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                                                                    EXHIBIT 10.2

                                ZIXIT CORPORATION
                             1992 STOCK OPTION PLAN
                    (AMENDED AND RESTATED AS OF AUGUST 2000)

1. PURPOSE

         The purpose of the ZixIt Corporation 1992 Stock Option Plan
(hereinafter called the "Plan") is to advance the interests of ZixIt Corporation
(hereinafter called the "Company") by strengthening the ability of the Company
to attract and retain personnel of high caliber through encouraging a sense of
proprietorship by means of stock ownership.

         Certain options granted under this Plan are intended to qualify as
"incentive stock options" pursuant to Section 422 of the Internal Revenue Code
of 1986, as amended from time to time (the "Code"), while certain other options
granted under this Plan will constitute nonqualified options.

2. DEFINITIONS

         As used in this Plan, and in any Option Agreement, as hereinafter
defined, the following terms shall have the following meanings, unless the
context otherwise requires:

     (a) "Common Stock" shall mean the common stock of the Company, par value
$.01 per share, giving effect to the 3 shares for 2 shares stock split on the
record date of January 24, 1992 and the effective issuance date of February 13,
1992.

     (b) "Committee" shall mean a committee of the Board of Directors comprised
of at least two directors. Members of the Committee shall be selected by the
Board of Directors. To the extent necessary to comply with the requirements of
Rule 16b-3, the Committee shall consist of two or more Non-employee Directors.
Also, if the requirements of Section 162(m) of the Code are intended to be met,
the Committee shall consist of two or more "outside directors" within the
meaning of Section 162(m) of the Code.

         (c) "Date of Grant" shall mean the date on which a stock option is
granted pursuant to this Plan.

         (d) "Effective Date" shall mean the first business day following the
date of the 1993 annual meeting of the shareholders of the Company.

         (e) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         (f) "Fair Market Value" shall mean the closing sale price (or average
of the quoted closing bid and asked prices if there is no closing sale price
reported) of the Common Stock on the date specified as reported by NASDAQ/NMS or
by the principal national stock exchange on which the Common Stock is then
listed. If there is no reported price information for such date, the Fair Market
Value will be determined by the reported price information for Common Stock on
the day nearest preceding such date.

         (g) "Non-employee Director" shall have the meaning given such term in
Rule 16b-3.

         (h) "Optionee" shall mean the person to whom an option is granted under
this Plan or who has obtained the right to exercise an option in accordance with
the provisions of this Plan.

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         (i) "Plan Adoption Date" means the later of the date on which this Plan
is adopted by the Board of Directors of the Company and by the shareholders of
the Company in accordance with Rule 16b-3.

         (j) "Rule 16b-3" shall mean Rule 16b-3 of the rules and regulations
under the Exchange Act as it may be amended from time to time and any successor
provision to Rule 16b-3 under the Exchange Act.

         (k) "Subsidiary" shall mean any now existing or hereafter organized or
acquired corporation of which more than fifty percent (50%) of the issued and
outstanding voting stock is owned or controlled directly or indirectly by the
Company or through one or more Subsidiaries of the Company.

3. SHARES SUBJECT TO THIS PLAN

         Except as otherwise provided by the provisions of Section 9 hereof, the
aggregate amount of Common Stock for which options may be granted under this
Plan shall not exceed 450,000 shares of Common Stock. Such shares may be
authorized and previously unissued shares or previously issued shares that have
been reacquired by the Company. Any shares of Common Stock subject to
unexercised portions of options granted under this Plan which shall have
terminated, been canceled, or expired may again be subject to the granting of
options under this Plan.

