Document:

exv10w6

Exhibit 10.6

ATMEL CORPORATION

1991 EMPLOYEE STOCK PURCHASE PLAN

(AS AMENDED AND RESTATED AUGUST 14, 2008)

     The following constitute the provisions of the 1991 Employee Stock Purchase Plan of Atmel
Corporation.

     1. Purpose. The purpose of the Plan is to provide employees of the Company and its
Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through
accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an
“Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended.
The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation
in a manner consistent with the requirements of that Section of the Code.

     2. Definitions.

          (a) “Board” shall mean the Board of Directors of the Company.

          (b) “Code” shall mean the Internal Revenue Code of 1986, as amended.

          (c) “Common Stock” shall mean the Common Stock of the Company.

          (d) “Company” shall mean Atmel Corporation, a Delaware corporation.

          (e) “Compensation” shall mean all regular gross earnings, including payments for
overtime, shift premium, incentive compensation, incentive payments, bonuses, commissions and other
compensation, excluding only one-time, non-recurring payments, such as relocation bonuses, as
determined by the Board.

          (f) “Designated Subsidiaries” shall mean the Subsidiaries which have been designated
by the Board from time to time in its sole discretion as eligible to participate in the Plan.

          (g) “Employee” shall mean any individual who is an employee of the Company for
purposes of tax withholding under the Code whose customary employment with the Company or any
Designated Subsidiary is at least twenty (20) hours per week and more than five (5) months in any
calendar year. For purposes of the Plan, the employment relationship shall be treated as
continuing intact while the individual is on sick leave or other leave of absence approved by the
Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is
not guaranteed either by statute or by contract, the employment relationship will be deemed to have
terminated on the 91st day of such leave.

          (h) “Enrollment Date” shall mean the first day of each Offering Period.

          (i) “Exercise Date” shall mean the last day of each Offering Period.

 

 

          (j) “Fair Market Value” shall mean, as of any date, the value of Common Stock
determined as follows:

               (1) If the Common Stock is listed on any established stock exchange or a national market
system, including without limitation the Nasdaq Global Select Market, Nasdaq Global Market, or
Nasdaq Capital Market, its Fair Market Value shall be, for Offering Periods commencing on or after
August 14, 2008, the closing sales price for such stock (or the closing bid, if no sales were
reported), as quoted on such exchange or system on the day of determination, as reported in the
Wall Street Journal or such other source as the Board deems reliable, or;

               (2) If the Common Stock is regularly quoted by a recognized securities dealer but selling
prices are not reported, its Fair Market Value shall be, for Offering Periods commencing on or
after August 14, 2008, the mean between the high bid and low asked prices for the Common Stock on
the day of determination, as reported in the Wall Street Journal or such other source as the Board
deems reliable, or;

               (3) In the absence of an established market for the Common Stock, the Fair Market Value
thereof shall be determined in good faith by the Board.

          (k) “Offering Period” shall mean a period of approximately six (6) months, commencing
on the first Trading Day on or after February 15 and terminating on the last Trading Day in the
period ending the following August 14, or commencing on the first Trading Day on or after August 15
and terminating on the last Trading Day in the period ending the following February 14, during
which an option granted pursuant to the Plan may be exercised.

          (l) “Plan” shall mean this 1991 Employee Stock Purchase Plan.

          (m) “Purchase Price” shall mean an amount equal to 85% of the Fair Market Value of a
share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower.

          (n) “Reserves” shall mean the number of shares of Common Stock covered by each option
under the Plan which have not yet been exercised and the number of shares of Common Stock which
have been authorized for issuance under the Plan but not yet placed under option.

          (o) “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than
50 % of the voting shares are held by the Company or a Subsidiary, whether or not such corporation
now exists or is hereafter organized or acquired by the Company or a Subsidiary.

          (p) “Trading Day” shall mean a day on which national stock exchanges and a national
trading system are open for trading.

     3. Eligibility.

          (a) Any Employee, as defined in paragraph 2, who shall be employed by the Company on a given
Enrollment Date shall be eligible to participate in the Plan. Notwithstanding the foregoing, if
the duration of an Offering Period is less than three (3) months, an Employee, as defined in
paragraph 2, who is employed by the Company on a given Enrollment Date shall only be

 -2- 

 

eligible to participate in the Plan and purchase shares on the Exercise Date for the Offering
Period if such Employee is continuously employed for at least three (3) consecutive months by the
Exercise Date.

          (b) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted
an option under the Plan (i) if, immediately after the grant, such Employee (or any other person
whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own
stock and/or hold outstanding options to purchase stock possessing five percent (5%) or more of the
total combined voting power or value of all classes of stock of the Company or of any subsidiary of
the Company, or (ii) which permits his or her rights to purchase stock under all employee stock
purchase plans of the Company and its subsidiaries to accrue at a rate which exceeds Twenty-Five
Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the
time such option is granted) for each calendar year in which such option is outstanding at any
time.

     4. Offering Periods. The Plan shall be implemented by consecutive Offering Periods
with a new Offering Period commencing on the first Trading Day on or after February 15 and August
15 of each year, or on such other date as the Board shall determine, and continuing thereafter
until terminated in accordance with paragraph 19 hereof. The Board shall have the power to change
the duration of Offering Periods with respect to future offerings without shareholder approval if
such change is announced at least fifteen (15) days prior to the scheduled beginning of the first
Offering Period to be affected.

