor, subcontractor, customer or other entity with which the Company or its Affiliate does business (other than as a shareholder of less than one percent (1%) of a
publicly-traded or privately-held class of equity ownership) (“Conflict of Interest”); 
 B. Employee shall promptly
report to the Company’s Chief Compliance Officer any information about which Employee becomes aware that might involve or give rise to a Conflict of Interest or potential Conflict of Interest. 

C. Employee shall not accept any material payment, service, loan, gift, trip, entertainment or other favor from a supplier, contractor,
subcontractor, customer or other entity with which the Company or its Affiliate does business. 

  
 4 

 D. Employee shall promptly report to the Company’s Chief Compliance Officer each offer by
any entity with which the Company or its Affiliate does business for any material payment, service, loan, gift, trip, entertainment or other favor. 
 4.
Ongoing Covenants. Employee acknowledges that the Company has a legitimate interest in (i) maintaining the confidentiality of the Company’s confidential information and (ii) restraining Employee from competing against the
Company and its Affiliates during and for a reasonable time after Employee’s employment by the Company or its Affiliate. Employee agrees to the restrictions in subsection 4.A: (i) in consideration of the benefits described in this
agreement and the Company’s providing Employee with confidential information, and (ii) in order to enforce Employee’s agreement to maintain the confidentiality of the Company’s confidential information. 

A. Restrictive Covenants. Throughout the term of Employee’s employment by the Company or its Affiliate, and throughout the 12 month
period beginning upon Employee’s separation from employment with the Company for any reason, Employee shall not do any of the following: 

(1) Non-Competition. Directly or indirectly engage in, sell or otherwise provide Competitive Services within the
Restricted Territory while serving in a position that is the same as or substantially similar to the [INSERT NAME OF POSITION EMPLOYEE HOLDS] position that Employee held with the Company, whether on his own behalf or as a Principal or Representative
of any Person other than the Company; provided, however, that the provisions of this Agreement shall not be deemed to prohibit the ownership by Employee of not more than 1% of any class of securities of any corporation having a class
of securities registered pursuant to the Securities Exchange Act of 1934, as amended. 
 (2) Non-Solicitation of Protected
Customers. Directly or indirectly, on Employee’s own behalf or on behalf of a competitor of the Company’s Business, or as a Principal or Representative of any other Person, solicit, divert, take away or attempt to solicit, divert, or
take away a Protected Customer for purposes of providing or selling services or products that are the same as or substantially similar to the services and products that are provided or sold by the Company. 

(3) Non-Solicitation of Protected Employees. Directly or indirectly, on Employee’s own behalf or as Principal or
Representative of any other Person, solicit or induce or attempt to solicit or induce any Protected Employee to terminate his or her employment with the Company or to enter into employment with any other Person. 

B. Restrictions Are Reasonable. The Company and Employee have, in good faith, used their best efforts to make the restrictions in
subsection 4.A reasonable in all pertinent respects, and it is not anticipated, nor is it intended, by either party that any arbitrator or court will find it necessary to reform any restriction to make it reasonable. Employee has carefully read
and considered the restrictions in subsection 4.A and agrees that the restrictions, including, but not limited to, the time period of restriction, the geographic areas of restriction, and the scope of the restriction are fair and reasonable,
are supported by sufficient and valid consideration, and these restrictions do not impose any greater restraint than is necessary to protect the goodwill and other legitimate business interests of the Company. Employee acknowledges that these

  
 5 

 
restrictions will not prevent Employee from obtaining gainful employment in Employee’s occupation or field of expertise or cause Employee undue hardship and that there are numerous other
employment and business opportunities available to Employee that are not affected by these restrictions. 
 C. Modification of
Covenants. It is the desire and intent of each of the parties that the provisions of section 4.A be enforced to the fullest extent legally permissible. If an arbitrator or court determines it is necessary to reform any restriction to make
it reasonable in all pertinent respects, then any damages due to a breach of the restriction, as so reformed, will be deemed to accrue to the Company as and from the date of such a breach only, and only so far as the damages for such breach related
to an action that accrued within the scope of the restriction as so reformed. The covenants set forth in this Agreement shall be construed as separate and independent covenants. Should any part or provision of any covenant be held invalid, void or
unenforceable, such invalidity, voidness, or unenforceability shall not render invalid, void or unenforceable any other part or provision of this Agreement. If any portion of subsection 4.A is adjudicated to be invalid or unenforceable, this
section 4 will be deemed amended (i) to reform the particular portion to provide for such maximum restrictions as will be valid and enforceable or, if that is not possible, then (ii) to delete therefrom only the portion thus
adjudicated to be invalid or unenforceable 
 D. Successors. Subsection 4.A will inure to the benefit of and be enforceable by
any successor to the Company and/or any successor to any Affiliate of the Company that is then conducting the Email Encryption business or any Other Material Business. 