4. ADMINISTRATION

         Notwithstanding herein anything to the contrary, to the extent
necessary to comply with the requirements of Rule 16b-3, this Plan shall be
administered by Committee. Options may be granted under this Section 4 only by
majority agreement of the members of the Committee. Stock Option Agreements
("Option Agreements"), in the form as approved by the Committee, and containing
such terms and conditions not inconsistent with the provisions of this Plan as
shall have been determined by the Committee, may be executed on behalf of the
Company by the President or any Vice President of the Company. The Committee
shall have complete authority to construe, interpret and administer the
provisions of this Plan and the provisions of the option agreements granted
hereunder; to prescribe, amend and rescind rules and regulations pertaining to
this Plan; and to make all other determinations necessary or deemed advisable in
the administration of this Plan. The determinations, interpretations and
constructions made by the Committee shall be final and conclusive.

5. ELIGIBILITY

         Incentive stock options to purchase Common Stock may be granted under
Section 4 of this Plan to such employees of the Company or its Subsidiaries
(including any director who is also an employee of the Company or one of its
Subsidiaries) as shall be determined by the Committee. Nonqualified stock
options to purchase Common Stock may be granted under Section 4 of this Plan to
such employees or directors of the Company or its Subsidiaries as shall be
determined by the Committee. The Committee shall determine which persons are to
be granted options under Section 4 of this Plan, the number of options, the
number of shares subject to each option, the exercise price or prices of each
option, the vesting and exercise period of each option, whether an option may be
exercised as to less than all of the Common Stock subject thereto, and such
other terms and conditions of each option, if any, as are not inconsistent with
the provisions of this Plan. In addition, the Committee may, in its sole
discretion, provide for vesting of stock options to accelerate upon a change in
control of the Company as defined in an applicable Agreement ("Change in
Control") and enable an employee to "put" the excess of the fair market value
over the exercise price of the options to the Company in the event of a Change
in Control. In connection with the granting of incentive stock options, the
aggregate Fair Market Value (determined at the Date of Grant of an incentive
stock option) of the shares with respect to which incentive stock options are
exercisable for the first time by an Optionee during any calendar year (under
all such plans of the Optionee's employer corporation and its

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parent and subsidiary corporations as defined in Section 424 of the Code) shall
not exceed $100,000 or such other amount as from time to time provided in
Section 422(d) of the Code or any successor provision.

6. EXERCISE PRICE

         The purchase price or prices for Common Stock subject to an option (the
"Exercise Price") granted pursuant to Section 4 of this Plan shall be determined
by the Committee at the Date of Grant; provided, however, that (a) the Exercise
Price for any option shall not be less than 100% of the Fair Market Value of the
Common Stock on the Date of Grant, and (b) if the Optionee owns more than 10
percent of the total combined voting power of all classes of stock of the
Company or its parent or any of its subsidiaries, as more fully described in
Section 422(b)(6) of the Code or any successor provision (such shareholder is
referred to herein as a "10-Percent Stockholder"), the Exercise Price for any
incentive stock option granted to such Optionee shall not be less than 110% of
the Fair Market Value of the Common Stock on the Date of Grant.

7. TERM OF STOCK OPTIONS AND LIMITATIONS ON RIGHT TO EXERCISE

         No incentive stock option granted pursuant to Section 4 of this Plan
shall be exercisable (a) more than five years after the Date of Grant with
respect to a 10-Percent Stockholder, and (b) more than ten years after the Date
of Grant with respect to all persons other than 10-Percent Stockholders. No
nonqualified stock option granted pursuant to Section 4 of this Plan shall be
exercisable more than ten years after the Date of Grant. The Company shall not
be required to issue any fractional shares upon the exercise of any options
granted under this Plan. No Optionee nor his legal representatives, legatees or
distributees, as the case may be, will be, or will be deemed to be, a holder of
any shares subject to an option unless and until said option has been exercised
and the purchase price of the shares in respect of which the option has been
exercised has been paid. An option shall not be exercisable except by the
Optionee or by a person who has obtained the Optionee's rights under the option
by will or under the laws of descent and distribution.