     5. Participation.

          (a) An eligible Employee may become a participant in the Plan by completing a subscription
agreement in such form and manner as may be specified by the Board (or its committee) from time to
time (in its discretion and on a uniform and nondiscriminatory basis) authorizing payroll
deductions and filing it with the Company’s payroll office at least ten (10) business days prior to
the applicable Enrollment Date, unless a later time for filing the subscription agreement is set by
the Board for all eligible Employees with respect to a given Offering Period.

          (b) Payroll deductions for a participant shall commence on the first payroll following the
Enrollment Date and shall end on the last payroll in the Offering Period to which such
authorization is applicable, unless sooner terminated by the participant as provided in paragraph
10.

     6. Payroll Deductions.

          (a) At the time a participant files his or her subscription agreement, he or she shall elect
to have deductions made on each payday during the Offering Period in an amount not exceeding ten
percent (10%) and not less than two percent (2%) of the Compensation which he or she receives on
each payday during the Offering Period, and the aggregate of such payroll deductions during the
Offering Period shall not exceed ten percent (10%) or be less than two percent (2%) of the
participant’s Compensation during said offering Period.

 -3- 

 

          (b) All payroll deductions made for a participant shall be credited to his or her account
under the Plan and will be withheld in whole percentages only. A participant may not make any
additional payments into such account.

          (c) A participant may discontinue his or her participation in the Plan as provided in
paragraph 10, or may decrease the rate of his or her payroll deductions during the Offering Period
by completing or filing with the Company a new subscription agreement authorizing a change in
payroll deduction rate. The Board shall be authorized to limit the number of participation rate
changes during any Offering Period. The change in rate shall be effective with the first full
payroll period following ten (10) business days after the Company’s receipt of the new subscription
agreement unless the Company elects to process a given change in participation more quickly. A
participant’s subscription agreement shall remain in effect for successive Offering Periods unless
terminated as provided in paragraph 10.

          (d) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of
the Code and paragraph 3(b) herein, a participant’s payroll deductions may be decreased to 0% at
such time during any Offering Period which is scheduled to end during the current calendar year
(the “Current Offering Period”) that the aggregate of all payroll deductions which were
previously used to purchase stock under the Plan in a prior Offering Period which ended during that
calendar year plus all payroll deductions accumulated with respect to the Current Offering Period
equal $21,250. Payroll deductions shall recommence at the rate provided in such participant’s
subscription agreement at the beginning of the first Offering Period which is scheduled to end in
the following calendar year, unless terminated by the participant as provided in paragraph 10.

          (e) At the time the option is exercised, in whole or in part, or at the time some or all of
the Company’s Common Stock issued under the Plan is disposed of, the participant must make adequate
provision for the Company’s federal, state, or other tax withholding obligations, if any, which
arise upon the exercise of the option or the disposition of the Common Stock. At any time, the
Company may, but will not be obligated to, withhold from the participant’s compensation the amount
necessary for the Company to meet applicable withholding obligations, including any withholding
required to make available to the Company any tax deductions or benefit attributable to sale or
early disposition of Common Stock by the Employee.

     7. Grant of Option. On the Enrollment Date of each Offering Period, each eligible
Employee participating in such Offering Period shall be granted an option to purchase on each
Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of
shares of the Company’s Common Stock determined by dividing such Employee’s payroll deductions
accumulated prior to such Exercise Date and retained in the Participant’s account as of the
Exercise Date by the applicable Purchase Price; provided that in no event shall an Employee be
permitted to purchase during each Offering Period more than two hundred percent (200%) of the
number of shares determined by dividing $12,500 by the fair market value of a share of the
Company’s Common Stock on the Enrollment Date, and provided further that such purchase shall be
subject to the limitations set forth in Section 3(b) and 12 hereof. Exercise of the option shall
occur as provided in Section 8, unless the participant has withdrawn pursuant to Section 10, and
shall expire on the last day of the Offering Period.

 -4- 

 

     8. Exercise of Option. Unless a participant withdraws from the Plan as provided in
paragraph 10 below, his or her option for the purchase of shares will be exercised automatically on
the Exercise Date, and the maximum number of full shares subject to option shall be purchased for
such participant at the applicable Purchase Price with the accumulated payroll deductions in his or
her account. No fractional shares will be purchased; any payroll deductions accumulated in a
participant’s account which are not sufficient to purchase a full share shall be returned to the
participant. Any other monies left over in a participant’s account after the Exercise Date shall
also be returned to the participant. During a participant’s lifetime, a participant’s option to
purchase shares hereunder is exercisable only by him or her.

     9. Delivery. As promptly as practicable after each Exercise Date on which a purchase
of shares occurs, shares purchased on any Exercise Date shall be delivered directly to each
participant or to a custodian or broker (if any) designated by the Board (or its committee) to hold
shares for the benefit of the participants. As determined by the Board (or its committee) from
time to time, such shares shall be delivered as physical certificates or by means of a book entry
system.