E. Notification of Future Employer. Employee shall, and the Company has the right to, notify any person or entity employing Employee or
evidencing an intention to employ Employee about the existence and terms of subsection 4.A. 
 F. Remedies. If Employee violates
any of the obligations set forth in subsection 4.A, the period of restriction applicable to each obligation violated shall cease to run during the pendency of any litigation over such violation, provided that such litigation was initiated
during the period of restriction. Employee acknowledges that the violation of any of the covenants or agreements contained in subsection 4.A would cause irreparable injury to the Company, that the remedy at law for any such violation or
threatened violation thereof would be inadequate, and Employee agrees that the Company will be entitled, in addition to any other remedy, to temporary and permanent injunctive or other equitable relief from a court of competent jurisdiction without
the necessity of proving actual damages or posting a bond as well as to the recovery of its reasonable attorneys’ fees. 
 5. Definitions. 

A. “Acquiring Person” means any person (including any “person” as such term is used in subsections 13(d)(3) or
14(d)(2) of the Exchange Act) that, together with all Affiliates and Associates of such person, is the beneficial owner (as the term “beneficial owner” is defined under rule 13d-3 or any successor rule or regulation promulgated under the
Exchange Act)) of 10% or more of the outstanding Common Stock. The term “Acquiring Person” does not include the Company, any majority-owned subsidiary of the Company, any employee benefit plan of the Company or a majority-owned subsidiary
of the Company, or any person to the extent such person is holding Common Stock for or pursuant to the terms of any such plan. For the purposes 

  
 6 

 
of this agreement, a person who becomes an Acquiring Person by acquiring beneficial ownership of 10% or more of the Common Stock at any time after the date of this agreement will continue to be
an Acquiring Person whether or not such person continues to be the beneficial owner of 10% or more of the outstanding Common Stock. 

B. “Affiliate” and “Associate” have the respective meanings ascribed to such terms in rule 12b-2 under
the Exchange Act. 
 C. “Board” means the Company’s board of directors or the compensation committee thereof.

 D. “Cause” means any of the following shall have occurred: (1) the intentional and continued failure by
Employee to substantially perform Employee’s employment duties, such intentional failure involving willful and deliberate malfeasance or gross negligence in the performance of Employee’s duties (other than any such failure resulting from
Employee’s incapacity due to physical or mental illness), after (i) written demand for substantial performance is delivered by or on behalf of the Company, which demand reasonably identifies the manner in which the Company believes
Employee has not substantially performed Employee’s duties, and (ii) Employee’s failure to cure such performance failure within five business days after receipt of such written demand; (2) the intentional engaging by Employee in
misconduct that is materially injurious to the Company; (3) the conviction of Employee or a plea of nolo contendere, or the substantial equivalent to either of the foregoing, of or with respect to, any felony; (4) the commission by
Employee of acts of moral turpitude that are injurious to the Company; (5) a breach by Employee of the Confidentiality and Invention Agreement between the Company (or its affiliate) and Employee; (6) a breach by Employee of Employee’s
obligations under this agreement or the Arbitration Agreement (as hereinafter defined); or (7) a breach by Employee of the Company’s Code of Ethics and Code of Conduct as then in effect. For purposes of this definition, no act, or failure
to act, on Employee’s part shall be considered “intentional” unless done, or omitted to be done, by him not in good faith and without reasonable belief that his action or omission was in, or not opposed to, the best interest of the
Company. 
 Notwithstanding the foregoing, Employee will not be deemed to have been terminated for Cause without (1) reasonable
written notice to Employee, setting forth the reasons for the Company’s intention to terminate for Cause; (2) an opportunity for Employee to be heard by the [Company][Board] (or an authorized representative thereof); and (3) delivery
to Employee of a written notice of termination from the [Company][Board] (or its authorized representative) stating that, in the good faith opinion of the [Company][Board] (or its authorized representative), Employee engaged in the conduct set forth
above in clause (1), (2), (4), (5), (6) or (7) of the preceding paragraph or an event specified in clause (3) of the preceding paragraph has occurred. 