8. TERMINATION OF EMPLOYMENT

         The Committee shall determine at the Date of Grant what conditions
shall apply to the exercise of an option granted under Section 4 in the event an
Optionee shall cease to be employed by the Company or a Subsidiary for any
reason. In the event of the death of an Optionee while in the employ or while
serving as a director of the Company or a Subsidiary, the option theretofore
granted to him shall be exercisable by the executor or administrator of the
Optionee's estate, or if the Optionee's estate is not in administration, by the
person or persons to whom the Optionee's right shall have passed under the
Optionee's will or under the laws of descent and distribution, within the year
next succeeding the date of death or such other period as may be specified in
the Option Agreement, but in no case later than the expiration date of such
option, and then only to the extent that the Optionee was entitled to exercise
such option at the date of his death. Neither this Plan nor any option granted
hereunder is intended to confer upon any Optionee any rights with respect to
continuance of employment or other utilization of his services by the Company or
by a Subsidiary, nor to interfere in any way with his right or that of his
employer to terminate his employment or other services at any time (subject to
the terms of any applicable contract).

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9. DILUTION OR OTHER ADJUSTMENTS

         In the event that there is any change in the Common Stock subject to
this Plan or subject to options granted hereunder as the result of any stock
dividend on, dividend of or stock split or stock combination of, or any like
change in, stock of the same class or in the event of any change in the capital
structure of the Company, the Board of Directors or the Committee shall make
such adjustments with respect to options, or any provisions of this Plan, as it
deems appropriate to prevent dilution or enlargement of option rights.

10. EXPIRATION AND TERMINATION OF THIS PLAN

         Options may be granted at any time under Section 4 of this Plan prior
to ten years from this Plan Adoption Date, as long as the total number of shares
which may be issued pursuant to options granted under this Plan does not (except
as provided in Section 9 above) exceed the limitations of Section 3 above. This
Plan may be abandoned, suspended or terminated at any time by the Board of
Directors of the Company except with respect to any options then outstanding
under this Plan.

11. RESTRICTIONS ON ISSUANCE OF SHARES

         (a) The Company shall not be obligated to sell or issue any shares upon
the exercise of any option granted under this Plan unless:

                  (i) the shares with respect to which such option is being
         exercised have been registered under applicable federal securities laws
         or are exempt from such registration;

                  (ii) the prior approval of such sale or issuance has been
         obtained from any state regulatory body having jurisdiction; and

                  (iii) in the event the Common Stock has been listed on any
         exchange, the shares with respect to which such option is being
         exercised have been duly listed on such exchange in accordance with the
         procedure specified therefor.

         The Company shall be under no obligation to effect or obtain any
listing, registration, qualification, consent or approval with respect to shares
issuable on any option.

         If the shares to be issued upon the exercise of any option granted
under this Plan are intended to be issued by the Company in reliance upon the
exemptions from the registration requirements of applicable federal securities
laws, the Optionee, if so requested by the Company, shall furnish to the Company
such evidence and representations, including an opinion of counsel, satisfactory
to it, as the Company may reasonably request.

         The Company shall not be liable for damages due to a delay in the
delivery or issuance of any stock certificates for any reason whatsoever,
including, but not limited to, a delay caused by listing, registration or
qualification of the shares of Common Stock subject to an option upon any
securities exchange or under any federal or state law or the effecting or
obtaining of any consent or approval of any governmental body with respect to
the granting or exercise of the option or the issue or purchase of shares under
the option.

         (b) No option granted pursuant to this Plan shall be transferable by
the Optionee other than by will or the laws of descent and distribution or
pursuant to a "qualified domestic relations order" as defined in the Code.

         (c) The Board of Directors or Committee may impose such other
restrictions on the ownership

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and transfer of shares issued pursuant to this Plan as it deems desirable; any
such restrictions shall be set forth in any Option Agreement entered into
hereunder.

         (d) In no event shall any Option granted to any employee who is
classified as "non-exempt" under the Fair Labor Standards Act of 1938 be
exercisable less than six months after the date of grant, except in the case of
death, disability, retirement, a change in control or other circumstances
permitted by regulations under the Worker Economic Opportunity Act ("WEOA").
Grants to such non-exempt employees shall not be based on preestablished
performance criteria, except as specifically permitted under the WEOA.
Non-exempt employees shall be notified of the terms of their Options in
accordance with the WEOA, and exercise of such Options must be voluntary.