     10. Withdrawal; Termination of Employment.

          (a) A participant may withdraw all but not less than all the payroll deductions credited to
his or her account and not yet used to exercise his or her option under the Plan by giving written
notice to the Company in such form, manner and by such deadline as may be specified by the Board
(or its committee) from time to time (in its discretion and on a uniform and nondiscriminatory
basis). All of the participant’s payroll deductions credited to his or her account will be paid to
such participant promptly after receipt of notice of withdrawal or any later effective date
permitted under such notice and such participant’s option for the Offering Period will be
automatically terminated, and no further payroll deductions for the purchase of shares will be made
during the Offering Period. If a participant withdraws from an Offering Period, payroll deductions
will not resume at the beginning of the succeeding Offering Period unless the participant delivers
to the Company a new subscription agreement. For the avoidance of doubt, a notice of withdrawal
may become effective immediately following the purchase of shares on the Exercise Date for the
Offering Period, if permitted by the Board (or its committee) and specified therein.

          (b) Upon a participant’s ceasing to be an Employee for any reason or upon termination of a
participant’s employment relationship (as described in Section 2(g)), the payroll deductions
credited to such participant’s account during the Offering Period but not yet used to exercise the
option will be returned to such participant or, in the case of his or her death, to the person or
persons entitled thereto under paragraph 14, and such participant’s option will be automatically
terminated.

          (c) In the event an Employee fails to remain an Employee of the Company for at least twenty
(20) hours per week during an Offering Period in which the Employee is a participant or fails to
complete at least three (3) consecutive months by the Exercise Date for an Offering Period with a
duration of less than three (3) months, he or she will be deemed to have elected to withdraw from
the Plan and the payroll deductions credited to his or her account will be returned to such
participant and such participant’s option terminated.

 -5- 

 

          (d) A participant’s withdrawal from an Offering Period will not have any effect upon his or
her eligibility to participate in any similar plan which may hereafter be adopted by the Company or
in succeeding Offering Periods which commence after the termination of the Offering Period from
which the participant withdraws.

     11. Interest. No interest shall accrue on the payroll deductions of a participant in
the Plan.

     12. Stock.

          (a) The maximum number of shares of the Company’s Common Stock which shall be made available
for sale under the Plan shall be 42,000,000 shares, subject to adjustment upon changes in
capitalization of the Company as provided in paragraph 18. If on a given Exercise Date the number
of shares with respect to which options are to be exercised exceeds the number of shares then
available under the Plan, the Company shall make a pro rata allocation of the shares remaining
available for purchase in as uniform a manner as shall be practicable and as it shall determine to
be equitable.

          (b) The participant will have no interest or voting right in shares covered by his option
until such option has been exercised.

          (c) Shares to be delivered to a participant under the Plan will be registered in the name of
the participant or in the name of the participant and his or her spouse.

     13. Administration.

          (a) Administrative Body. The Plan shall be administered by the Board of the Company
or a committee of members of the Board appointed by the Board. The Board or its committee shall
have full and exclusive discretionary authority to construe, interpret and apply the terms of the
Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every
finding, decision and determination made by the Board or its committee shall, to the fall extent
permitted by law, be final and binding upon all parties. Members of the Board who are eligible
Employees are permitted to participate in the Plan, provided that:

               (1) Members of the Board who are eligible to participate in the Plan may not vote on any
matter affecting the administration of the Plan or the grant of any option pursuant to the Plan.

               (2) If a Committee is established to administer the Plan, no member of the Board who is
eligible to participate in the Plan may be a member of the Committee.

          (b) Rule 16b-3 Limitations. Notwithstanding the provisions of SubSection (a) of this
Section 13, in the event that Rule 16b-3 promulgated under The Securities Exchange Act of 1934, as
amended, or any successor provision (“Rule 16b-3”) provides specific requirements for the
administrators of plans of this type, the Plan shall be only administered by such a body and in
such a manner as shall comply with the applicable requirements of Rule 16b-3. Unless permitted by

 -6- 

 

Rule 16b-3, no discretion concerning decisions regarding the Plan shall be afforded to any
committee or person that is not “disinterested” as that term is used in Rule l6b-3.

     14. Designation of Beneficiary.

          (a) A participant may file a written designation of a beneficiary who is to receive any shares
and cash, if any, from the participant’s account under the Plan in the event of such participant’s
death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such
participant of such shares and cash. In addition, a participant may file a written designation of
a beneficiary who is to receive any cash from the participant’s account under the Plan in the event
of such participant’s death prior to exercise of the option.

          (b) Such designation of beneficiary may be changed by the participant at any time by written
notice. In the event of the death of a participant and in the absence of a beneficiary validly
designated under the Plan who is living at the time of such participant’s death, the Company shall
deliver such shares and/or cash to the executor or administrator of the estate of the participant,
or if no such executor or administrator has been appointed (to the knowledge of the Company), the
Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more
dependents or relatives of the participant, or if no spouse, dependent or relative is known to the
Company, then to such other person as the Company may designate.

     15. Transferability. Neither payroll deductions credited to a participant’s account
nor any rights with regard to the exercise of an option or to receive shares under the Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of
descent and distribution or as provided in paragraph 14 hereof) by the participant. Any such
attempt at assignment, transfer, pledge or other disposition shall be without effect, except that
the Company may treat such act as an election to withdraw funds from an Offering Period in
accordance with paragraph 10.

     16. Use of Funds. All payroll deductions received or held by the Company under the
Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated
to segregate such payroll deductions.

