Document:

exv10w1

 

EXHIBIT 10.1

ZIX CORPORATION 2003 STOCK COMPENSATION PLAN

(Amended and Restated in October 2003)

SECTION 1. Purpose

     The purpose of the Zix Corporation 2003 Stock Compensation Plan
(hereinafter called the “Plan”) is to provide the flexibility to allow Zix
Corporation (hereinafter called the “Company”) to use the Company’s common
stock to pay salary, bonus, and commission compensation payable to participants
in the Plan.

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 §162(m) of the Code are intended to be met, the Committee shall consist of
two or more “outside directors” within the meaning of §162(m) of the Code.

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

     “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 National
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.

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

     “Participant” shall mean the person to whom a Stock Grant is made under
the Plan.

     “Stock Grant” shall mean grants of Common Stock under the Plan.

     “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.

     “Withheld Amounts” means all medical premiums, insurance premiums, 401(k)
contributions, taxes, and other amounts that but for the Participant
participating in the Plan would customarily be deducted from the cash salary,
bonus, severance or commission compensation payable to the Participant.

1

 

SECTION 3. Administration

     The 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 Plan as it shall
from time-to-time deem advisable, and to construe, interpret and administer the
terms and provisions of the Plan and the agreements thereunder. The
determinations and interpretations made by the Committee are final and
conclusive.

SECTION 4. Eligibility

     All employees and former employees of the
Company or any Subsidiary that may be designated from time-to-time by the
Committee or Company management are eligible to participate in the Plan, except that officers may not participate in the Plan unless their participation is permitted under NASDAQ rules.
However, participation in the Plan is voluntary and only those persons that
agree to participate in the Plan will actually participate.

SECTION 5. Maximum Amount Available for Stock Grants

     The maximum number of shares of Common Stock in respect of which Stock
Grants may be made under the Plan shall be a total of Six Hundred Thousand
shares of Common Stock. 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 our
shares of common stock are changed by a stock dividend, split or combination of
shares, or other similar change in our capitalization, a proportionate or
equitable adjustment will be made in the number or kind of shares available for
grant.

SECTION 6. Stock Grants

     Subject to the provisions of the Plan and subject to compliance with
applicable securities and other laws, on the day that a salary, bonus, or
commission compensation payment is to be paid to the Participant, the Company,
at its discretion, shall grant to the Participant a number of shares of Common
Stock having a Fair Market Value, measured as of the business day immediately
preceding the day of the grant of the Common Stock, equal to 100% of the
salary, bonus, or commission compensation payable to the Participant for the
relevant period or situation. The Company may also, in its discretion,
determine to grant an additional number of shares of Common Stock to mitigate
the market risk Plan participants will be subject to and to cover brokerage
commissions and other incidental expenses that might be incurred by Plan
participants in connection with the sale of the Stock Grant shares. The
Company shall not be required to issue any fractional shares. Stock Grants
under the Plan will be rounded up to the nearest whole number.

     The Company will deposit the Stock Grant shares in a brokerage account in
the name of the Participant. The Participants will control the decision of
whether or not to sell the shares and the timing of such sales. The
Participant will promptly pay to the Company or a Subsidiary, as applicable,
all Withheld Amounts.

SECTION 7. General Provisions

     (a)  The Company and its Subsidiaries expressly reserve the right at any
time to terminate the employment of any Participant free from any liability, or
any claim under the Plan. Neither the Plan nor any Stock Grant is intended to
confer upon any Participant 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).

2

 

     (b)  The validity, construction, interpretation, administration and effect
of the Plan and of its rules and regulations, and rights relating to the 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.

     (c)  The Plan is effective on June 1, 2003. Grants may be made under the
Plan at any time prior to May 30, 2008. The Plan has not been approved by the Company's Shareholders.

     (d)  The Company shall not be liable for damages due to a delay in the
delivery or issuance of any stock 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 Stock Grant 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.

     (e)  The Board of Directors may amend, abandon, suspend or terminate the
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 Stock Grants may be made under the
Plan) if such stockholder approval is necessary to comply with any tax or
regulatory requirement or self regulatory organization rules (e.g., NYSE,
NASD), including for these purposes any approval requirement that is a
prerequisite for exemptive relief under Section 16(b) of the Exchange Act.

