Document:

exv10w2

Exhibit 10.2

BASIC ENERGY SERVICES, INC.

[FORM OF ]

PERFORMANCE-BASED AWARD AGREEMENT

(Officers and Employees)

Grantee:                     

     1. Grant of Performance-Based Award; Issuance of Restricted Stock Upon Achievement of
Performance-Based Metrics.

     (a) As of the effective date of this agreement (this “Agreement”), Basic Energy
Services, Inc. (formerly BES Holding Co.), a Delaware corporation (the “Company”), hereby
grants to the Grantee (identified above) shares (the “Restricted Stock”) of common stock,
$0.01 par value per share of the Company (the “Common Stock”), subject to meeting the
Performance Metrics as described in Section 12 hereof, and in accordance with the terms and
conditions of this Agreement and the Fourth Amended and Restated Basic Energy Services, Inc.
2003 Incentive Plan (the “Plan”). The Plan is hereby incorporated in this Agreement in its
entirety by reference.

     (b) Grantee shall earn the right to receive a number of shares of Restricted Stock, not
to exceed 150% of the TSR Target Shares (as identified in Section 12 below), based on the
achievement by the Company compared to the TSR Performance Metric (as identified in Section
12 below) of other members of the PB Peer Group (as identified in Section 12 below).
Grantee shall earn (i) 150% of the TSR Target Shares based on the Company being above the
TSR Performance Metric of the 3rd best performing member of the PB Peer Group (i.e., the
Company ranking 1st, 2nd or 3rd best when included with the PB Peer Group), (ii) 0% of the
TSR Target Shares based on the Company’s performance being worse than the second-worst
performing member of the PB Peer Group (i.e., the Company ranking 10th or 11th when included
with the PB Peer Group), or (iii) a range between 50-133% of the TSR Target Shares based on
the Company’s performance ranking from the best when included with the PB Peer Group within
clauses (i) and (ii) of this sentence as follows: 9th rank — 50%; 8th rank — 67%; 7th rank -
83%; 6th rank — 100%; 5th rank — 117%; 4th rank — 133%. Notwithstanding the foregoing in
this Section 1(b), if the Company’s TSR Performance Metric exceeds that of both Key Energy
Services, Inc. and Complete Production Services, Inc., Grantee shall earn the higher of (A)
100% of the TSR Target Shares or (B) the percentage derived from clauses (i) or (iii) above.

     (c) The stock certificate(s) or book entry evidencing the shares of Restricted Stock
shall not be issued or registered on the Company’s books and records until (i) the
achievement of the Performance Metrics set forth above and described in Section 12

 

below have been met and approved by the Committee and (ii) the Committee has determined
the specific number of shares of Restricted Stock to be issued pursuant to this Agreement.
Upon resolution and certification by the Committee that the applicable Performance Metrics
have been achieved, and subject to the other terms and conditions of this Agreement, the
Company will promptly issue by book entry or a stock certificate(s) the aggregate number of
shares of Restricted Stock certified by the Committee for issuance under this Agreement.

     2. Definitions. All capitalized terms used herein shall have the meanings set forth
in the Plan unless otherwise provided herein. Section 12 below sets forth meanings for certain of
the capitalized terms used in this Agreement.

     3. Vesting Term. Any Restricted Stock earned by and issued to Grantee pursuant to
this Agreement will vest in the Grantee as set forth in Section 12 below.

     4. Purchase Price. No consideration shall be payable by the Grantee to the Company
for the Restricted Stock.

     5. Restrictions on Restricted Stock.

     (a) The Restricted Stock earned and issued to Grantee hereunder shall be maintained in
book entry form or the stock certificates shall be retained in the possession of the Company
until vested in the Grantee as provided in Sections 3 and 12 hereof.

