sv8
As filed
with the Securities and Exchange Commission on September 22, 2006
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SIPEX CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware
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04-6135748 |
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number) |
233 South Hillview Drive,
Milpitas, California 95035
(408) 934-7500
(Address, including zip code, and telephone number, including area code, of principal executive offices)
Stand-Alone Option Agreements
Ralph Schmitt
Chief Executive Officer
Sipex Corporation
233 South Hillview Drive,
Milpitas, California 95035
(408) 934-7500
(Name, address, and telephone number, including area code, of agent for service)
Copy to:
Robert G. Day, Esq.
Allison Berry Spinner, Esq.
Wilson Sonsini Goodrich & Rosati
Professional Corporation
650 Page Mill Road
Palo Alto, CA 94304
(650) 493-9300
CALCULATION OF REGISTRATION FEE
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Proposed |
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Title of |
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Maximum |
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Proposed Maximum |
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Maximum |
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Securities |
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Amount |
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Aggregate |
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Aggregate |
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Amount of |
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to be |
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to be |
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Offering Price |
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Offering |
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Registration |
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Registered |
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Registered(1) |
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Per Share |
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Price |
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Fee |
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Stand-Alone Option
Agreements for Employees |
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Common Stock, par value
$0.01 per share |
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1,939,470 |
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$2.1711(2) |
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$4,210,783.32 (2) |
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$450.56 |
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Stand-Alone Option
Agreements for Directors |
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Common Stock, par value
$0.01 per share |
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262,500 |
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$2.7991(3) |
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$734,763.75 (3) |
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$78.62 |
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Stand-Alone Option
Agreements for Ralph
Schmitt |
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Common Stock, par value
$0.01 per share |
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1,000,000 |
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$1.70 (4) |
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$1,700,000 (4) |
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$181.90 |
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Stand-Alone Option
Agreements for Clyde R.
Wallin |
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Common Stock, par value
$0.01 per share |
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125,000 |
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$2.075(4) |
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$259,375.00 (4) |
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$27.75 |
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TOTAL |
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3,326,970 shares |
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$6,904,922.07 |
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$738.83 |
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(1) |
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Pursuant to Rule 416(a) of Regulation C under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement shall also cover any additional shares of the
Registrants Common Stock that become issuable under the Stand-Alone Option Agreements by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without
receipt of consideration that increases the number of outstanding shares of Registrants Common Stock. |
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(2) |
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Such shares are issuable upon exercise of outstanding options with fixed exercise prices. Pursuant to Rule 457(h)(1) of Regulation C under the Securities Act, the aggregate offering price and
the fee have been computed upon the basis of the price at which the options may be exercised. The Proposed Maximum Offering Price Per Share represents a weighted average of the exercise prices
for such shares. With respect to 1,939,470 shares subject to outstanding options to purchase Common Stock under stand-alone option agreements for employees described above, the range of exercise
prices is $1.49 per share to $3.55 per share and the Proposed Maximum Offering Price Per Share is equal to the weighted average exercise price of $2.1711 per share. |
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(3) |
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Such shares are issuable upon exercise of outstanding options with fixed exercise prices. Pursuant to Rule 457(h)(1) of Regulation C under the Securities Act, the aggregate offering price and
the fee have been computed upon the basis of the price at which the options may be exercised. The Proposed Maximum Offering Price Per Share represents a weighted average of the exercise prices
for such shares. With respect to 262,500 shares subject to outstanding options to purchase Common Stock under stand-alone option agreements for directors described above, the range of exercise
prices is $1.88 per share to $3.45 per share and the Proposed Maximum Offering Price Per Share is equal to the weighted average exercise price of $2.7991 per share. |
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(4) |
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Such shares are issuable upon exercise of an outstanding option with a fixed exercise price. Pursuant to Rule 457(h)(1) of Regulation C under the Securities Act, the aggregate offering price
and the fee have been computed upon the basis of the price at which the options may be exercised. The Proposed Maximum Offering Price Per Share represents the exercise prices for such shares. |
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
The documents containing the information specified in this Item 1 will be sent or given to
employees, directors or others as specified by Rule 428(b)(1). In accordance with the rules and
regulations of the Securities and Exchange Commission, or SEC, and the instructions to Form S-8,
such documents are not being filed with the SEC either as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424.
Item 2. Registrant Information and Employee Plan Annual Information.
The documents containing the information specified in this Item 2 will be sent or given to
employees without charge, upon written or oral request, as specified by Rule 428(b)(1). In
accordance with the rules and regulations of the SEC and the instructions to Form S-8, such
documents are not being filed with the SEC either as part of the Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424.
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Explanatory Note
This Registration Statement on Form S-8 is being filed for the purpose of registering
additional 3,326,970 shares of the Registrants Common Stock to be issued pursuant to certain
Stand-Alone Option Agreements approved by the Registrants Board of Directors, as shown in the
table below.