12. PROCEEDS

         The proceeds to be received by the Company upon exercise of any option
granted under this Plan may be used for any proper purposes.

13. AMENDMENT OF THIS PLAN

         The Board of Directors may amend this Plan from time to time in such
respects as it may deem advisable in its sole discretion or in order that the
options granted hereunder shall conform to any change in applicable laws,
including tax laws, or in regulations or rulings of administrative agencies or
in order that options granted or stock acquired upon exercise of such options
may qualify for simplified registration under applicable securities or other
laws; provided, however, that, to the extent required by Rule 16b-3 and the
Securities and Exchange Commission interpretations and releases thereunder, no
amendment may be made without the consent of shareholders which would materially
(a) increase the benefits accruing to participants under this Plan, (b) increase
the number of securities which may be issued under this Plan, other than in
accordance with Section 9 hereof, or (c) modify the requirements as to
eligibility for participation in this Plan.

14. PAYMENT UPON EXERCISE

         Upon the exercise of any option granted under this Plan, the Company
may make financing available to the Optionee for the purchase of the Common
Stock that may be acquired pursuant to the exercise of such option on such terms
as the Committee shall specify. An Optionee may pay the Exercise Price of the
shares of Common Stock as to which an option is being exercised by the delivery
of cash, a certified cashier's check or, at the Company's option, by the
delivery of shares of Common Stock having a Fair Market Value on the date
immediately preceding the exercise date equal to the exercise price.

         If the shares to be purchased are covered by an effective registration
statement under the Securities Act of 1933, as amended, any option granted under
this Plan may be exercised by a broker-dealer acting on behalf of an Optionee if
(a) the broker-dealer has received from the Optionee instructions signed by the
Optionee requesting the Company to deliver the shares of Common Stock subject to
such option to the broker-dealer on behalf of the Optionee and specifying the
account into which such shares should be deposited, (b) adequate provision has
been made with respect to the payment of any withholding taxes due upon such
exercise, and (c) the broker-dealer and the Optionee have otherwise complied
with Section 220.3(e)(4) of Regulation T, 12 CFR Part 220, or any successor
provision.

15. LIABILITY OF THE COMPANY

         Neither the Company, its directors, officers or employees, nor any
Subsidiary which is in existence or hereafter comes into existence, shall be
liable to any Optionee or other person if it is determined for any

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reason by the Internal Revenue Service or any court having jurisdiction that any
incentive stock option granted hereunder does not qualify for tax treatment as
an incentive stock option under Section 422 of the Code.

         AMENDED AND RESTATED as of August 1, 2000.

                                               ZIXIT CORPORATION

                                               By: /s/ Ronald A. Woessner
                                                   ----------------------

                                               Its: V.P.
                                                    ---------------------

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                                                                    EXHIBIT 10.7

                     ZIX CORPORATION 2001 STOCK OPTION PLAN
                    (AMENDED AND RESTATED AS OF MAY 6, 2003)

         SECTION 1. Purpose. The purpose of the Zix Corporation 2001 Stock
Option Plan (hereinafter called the "2001 Plan") is to advance the interests of
Zix Corporation (hereinafter called the "Company") by strengthening the ability
of the Company to attract, on its behalf and on behalf of its Subsidiaries (as
hereinafter defined), and retain personnel of high caliber through encouraging a
sense of proprietorship by means of stock ownership.

         SECTION 2. Definitions.

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

         "Code" shall mean the Internal Revenue Code of 1986, as amended from
time-to-time.

         "Committee" shall mean a committee of the Board of Directors comprised
of at least two directors or the entire Board of Directors, as the case may be.
Members of the Committee shall be selected by the Board of Directors. To the
extent necessary to comply with the requirements of Rule 16b-3, the Committee
shall consist of two or more Non-employee Directors. Also, if the requirements
of Section 162(m) of the Code are intended to be met, the Committee shall
consist of two or more "outside directors" within the meaning of Section 162(m)
of the Code.