     (b) All unvested shares of Restricted Stock will be forfeited by the Grantee (a) if the
Grantee’s employment with the Company is terminated by the Company for “Cause” before the
Restricted Stock is vested or (b) if the Grantee terminates his employment with the Company
before the Restricted Stock is vested for any reason other than (i) “Good Reason” or (ii)
the death or “Disability” of the Grantee, as such terms “Cause,” “Disability” or “Good
Reason” or equivalent terms (such as “Termination for Cause” or “Termination for Good
Reason”) are defined in the employment agreement in effect between the Grantee and the
Company as of the effective date hereof or, if no such employment agreement exists, as such
terms are defined in the Plan at the time of such termination of employment to the extent
not modified in Section 12 below, or as otherwise defined in this Agreement. “Retirement”
shall also have the effect as set forth in Section 12(e) below.

     (c) At such time as the vesting period is satisfied, a certificate for the Common Stock
no longer subject to forfeiture will be delivered to the Grantee without the legend set
forth in Section 5(e) below.

     (d) From and after the date the stock certificate for the Restricted Stock is issued
and prior to any forfeiture of the Restricted Stock, the Grantee shall be entitled to vote
the shares of Restricted Stock and shall be entitled to receive any cash dividends payable
on such shares at the time such dividends are paid with respect to the Common Stock. Any
dividends paid or payable in shares of Common Stock or other stock of the Company applicable
to the Restricted Stock shall be retained by the Company until the vesting period of the
Restricted Stock on which the stock dividend was issued is satisfied.

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     (e) Any book entry shares or certificate representing the Restricted Stock awarded
hereunder shall be issued to the Grantee pursuant to the terms of the Plan and this
Agreement and shall be marked with the following legend:

“The shares represented by this certificate have been issued pursuant to the terms of the
Fourth Amended and Restated Basic Energy Services, Inc. 2003 Incentive Plan and may not be
sold, pledged, transferred, assigned or otherwise encumbered in any manner except as set
forth in the terms of such Plan or Award Agreement dated effective March 9, 2010.”

     6. Independent Legal and Tax Advice. Grantee acknowledges that the Company has
advised Grantee to obtain independent legal and tax advice regarding the grant of the Restricted
Stock in accordance with this Agreement and any disposition of any such shares.

     7. Reorganization of Company. The existence of this Agreement shall not affect in any
way the right or power of the Company or its stockholders to make or authorize any or all
adjustments, recapitalizations, reorganizations or other changes in Company’s capital structure or
its business, or any merger or consolidation of the Company, or any issue or bonds, debentures,
preferred or prior preference stock ahead of or affecting the Restricted Stock or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise.

     8. Investment Representation. Grantee will enter into such written representations,
warranties and agreements as Company may reasonably request in order to comply with any federal or
state securities law. Moreover, any stock certificate for any Restricted Stock (and/or Common
Stock) issued to Grantee hereunder may contain a legend restricting their transferability as
determined by the Company in its discretion. Grantee agrees that Company shall not be obligated to
take any affirmative action in order to cause the issuance or transfer of shares of Common Stock
hereunder to comply with any law, rule or regulation that applies to the shares subject to this
Agreement.

     9. No Guarantee of Employment. This Agreement shall not confer upon Grantee any right
to continued employment with the Company or any Affiliate thereof.

     10. Withholding of Taxes. The Grantee shall have the responsibility of discharging
all taxes owed by the Grantee as a result of any Restricted Stock awarded to Grantee pursuant to
this Agreement and no issuance of Common Stock pursuant to this Agreement shall be made until
appropriate arrangements satisfactory to the Company have been made for the payment of any tax
amounts that may be required to be withheld or paid to the Company with respect thereto.
Notwithstanding the foregoing, in accordance with Section 9(b) of the Plan, the Company hereby
agrees that the Grantee may direct the Company to satisfy the Company’s actual withholding tax
obligations through the “constructive” tender and withholding of vested Restricted Stock under this
Agreement; provided, the Company may revoke such right at any time prior to the vesting date of
Awards under this Agreement by giving written notice to the Grantee. Grantee agrees that, if he
makes an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, with regard
to the Restricted Stock, he will so notify the Company in writing within

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two (2) weeks after making such election, so as to enable the Company to timely comply with
any applicable governmental reporting requirements.

