Document:

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                                                                   Exhibit 10.11
                                                                   -------------

                        TERMINATION AND RELEASE AGREEMENT
                        ---------------------------------

          AGREEMENT (the "Agreement"), dated as of February 20, 2002, by and
among Gotham Golf Partners, L.P., a Delaware limited partnership (the
"Company"), Gotham Golf Corp., a Delaware corporation ("GGC") and Stephen J.
Garchik (the "Executive").

          WHEREAS, the Executive has been employed as Chief Executive Officer
and Treasurer of the Company, pursuant to the employment agreement between the
Company and the Executive, dated as of January 1, 1999 (the "Employment
Agreement");

          WHEREAS, the Company has entered into an Agreement and Plan of Merger
and Contribution, dated as of February 13, 2002, by and among First Union Real
Estate Equity and Mortgage Investments, an Ohio business trust, that certain
Ohio trust, declared as of October 1, 1996, by Adolph Posnick, trustee, First
Union Management, Inc., a Delaware corporation, Gotham Partners, L.P., a
Delaware limited partnership, the Company, GGC, GGC Merger Sub, Inc., a Delaware
corporation and a wholly owned subsidiary of GGC, Florida Golf Properties, Inc.,
a Florida corporation and the sole general partner of the Company, and Florida
Golf Associates, L.P., a Virginia limited partnership (the "Merger Agreement"),
pursuant to which, among other things, the Company shall become a less than
wholly owned subsidiary of GGC (the "Merger"); and

          WHEREAS, the Company and the Executive desire to set forth terms
pursuant to which the Executive shall cease to be an employee or director of the
Company or any of its affiliates in connection with the transactions
contemplated by the Merger Agreement.

          NOW, THEREFORE, BE IT RESOLVED, in consideration of the premises and
the representations, warranties, covenants and agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound hereby, the Company,
the Executive and GGC hereby agree as follows:

          1. Termination of Employment
             -------------------------

          The Executive shall resign immediately prior to the Effective Time (as
defined in the Merger Agreement) (the date on which the Effective Time occurs,
the "Termination Date") from his position as Chief Executive Officer and
Treasurer of the Company and from all other positions with the Company the
Executive may currently hold in any capacity including, among others, as an
officer, director or member of the board of directors of the Company or any of
the Company's subsidiaries or affiliates, as applicable; provided, however, that
nothing herein shall be construed to suggest that the Executive shall not
continue as a partner of the Company. The Executive shall sign and deliver to
the Company such other documents as may be necessary to effect or reflect such
resignations.

          2. Transfer of Interests.
             ---------------------

          The Executive hereby agrees to transfer, as soon as is practicable
after the Termination Date, all of his stock and interest in each of The Bridges
Golf Club, Inc., Edgewood

<PAGE>

Pines Golf Club, Inc., Greencastle Golf Club, Inc., Honey Run Golf Club, Inc.
and YGC, Inc. to the Company for total compensation in an amount not to exceed
$10.

          3. Continuation of Duties.
             ----------------------

          The Executive hereby agrees to continue, for so long as the Company
shall desire, to serve as the named party on the liquor license relating to
Montgomery Country Club, LLC, without additional compensation. The Company shall
indemnify and hold harmless the Executive with respect to any claims,
liabilities and costs (including reasonable attorney' fees) incurred in
connection with the foregoing. The Executive shall periodically sign and deliver
to the Company or the applicable licensing authority all documentation that is
required to maintain the liquor license. The Executive also hereby agrees to
continue in his capacity as the managing member of each of Miami National Golf
Club, L.C., a Florida limited liability company, and California Golf Club, L.C.,
a Florida limited liability company, for so long as the Company shall desire, as
provided in the operating agreements for these companies.

          4. Severance Payments
             ------------------

          (a) Effective as of January 1, 2002, but subject to Sections 4(b) and
4(c) of this Agreement, the Executive shall waive his right to payment on a
current basis of any compensation or benefits under the Employment Agreement.