     17. Reports. Individual accounts will be maintained for each participant in the Plan.
Statements of account will be given to participating Employees at least annually, which statements
will set forth the amounts of payroll deductions, the Purchase Price, the number of shares
purchased and the remaining cash balance, if any.

     18. Adjustments Upon Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the Reserves as well as the price per share of Common Stock covered by
each option under the Plan which has not yet been exercised, shall be proportionately adjusted for
any increase or decrease in the number of issued shares of Common Stock resulting from a stock
split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or
any other increase or decrease in the number of shares of Common Stock effected without receipt of
consideration by the Company; provided, however, that conversion of any convertible securities of
the Company shall not be deemed to have been “effected without receipt of consideration”. Such

 -7- 

 

adjustment shall be made by the Board, whose determination in that respect shall be final,
binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall affect, and
no adjustment by reason thereof shall be made with respect to, the number or price of shares of
Common Stock subject to an option.

     In the event of the proposed dissolution or liquidation of the Company, the Offering Period
will terminate immediately prior to the consummation of such proposed action, unless otherwise
provided by the Board. In the event of a proposed sale of all or substantially all of the assets
of the Company, or the merger of the Company with or into another corporation, each option under
the Plan shall be assumed or an equivalent option shall be substituted by such successor
corporation or a parent or subsidiary of such successor corporation, unless the Board determines,
in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten
the Offering Period then in progress by setting a new Exercise Date (the “New Exercise
Date”). If the Board shortens the Offering Period then in progress in lieu of assumption or
substitution in the event of a merger or sale of assets, the Board shall notify each participant in
writing, at least ten (10) days prior to the New Exercise Date, that the Exercise Date for his
option has been changed to the New Exercise Date and that his option will be exercised
automatically on the New Exercise Date, unless prior to such date he has withdrawn from the
Offering Period as provided in paragraph 10. For purposes of this paragraph, an option granted
under the Plan shall be deemed to be assumed if, following the sale of assets or merger, the option
confers the right to purchase, for each share of option stock subject to the option immediately
prior to the sale of assets or merger, the consideration (whether stock, cash or other securities
or property) received in the sale of assets or merger by holders of Common Stock for each share of
Common Stock held on the effective date of the transaction (and if such holders were offered a
choice of consideration, the type of consideration chosen by the holders of a majority of the
outstanding shares of Common Stock); provided, however, that if such consideration received in the
sale of assets or merger was not solely common stock of the successor corporation or its parent (as
defined in Section 424(e) of the Code), the Board may, with the consent of the successor
corporation and the participant, provide for the consideration to be received upon exercise of the
option to be solely common stock of the successor corporation or its parent equal in fair market
value to the per share consideration received by holders of Common Stock and the sale of assets or
merger.

     The Board may, if it so determines in the exercise of its sole discretion, also make provision
for adjusting the Reserves, as well as the price per share of Common Stock covered by each
outstanding option, in the event the Company effects one or more reorganizations,
recapitalizations, rights offerings or other increases or reductions of shares of its outstanding
Common Stock, and in the event of the Company being consolidated with or merged into any other
corporation.

     19. Amendment or Termination.

          (a) The Board of Directors of the Company may at any time and for any reason terminate or
amend the Plan. Except as provided in paragraph 18, no such termination can affect options
previously granted, provided that an Offering Period may be terminated by the Board of Directors on
any Exercise Date if the Board determines that the termination of the Plan is in the best interests
of the Company and its shareholders. Except as provided in paragraph 18, no amendment may make any
change in any option theretofore granted which adversely affects the rights of any

 -8- 

 

participant. To the extent necessary to comply with Rule 16b-3 or under Section 423 of the
Code (or any successor rule or provision or any other applicable law or regulation), the Company
shall obtain shareholder approval in such a manner and to such a degree as required.

          (b) Without shareholder consent and without regard to whether any participant rights may be
considered to have been “adversely affected,” the Board (or its committee) shall be entitled to
change the Offering Periods, limit the frequency and/or number of changes in the amount withheld
during an Offering Period, establish the exchange ratio applicable to amounts withheld in a
currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by
a participant in order to adjust for delays or mistakes in the Company’s processing of properly
completed withholding elections, establish reasonable waiting and adjustment periods and/or
accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each participant properly correspond with amounts withheld from the participant’s
Compensation, and establish such other limitations or procedures as the Board (or its-committee)
determines in its sole discretion advisable which are consistent with the Plan.

     20. Notices. All notices or other communications by a participant to the Company
under or in connection with the Plan shall be deemed to have been duly given when received in the
form specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof.

     21. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an
option unless the exercise of such option and the issuance and delivery of such shares pursuant
thereto shall comply with all applicable provisions of law, domestic or foreign, including, without
limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements of any stock
exchange upon which the shares may then be listed, and shall be further subject to the approval of
counsel for the Company with respect to such compliance.

     As a condition to the exercise of an option, the Company may require the person exercising
such option to represent and warrant at the time of any such exercise that the shares are being
purchased only for investment and without any present intention to sell or distribute such shares
if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law.

     22. Term of Plan. The Plan shall become effective upon the earlier to occur of its
adoption by the Board of Directors or its approval by the shareholders of the Company. It shall
continue in effect for a term of twenty (20) years unless sooner terminated under paragraph 19.