     11. General.

     (a) Notices. All notices under this Agreement shall be mailed or delivered by
hand to the parties at their respective addresses set forth beneath their signatures below
or at such other address as may be designated in writing by either of the parties to one
another, or to their permitted transferees if applicable. Notices shall be effective upon
receipt.

     (b) Transferability of Award. The rights of the Grantee pursuant to this
Agreement are not transferable by Grantee. No right or benefit hereunder shall in any
manner be liable for or subject to any debts, contracts, liabilities, obligations or torts
of Grantee or any permitted transferee thereof. Any purported assignment, alienation,
pledge, attachment, sale, transfer or other encumbrance of the Restricted Stock, prior to
the lapse of restrictions, that does not satisfy the requirements hereunder shall be void
and unenforceable against the Company.

     (c) Amendment and Termination. No amendment, modification or termination of
this Agreement shall be made at any time without the written consent of Grantee and the
Company.

     (d) No Guarantee of Tax Consequences. The Company and the Committee make no
commitment or guarantee that any federal or state tax treatment will apply or be available
to any person eligible for benefits under this Agreement. The Grantee has been advised and
been provided the opportunity to obtain independent legal and tax advice regarding the award
of Restricted Stock pursuant to this Agreement and the disposition of any Common Stock
acquired thereby.

     (e) Severability. In the event that any provision of this Agreement shall be
held illegal, invalid or unenforceable for any reason, such provision shall be fully
severable, but shall not affect the remaining provisions of the Agreement, and the Agreement
shall be construed and enforced as if the illegal, invalid or unenforceable provision had
not been included therein.

     (f) Supersedes Prior Agreements. This Agreement shall supersede and replace
all prior agreements and understandings, oral or written, between the Company and the
Grantee regarding the grant of the Restricted Stock covered hereby.

     (g) Governing Law. This Agreement shall be construed in accordance with the
laws of the State of Texas without regard to its conflict of law provisions, to the extent
federal law does not supersede and preempt Texas law.

     (h) No Trust or Fund Created. This Agreement shall not create or be construed
to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any Affiliate and a Grantee or any other Person. To the extent that any Person
acquires a right to receive payments from the Company or any Affiliates pursuant

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to this Agreement, such right shall be no greater than the right of any general
unsecured creditor of the Company or any Affiliate.

     (i) Other Laws. The Company retains the right to refuse to issue or transfer
any Common Stock if it determines that the issuance or transfer of such shares might violate
any applicable law or regulation or entitle the Company to recover under Section 16(b) of
the Securities Exchange Act of 1934.

     (j) Binding Effect. This Agreement shall be binding upon and inure to the
benefit of any successors to the Company and all persons lawfully claiming under the
Grantee.

     12. Definitions and Other Terms. The following capitalized terms shall have those
meanings set forth opposite them:

     (a) Grantee. The person specified as the Grantee on page 1 and the signature
page of this Agreement.

     (b) Vesting. Subject to Section 5 above and the terms of the Plan, the Grantee
shall vest in all rights to the Restricted Stock and any rights of the Company to such
Restricted Stock shall lapse on the earlier of (i) the dates set forth below; (ii)
termination by the Company without Cause; (iii) the death or Disability of the Grantee; or
(iv) Termination for Good Reason.

With respect to any of the events set forth in clauses (ii), (iii) or (iv) above in this
Section 12(b) prior to the end of the Performance Period, the Grantee shall also be deemed
to have met the TSR Performance Metric and earned 100% of each of the TSR Target Shares. In
the event of a Change of Control as defined in the Plan and related termination events,
Section 8(b) of the Plan shall be applicable, including the potential deemed meeting of the
TSR Performance Metric at the highest level set forth in this Agreement.