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

         "Date of Grant" shall mean the date on which an Option is granted
pursuant to this 2001 Plan.

         "Designated Beneficiary" shall mean the beneficiary designated by the
Optionee, in a manner determined by the Committee, to receive amounts due the
Optionee in the event of the Optionee's death. In the absence of an effective
designation by the Optionee, Designated Beneficiary shall mean the Optionee's
estate.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         "Fair Market Value" shall mean the closing sale price (or average of
the quoted closing bid and asked prices if there is no closing sale price
reported) of the Common Stock on the date specified as reported by The Nasdaq
Stock Market, or by the principal national stock exchange on which the Common
Stock is then listed. If there is no reported price information for such date,
the Fair Market Value will be determined by the reported price information for
Common Stock on the day nearest preceding such date.

         "Incentive Stock Option" shall mean a stock option granted under
Section 6 that is intended to meet the requirements of Section 422 of the Code
(or any successor provision).

         "Non-employee Director" shall have the meaning given such term in
Rule 16b-3.

         "Nonqualified Stock Option" shall mean a stock option granted under
Section 6 that is not intended to be an Incentive Stock Option.

         "Option" shall mean an Incentive Stock Option or a Nonqualified Stock
Option.

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         "Optionee" shall mean the person to whom an option is granted under the
2001 Plan or who has obtained the right to exercise an option in accordance with
the provisions of the 2001 Plan.

         "Rule 16b-3" shall mean Rule 16b-3 of the rules and regulations under
the Exchange Act as it may be amended from time-to-time and any successor
provision to Rule 16b-3 under the Exchange Act.

         "Subsidiary" shall mean any now existing or hereafter organized or
acquired corporation or other entity of which fifty percent (50%) or more of the
issued and outstanding voting stock or other economic interest is owned or
controlled directly or indirectly by the Company or through one or more
Subsidiaries of the Company.

         SECTION 3. Administration. The 2001 Plan shall be administered by the
Committee. The Committee shall have sole and complete authority to adopt, alter
and repeal such administrative rules, guidelines and practices governing the
operation of the 2001 Plan as it shall from time-to-time deem advisable, and to
construe, interpret and administer the terms and provisions of the 2001 Plan and
the agreements thereunder. The determinations and interpretations made by the
Committee are final and conclusive.

         SECTION 4. Eligibility. All employees and non-employee consultants and
advisors (other than Non-employee Directors) who, in the opinion of the
Committee, have the capacity for contributing in a substantial measure to the
successful performance of the Company are eligible to receive Options under the
2001 Plan.

         SECTION 5. Maximum Amount Available for Options.

         (a) The maximum number of shares of Common Stock in respect of which
Options may be made under the 2001 Plan shall be a total of 2,525,000 shares of
Common Stock. Of that amount, no participant may be granted Options for more
than 1,000,000 shares of Common Stock in the aggregate during the term of the
2001 Plan. Options that expire, lapse or are cancelled or forfeited do not count
against theses share limits. Shares of Common Stock may be made available from
the authorized but unissued shares of the Company or from shares reacquired by
the Company, including shares purchased in the open market. In the event that an
Option is terminated unexercised as to any shares of Common Stock covered
thereby, such shares shall thereafter be again available for award pursuant to
the 2001 Plan.

         (b) In the event that the Committee shall determine that any stock
dividend, recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination, exchange of shares, warrants or rights offering to
purchase Common Stock at a price substantially below fair market value, or other
similar corporate event affects the Common Stock such that an adjustment is
required in order to preserve the benefits or potential benefits intended to be
made available under the 2001 Plan, then the Committee shall adjust
appropriately any or all of (1) the number and kind of shares which thereafter
may be optioned under the 2001 Plan and (2) the grant, exercise or conversion
price and/or number of shares with respect to the Options and/or, if deemed
appropriate, make provision for cash payment to an Optionee; provided, however,
that the number of shares subject to any Option shall always be a whole number.