     23. Additional Restrictions of Rule 16b-3. The terms and conditions of options
granted hereunder to, and the purchase of shares by, persons subject to Section 16 of the Exchange
Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to
contain, and such options shall contain, and the shares issued upon exercise thereof shall be
subject to, such additional conditions and restrictions as may be required by Rule 16b-3 to qualify
for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.

 -9-exv10w1

Exhibit 10.1

ZIX CORPORATION

STOCK OPTION AGREEMENT

(CEO & Direct Reports)

     THIS STOCK OPTION AGREEMENT (“Agreement”) is made and entered into as of the date set forth on
the signature page attached hereto (the “Signature Page”) with respect to the stock options granted
by Zix Corporation, a Texas corporation (the “Company”), to the Optionee (“Optionee”) listed on the
signature page hereto.

     WHEREAS, the Company wishes to recognize the contributions of the Optionee to the Company and
to encourage the Optionee’s sense of proprietorship in the Company by owning the Common Stock, par
value $.01 per share (the “Common Stock”), of the Company;

     NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein, the
Company hereby grants to the Optionee a non-qualified stock option (“Option”) to purchase up to the
total number of shares of the Common Stock set forth on the Signature Page at the price per share
(the “Option Price”) as set forth on the Signature Page on the terms and conditions and subject to
the restrictions as set forth in this Agreement and the provisions of the applicable Zix
Corporation stock option plan (which is incorporated herein by reference) (the “Plan”), which is
referenced on the Signature Page. All defined terms contained herein shall have the meanings
ascribed to them in the Plan, except as otherwise provided herein.

1. Definitions.

     a. Acceleration Event. An “Acceleration Event” shall mean the occurrence of an event
described in clause (A) or (B), as follows: (A) the employment of the Optionee is terminated by
the Company without “cause,” as such term is defined in any employment agreement, employment offer
letter, severance agreement, or other similar agreement between the Optionee and the Company
(regardless of whether such agreement exists on the date of this Agreement or is entered into
hereafter), and (B) the occurrence of a Change in Control.

     b. 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.

Acceleration Event

1

 

c. 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.

d. Change in Control. A “Change in Control” of the Company shall have occurred if
at any time during the term of this Agreement, any of the following events shall occur:

     (i) 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 fifty-one percent (51%) of the voting
power of the surviving or acquiring person or such person’s parent corporation;

     (ii) 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
fifty-one percent (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);

     (iii) Any Acquiring Person has become the beneficial owner (as the term “beneficial
owner” is defined under Rule 13d-3 or any successor rule or regulation promulgated under the
Exchange Act) of securities which, when added to any securities already owned by such
person, would represent in the aggregate 35% or more of the then outstanding securities of
the Company which are entitled to vote to elect any class of directors;

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

     (v) 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

     (vi) Such other events that cause a change in control of the Company, as determined by
the Board in its sole discretion.

Acceleration Event

2

 

     e. Continuing Director. A “Continuing Director” shall mean a director of the Company
who (i) 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 (ii) was either (a) a member
of the Board of Directors of the Company 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 of
Directors of the Company.

     f. Disability. “Disability” shall mean any medically determinable physical or mental
impairment that, in the opinion of the Committee, based upon medical reports and other evidence
satisfactory to the Committee, can reasonably be expected to prevent the Optionee from performing
substantially all of his or her customary duties of employment (with or without reasonable
accommodation) for a continuous period of not less than 12 months.

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

     h. Resignation. “Resignation” shall mean the voluntary termination by the Optionee of
his or her employment relationship with the employing Subsidiary and, if applicable, Company under
circumstances other than voluntary Retirement.

     i. Retirement. “Retirement” shall mean the termination of Optionee’s employment in
accordance with the requirements of a written retirement plan, policy or rule of the Company that
has been duly adopted by the Company or employing Subsidiary, as applicable.

2. Term of Option. The term of this Option shall expire on the expiration date set forth
in the Signature Page (the “stated term”), except as such term may be otherwise shortened by the
other provisions of the Plan or this Agreement.

3. Exercise of Option.

     a. Exercise. This Option shall become exercisable in increments as set forth in the
Signature Page. However, this Option shall become exercisable in full upon the occurrence of an
Acceleration Event as to all options that have not vested as of the occurrence of the Acceleration
Event. Except as provided in the Plan or Paragraph 4 below, the Option shall not be exercisable
unless Optionee shall, at the time of exercise, be an employee of the Company or a Subsidiary, and
once the Option has become exercisable with respect to a certain number of shares as provided
above, it shall thereafter be exercisable as to all of that number of shares, or as to any part
thereof, until expiration or termination of this Option. However, this Option may not be exercised
as to less than 100 shares at any one time (or the remaining shares then purchasable under this
Option, if less than 100 shares).

     b. Adjustment. In the event there is any adjustment to the Common Stock the Board of
Directors or Committee shall make such adjustment as it deems appropriate to the number of shares
subject to the Option or to the Option Price, or both.