If not earlier vested, the Restricted Stock shall vest according to the following schedule:

March 15, 2012 — 1/3 of such shares

March 15, 2013 — 1/3 of such shares

March 15, 2014 — 1/3 of such shares

     (c) Termination for Good Reason. Termination for Good Reason shall have the
meaning set forth in the Plan, except that clause (ii) of the definition thereof is hereby
amended and restated in its entirety as follows: (ii) reduction in (a) the Participant’s
annual base salary immediately prior to the Change in Control, (b) the Participant’s target
bonus opportunity (expressed as a percentage of the Participant’s annual base salary or
other method approved by the Committee) immediately prior to the Change in Control or (c)
benefits comparable in the aggregate to those enjoyed by the Participant under the Company’s
retirement, life insurance, medical, dental, health, accident and disability plans in which
Participant was participating immediately prior to the Change in Control;

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     (d) Disability. “Disability” shall mean that Grantee is entitled to receive
long-term disability (“LTD”) income benefits under the LTD plan or policy maintained by the
Company that covers Grantee. If, for any reason, Grantee is not covered under such LTD plan
or policy, then “Disability” shall mean a “permanent and total disability” as defined in
Section 22(e)(3) of the Code and Treasury regulations thereunder. Evidence of such
Disability shall be certified by a physician acceptable to the Company. Grantee agrees to
submit to any examinations that are reasonably required by the attending physician or other
healthcare service providers to determine whether he or she has a Disability.

     (e) Retirement. “Retirement” means the voluntary termination of Grantee’s
employment for normal retirement at or after attaining age 62 provided that, on the date of
his retirement, Grantee has accrued at least ten continuous years of active employment
service with the Company; provided, if the Grantee is party to an employment agreement in
effect between the Grantee and the Company as of the date hereof in which the term
“Retirement” is defined for purposes of that agreement, such term shall apply to this
Agreement.

In the event of the Retirement of the Grantee, Grantee is hereby given the option to have
any unvested shares forfeited in connection with such Retirement in accordance with Section
5(b) reissued to the Grantee upon, and as partial consideration for, Grantee’s execution and
delivery of a non-compete agreement (in the form required by the Company in its sole
discretion with a term of not longer than the final vesting date set forth in Section 12(d)
above) within the period of time specified by the Company after delivery of such agreement
to the Grantee for execution. In addition, with respect to a Retirement after the end of the
Performance Period but prior to the determination of the achievement of the TSR Performance
Metric by the Committee, the Grantee shall also be deemed to have met the TSR Performance
Metric and earn TSR Target Shares if and when determined in accordance with the terms of
this Agreement.

     (f) TSR Target Shares and Maximum Number of Shares of Restricted Stock. “TSR
Target Shares” means ___ shares of Common Stock. Accordingly, based on the potential
achievement that may be obtained in Section 1(b) hereof, the maximum number of shares of
Restricted Stock that may be issued by the Company pursuant to this Agreement is 150% of the
TSR Target Shares.

     (g) Performance Metric. For purposes of this Agreement:

	 	(i)	 	“TSR Performance Metric” means the cumulative total
shareholder return (“TSR”) for the Common Stock of the Company as
calculated below for the Performance Period. The award will be earned as
set forth in Section 1(b) based on the Company’s TSR performance relative
to the PB Peer Group.
	 
	 	(ii)	 	“TSR for the Performance Period” shall be defined and
calculated as follows, where “Beginning Price” is the average closing price
on the New York Stock Exchange (“NYSE”) for the last 20 NYSE trading

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	 	 	 	days of 2009, and “Ending Price” is the average closing price on the NYSE
for the last 20 NYSE trading days of 2010, in each case as applied to the
applicable equity security:

	 	 	 	 	 	 	 
	 

	 	TSR =
	 	(Ending Price — Beginning Price + cash dividends (if any) per share paid*)
	 	 
	 

	 	 	 	Beginning Price	 	 

 

			
	*	 	Stock dividends paid in securities rather than cash in which there is a
distribution of less than 25 percent of the outstanding shares (as calculated prior to
the distribution) shall be treated as cash for purposes of this calculation.
	 
	 	 	To the extent a security of the Company or any member of the PB Peer Group is not listed
or traded on the NYSE, “NYSE” as used above above shall mean the principal national
securities exchange or quotation service on which the security is listed or quoted.