         SECTION 6. Stock Options.

         (a) Subject to the provisions of the 2001 Plan, the Committee shall
have sole and complete authority to determine the persons to whom Options shall
be granted, the number of shares to be covered by each Option, the option price
therefor and the conditions and limitations applicable to the exercise of the
Option.

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         (b) The Committee shall have the authority to grant Incentive Stock
Options, or to grant Nonqualified Stock Options, or to grant both types of
options. In the case of Incentive Stock Options, the terms and conditions of
such grants shall be subject to and comply with the Code and relevant
regulations. Incentive Stock Options to purchase Common Stock may be granted to
such employees of the Company or its Subsidiaries (including any director who is
also an employee of the Company or one of its Subsidiaries) as shall be
determined by the Committee. Nonqualified Stock Options to purchase Common Stock
may be granted to such eligible participants as shall be determined by the
Committee. Neither the Company nor any of its Subsidiaries or any of their
respective directors, officers or employees, shall be liable to any Optionee or
other person if it is determined for any reason by the Internal Revenue Service
or any court having jurisdiction that any Incentive Stock Option granted
hereunder does not qualify for tax treatment as an Incentive Stock Option under
the then-applicable provisions of the Code.

         (c) The Committee shall, in its discretion, establish the exercise
price at the time each Option is granted, which in the case of Nonqualified
Stock Options, shall not be less than 100% of the Fair Market Value of the
Common Stock on the Date of Grant, or in the case of grants of Incentive Stock
Options, shall not be less than 100% of the Fair Market Value of the Common
Stock on the Date of Grant or such greater amount as may be prescribed by the
Code.

         (d) Exercise

         (1) Each Option shall be exercisable at such times and subject to such
     terms and conditions as the Committee may, in its sole discretion, specify
     in the applicable grant or thereafter; provided, however, that in no event
     may any Option granted hereunder be exercisable after the expiration of ten
     years from the Date of Grant. The Committee may impose such conditions with
     respect to the exercise of Options, including without limitation, any
     relating to the application of federal or state securities laws, as it may
     deem necessary or advisable.

         (2) No shares shall be delivered pursuant to any exercise of an Option
     until payment in full of the option price therefore is received by the
     Company. Such payment may be made in cash, or its equivalent, or, if and to
     the extent permitted by the Committee or under the terms of the applicable
     agreement, by exchanging shares of Common Stock owned by the Optionee
     (which are not the subject of any pledge or other security interest), or by
     a combination of the foregoing, provided that the combined value of all
     cash and cash equivalents and the Fair Market Value of any such Common
     Stock so tendered to the Company, valued as of the date of such tender, is
     at least equal to such option price.

         If the shares to be purchased are covered by an effective registration
     statement under the Securities Act of 1933, as amended, any Option may be
     exercised by a broker-dealer acting on behalf of an Optionee if (a) the
     broker-dealer has received from the Optionee instructions signed by the
     Optionee requesting the Company to deliver the shares of Common Stock
     subject to such Option to the broker-dealer on behalf of the Optionee and
     specifying the account into which such shares should be deposited, (b)
     adequate provision has been made with respect to the payment of any
     withholding taxes due upon such exercise, and (c) the broker-dealer and the
     Optionee have otherwise complied with Section 220.3(e)(4) of Regulation T,
     12 CFR Part 220, or any successor provision.

         (3) The Company, in its sole discretion, may lend money to an Optionee,
     guarantee a loan to an Optionee or otherwise assist an Optionee to obtain
     the cash necessary to exercise all or any portion of an Option granted
     under the 2001 Plan.

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         (4) The Company shall not be required to issue any fractional shares
     upon the exercise of any Options granted under this 2001 Plan. No Optionee
     nor an Optionee's legal representatives, legatees or distributees, as the
     case may be, will be, or will be deemed to be, a holder of any shares
     subject to an Option unless and until said Option has been exercised and
     the purchase price of the shares in respect of which the Option has been
     exercised has been paid. Unless otherwise provided in the agreement
     applicable thereto, an Option shall not be exercisable except by the
     Optionee or by a person who has obtained the Optionee's rights under the
     Option by will or under the laws of descent and distribution or pursuant to
     a "qualified domestic relations order" as defined in the Code.