E. “Change in Control” of the Company will be deemed to have occurred if any of the following events occurs during
Employee’s employment: 
 (1) The Company is merged, consolidated or reorganized into or with another corporation
or other legal person, other than an Affiliate, and as a result of such merger, consolidation or reorganization, the Company or its shareholders or Affiliates immediately before such transaction beneficially own, immediately after or as a result of
such transaction, equity securities of the surviving or acquiring person or such corporation’s parent entity (the “Surviving Entity”) possessing less than 51% of the voting power of the Surviving Entity; 

  
 7 

 (2) The Company sells all or substantially all of its assets to any other
corporation or other legal person, other than an Affiliate, and as a result of such sale, the Company or its shareholders or Affiliates immediately before such transaction beneficially own, immediately after or as a result of such transaction,
equity securities of the Surviving Entity possessing less than 51% of the voting power of the Surviving Entity (provided that this paragraph will not apply to a registered public offering of securities of a subsidiary of the Company, which offering
is not part of a transaction otherwise a part of or related to a Change in Control); 
 (3) Any Acquiring Person has become
the beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of securities which, when added to any securities already owned by such person, would
represent in the aggregate 35% or more of the then outstanding securities of the Company which are entitled to vote to elect any class of directors; 

(4) As measured over any 12 month period, Continuing Directors cease to constitute at least a majority of the Board; 

(5) The occurrence of an event required to be reported under Item 6(e) of Schedule 14A of Regulation 14A or any successor
rule or regulation promulgated under the Exchange Act; or 
 (6) The Board in its sole discretion determines that any other
event is deemed to be a Change in Control. 
 F. “Change In Control Good Reason” means any of the following:
(i) a material diminution in Employee’s authority, duties or responsibilities, (ii) a material diminution in Employee’s base salary, (iii) a material change in the geographic location at which Employee must perform services,
(iv) a material diminution in the authority, duties, or responsibilities of the supervisor to whom Employee is required to report, (v) a material diminution in the budget over which Employee retains authority, or (vi) any material
breach by the Company of this agreement or any other agreement under which Employee provides services to the Company or its Affiliates. 

G. “Code” means the Internal Revenue Code of 1986 and applicable Internal Revenue Service guidance and Treasury Regulations.

 H. “Continuing Director” means a director of the Company who (1) is not an Acquiring Person or an Affiliate
or Associate thereof, or a representative of an Acquiring Person or nominated for election by an Acquiring Person, and (2) was either (a) a member of the Board on the date of this agreement or (b) subsequently became a director of the
Company and whose initial election or initial nomination for election by the Company’s shareholders was approved by a majority of the Continuing Directors then on the Board. 

I. “Company” means Zix Corporation, a Texas corporation, or its successors in interest, as the context requires.

  
 8 

 J. “Competitive Services” means the Email Encryption business or any
other material line of business being conducted by the Company or any Affiliate. 
 K. “Exchange Act” means
the Securities Exchange Act of 1934. 
 L. “Person” means any individual or any corporation, partnership,
joint venture, limited liability company, association or other entity or enterprise. 
 M. “Principal” or
“Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer, manager, employee, agent, representative or consultant. 