     (h) PB Peer Group. “PB Peer Group” means each of the following companies: (1)
Pioneer Drilling Co.; (2) Bronco Drilling Company, Inc.; (3) Tetra Technologies, Inc.; (4)
Oil States International, Inc.; (5) Union Drilling, Inc.; (6) Superior Well Services, Inc.;
(7) Complete Production Services, Inc.; (8) Allis-Chalmers, Inc.; (9) Superior Energy
Services, Inc.; and (10) Key Energy Services, Inc; provided, in the event any such company
ceases to exist, ceases to file public reports timely with the U.S. Securities and Exchange
Commission with respect to the Performance Period or merges or combines with any other
entity that, in the determination of the Committee makes such combined company not
comparable for use as part of the PB Peer Group, the Committee in its sole discretion may
continue to include or exclude such company in the PB Peer Group, and in such event may
substitute any other company engaged in the business of services to the oil and gas
production industry in its place as part of the PB Peer Group.

     (i) Performance Period. “Performance Period” means the one-year calculation
period starting on the 20th NYSE trading day prior to and including the last NYSE trading
day of 2009 and ending on the last NYSE trading day of 2010.

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and Grantee has hereunto executed this Agreement as of the same date, to be
effective as of March 9, 2010.

	 	 	 	 	 
	 	
BASIC ENERGY SERVICES, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

Basic Energy Services, Inc.

P.O. Box 10460

Midland, Texas 79702

Fax: (432) 620-5501

Attn: President

 	 
	 	GRANTEE

[NAME]

	 	 	 
	 	 	 
	 	Address for Notices: 	 
	 	 	 
	 	 	 
	 	 	 
	 	Fax:  	
 	 
	 

8exv10w40

Exhibit 10.40

Execution Version

SEPARATION PAY AGREEMENT

     THIS SEPARATION PAY AGREEMENT (this “Agreement”), dated as of February 8, 2010, is entered
into by and between Zix Corporation, a Texas corporation (the “Company”), and James F. Brashear
(“Employee”).

     WHEREAS, Employee has been made an offer to become an employee and officer of the Company; and

     WHEREAS, Employee desires to accept such offer and to become an employee and officer of the
Company on an “at will” basis and otherwise subject to the terms and conditions of this Agreement;

     NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and
agreements of the parties herein contained, the parties hereby agree as follows:

1. Definitions.

     A. Acquiring Person. An “Acquiring Person” shall mean any person (including any
“person” as such term is used in Sections 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” shall
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 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 shall 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. “Affiliate” and “Associate” shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the
Exchange Act in effect on the date of this Agreement.

     C. Cause. “Cause” shall mean 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’s Board of Directors (the “Board”), which demand
reasonably identifies the manner in which the Board believes Employee has not substantially
performed Employee’s duties, and (ii) Employee’s failure to cure such performance failure

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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
dated of even date herewith between the Company 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 currently in
effect or as hereafter amended from time-to-time. 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 shall 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 before the Board (or
an authorized representative thereof); and (3) delivery to Employee of a written notice of
termination from the Board (or its authorized representative) stating that, in the good faith
opinion of the 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.

     D. Change in Control. A “Change in Control” of the Company shall have occurred if any
of the following events shall occur during the term of 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 corporation or such
corporation’s parent corporation possessing less than 51% of the voting power of the
surviving or acquiring person or such person’s parent corporation;

     (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 or
acquiring corporation or such corporation’s parent corporation possessing less than 51% of
the voting power of the surviving or acquiring person or such person’s parent corporation
(provided that this provision shall 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

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outstanding securities of the Company which are entitled to vote to elect any class of
directors;

     (4) If, at any time, the Continuing Directors then serving on the Board cease for any
reason to constitute at least a majority thereof;

     (5) Any occurrence that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A or any successor rule or regulation promulgated under the
Exchange Act; or

     (6) Such other events that are deemed to cause a Change in Control of the Company, as
determined by the Board in its sole discretion.