Acceleration Event

3

 

     c. Method of Exercise. This Option may be exercised only by written notice (the
“Exercise Notice”) by the Optionee to the Company (or its designee) at its principal executive
office. The Exercise Notice shall be deemed given when deposited in the U. S. mails, postage
prepaid, addressed to the Company at its principal executive office (or its designee), or if given
other than by deposit in the U.S. mails, when delivered in person to an officer of the Company at
that office. The date of exercise of this Option (the “Exercise Date”) shall be the date of the
postmark if the notice is mailed or the date received if the notice is delivered other than by
mail. The Exercise Notice shall state the number of shares in respect of which this Option is being
exercised and, if the shares for which this Option is being exercised are to be evidenced by more
than one stock certificate, the denominations in which the stock certificates are to be issued.
The Exercise Notice shall be signed by the Optionee and shall include the complete address of such
person, together with such person’s social security number.

     This Option may be exercised either by tendering cash in the amount of the Option Price or,
with the Company’s consent, by tendering shares of Common Stock (which may include shares
previously acquired upon exercise of options granted under the Plan). The Exercise Notice shall be
accompanied by payment of the aggregate Option Price of the shares purchased by cash, a certified
cashier’s check or, with the Company’s consent, by delivery of shares of Common Stock having a Fair
Market Value on the date immediately preceding the exercise date equal to the 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 granted under the Plan may be exercised by a
broker-dealer acting on behalf of an Optionee if (a) the broker-dealer has received from the
Optionee or the Company a fully- and duly-endorsed agreement evidencing such option, together with
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.

     The certificates for shares of Common Stock as to which this Option shall have been so
exercised shall be registered in the name of the Optionee and shall be delivered to the Optionee at
the address specified in the Exercise Notice. An option exercise shall be valid only if the
Optionee makes payment or other arrangements relating to the withholding tax obligations discussed
in Paragraph 8. In the event the person exercising this Option is a transferee of the Optionee by
will or under the laws of descent and distribution, the Exercise Notice shall be accompanied by
appropriate proof of the right of such transferee to exercise this Option.

4. Termination of Option.

     In the event an Optionee ceases to be an employee of either the Company or a Subsidiary of the
Company due to death, Retirement, Resignation, Disability or termination by the Company

Acceleration Event

4

 

for any reason other than “cause” (such five events each being a “Qualified Termination”), this
Option may be exercised by the Optionee or his or her estate, personal representative or
beneficiary with respect to all options that are vested as of the day of such employment
termination (including without limitation, those that vest pursuant to the second sentence of
subparagraph 3.a.), (i) at any time within the sixty-day period commencing on the day next
following the effective date of such termination if such termination is due to the Resignation of
the Optionee; or (ii) at any time within the one-year period commencing on the day next following
such termination in the case of any other Qualified Termination (or in any such case in (i) or (ii)
above, if shorter, only for the remaining stated term of this Option). In the event that the
Optionee’s employment is terminated for “cause,” this Option shall automatically expire
simultaneously with such termination. For purposes of this Paragraph, (A) “cause” shall mean (i)
the failure, in the sole opinion of the Company or a Subsidiary of the Company that employs
Optionee, of Optionee to adequately perform the duties assigned to Optionee (other than any such
failure resulting from Optionee’s Disability); (ii) the engagement by Optionee in misconduct that,
in the sole opinion of the Company or a Subsidiary of the Company that employs Optionee, is or may
have the effect of being materially injurious to the Company or its Subsidiaries; (iii) the
conviction of Optionee or plea of nolo contendere, or the substantial equivalent to either of the
foregoing, of or with respect to, any felony or crime of moral turpitude; (iv) breach by Optionee
of the “confidentiality and invention” agreement between the Optionee and the Company; or (v)
breach by Optionee of Paragraph 10 of this Agreement or the analogous provisions of any other
option agreement between the parties, or (B) if there is an employment agreement, severance
agreement, or other similar agreement between the Optionee and the Company (regardless of whether
such agreement exists on the date of this Agreement or is entered into hereafter) then,
notwithstanding the provisions of clause (A) of this sentence, “cause” shall have the meaning given
such term in the employment agreement, severance agreement, or other similar agreement, and not the
meaning given in clause (A) of this sentence.

     After the Optionee’s death, this Option shall be exercisable only 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 rights shall have passed by the Optionee’s will or
under the laws of descent and distribution of the state where the Optionee was domiciled at the
date of death.

5. No Rights as Shareholder. Neither the Optionee nor any person claiming under or through
the Optionee shall be or have any rights or privileges of a shareholder of the Company in respect
of any of the shares issuable upon the exercise of this Option, unless and until certificates
representing such shares shall have been issued (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company).

6. State and Federal Securities Regulation. No shares shall be issued by the Company upon
the exercise of this Option unless and until any then-applicable requirements of state and federal
laws and regulatory agencies shall have been fully complied with to the satisfaction of the Company
and its counsel. The Company may suspend for a reasonable period or periods the time during which
this Option may be exercised if, in the opinion of the Company, such suspension is required to
enable the Company to comply or remain in compliance with regulatory

Acceleration Event

5

 

requirements relating to the issuance of shares of Common Stock subject to this Option. This
Option is subject to the requirement that, if at any time the Company shall determine, in its
discretion, that the listing, registration or qualification of the shares of common stock subject
to this Option upon any securities exchange or under any state or federal law, or the consent or
approval of any government regulatory body, is necessary or desirable as a condition of, or in
connection with, the granting or exercise of this Option or the issue or purchase of shares under
this Option, this Option may not be exercised in whole or in part until such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to the Company. The Company shall be under no obligation to effect or obtain any such
listing, registration, qualification, consent or approval if the Company shall determine, in its
discretion, that such action would not be in the best interest of the Company. 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 this Option or the issue or purchase
of shares under this Option.