N. “Protected Customer” means any customer to whom the Company sold its products or services at any time during
Employee’s employment and with whom Employee had business dealings on behalf of the Company. 
 O.
“Protected Employee” means any employee of the Company who was employed by the Company at any time during Employee’s employment and (a) with whom Employee had a supervisory relationship or (b) with whom
Employee worked or communicated on a regular basis regarding the Company’s business. 
 P. “Restricted
Territory” means the United States and Canada. 
 Q. “Separation Payment” means the sum of: 

(1) An amount equal to Employee’s base salary for a period of 12 months. For the purpose of calculating the Separation
Payment, the Employee’s base salary will be deemed to be Employee’s highest base salary in any month during the term of Employee’s employment. 

plus 

(2) An amount equal to the payout level for the Employee’s performance-based compensation that would apply under the plan
under which it was granted as if there had been a Change in Control immediately prior to termination of Employee’s employment and the Company’s obligation to pay such performance-based compensation was not assumed by the surviving entity,
except that equity compensation awards that have any performance-based vesting criteria will vest in the same manner as equity awards that have solely time-based vesting criteria and no proration will apply to those awards. For the avoidance of
doubt and in order to avoid duplication of benefits, in the event Employee’s performance-based compensation pays out or vests in connection with a Change in Control, Employee shall not also receive payment for such performance-based
compensation as part of Employee’s Separation Payment. 
 plus 

(3) For an Employee residing in the United States, an amount equal to the excess of (i) the cost for Employee to continue
any group medical, dental, vision and/or prescription drug plan benefits to which Employee and/or Employee’s eligible dependents would be entitled under Section 4980B of the Code (COBRA) for the number

  
 9 

 
of months used to calculate the base salary Separation Payment pursuant to clause (1) above, over (ii) the amount that Employee would have had to pay for such coverage if had remained
employed during such period of time and paid the active employee rate for such coverage. For an Employee residing outside of the United States, USD $1,500 per month for the number of months used to calculate the base salary Separation Payment
pursuant to clause (1) above, payable in the currency of the Employee’s place of residence. 
 R. “Surviving
Entity” has the meaning set forth in subsection 5.E(1). 
 6. Mandatory Reduction of Payments in Certain Events. 

A. Notwithstanding anything in this agreement to the contrary, in the event it shall be determined that any payment or distribution by
the Company to or for the benefit of Employee (whether paid or payable or distributed or distributable pursuant to the terms of this agreement or otherwise) (such benefits, payments or distributions are hereinafter referred to as
“Payments”) would, if paid, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then, prior to the making of any Payments to Employee, a calculation shall be made comparing
(i) the net after-tax benefit to Employee of the Payments after payment by Employee of the Excise Tax, to (ii) the net after-tax benefit to Employee if the Payments had been limited to the extent necessary to avoid being subject to the
Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced
Amount”). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual
present value of such Payments as of the date of the Change in Control, as determined by the Determination Firm (as defined in subsection 6.B. below). For purposes of this section 6, present value shall be determined in accordance with
Section 280G(d)(4) of the Code. For purposes of this section 6, the “Parachute Value” of a Payment means the present value as of the date of the Change in Control of the portion of such Payment that constitutes a
“parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.  

B. All determinations required to be made under this section 6, including whether an Excise Tax would otherwise be imposed, whether the
Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations, shall be made by an independent accounting firm or compensation consulting firm mutually acceptable to the Company
and Employee (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company and Employee within 15 business days after the receipt of notice from the Company that a Payment is due to be made. All
fees and expenses of the Determination Firm shall be borne solely by the Company. Any determination by the Determination Firm shall be binding upon the Company and Employee. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments which Employee was entitled to, but did not receive pursuant to subsection 6(A), could have been made without the imposition of the
Excise Tax (“Underpayment”), consistent with the calculations required to be made hereunder. In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be
promptly paid by the Company to or for the benefit of Employee but no later than March 15 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment
arises. 

  
 10 

 C. In the event that the provisions of Code Section 280G and 4999 or any successor
provisions are repealed without succession, this section 6 shall be of no further force or effect. 
 7. Miscellaneous. 

