Zix Announces Grant of Non-Plan Equity Awards

DALLAS--(BUSINESS WIRE)--Zix Corporation (Zix), (Nasdaq: ZIXI), a leading provider of cloud email security, productivity and compliance solutions, today announced that, in connection with its recent acquisition of CloudAlly Ltd., its board authorized a new, non-shareholder-approved equity plan under Nasdaq rules that permit the grant of “inducement” equity awards to employees of CloudAlly who joined Zix as part of the acquisition. Subject to compliance with applicable Israeli legal and tax requirements, the board authorized the issuance to 16 CloudAlly employees of inducement awards under the new plan consisting of up to 400,000 restricted shares of Zix common stock (not all 400,000 restricted shares are currently allocated). These restricted shares generally will vest based on a combination of the passage of time and/or Zix’s achievement of certain financial performance metrics.