     IN WITNESS WHEREOF, the Company has caused this Amended and Restated Plan
to be executed on its behalf as of October 15, 2003.

	 	 	 	 	 
	 	 	
ZIX CORPORATION
	 	 	 	 	 
	 	 	
By:
	 	/s/ Ronald A. Woessner
	 	 	 	 	

	 	 	
Title:
	 	S.V.P.
	 	 	 	 	

	 	 	
Date:
	 	October 15, 2003
	 	 	 	 	

3<PAGE>

                                                                    EXHIBIT 10.1

                                TALX CORPORATION

                   2004-2006 LONG-TERM INCENTIVE PLAN DOCUMENT

                           FOR SELECTED KEY EXECUTIVES

1.       PURPOSE

         The purpose of the TALX Corporation 2004 - 2006 Long-Term Incentive
         Plan for Selected Key Executives (the "Plan") is to provide a means to
         enable TALX Corporation (the "Company") and its affiliates to employ
         and to retain high caliber persons, to motivate them toward long-term
         profit improvement, and to permit them to earn additional compensation
         as profitability and asset productivity over the term of the Plan is
         achieved.

2.       ADMINISTRATION

         The Plan shall be administered by the Compensation Committee of the
         Board of Directors (the "Committee") of the Company. Subject to the
         express provisions of the Plan, the Committee shall have the complete
         authority to determine the individuals who shall be participants in the
         Plan, to interpret the Plan, to promulgate, amend, and rescind rules
         and regulations relating to it and to the conduct of the Committee's
         affairs, and to take all other actions and make all other
         determinations necessary or advisable for the administration of the
         Plan. All actions and determinations by the Committee shall be
         conclusive.

3.       PLAN PERIOD

         The Plan will be three (3) fiscal years in length (the "Plan Period")
         commencing with the beginning of the Company's fiscal year on April 1,
         2003; each fiscal year of the Plan is a "Plan Year."

4.       ELIGIBILITY AND PARTICIPATION.

         4.1      ELIGIBILITY

                  Eligibility under the Plan shall be limited to such officers
                  of the Company and its affiliates as shall be designated as
                  participants by the Committee.

<PAGE>

                                                                TALX CORPORATION
                                     2004-2006 LONG-TERM INCENTIVE PLAN DOCUMENT
                                                     FOR SELECTED KEY EXECUTIVES
                                                                          PAGE 2

         4.2      PARTICIPANTS

                  The individuals selected by the Committee to be participants
                  shall be deemed participants in the Plan from the beginning of
                  the Plan Period, i.e., from April 1, 2003, unless a different
                  participation date is specifically designated. No participant
                  may be removed from the Plan as long as he/she shall remain
                  in the employ of the Company or an affiliate; termination for
                  whatever reason shall effect his/her automatic removal from
                  the Plan except to the extent provided in Sections 5.2 and
                  5.5, infra.

5.       COMPUTATION OF AWARDS

         5.1      PARTICIPANT'S AWARD BASE

                  Awards shall be calculated for each participant in the manner
                  set forth for that particular individual as defined in the
                  Annex to his/her Plan; such Annex hereby being incorporated as
                  an integral part of the individual's Plan Document. The base
                  upon which awards are calculated shall be the participant's
                  annual base salary (excluding bonus, if any) at the end of
                  fiscal year 2006.

         5.2      VESTING

                  Vesting shall only apply in the event of termination of
                  employment of a participant by reason of death, total
                  disability, or retirement before the full three (3) year Plan
                  Period is completed. A participant shall be given full credit
                  of each full Plan Year in which he/she is a participant, if
                  any, plus full credit for the Plan Year in which his/her
                  death, total disability, or retirement occurred. Vesting shall
                  not apply in the event of termination of employment of a
                  participant for any other reason whatsoever, whether such
                  termination be voluntary or involuntary on the part of the
                  participant, before the full three (3) year Plan Period is
                  completed, and in such event the participant shall have no
                  right whatsoever in or to any award hereunder, excepting only
                  to the extent the Committee may grant them participation
                  pursuant to Section 5.5, infra.