A. Litigation Assistance. During Employee’s employment and following Employee’s separation from employment, Employee shall
cooperate reasonably with the Company and its Affiliates in the defense of litigation that pertains to (i) matters reasonably within the purview of Employee’s job responsibilities while employed with the Company or its Affiliate or
(ii) matters for which Employee has particular knowledge, thereof, including signing affidavits and making himself or herself available for interviews, deposition preparation, deposition, and trial. Employee shall not, without the
Company’s prior consent, comment publicly on any such litigation or any of the issues in the litigation. Employee shall not, without the Company’s prior consent, discuss any such litigation, or cooperate, with the Company’s
opponent(s) in such litigation, their attorneys, or their representatives. 
 B. Reimbursement for Litigation Assistance. If Employee
assists the Company or its Affiliate with litigation activities following Employee’s separation from employment other than those litigation activities in which Employee would be required to participate as a named party, the Company shall pay
all reasonable documented out-of-pocket costs (subject to a maximum of $1,000 per day) that Employee incurs in connection with such activities and will pay Employee for his or her actual, demonstrated lost income (subject to a maximum of $10,000 in
any tax year) for the period in which Employee assists with such litigation activities. The Company shall pay the out-of-pocket reimbursement as soon as practicable after Employee provides documentation of such out-of-pocket costs but no later than
the end of the tax year following the tax year in which such expenses were incurred. The amount of expenses reimbursed to Employee pursuant to subsection 7.A during Employee’s tax year will not impact the amount of such expenses eligible
for reimbursement during any other tax year of Employee. Employee’s right to reimbursement of expenses will not be subject to liquidation or exchange for another benefit. Employee must provide documentation of the lost income on or before
January 15 of the year following the year in which the income is lost. The lost income will be paid in a lump sum within 60 days after Employee provides documentation of the same but in no event later than March 15 of the year following
the year in which the income is lost. 
 C. Indemnification. Employee and the Company acknowledge the indemnification provisions set
forth in the Company’s bylaws. 
 D. No Deemed Waivers. The failure by a party to enforce any provision of this agreement does
not constitute a waiver of any subsequent breach of the same or any other provision. No waiver is effective unless made in a writing signed by the waiving party. 

E. No Third Party Beneficiaries. Except as otherwise stated in this agreement, nothing in this agreement, is intended to confer any
rights or remedies on any persons other than the parties to it and their respective permitted successors and assigns and other legal representatives. 

  
 11 

 F. Remedies. Employee hereby agrees that a violation of subsection 4.A would cause
irreparable injury to the Company for which it would have no adequate remedy at law. Accordingly, in the event of any such violation, the Company shall be entitled to preliminary and other injunctive relief without the necessity to post a bond or
other security. Any such injunctive relief shall be in addition to any other remedies to which the Company may be entitled at law or in equity, or otherwise. 

G. Notice. Any consent, notice, demand, or other communication regarding any payment required or permitted hereby must be in writing to
be effective and shall be deemed to have been received on the date delivered, if delivered in person, or the date received, if delivered otherwise (including by U.S. mail, overnight delivery or e-mail), addressed to the applicable party at the
address for such party set forth below or at such other address as such party may designate by like notice: 
 The Company: 

Zix Corporation 
 2711 North
Haskell Avenue 
 Suite 2200, LB 36 

Dallas, Texas 75204-2960 
 Attn:
General Counsel 
 To Employee: 

At the address on file in the Company’s records. 

H. Entire Agreement. This agreement, together with the Mutual Alternative Dispute Resolution Agreement and the Confidentiality and
Invention Agreement between the parties, and the Code of Ethics and Code of Conduct, as currently in effect or hereafter amended from time-to-time, embodies the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings relating to the subject matter hereof. 
 I. Successors and Assigns. This Agreement
will be binding upon and inure to the benefit of the parties to this agreement and any successors-in-interest to the Company. Employee cannot assign or transfer this agreement or any rights under this agreement, or delegate any obligations under
this agreement, and any attempted assignment, transfer or delegation is void ab initio. 
 J. Governing Law. This Agreement is
governed by and will be construed, interpreted and enforced in accordance with, the laws of the State of Texas (excluding its conflict of laws rules) and applicable federal law. 

K. Arbitration. All claims, demands, causes of action, disputes, controversies, or other matters in question, whether sounding in
contract, tort, or otherwise and whether provided by statute or common law, arising under or related to this agreement or Employee’s employment (or its termination) are subject to resolution under the procedures descried in the parties’
Mutual Alternative Dispute Resolution Agreement. 