         (e) No Incentive Stock Options shall be exercisable (a) more than five
     years (or such other period of time as from time-to-time provided in the
     then-applicable provisions of the Code governing Incentive Stock Options)
     after the Date of Grant with respect to an Optionee who owns ten percent or
     more of the outstanding Common Stock (within the meaning of the Code), and
     (b) more than ten years after the Date of Grant with respect to all other
     Optionees. No Nonqualified Stock Options shall be exercisable more than ten
     years after the Date of Grant.

         (f) In no event shall any Option granted to any employee who is
     classified as "non-exempt" under the Fair Labor Standards Act of 1938 be
     exercisable less than six months after the Date of Grant, except in the
     case of death, disability, retirement, a change in control or other
     circumstances permitted by regulations under the Worker Economic
     Opportunity Act ("WEOA"). Grants to such non-exempt employees shall not be
     based on pre-established performance criteria, except as specifically
     permitted under the WEOA. Non- exempt employees shall be notified of the
     terms of their Options in accordance with the WEOA, and exercise of such
     Options must be voluntary.

         SECTION 7. General Provisions.

         (a) The Company and its Subsidiaries shall have the right to deduct
     from all amounts paid to an Optionee in cash (whether under the 2001 Plan
     or otherwise) any taxes required by law to be withheld in respect of Option
     exercises under the 2001 Plan. However, if permitted by the Committee or
     under the terms of the applicable agreement, the Optionee may pay all or
     any portion of the taxes required to be withheld by the Company or its
     Subsidiaries or paid by the Optionee with respect to such Common Stock by
     electing to have the Company or its Subsidiaries withhold shares of Common
     Stock, or by delivering previously owned shares of Common Stock, having a
     Fair Market Value equal to the amount required to be withheld or paid. The
     Optionee must make the foregoing election on or before the date that the
     amount of tax to be withheld is determined. Any such election is
     irrevocable and subject to disapproval by the Committee. If the Optionee is
     subject to the provisions of Section 16(b) of the Exchange Act, then any
     such election shall be subject to the restrictions imposed by Rule 16b-3.

         (b) Each Option hereunder shall be evidenced in writing, delivered to
     the Optionee, and shall specify the terms and conditions thereof and any
     rules applicable thereto, including, but not limited to, the effect on such
     Option of the death, retirement, disability or other termination of
     employment of the Optionee and the effect thereon, if any, of a change in
     control of the Company.

         (c) Unless otherwise provided in the agreement applicable thereto, no
     Option shall be assignable or transferable except by will or under the laws
     of descent and distribution or pursuant to a "qualified domestic relations
     order" as defined in the Code, and no right or interest of any Optionee
     shall be subject to any lien, obligation or liability of the Optionee.

         (d) No person shall have any claim or right to be granted an Option.
     Further, the Company and its Subsidiaries expressly reserve the right at
     any time to terminate the employment of an Optionee free from any
     liability, or any claim under the 2001 Plan, except as provided in any
     agreement entered into with

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     respect to an Option. Neither the 2001 Plan nor any Option granted
     hereunder is intended to confer upon any Optionee any rights with respect
     to continuance of employment or other utilization of his or her services by
     the Company or by a Subsidiary, nor to interfere in any way with his or her
     right or that of his or her employer to terminate his or her employment or
     other services at any time (subject to the terms of any applicable
     contract). The conditions to apply to the exercise of an Option in the
     event an Optionee ceases to be employed by the Company or a Subsidiary for
     any reason shall be determined by the Committee or specified in the written
     agreement evidencing the Option.

         (e) Subject to the provisions of the applicable Option, no Optionee or
     Designated Beneficiary shall have any rights as a stockholder with respect
     to any shares of Common Stock to be distributed under the 2001 Plan until
     he or she has become the holder thereof.

