ZIX CORP
STOCK OPTION AGREEMENT - DAVID ROBERTSON
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<TYPE>EX-10.2
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<FILENAME>d19884exv10w2.htm
<DESCRIPTION>STOCK OPTION AGREEMENT - DAVID ROBERTSON
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<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;10.2</B>



<P align="center" style="font-size: 10pt"><B>ZIX CORPORATION<BR>
STOCK OPTION AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS STOCK OPTION AGREEMENT (&#147;Agreement&#148;) is made and entered into as of
the date set forth on the signature page attached hereto (the &#147;Signature Page&#148;)
with respect to the stock options granted by Zix Corporation, a Texas
corporation (the &#147;Company&#148;), to the Optionee (&#147;Optionee&#148;) listed on the
signature page hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company wishes to recognize the contributions of the Optionee
to the Company and to encourage the Optionee&#146;s sense of proprietorship in the
Company by owning the Common Stock, par value $.01 per share (the &#147;Common
Stock&#148;), of the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual agreements and covenants
contained herein, the Company hereby grants to the Optionee a non-qualified
stock option (&#147;Option&#148;) 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
&#147;Option Price&#148;) 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 &#147;Plan&#148;), 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.


<P align="left" style="font-size: 10pt">1. <B>Definitions</B>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;Affiliate. &#147;Affiliate&#148; shall have the meaning ascribed to such terms in
Rule&nbsp;12b-2 of the General Rules and Regulations under the Exchange Act in
effect on the date of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;Change in Control. A &#147;Change in Control&#148; of the Company shall have
occurred if during the term of this Agreement, any of the following events
shall occur:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is merged, consolidated or reorganized into or with
another corporation or other legal person 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&#146;s parent
corporation possessing less than fifty-one percent (51%) of the voting
power of the surviving or acquiring person or such person&#146;s parent
corporation;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company sells all or substantially all of its assets to any
other corporation or other legal person 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&#146;s parent corporation possessing less than fifty-one
percent (51%) of the voting power of the surviving or acquiring person or
such person&#146;s parent corporation (provided that this provision shall not
apply to a registered
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Change in Control</TD>
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<P align="center" style="font-size: 10pt">1
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<P align="left" style="margin-left:3%; font-size: 10pt">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).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;Disability. &#147;Disability&#148; 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&nbsp;months.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;Resignation. &#147;Resignation&#148; 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;Retirement. &#147;Retirement&#148; shall mean the termination of Optionee&#146;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.

<P align="left" style="font-size: 10pt">2. <B>Term of Option</B>. The term of this Option shall expire on the expiration date
set forth in the Signature Page (the &#147;stated term&#148;), except as such term may be
otherwise shortened by the other provisions of the Plan or this Agreement.


<P align="left" style="font-size: 10pt">3. <B>Exercise of Option.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;Exercise. This Option shall become exercisable in increments as set
forth in the Signature Page. However, this Option shall become exercisable
upon the occurrence of a Change in Control as to all options that have not
vested as of the occurrence of the Change in Control. Except as provided in
the Plan, 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).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;Method of Exercise. This Option may be exercised only by written
notice (the &#147;Exercise Notice&#148;) 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 &#147;Exercise Date&#148;) 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
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<P align="left" style="font-size: 10pt">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&#146;s social security number.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Option may be exercised either by tendering cash in the amount of the
Option Price or, with the Company&#146;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&#146;s check or, at the Company&#146;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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;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)&nbsp;adequate provision has been made with respect to the payment of
any withholding taxes due upon such exercise, and (c)&nbsp;the broker-dealer and the
Optionee have otherwise complied with Section&nbsp;220.3(e)(4) of Regulation&nbsp;T, 12
CFR Part&nbsp;220, or any successor provision.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;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.


<P align="left" style="font-size: 10pt">4. <B>Termination of Option</B>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 for any reason other than &#147;cause&#148; (such five
events each being a &#147;Qualified Termination&#148;), 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 (i)&nbsp;at any time within the one-year
period commencing on the day next following such termination if such
termination is due to the death of the Optionee; (ii)&nbsp;at any time within the
thirty-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 (iii)&nbsp;at any time within the six-month period commencing on the day next
following such termination in the case of any other Qualified Termination (or
in any such case in (i), (ii)&nbsp;or (iii)&nbsp;above, if
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<P align="left" style="font-size: 10pt">shorter, only for the remaining stated term of this Option). In the event that
the Optionee&#146;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, &#147;cause&#148; shall mean (i)&nbsp;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&#146;s Disability);
(ii)&nbsp;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)&nbsp;the conviction of Optionee of any felony or crime of moral turpitude.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Optionee&#146;s death, this Option shall be exercisable only by the
executor or administrator of the Optionee&#146;s estate, or if the Optionee&#146;s estate
is not in administration, by the person or persons to whom the Optionee&#146;s
rights shall have passed by the Optionee&#146;s will or under the laws of descent
and distribution of the state where the Optionee was domiciled at the date of
death.

<P align="left" style="font-size: 10pt">5. <B>No Rights as Shareholder. </B>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).


<P align="left" style="font-size: 10pt">6. <B>State and Federal Securities Regulation. </B>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 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.

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<P align="left" style="font-size: 10pt">7. <B>Modification of Options. </B>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 this Option in any respect without the written consent of
the holder of this Option.


<P align="left" style="font-size: 10pt">8. <B>Withholding of Taxes. </B>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.


<P align="left" style="font-size: 10pt">9. <B>Continued Employment Not Presumed. </B>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.