  
 12 

 L. Cumulative Remedies. No remedy in this agreement conferred upon any party is intended
to be exclusive of any other benefit or remedy, and each and every such remedy shall be cumulative and shall be in addition to every other benefit or remedy given under this agreement or now or hereafter existing at law or in equity or by statute or
otherwise. No single or partial exercise by any party of any right, power, or remedy under this agreement shall preclude any other or further exercise thereof. 

M. Multiple Counterparts. This Agreement may be executed in a number of identical counterparts, each of which constitute collectively,
one agreement; but in making proof of this agreement, it is not necessary to produce or account for more than one counterpart. 
 N.
Descriptive Headings. The headings, captions, and arrangements used in this agreement are for convenience only and do not limit, amplify, or modify the terms of this agreement, nor affect the meaning hereof. 

O. 409A Compliance. 

(1) General. This Agreement will be interpreted and administered so that any amount or benefit paid or provided is
either exempt from or compliant with the requirements section 409A of the Code (and any applicable transition relief under section 409A of the Code). Nevertheless, the tax treatment of the amounts or benefits provided under the Agreement
is not warranted or guaranteed. Neither the Company nor its directors, officers, employees or advisers will be liable for any taxes, interest, penalties or other monetary amounts owed by Employee as a result of the application of section 409A
of the Code. 
 (2) Definitional Restrictions. Notwithstanding anything in this Agreement to the contrary, to the
extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable
hereunder, or a different form of payment of such Non-Exempt Deferred Compensation would be effected, by reason of a Change in Control or the Employee’s termination of employment, such Non-Exempt Deferred Compensation will not be payable or
distributable to Employee, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control or termination of employment, as the case may be, meet any
description or definition of “change in control event” or “separation from service”, as the case may be, in section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be
available under such definition). This provision does not prohibit the vesting of any Non-Exempt Deferred Compensation upon a Change in Control or termination of employment, however defined. If this provision prevents the payment or
distribution of any Non-Exempt Deferred Compensation, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a section 409A-compliant “change in control event” or “separation
from service,” as the case may be, or such later date as may be required by subsection 7.O(3) below. If this provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same
form as would have applied absent such designated event or circumstance. 

  
 13 

 (3) Six-Month Delay in Certain Circumstances. Notwithstanding anything in
this Agreement to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Agreement by reason of Employee’s separation from service during a period in
which he or she is a Specified Employee (as defined in subsection 7.O(3)(iii)), then, subject to any permissible acceleration of payment by the Company under Treasury Regulations section 1.409A-3(j)(4)(ii) (domestic relations order),
(j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
  

	 	(i)	The amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following Employee’s separation from service will be accumulated through and paid or
provided on the first day of the seventh month following Employee’s separation from service (or, if Employee dies during such period, within 30 days after Employee’s death) (in either case, the “Required Delay Period”).

  

	 	(ii)	The normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 

 

	 	(iii)	For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in section 409A of the Code and the final regulations thereunder; provided,
however, that the Company’s Specified Employees and its application of the six-month delay rule of subsection 409A(a)(2)(B)(i) of the Code will be determined in accordance with rules adopted by the Board or a committee thereof,
which will be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Agreement. 

(4) Treatment of Installment Payments. Each payment of termination benefits under section 1.B, including, without
limitation, each installment Separation Payment, shall be considered a separate payment, as described in Treasury Regulations section 1.409A-2(b)(2), for purposes of section 409A of the Code. 

(5) Timing of Release of Claims. Whenever in this agreement a payment or benefit is conditioned on Employee’s
execution and non-revocation of a separation agreement including a release of claims, such release must be executed and all revocation periods must have expired within 60 days after the date of termination of Employee’s employment; failing
which such payment or benefit is forfeited. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection 7.O(3), such payment or benefit (including any installment payments) that would have otherwise been
payable during such 60-day period shall be accumulated and paid on the 60th day after the date of termination provided such release shall have been executed and such revocation periods shall have
expired. If such payment or benefit is exempt from section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. 

  
 14 

 Each party is signing this Employment Termination Benefits Agreement on the date indicated under its signature.

  

									
	Zix Corporation	 		 	Employee
					
	By:	 	  
	 		 		  	  

					
	Name:	 	  
	 		 	Name:	  	  

					
	Title:	 	  
	 		 	Dated:	  	  

					
	Date:	 	  
	 		 		  	

  
 15

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