         5.3      PENALTY / ADJUSTMENT

                  Penalties, if any, shall be as specifically defined in the
                  Annex to the individual participant's Plan Document.

                  Adjustments, if any, shall be specifically defined in the
                  Annex to the individual participant's Plan Document. However,
                  all plans will be adjusted for acquisitions and divestitures
                  on an ongoing basis.

<PAGE>

                                                                TALX CORPORATION
                                   2004 - 2006 LONG-TERM INCENTIVE PLAN DOCUMENT
                                                     FOR SELECTED KEY EXECUTIVES
                                                                          PAGE 3

         5.4      TIME AND MODE OF PAYMENT OF AWARD

                  The Company shall pay each award in cash (including an award
                  governed by Sections 5.2, supra, and 5.5, infra) in one or
                  more installments at the Company's discretion at any time
                  after the completion of the audit of the last Plan Year of the
                  Plan Period, but no later than the end of the second fiscal
                  year succeeding the expiration of the Plan Period.

         5.5      COMMITTEE MAY AUTHORIZE PARTIAL AWARD

                  Should the employment of a Plan participant be terminated,
                  whether voluntarily or involuntarily, for any reason other
                  than his/her death, total disability, or retirement before the
                  end of the Plan Period, the committee may review the
                  circumstances attendant to the termination, and, in its sole
                  discretion, authorize a partial award or participation
                  (subject to the vesting formula set forth in Section 5.2,
                  supra, applied on the basis of number of full Plan Years as a
                  participant prior to termination of employment.)

                  The decision of the Committee shall be binding upon the
                  company and the affected individual without recourse.

6.       NO GUARANTEE OF EMPLOYMENT

         This Plan shall not be construed to be a contract of employment with a
         participant, or to provide any right to his/her continued employment.
         Nothing in this Plan shall be deemed to create any limitation or
         restriction whatsoever on such rights as the Company has to terminate
         the employment of any person participating in the Plan at any time for
         any reason.

7.       AMENDMENTS TO THE PLAN

         The Committee may, at its sole discretion, modify the Plan under
         special circumstances, which may be brought to its attention from time
         to time.

8.       MISCELLANEOUS

         Nothing contained herein shall be construed as creating a trust fund,
         an escrow account, or any other form of asset segregation in favor of
         any person or persons participating in the Plan at any time. The
         obligation of the Company hereunder is solely a contractual obligation
         to make such payments, if any, as may become due and payable hereunder
         in accordance with the terms herein provided. Neither a participant,
         nor any group of participants, nor any other person or persons shall
         have or acquire any right, title, or interest in any assets of the
         Company or in or to any amount credited to any one or more participants
         or any portion thereof otherwise than

<PAGE>

                                                                TALX CORPORATION
                                   2004 - 2006 LONG-TERM INCENTIVE PLAN DOCUMENT
                                                     FOR SELECTED KEY EXECUTIVES
                                                                          PAGE 4

         by actual payment of such portion in accordance with the provisions
         hereof. Neither any participant nor any other person shall have any
         power to sell, assign, mortgage, hypothecate, pledge, or otherwise
         encumber or transfer or alienate any rights under the Plan in advance
         of any actual payment hereunder.

         No right to payments to be made hereunder to a participant shall be
         subject to seizure, lien, or execution for payment of any debts,
         judgments, contracts, alimony, separate maintenance or child support,
         and shall not be transferable by operation of law in the event of
         bankruptcy, insolvency, or otherwise of a participant. In the event any
         part or parts of this Plan shall be held illegal or null and void by
         any court or administrative body of competent jurisdiction, such
         determination shall not affect the remaining parts of this Plan and
         they shall remain in full force and effect as if such part or parts
         determined illegal or void had not been included herein, to the extent
         feasible and practicable.

Signature: _____________________________________

Name:      _____________________________________

Title:     Chairman, Compensation Committee of the TALX Corporation Board of
           Directors

Date:      ______________________________________

I understand the purpose and conditions of this Plan and the Annex hereto and
desire to be a participant.

Signature: -s- W. W. CANFIELD
           --------------------------------------

Name:      W. W. CANFIELD

Title:     PRESIDENT

Date:      10/10/03

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]