     E. Continuing Director. A “Continuing Director” shall mean 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.

     F. Company. The “Company” shall mean Zix Corporation, a Texas corporation, or its
successors in interest, as the context requires.

     G. Exchange Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended.

2. Termination Without Cause Payment. If the Company terminates Employee’s employment
other than for Cause, the Company shall pay to Employee an amount equal to six (6) months of
Employee’s base salary, using Employee’s highest monthly base salary during the term of Employee’s
employment (the “Termination Without Cause Payment”) pursuant to and in accordance with Section 4.

3. Change In Control Payment. If Employee resigns from employment (subject to the notice
and cure provisions set forth below) with the Company and its Affiliates following a Change in
Control for a “Change In Control Good Reason,” as such term is defined below, the Company shall pay
to Employee an amount equal to six (6) months of Employee’s base salary, using Employee’s highest
monthly base salary during the term of Employee’s employment (the “Change In Control Payment”)
pursuant to and in accordance with Section 4.

     A “Change In Control Good Reason” shall mean (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.

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     Notwithstanding the preceding provisions, Employee shall not be permitted to resign employment
for a Change In Control Good Reason until (a) Employee has provided to the Company notice of the
existence of the Change In Control Good Reason condition within 90 days of its initial existence
and (b) the Company has not remedied the Change In Control Good Reason condition within a period of
30 days from the Company’s receipt of such notice. Following the satisfaction of (a) and (b),
Employee must exercise his right to resign for a Change in Control Good Reason within 60 days
(i.e., such Change in Control Good Reason resignation must occur within 180 days of the occurrence
of the Change In Control Good Reason condition), with the day immediately following the initial
existence of the Change In Control Good Reason condition being day “1”.

4. Mode of Payment; Acceptance; No Overlapping Payments. The Termination Without Cause
Payment or Change In Control Payment, as applicable, shall be paid to Employee in nine (9) equal
monthly cash payments beginning as soon as practicable following his termination of employment but
no later than 60 days following such termination, subject to the Company’s receipt within that
60-day period of a duly executed release from Employee in a form reasonably satisfactory to the
Company. The Company will provide the form release to Employee within five days of the date of the
event giving rise to the payment. In the event that Employee fails to execute and deliver such
release to the Company within such 60-day time period, he shall forfeit the Termination Without
Cause Payment or Change in Control Payment, as applicable. Employee shall be responsible for all
applicable withholdings for taxes and other withholdings required by applicable law and any amounts
owed by Employee to Company, and Employee shall pay the same to the Company promptly upon demand if
not otherwise withheld. The Company’s obligation to make the payments provided for in Sections 2
and 3 is absolute, and such payments shall not be mitigated or offset by virtue of Employee
obtaining new employment or failing to seek new employment. Acceptance by Employee of the
Termination Without Cause Payment (Section 2) or Change In Control Payment (Section 3), as
applicable, shall constitute a release by Employee of the Company and its Affiliates, shareholders,
officers, employees, directors and other agents from all claims arising out of, relating to, or in
connection with, Employee’s employment with, or separation from employment with, the Company and
its Affiliates. Employee shall be entitled to receive pursuant to this Agreement only one of the
following payments (a) the Termination Without Cause Payment (Section 2), or (b) the Change In
Control Payment (Section 3) (i.e., not more than one of any such payments shall ever be payable
pursuant to this Agreement).

5. 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, Employee shall not:

     A. Engage, either directly or indirectly, in any activity that may involve a conflict of
interest with the Company or its Affiliates (a “Conflict of Interest”), including ownership in any
supplier, contractor, subcontractor, customer or other entity with which the Company does business
(other than as a shareholder of less than one percent (1%) of a publicly-traded or privately-held
class of equity ownership); and

     B. Employee shall not accept any material payment, service, loan, gift, trip, entertainment or
other favor from a supplier, contractor, subcontractor, customer or other entity

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with which the Company does business, and Employee shall promptly inform the Chief Executive
Officer as to each offer received by Employee to engage in any such activity.