          (b) Immediately after the Effective Time and subject to Section 7(d)
hereof, except as provided in Section 2(c) hereof, the Company shall pay to the
Executive a cash lump sum payment equal to all amounts owing the Executive under
the Employment Agreement from January 1, 2002 through December 31, 2003;
provided that, (i) the portion of such amount attributable to payments under the
Employment Agreement with respect to periods after the Termination Date and
through December 31, 2003 shall be discounted to present value at an annual
discount rate of 7% and (ii) the portion of such amount attributable to payments
with respect to the period beginning on January 1, 2002 and ending on the
Termination Date shall be increased by interest at an annual rate of 7% (such
payment, the "Severance Payment"). After receiving the Severance Payment, the
Executive will not thereafter be entitled to any additional wages, compensation
or benefits from the Company or any of its subsidiaries or affiliates pursuant
to or in connection with the Employment Agreement.

          (c) If the Merger is not consummated for any reason, (i) the Company
shall not pay the Severance Payment to the Executive, (ii) the Executive's
waiver of the current payment of compensation and benefits pursuant to Section
4(a) shall lapse and the terms and conditions of the Employment Agreement shall
again become effective with respect to the Executive from and after such time,
(iii) the Company shall pay the Executive a cash amount equal to all
compensation and benefits foregone by the Executive pursuant to Section 4(a)
hereof, increased by interest at an annual rate of 7% and (iv) the terms and
provisions of this Agreement shall become null and void and of no further force
or effect.

          (d) This Agreement shall supersede the Employment Agreement and the
Employment Agreement shall be terminated from and after the date of the
Termination Date, without any remaining obligation of any party under such
agreements, except to the extent

                                       2

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otherwise specifically referred to in this Agreement, including without
limitation Sections 4(c) and 5 of this Agreement.

          (e) The Executive agrees that payment of the amounts set forth in this
Section 4 is conditioned upon his satisfaction of the terms of this Agreement.

          5. Restrictive Covenants
             ---------------------

          (a) In consideration of the payments and benefits set forth in this
Agreement, during the period commencing on the Termination Date and ending on
December 31, 2003, the Executive shall not, directly or indirectly, alone, or as
an employee, agent, advisor, salesman, independent contractor, lender,
consultant, owner, partner, joint venturer, officer, director or stockholder or
in any other capacity, enter into, engage in, plan, organize, aid, assist, own,
manage, operate, control, participate in, become employed by, consult with,
perform services for, obtain a material financial or proprietary interest in, or
otherwise become associated at any capacity with any business or person that
might be deemed to compete with or be deemed to be setting up to compete with
the Company, GGC and/or any of their subsidiaries ("Owning Entity") (i) within
one hundred fifty (150) miles of any golf course managed by the Company or GGC
or owned by any Owning Entity, and (ii) in any line of business that is
substantially the same as any line of business described in clause (i) and (ii)
of Article III of GGC's Amended and Restated Certificate of Incorporation.

          (b) In consideration of the payments and benefits set forth in this
Agreement, during the period commencing on the Termination Date and ending on
December 31, 2003, the Executive shall not (i) solicit business on behalf of the
Executive or any other person from any client or customer of the Company or GGC,
or otherwise directly or indirectly divert or interfere with or attempt to
divert or interfere with the business or the clients or customers of the Company
or GGC or (ii) directly or indirectly hire, recruit, solicit or induce, or
attempt to induce, an employee or employees of the Company or GGC to terminate
their employment with, or otherwise cease their relationship with, the Company
or GGC, as the case may be.

          (c) The Executive acknowledges and agrees that the breach of the
provisions of this Section 5 will cause irreparable injury to the Company and
GGC, inadequately compensable in damages. Accordingly, in addition to such other
rights and remedies the Company and/or GGC may have under this Agreement, at law
or in equity with respect to any breach or threatened breach of this Agreement,
the Company and GGC shall be entitled to injunctive relief against the breach or
threatened breach of any of the provisions of this Section 5, it being
acknowledged and agreed that any such breach or threatened breach will cause
irreparable injury to the Company and GGC and that money damages will not
provide an adequate remedy to the Company and GGC. The Company, GGC and the
Executive agree and stipulate that the agreements and covenants not to compete
contained in this Section 5 are fair and reasonable in light of all of the facts
and circumstances of the relationship between the Company, GGC and the Executive
and the Executive hereby expressly waives any objection to or defense in respect
of the geographical scope and/or duration of the restriction on competition
contained in this Section 5. The Executive acknowledges and agrees that the
scope and duration of this restriction is reasonable and warranted in order to
protect the Company's and GGC's legitimate business interests and rights and
that the Executive's experience and capabilities are such that the