<P align="left" style="font-size: 10pt">10. <B>Non-Competition Covenants.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;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)&nbsp;engage in any
employment, business, or activity that is competitive with the business of the
Company or any Subsidiary, (ii)&nbsp;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)&nbsp;engage in any
employment, business, or activity that is competitive with either (A)&nbsp;the
proposed business of the Subsidiary that employs Optionee (&#147;Employing
Subsidiary&#148;) or (B)&nbsp;any proposed business of any of the Company&#146;s other
Subsidiaries (the &#147;Non-Employing Subsidiaries&#148;) of which Optionee has actual
knowledge, or (ii)&nbsp;assist any other person or organization in competing with,
or in preparing to engage in competition with, either (A)&nbsp;the proposed business
of the Employing Subsidiary or (B)&nbsp;any proposed business of any Non-Employing
Subsidiary of which Optionee has actual knowledge.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;The provisions of this subparagraph b. shall apply during Optionee&#146;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)&nbsp;then-
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<P align="left" style="font-size: 10pt">current customer of the Employing Subsidiary or (ii)&nbsp;any person that has been a
customer of the Employing Subsidiary within the six months prior to the time of
Optionee&#146;s separation from employment. The phrase &#147;Competitive Business&#148; means
the line(s) of business(es) conducted by the Employing Subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;The provisions of this subparagraph c. shall apply during Optionee&#146;s
employment with the Company or any Subsidiary and for a period of 12&nbsp;months
after Optionee&#146;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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;Each non-competition covenant of Optionee contained in the preceding
provisions of this Paragraph&nbsp;10 (the &#147;non-competition covenant&#148;) 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;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&nbsp;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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;Optionee is agreeing to the provisions of this Paragraph&nbsp;10 in
consideration of the grant of this Option. The provisions of this Paragraph&nbsp;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&nbsp;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.

<P align="left" style="font-size: 10pt">11. <B>Option Issued Pursuant to Plan</B>. 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 Optionee&#146;s rights under this Option without the
Optionee&#146;s written consent.


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<P align="left" style="font-size: 10pt">12. <B>No Liability of Option. </B>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.


<P align="left" style="font-size: 10pt">13. <B>No Assignment. </B>This Option is not transferable otherwise than by will or
the laws of descent and distribution, and is exercisable during the Optionee&#146;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.


<P align="left" style="font-size: 10pt">14. <B>Governing Law. </B>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.


<P align="left" style="font-size: 10pt">15. <B>Entire Agreement. </B>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 shall constitute a waiver of any other provision, whether or not
similar, nor shall any waiver constitute a continuing waiver.


<P align="left" style="font-size: 10pt">16. <B>Notice. </B>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)&nbsp;if to the Optionee, at the address shown on
the books and records of the Company or at the Optionee&#146;s place of employment,
or (ii)&nbsp;if to the Company, at 2711 N. Haskell Avenue, Suite&nbsp;2300, LB 36,
Dallas, Texas 75204-2960: Attention: Treasurer, or any other address that may
be given by either party

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rev date 9/04</TD>
  <TD>&nbsp;</TD>
  <TD width="45%" align="right"><BR>
Change in Control</TD>
 </TR>
</TABLE>


<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">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.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3"><B>ZIX CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Brad Almond
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Bradley C. Almond&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Vice President, Chief Financial<br>
Officer and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<TABLE align="center" cellspacing="0" cellpadding="0" border="0" width="100%">
 <TR style="font-size:10pt">
  <TD width="45%" align="left"><BR>
rev date 9/04</TD>
  <TD>&nbsp;</TD>
  <TD width="45%" align="right"><BR>
Change in Control</TD>
 </TR>
</TABLE>

<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt"><IMG src="d19884d1988400.gif" alt="(ZIXCORP LOGO)">



<P align="center" style="font-size: 10pt">Signature Page<BR>
To<BR>
Zix Corporation Stock Option Agreement


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Effective Date of Grant:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B>September&nbsp;3, 2004</B>
</TD>
</TR>


<TR valign="bottom">

    <TD colspan="5">&nbsp;</TD>
</TR>




<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name of Optionee:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B>Robertson, David</B>
</TD>
</TR>
<TR valign="bottom">

    <TD colspan="5">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Shares:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" colspan="3"><B>100,000</B></TD>
</TR>
<TR valign="bottom">

    <TD colspan="5">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exercise Price:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" valign="bottom"><B>$5.00</B></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="5">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name of Plan:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B>Zix Corporation 2004 Stock Option Plan</B>
</TD>
</TR>
<TR valign="bottom">

    <TD colspan="5">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expiration Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B>September&nbsp;7, 2014</B>
</TD>
</TR>
<TR valign="bottom">

    <TD colspan="5">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vesting Schedule:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>



<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date Upon Which Right</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Number of Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>To Purchase Accrues</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>&nbsp;&nbsp;33,333&nbsp;&nbsp;&nbsp;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Sep-05</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,334</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Dec-05</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,333</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Mar-06</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,333</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Jun-06</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,333</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Sep-06</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,334</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Dec-06</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,333</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Mar-07</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,333</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Jun-07</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>8,334</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>08-Sep-07</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="59%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dave Robertson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: Oct 7/04</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade width="60%" align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optionee Signature</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Sign and return to:<BR>
ZixCorporation, 2711 N. Haskell Avenue, Suite&nbsp;2300, Dallas, Texas 75204-2960<BR>
Attn: Human Resources Department



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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