     C. Employee agrees to disclose to the Company any other facts of which Employee becomes aware
that might involve or give rise to a Conflict of Interest or potential Conflict of Interest.

6. Restrictive Covenants. Pursuant to the Confidentiality and Invention Agreement executed
and delivered contemporaneously with the Company’s and Employee’s execution and delivery of this
Agreement, Employee agrees and acknowledges that the Company’s agreement to provide Employee with
confidential information in exchange for Employee’s agreement to maintain the confidentiality of
its confidential information gives rise to the Company’s interest in restraining Employee from
competing against the Company during Employee’s employment and as set forth below, and that
Employee’s agreement below is designed to enforce Employee’s agreement to maintain the
confidentiality of the Company’s confidential information.

     A. Non-Competition; Non-Solicitation of Customers and Employees. Beginning the date
that Employee separates from employment with the Company and through the six (6) month anniversary
of such separation from employment date, Employee shall not:

     (1) Directly or indirectly, compete (as defined below) with the Company’s Email
Encryption business or any other material line of business being conducted by the Company
(“Other Material Business’), in each case, as the Email Encryption line of business or Other
Material Business line of business is comprised and conducted as of the date of Employee’s
separation from employment. For purposes of this Agreement, “compete” shall include,
without limitation, engaging, directly or indirectly, in any business, whether as
proprietor, partner, joint venturer, employee, agent, officer, director, consultant,
advisor, or holder of more than one percent (1%) of any publicly traded or privately held
class of equity ownership of any business enterprise that is competitive with the Company’s
Email Encryption business or Other Material Business;

     (2) Directly or indirectly, on behalf of a competing Email Encryption or Other Material
Business line of business, solicit to do or do business with (i) any person that is a
customer of the Company’s Email Encryption business or Other Material Business as of the
date of Employee’s separation from employment, or (ii) any person that has been a customer
of the Company’s Email Encryption business or Other Material Business within the six months
preceding such date; or

     (3) Directly or indirectly, solicit to hire or hire any person that is an employee of
the Company (including its affiliated companies) as of the date of Employee’s separation
from employment, or was an employee within the six month period preceding such date, except
by way of bona-fide general advertising.

Although the Company and Employee have, in good faith, used their best efforts to make the
covenants of this Section reasonable in all pertinent respects, and it is not anticipated, nor is
it intended, by either party to this Agreement that any arbitrator or court will find it necessary
to reform any of such covenants to make it reasonable in all pertinent respects, the Company and

5

 

Employee understand and agree that if an arbitrator or court determines it necessary to reform any
of such covenants to make it reasonable in all pertinent respects, damages, if any, for a breach of
the non-competition covenant, as so reformed, shall be deemed to accrue to the Company as and from
the date of such a breach only and so far as the damages for such breach related to an action that
accrued within the scope of the covenant as so reformed.

     B. Restrictions Are Reasonable. Employee has carefully read and considered the
provisions of this Section 6 and, having done so, agrees that the restrictions set forth herein
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 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 this Section 6 shall be enforced to the fullest extent permissible. Accordingly,
if any particular portion of this Section 6 shall be adjudicated to be invalid or unenforceable,
this Section 6 shall 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. This Section 6
shall inure to the benefit of any successor to the Company.

     D. Notification. Employee agrees that the Company may notify any person or entity
employing Employee or evidencing an intention to employ Employee of the existence and provisions of
this Agreement.

7. Miscellaneous.

     A. Pending Litigation Indemnification. During Employee’s employment and following
Employee’s separation from employment, with respect to any lawsuits currently pending or hereafter
asserted against the Company that pertain to (i) matters reasonably within the purview of
Employee’s job responsibilities while employed with the Company or (ii) matters for which Employee
has particular knowledge, Employee agrees to cooperate reasonably in the defense of the litigation
thereof, including signing affidavits and making himself available for interviews, deposition
preparation, deposition, and trial. If Employee is requested to assist 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 agrees to pay all
reasonable documented out-of-pocket costs up to a maximum of $1,000 per day incurred in connection
with such activities and lost income incurred during the period in which Employee assists with such
litigation activities (not to exceed the lesser of the amount of lost income or $10,000 in any one
tax year). Such out-of-pocket reimbursement payments shall be made 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 this Section 7.A. during