                                       3

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Executive will not be prevented from earning a livelihood in the Executive's
area of expertise as a result of the limited restrictions provided herein. In
furtherance of and not in derogation of the provisions of this Section 5, the
Company, GGC and the Executive agree that in the event that, notwithstanding the
foregoing, a court should decline to enforce any of the provisions of this
Section 5, such provision or provisions shall be deemed to be modified to
restrict the Executive's competition with the Company and GGC to the maximum
extent, in time, geography and scope, which the court shall find enforceable.

          6. Waiver of Further Payments and Benefits
             ---------------------------------------

          Subject to indemnification pursuant to Section 3, the compensation and
benefits arrangements set forth in this Agreement are in lieu of any rights or
claims that the Executive may have with respect to severance or other benefits,
or any other form of remuneration from the Company, GGC or any of its
affiliates, and without limiting the generality of the foregoing, the Executive
hereby expressly waives any right or claim that he may have or could assert to
payment for salary, bonuses, medical, dental or hospitalization benefits,
payments under supplemental retirement plans and incentive plans, life insurance
benefits and attorneys' fees, except as otherwise provided in this Agreement or
as mandated under applicable law, including for or with respect to any services
that the Executive may provide to or on behalf of the Company or its affiliates
after the date of this Agreement.

          7. Waiver and Release
             ------------------

          (a) In consideration of the payments and benefits set forth in this
Agreement, the Executive, for himself, his heirs, administrators,
representatives, executors, successors and assigns (collectively "Releasors")
does hereby irrevocably and unconditionally release, acquit and forever
discharge the Company, GGC and their affiliates and their trustees, officers,
security holders, partners, agents, attorneys, and former and current employees
and directors, including without limitation all persons acting by, through,
under or in concert with any of them (collectively, "Releasees"), from any and
all charges, complaints, claims, liabilities, obligations, promises, agreements,
controversies, damages, remedies, actions, causes of action, suits, rights,
demands, costs, losses, debts and expenses (including attorneys' fees and costs)
of any nature whatsoever, known or unknown, whether in law or equity and whether
arising under federal, state or local law and in particular including any claim
for discrimination based upon race, color, ethnicity, sex, age (including but
not limited to the Age Discrimination in Employment Act of 1967), national
origin, religion, disability, or any other unlawful criterion or circumstance,
which the Releasors had, now have, or may have in the future, against each or
any of the Releasees from the beginning of the world until the date of this
Agreement, except for claims solely in connection with the Executive's rights as
a partner of the Company pursuant to the Second Amended and Restated Agreement
of Limited Partnership of Gotham Golf Partners, L.P. (f/k/a Florida Golf
Properties, L.P.), dated December 31, 1991, as amended to date (the "Partnership
Agreement"). The Executive acknowledges and agrees that if he or any other
Releasor should hereafter make any claim or demand or commence or threaten to
commence any action, claim or proceeding against the Releasees with respect to
any cause, matter or thing which is the subject of this Section 7(a), this
Agreement may be raised as a complete bar to any such action, claim or
proceeding, and the applicable Releasee may recover from the Executive all costs
incurred in connection with such action, claim or proceeding, including
attorneys' fees.

                                       4

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          (b) In consideration of the Executive's agreements and covenants set
forth in this Agreement, the Company, GGC and their subsidiaries (the "Company
Releasors") hereby irrevocably and unconditionally release, acquit and forever
discharge the Executive from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages,
remedies, actions, causes of action, suits, rights, demands, costs, losses,
debts and expenses (including attorneys' fees and costs) of any nature
whatsoever, known or unknown, whether in law or equity and whether arising under
federal, state or local law, which the Company Releasors now have, or may have
in the future, against the Executive with respect to the Executive from the
beginning of the world until the date of this Agreement, other than (i) any
claim based upon fraudulent or illegal activity that was not discovered by the
Company Releasors until subsequent to the date of execution of this Agreement,
or any claim that may be brought derivatively and (ii) any claim solely in
connection with the Executive's status as a partner of the Company pursuant to
the Partnership Agreement. The Company Releasors acknowledge and agree that if
they should hereafter make any claim or demand or commence or threaten to
commence any action, claim or proceeding against the Executive with respect to
any cause, matter or thing which is the subject of this Section 7(b), this
Agreement may be raised as a complete bar to any such action, claim or
proceeding, and the Executive may recover from the Company Releasors all costs
incurred in connection with such action, claim or proceeding, including
attorneys' fees.