7. Modification of Options. At any time and from time-to-time the Committee may execute an
instrument providing for modification, extension, or renewal of any outstanding option, provided
that no such modification, extension or renewal shall impair the Option holder’s rights in any
respect without the written consent of the holder.

8. Withholding of Taxes. The Company may make such provisions and take such steps as it
may deem necessary or appropriate for the withholding of any taxes which the Company or any
Subsidiary is required by any law or regulation of any governmental authority, whether federal,
state or local, domestic or foreign, to withhold in connection with any option, including, but not
limited to, the withholding of the issuance of all or any portion of the shares of Common Stock
subject to this Option until the Optionee reimburses the Company or the applicable Subsidiary for
the amount the Company or the applicable Subsidiary is required to withhold with respect to such
taxes, canceling any portion of the issuance in an amount sufficient to reimburse the Company or
the applicable Subsidiary for the amount it is required to so withhold, or taking any other action
reasonably required to satisfy the withholding obligation of the Company or the applicable
Subsidiary.

9. Continued Employment Not Presumed. Nothing in this Agreement, the Plan or any document
describing it nor the grant of an Option shall give the Optionee the right to continue in
employment with the Company or any of its Subsidiaries or affect the right of the Company or a
Subsidiary to terminate the employment of the Optionee with or without cause.

10. Non-Competition Covenants.

     a. The provisions of this subparagraph a. shall apply both during normal working hours and at
all other times including, but not limited to, nights, weekends and vacation time, while Optionee
is employed by the Company or any Subsidiary. Optionee shall not directly or

Acceleration Event

6

 

indirectly (i) engage in any employment, business, or activity that is competitive with the
business of the Company or any Subsidiary, (ii) assist any other person or organization in
competing with, or in preparing to engage in competition with, the business of the Company or any
Subsidiary. Direct competition shall include, but not be limited to, the design, development,
production, promotion or sale of products, software, or services competitive with those of the
Company or any Subsidiary. In addition, Optionee shall not directly or indirectly (i) engage in
any employment, business, or activity that is competitive with either (A) the proposed
business of the Subsidiary that employs Optionee (“Employing Subsidiary”) or (B) any proposed
business of any of the Company’s other Subsidiaries (the “Non-Employing Subsidiaries”) of which
Optionee has actual knowledge, or (ii) assist any other person or organization in competing with,
or in preparing to engage in competition with, either (A) the proposed business of the
Employing Subsidiary or (B) any proposed business of any Non-Employing Subsidiary of which Optionee
has actual knowledge.

     b. The provisions of this subparagraph b. shall apply during Optionee’s employment with the
Company or any Subsidiary and for a period of twelve months after Optionee ceases to be employed by
the Company or any Subsidiary. Optionee shall not directly or indirectly solicit to conduct any
Competitive Business with, or conduct any Competitive Business with, any (i) then-current customer
of the Employing Subsidiary or (ii) any person that has been a customer of the Employing Subsidiary
within the six months prior to the time of Optionee’s separation from employment. The phrase
“Competitive Business” means the line(s) of business(es) conducted by the Company or the Employing
Subsidiary, as applicable.

     c. The provisions of this subparagraph c. shall apply during Optionee’s employment with the
Company or any Subsidiary and for a period of 12 months after Optionee’s separation from
employment. Optionee shall not directly or indirectly solicit to hire, or cause to be hired, any
employee of the Company or any Subsidiary as an employee or agent of, or consultant to, any
business enterprise that Optionee is associated with.

     d. Each non-competition covenant of Optionee contained in the preceding provisions of this
Paragraph 10 (the “non-competition covenant”) shall be construed as an agreement independent of any
other provision of this Agreement and the existence of any claim or cause of action of Optionee
against the Company or any Subsidiary, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company or any Subsidiary of such non-competition
covenant.

     e. The Company and Optionee have in good faith used their best efforts to make each
non-competition covenant contained in the preceding provisions of this Paragraph 10 reasonable in
both scope and in duration. It is not anticipated, nor is it intended, by either party to this
Agreement that any court or other tribunal having jurisdiction over the matter will find it
necessary to reform any non-competition covenant to make it reasonable in both scope and in
duration, or otherwise. If any non-competition covenant is deemed by a tribunal having
jurisdiction over the matter to be unlawful or unenforceable, such provision will be deemed
severable from this Agreement and such provision will be limited or eliminated to the minimum
extent necessary so that the remaining provisions of this Agreement shall otherwise remain in

Acceleration Event

7

 

full force and effect and be enforceable. Furthermore, in lieu of such unlawful or unenforceable
provision, there shall be added automatically as part of this Agreement a provision as similar in
terms as may be possible and be enforceable.

     f. Optionee is agreeing to the provisions of this Paragraph 10 in consideration of the grant
of this Option. The provisions of this Paragraph 10 shall be valid and enforceable by the Company
and its Subsidiaries, regardless of whether or not any of this Option granted hereunder actually
becomes exercisable, or whether or not Optionee actually exercises any rights under this Option.
In the event of any conflict or inconsistency between any provision of this Paragraph 10 and any
similar or analogous provision of any other agreement (either currently in effect or that may be
entered into in the future) between Optionee, on the one hand, and the Company or any Subsidiary,
on the other hand, whichever provision is most favorable to the Company or such Subsidiary shall
govern.