6

 

Employee’s tax year shall not impact the amount of such expenses eligible for reimbursement
during any other tax year of Employee. Employee’s right to reimbursement of such expenses shall
not be subject to liquidation or exchange for another benefit. The lost income reimbursement will
be paid in a lump sum within 60 days after Employee provides documentation of the same and such
payment will be subject to the six month delay applicable to specified employees under section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”). Without the Company’s prior
consent, Employee agrees not to comment publicly on any such litigation or any of the issues in the
litigation. Without the Company’s prior consent, Employee also agrees not to discuss any such
litigation, or cooperate, with the Company’s opponent(s) in such litigation, their attorneys, or
their representatives. The Company acknowledges that Employee has certain rights to
indemnification as an officer of the Company as set forth in the Company’s Restated Bylaws.

     B. Waiver. No waiver of any provision of this Agreement shall be deemed, or shall
constitute, a waiver of any other provision, whether or not similar, nor shall any waiver
constitute a waiver of any continuing or succeeding breach of such provision, a waiver of the
provision itself, or a waiver of any right under this Agreement. No waiver shall be binding unless
executed in writing by the party making the waiver.

     C. Limitation of Rights. Nothing in this Agreement, except as specifically stated in
this Agreement, is intended to confer any rights or remedies under or by reason of this Agreement
on any persons other than the parties to it and their respective permitted successors and assigns
and other legal representatives.

     D. Remedies. Employee hereby agrees that a violation of the provisions of Section 5,
Section 6, or Section 7.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.

     E. 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: Chief Executive Officer

If to Employee, to the address on file in the Company’s records.

7

 

     F. Entirety and Amendments. Together with Arbitration Agreement, the Confidentiality
and Invention Agreement, and the Code of Ethics and Code of Conduct, as currently in effect or
hereafter amended from time-to-time, this Agreement 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. This Agreement is the separation pay
agreement referred to in that certain employment offer letter addressed to Employee and dated
February 3, 2010.

     G. 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, but
otherwise, neither this Agreement nor any rights or obligations under this Agreement may be
assigned by the Company or Employee.

     H. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Texas (excluding its conflict of laws rules) and
applicable federal law.

     I. 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.

     J. 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 shall not be necessary to produce or account for more than one counterpart.

     K. Descriptive Headings. The headings, captions, and arrangements used in this
Agreement are for convenience only and shall not be deemed to limit, amplify, or modify the terms
of this Agreement, nor affect the meaning hereof.

     L. Arbitration. The Company and Employee acknowledge that they have executed that
certain mutual alternate dispute resolution agreement, dated February 8, 2010 (the “Arbitration
Agreement”). The Company and Employee agree that, except as otherwise provided in the Arbitration
Agreement, 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 this Agreement or Employee’s employment (or its termination) shall be
governed by the Arbitration Agreement.

     M. 409A Compliance. This Agreement is intended to be exempt from and/or comply with
the requirements (and not otherwise be subject to the interest and penalty taxes of) section 409A
of the Code and the regulations and other guidance issued thereunder, and shall be interpreted in a
manner consistent with that intent. Notwithstanding the foregoing, in the event there is a failure
under this Agreement to comply with section 409A of the Code, the Company shall have the discretion
to accelerate any payment hereunder of “nonqualified deferred

8

 

compensation” (within the meaning of section 409A of the Code), but only to the extent of the
amount required to be included in income as a result of such failure.

     IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year
first above written.

	 	 	 	 	 
	 	ZIX CORPORATION

 	 
	 	By:  	/s/ Richard D. Spurr
 	 
	 	 	Richard D. Spurr 	 
	 	 	Chief Executive Officer 	 
	 
	 	EMPLOYEE

 	 
	 	/s/ James F. Brashear
 	 
	 	James F. Brashear 	 
	 	 	 
	 

9

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