          (c) The parties to this Agreement shall re-execute the releases
contained in Sections 7(a) and 7(b) for the period between the date hereof and
the Termination Date, effective as of the date that is seven days prior to the
Termination Date.

          (d) The Executive affirms that prior to the execution of this
Agreement and the waiver and release in Section 7(a), the Executive was advised
by the Company to consult, and has in fact consulted, with an attorney of the
Executive's choice concerning the terms and conditions set forth herein, and
that the Executive was given up to 21 days to consider executing this Agreement,
including the waiver and release in Section 7(a). The Executive has 7 days
following his execution of this Agreement to revoke and cancel the terms and
conditions contained herein in writing, including the waiver and release in
Section 7(a) (the "First Seven-Day Period"). The Executive has 7 days following
his re-execution of such waiver and release pursuant to Section 7(c) of this
Agreement to revoke and cancel the terms and conditions of such re-executed
release in writing (the "Second Seven Period"). This Agreement shall not be
                         -------------------
effective until the expiration of the First Seven Day Period. No payment shall
be made to the Executive pursuant to this Agreement until the expiration of the
Second Seven-Day Period without the Executive's revocation hereof. .

          (e) If the Company fails to present this Agreement for re-execution at
least seven (7) days prior to the Termination Date, then, notwithstanding
Section 7(d), the Executive will be paid all amounts due under this Agreement
immediately before the Effective Time.

          8. Indemnity
             ---------

          The Executive shall be indemnified and held harmless to the fullest
extent permitted by law, as stated more fully in Schedule A to this Agreement.

                                       5

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          9. No Reliance; Construction
             -------------------------

          (a) The Executive represents and acknowledges that, in executing this
Agreement, he has not relied upon any representation or statement made by the
Company or its affiliates not set forth herein.

          (b) Unless the context requires otherwise: (a) the gender (or lack of
gender) of all words used in this Agreement includes the masculine, feminine and
neuter; (b) references to Sections refer to Sections of this Agreement; (c)
references to laws refer to such laws as they may be amended from time to time,
and references to particular provisions of a law include any corresponding
provisions of any succeeding law; (d) references to money refer to legal
currency of the United States of America; (e) the word "including" means
"including, without limitation"; and (f) all capitalized terms defined herein
are equally applicable to both the singular and plural forms of such terms.

          10. Governing Law
              -------------

          This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to the principles of conflicts
of law thereof, to the extent not superseded by applicable federal law. THE
PARTIES HERETO HEREBY AGREE THAT ANY DISPUTE CONCERNING FORMATION, MEANING,
APPLICABILITY OR INTERPRETATION OF THIS AGREEMENT SHALL BE SUBMITTED TO THE
JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE (INCLUDING FEDERAL COURTS IN
THE STATE OF DELAWARE), AND NO OTHER STATE SHALL HAVE JURISDICTION OVER SUCH
MATTERS, AND FURTHER AGREE TO WAIVE ALL RIGHTS TO A JURY TRIAL WITH RESPECT TO
ANY SUCH MATTERS.

          11. No Coercion
              -----------

          The parties hereto represent and acknowledge that they have decided to
enter into this Agreement voluntarily, knowingly and without coercion of any
kind.

          12. Enforceability
              --------------

          The parties hereto affirmatively acknowledge that this Agreement, and
each of its provisions, is enforceable, and expressly agree not to challenge nor
raise any defense against the enforceability of this Agreement or any of its
provisions in the future (including, for purposes of this Section 12). The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement.