11. Option Issued Pursuant to Plan. This Option is issued pursuant to and subject to the
terms and conditions and the restrictions as set forth in the Plan, and in the event of any
inconsistency, the provisions of the Plan shall govern, provided that no amendment shall be made to
the Plan subsequent to the date hereof that impairs the holder’s rights under this Option without
the holder’s written consent.

12. No Liability of Option. This Option is not liable for or subject to, in whole or in
part, the debts, contracts, liabilities or torts of the Optionee nor shall it be subject to
garnishment, attachment, execution, levy or other legal or equitable process.

13. No Assignment. This Option is not transferable otherwise than by will or the laws of
descent and distribution, and is exercisable during the Optionee’s lifetime only by Optionee.
Without limiting the generality of the foregoing, this Option may not be assigned, transferred
(except as aforesaid), pledged or hypothecated in any way (whether by operation of law or
otherwise), and shall not be subject to execution, attachment, or similar process, without the
prior written consent of the Company. Any attempted assignment, transfer, pledge, or hypothecation
contrary to the provisions hereof shall be void and ineffective for all purposes.

14. Governing Law. This Agreement has been executed in, and shall be deemed to be
performable in, Dallas, Dallas County, Texas. The parties agree that this Agreement shall be
governed by and construed in accordance with the laws of the State of Texas (excluding its conflict
of laws rules). The parties further agree that the courts of the State of Texas, and any courts
whose jurisdiction is derivative of the jurisdiction of the courts of the State of Texas, shall
have personal jurisdiction over all parties to this Agreement.

15. Entire Agreement. By signing the Signature Page, the Optionee agrees to the terms of
this Option. Except for the Plan, this Agreement constitutes the entire agreement between the
parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous
agreements, representations and understandings of the parties. No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by the party to be charged
therewith. No waiver of any of the provisions of this Agreement shall be deemed, or

Acceleration Event

8

 

shall constitute a waiver of any other provision, whether or not similar, nor shall any waiver
constitute a continuing waiver.

16. Notice. Other than any Exercise Notice, any notice required or permitted to be given
under the Plan or this Agreement shall be in writing and delivered in person or sent by registered
or certified mail, return receipt requested, first-class postage prepaid, (i) if to the Optionee,
at the address shown on the books and records of the Company or at the Optionee’s place of
employment, or (ii) if to the Company, at 2711 N. Haskell Avenue, Suite 2200, LB 36, Dallas, Texas
75204-2960: Attention: Treasurer, or any other address that may be given by either party to the
other party by notice pursuant to this Paragraph. Any notice other than any Exercise Notice, if
delivered in person or sent by registered or certified mail, shall be deemed to have been given
when received.

	 	 	 	 	 
	 	ZIX CORPORATION

 	 
	Date: 10/29/08 	By:  	/s/ Barry W. Wilson
 	 
	 	 	Barry W. Wilson 	 
	 	 	VP, Accounting & Finance and Treasurer 	 
	 

Acceleration Event

9

 

			
	Zix Corporation (TX)
	 	 
	2711 N. Haskell Avenue

	 	Signature Page
	Suite 2200

	 	Sign and return to the legal department
	Dallas, Texas 75204
	 	 
	United States
	 	 

Issuance Information

	 	 	 	 	 
	Effective Date of Grant:	 	October 16,2008
	 	 	 
	Name of Optionee:	 	Conner, Susan
	 	 	 
	Number of Shares:	 	130,000.00
	 	 	 
	Exercise Price:	 	$1.70
	 	 	 
	Plan Name:	 	2003 New Employee Stock Option Plan
	 	 	 
	Expiration Date:	 	October 15, 2018
	 	 	 
	Issuance Type:	 	OPT
	 	 	 
	 
	 	 	 	 
	Number of Shares:
 

	 	Vest Date:
 

	 	 
	10,833.00

	 	January 16, 2009
	 	 
	 
	10,834.00

	 	April 16, 2009
	 	 
	 
	10,833.00

	 	July 16, 2009
	 	 
	 
	10,833.00

	 	October 16, 2009
	 	 
	 
	10,834,00

	 	January 16, 2010
	 	 
	 
	10,833.00

	 	April 16, 2010
	 	 
	 
	10,833.00

	 	July 16, 2010
	 	 
	 
	10,834.00

	 	October 16, 2010
	 	 
	 
	10,833.00

	 	January 16, 2011
	 	 
	 
	10,833.00

	 	April 16, 2011
	 	 
	 
	10,834.00

	 	July 16, 2011
	 	 
	 
	10,833.00

	 	October 16, 2011
	 	 

	 	 	 
	   /s/ Susan K. Conner
 

Optionee Signature

	 	Date: 10–29–08 

	 	 	 	 	 
	 

	 	Equity Enterprise 2007.1.3.600
	 	Page 1 of 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]