         (f) The validity, construction, interpretation, administration and
     effect of the 2001 Plan and of its rules and regulations, and rights
     relating to the 2001 Plan, shall be determined solely in accordance with
     the laws of the State of Texas (without giving effect to its conflicts of
     laws rules) and, to the extent applicable, federal law.

         (g) The 2001 Plan was originally effective on May 15, 2001. No Options
     may be granted under the 2001 Plan after May 14, 2011; however, all
     previous Options issued that have not expired under their original terms or
     will not then expire at the time the 2001 Plan expires will remain
     outstanding.

         (h) Restrictions on Issuance of Shares

              (1) The Company shall not be obligated to sell or issue any
         Shares upon the exercise of any Option granted under the 2001 Plan
         unless: (i) the shares pertaining to such Option have been registered
         under applicable federal and state securities laws or are exempt from
         such registration; (ii) the prior approval of such sale or issuance has
         been obtained from any state regulatory body having jurisdiction; and
         (iii) in the event the Common Stock has been listed on any exchange,
         the shares pertaining to such Option have been duly listed on such
         exchange in accordance with the procedure specified therefor. The
         Company shall be under no obligation to effect or obtain any listing,
         registration, qualification, consent or approval with respect to shares
         pertaining to any Option granted under the 2001 Plan. If the shares to
         be issued upon the exercise of any Option granted under the 2001 Plan
         are intended to be issued by the Company in reliance upon the
         exemptions from the registration requirements of applicable federal and
         state securities laws, the recipient of the Option, if so requested by
         the Company, shall furnish to the Company such evidence and
         representations, including an opinion of counsel, satisfactory to it,
         as the Company may reasonably request.

              (2) The Company shall not be liable for damages due to a delay
         in the delivery or issuance of any stock certificates for any reason
         whatsoever, including, but not limited to, a delay caused by listing,
         registration or qualification of the shares of Common Stock pertaining
         to any Option granted under the 2001 Plan upon any securities exchange
         or under any federal or state law or the effecting or obtaining of any
         consent or approval of any governmental body.

         (i) The Board of Directors or Committee may impose such other
     restrictions on the ownership and transfer of shares issued pursuant to the
     2001 Plan as it deems desirable; any such restrictions shall be set forth
     in the applicable agreement.

         (j) The Board of Directors may amend, abandon, suspend or terminate
     the 2001 Plan or any portion thereof at any time in such respects as it may
     deem advisable in its sole discretion, provided that no amendment shall be
     made without stockholder approval (including an increase in the maximum
     number of shares of Common Stock in respect of which Options may be made
     under the 2001 Plan) if such

                                       5
<PAGE>

     stockholder approval is necessary to comply with any tax or regulatory
     requirement or exchange listing rules, including for these purposes any
     approval requirement that is a prerequisite for exemptive relief under
     Section 16(b) of the Exchange Act.

         (k) To preserve an Optionee's rights under an Option in the event of a
     change in control of the Company or an Optionee's separation from
     employment, the Committee in its discretion may, at the time an Option is
     made or any time thereafter, take one or more of the following actions: (i)
     provide for the acceleration of any time period relating to the exercise of
     the Option, (ii) provide for the purchase of the Option, upon the
     Optionee's request, for an amount of cash or other property that could have
     been received upon the exercise or realization of the Option had the Option
     been currently exercisable or payable, (iii) adjust the terms of the Option
     in a manner determined by the Committee to reflect the change in control or
     to prevent the imposition of an excise tax under section 280G(b) of the
     Code, (iv) cause the Option to be assumed, or new rights substituted
     therefor, by another entity, or (v) make such other provision as the
     Committee may consider equitable and in the best interests of the Company.

     AMENDED AND RESTATED as of May 6, 2003.

                                               ZIX CORPORATION

                                               By: /s/ Ronald A. Woessner
                                                   ----------------------
                                                   Title: S.V.P.

                                       6

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