          13. Notices
              -------

          All notices, requests, demands and other communication that are
required or may be given under this Agreement shall be in writing and shall be
deemed to have been duly given when received if personally delivered; when
transmitted by telecopy, electronic or digital transmission method upon receipt
of telephonic or electronic confirmation; that day after it is sent, if sent for
next day delivery to a domestic address by recognized overnight delivery service

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(e.g., Federal Express) and upon receipt, if sent by certified or registered
mail, return receipt requested. In each case notice shall be sent to:

                  If to the Executive, addressed to:

                  Stephen J. Garchik
                  9001 Congressional Court
                  Potomac, MD  20854

                  If to the Company, addressed to:

                  Gotham Golf Partners, L.P.
                  575 East Chocolate Avenue
                  Hershey, PA  17033
                  Attention:  William F. Leahy

                  with a copy to:

                  Adam O. Emmerich, Esq.
                  Wachtell, Lipton, Rosen & Katz
                  51 West 52nd Street
                  New York, NY  10019-6150

or to such other place and with such other copies as any party may designate as
to itself or himself by written notice to the others.

          14. Amendments; Waivers
              -------------------

          This Agreement may not be amended, modified or terminated, except by a
written instrument signed by the parties hereto. Any provision of this Agreement
may be waived by a written instrument signed by the party to be charged with
such waiver.

          15. Successors
              ----------

          This Agreement shall be binding on the Executive, the Company, GGC and
their respective heirs, successors and assigns, including without limitation any
corporation or other entity into which the Company or GGC may be merged,
reorganized or liquidated, or by which either of such entities may be acquired.
The obligations of the Company may be assigned without limitation; but, as the
obligations to be performed by the Executive hereunder are unique based upon his
skills and qualifications, the Executive's obligations under this Agreement may
not be assigned.

          16. Entire Agreement
              ----------------

          Except as specified herein, this Agreement contains the entire
agreement between the parties concerning the subject matter hereof and
supersedes all prior agreement, understandings, discussions, negotiations and
undertakings, whether written or oral, between the parties with respect thereto.

                                       7

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          17. Counterparts
              ------------

          This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same Agreement.

                                       8

<PAGE>

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

                             GOTHAM GOLF CORP.,
                             a Delaware corporation

                             By: /s/ William F. Leahy
                                -------------------------------------------
                                Name:  William F. Leahy
                                Title: President

                             GOTHAM GOLF PARTNERS, L.P.,
                             a Delaware limited partnership

                             By:   Florida Golf Properties, Inc.,
                                   its general partner

                             By: /s/ John Caporaletti
                                -------------------------------------------
                                Name:  John Caporaletti
                                Title: President

                             STEPHEN J. GARCHIK

                             /s/ Stephen J. Garchik
                             -------------------------------------------
                             Stephen J. Garchik<PAGE>
                                                                     EXHIBIT 4.1

                                ZIXIT CORPORATION
                             STOCK OPTION AGREEMENT

Date of Grant                                                   Expiration Date

------------------                                               --------------

         THIS STOCK OPTION AGREEMENT ("Agreement") is made and entered into as
of the ____ day of _________________ by and between ZixIt Corporation, a Texas
corporation (the "Company"), and _____________ ("Optionee").

         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 to purchase up to a total of _____________ shares of the Common
Stock at a price per share of $____ (the "Option Price") on the terms and
conditions set forth herein.

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 Securities Exchange Act of 1934, as amended (the "Exchange Act"))
that, together with all Affiliates and Associates of such person, is the
beneficial owner of 35% or more of the outstanding Common Stock. The term
"Acquiring Person" shall not include the Company, any subsidiary of the Company,
any employee benefit plan of the Company or 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 35% 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 35% 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. 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) (a) Any Sale of the Company or (b) any Sale of a Material
         Subsidiary; or

                                       1
<PAGE>

                  (ii) Any Acquiring Person has become the beneficial owner 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 that are entitled to vote to
         elect any class of directors;

                  (iii) 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; or

                  (iv) 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.

         d. 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 member of the Board of Directors of
the Company on the date of this Agreement or 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.

         e. 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.

         f. Material Subsidiary. A "Material Subsidiary" shall mean ZixMail.com,
Inc., a Delaware corporation.

         g. Person. A "Person" shall mean an individual, a corporation, a
partnership, an association, a joint-stock company, a trust, an incorporated
organization, or a government or political subdivision thereof and any other
entity. A Person, together with that Person's Affiliates and Associates, and any
Persons acting as a partnership, limited partnership, joint venture,
association, syndicate, or other group (whether or not formally organized), or
otherwise acting jointly or in concert or in a coordinated or consciously
parallel manner (whether or not pursuant to any express agreement), for the
purpose of acquiring, holding, voting, or disposing of securities of the Company
with that Person, shall be deemed a single "Person."

         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
<PAGE>

         j. Sale. A "Sale" occurs with respect to the Company or a Material
Subsidiary, as applicable, if it engages in a merger, consolidation, or sale,
lease, license, transfer, or other effective disposition of all or substantially
all of the Company's or Material Subsidiary's assets and 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
a Sale shall not be deemed to occur upon any public offering or series of such
offerings of securities of the Company or a Material Subsidiary that results in
any such change in beneficial ownership.

2. TERM OF OPTION. The term of this option shall expire on the date set forth in
the upper right hand corner on page 1 of this Agreement (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
follows:

<Table>
<Caption>
                                                                Date Upon Which Right
                                    Number of Shares            To Purchase Accrues
                                    -----------------         -----------------------
<S>                                                           <C>

                                    -----------------         -----------------------

                                    -----------------         -----------------------

                                    -----------------         -----------------------
</Table>

         Except as provided in the Agreement, the Option shall not be
exercisable unless Optionee shall, at the time of exercise, be an Employee or
Director 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
subject to Section 5(b) of the Plan, the Board of Directors or Committee shall
make such adjustment as it deems appropriate to the number of shares subject to
Award or to the Option Price, or both.

         c. Exercise - Change of Control. If the Optionee is still an employee
or director of the Company or a Subsidiary on the date of the occurrence of a
Change of Control, this option shall become exercisable in full on such date and
may be exercised at any time or times thereafter and until expiration or
termination of this option; provided, however, that 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).

                                       3
<PAGE>

         d. Method of Exercise. This option may be exercised only by written
notice (the "Exercise Notice") by the Optionee to the Company 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 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, subject to compliance with
applicable requirements of Section 16(b) under the Exchange Act, 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, at the Company's option, 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 or director of either
the Company or a Subsidiary of the Company due to death, Retirement,
Resignation, Disability or termination by

                                       4
<PAGE>

the Company 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 to the fullest extent that
the Optionee was entitled to exercise the same on the day immediately prior to
such termination at any time within the one-year period commencing on the day
next following such termination or, if shorter, only for the remaining stated
term of this option. In the event that the Optionee's employment is terminated
for any reason other than a Qualified Termination, this option shall
automatically expire simultaneously with such termination. For purposes of this
Paragraph, "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; or (iii) the conviction of
Optionee of any felony or crime of moral turpitude.

         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 remain in compliance with regulatory
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

                                       5
<PAGE>

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 (i) impair this option in any respect without the written consent of the
holder of this option or (ii) conflict with the provisions of Rule 16b-3 under
the Exchange Act.

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, subject to compliance with
applicable requirements of Section 16(b) under the Exchange Act, 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 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

                                       6
<PAGE>

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 six 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 Employing Subsidiary.

         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 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

                                       7
<PAGE>

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. APPLICABILITY OF 1995 LONG-TERM INCENTIVE PLAN. The relevant provisions of
the ZixIt Corporation 1995 Long-Term Incentive Plan (the "Plan") are applicable
to this option, and such provisions are hereby incorporated by reference. All
defined terms contained herein shall have the meanings ascribed to them in the
Plan, except as otherwise provided herein or the context otherwise requires. In
the event of any inconsistency between this option and the Plan, the provisions
of the Plan shall govern unless the context otherwise requires. This option does
not apply toward the maximum number of shares issuable under the Plan.

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 on the jurisdiction of the courts of the State of Texas, shall have
personal jurisdiction over all parties to this Agreement.

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

16. DUPLICATE ORIGINALS. Duplicate originals of this document shall be executed
by both the Company and the Optionee, each of which shall retain one duplicate
original.

17. 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

                                       8
<PAGE>

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 2300,
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 sent by registered or
certified mail, shall be deemed to have been given when received.

                         ZIXIT CORPORATION

                         By:
                               ------------------------------------------------
                                 John A. Ryan
                                 Chairman and Chief Executive Officer

OPTIONEE:

--------------------

                                       9

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