Stand-Alone Option Agreement for Employees
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Optionee |
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Number of Shares |
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Grant Date |
Steven P. Berry |
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23,100 |
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October 19, 2005 |
Steven P. Berry |
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50,000 |
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January 17, 2006 |
Peter Coyle |
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9,900 |
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October 19, 2005 |
Joel J. Camarda |
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250,000 |
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November 4, 2005 |
Jon F. Cronk |
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50,000 |
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September 6, 2006 |
George K. Dixon |
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25,000 |
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October 19, 2005 |
Jonathan B. Fox |
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40,000 |
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February 21, 2006 |
Richard Hawron |
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100,000 |
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October 19, 2005 |
Chunhwa M. Huang |
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7,920 |
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October 19, 2005 |
Brad Hudon |
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56,600 |
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October 19, 2005 |
Quoi V. Huynh |
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40,000 |
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January 16, 2006 |
Edward M. Lam |
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425,000 |
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September 19, 2005 |
Antonio Lara |
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10,000 |
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April 24, 2006 |
Mihai Lita |
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14,000 |
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October 19, 2005 |
Chang-Su Mitter |
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80,000 |
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November 28, 2005 |
Daryl Nees |
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18,300 |
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October 19, 2005 |
Daryl Nees |
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50,000 |
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January 9, 2006 |
Anjan Parikh |
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80,000 |
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July 31, 2006 |
Edward W. Poate |
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13,200 |
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October 19, 2005 |
Regina Prejdova |
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5,000 |
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October 19, 2005 |
John Ryu |
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30,000 |
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April 24, 2006 |
Lamar E. Schaeffer Jr. |
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100,000 |
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January 3, 2006 |
Stuart Schneck |
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20,000 |
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February 2, 2006 |
Stuart Schneck |
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75,000 |
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June 12, 2006 |
Joseph Vyvijal |
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50,000 |
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January 9, 2006 |
Jay Wang |
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20,000 |
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March 13, 2006 |
Jeffrey Weiss |
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70,000 |
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February 21, 2006 |
Scott Wetzel |
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40,000 |
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March 6, 2006 |
Bandy L. Wu |
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26,650 |
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October 19, 2005 |
Bandy L. Wu |
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40,000 |
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January 17, 2006 |
Chiu Keng Kenny Yuan |
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19,800 |
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October 19, 2005 |
Zhe (Jack) Zhang |
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100,000 |
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April 12, 2006 |
Stand-Alone Option Agreement for Directors
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Optionee |
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Number of Shares |
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Grant Date |
John D. Arnold |
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10,000 |
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July 18, 2005 |
John D. Arnold |
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15,000 |
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July 18, 2005 |
John D. Arnold |
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10,000 |
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August 17, 2006 |
Joseph Consoli |
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10,000 |
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July 18, 2005 |
Joseph Consoli |
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15,000 |
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July 18, 2005 |
Joseph Consoli |
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10,000 |
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August 17, 2006 |
Daniel G. Casey |
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22,500 |
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September 8, 2006 |
Daniel G. Casey |
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10,000 |
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September 8, 2006 |
Pierre Guilbault |
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22,500 |
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September 8, 2006 |
Pierre Guilbault |
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10,000 |
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September 8, 2006 |
Brian Hilton |
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10,000 |
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July 18, 2005 |
Brian Hilton |
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15,000 |
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July 18, 2005 |
Brian Hilton |
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10,000 |
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August 17, 2006 |
Alan F. Krock |
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22,500 |
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September 8, 2006 |
Alan F. Krock |
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10,000 |
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September 8, 2006 |
Douglas McBurnie |
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10,000 |
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July 18, 2005 |
Douglas McBurnie |
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10,000 |
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August 17, 2006 |
Lionel H. Olmer |
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10,000 |
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July 18, 2005 |
Lionel H. Olmer |
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10,000 |
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August 17, 2006 |
Thomas P. Redfern |
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10,000 |
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July 18, 2005 |
Thomas P. Redfern |
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10,000 |
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August 17, 2006 |
Stand-Alone Option Agreement for Ralph Schmitt
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Optionee |
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Number of Shares |
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Grant Date |
Ralph Schmitt |
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1.000,000 |
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June 27, 2005
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Stand-Alone Option Agreement for Clyde R. Wallin
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Optionee |
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Number of Shares |
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Grant Date |
Clyde R. Wallin |
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125,000 |
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January 17, 2006
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Item 3. Incorporation of Documents by Reference.
The following documents filed by SIPEX Corporation (the Registrant) with the SEC pursuant to
the Securities Exchange Act of 1934, as amended (the Exchange Act), are incorporated in this
Registration Statement by reference as of their respective dates:
(a) The Registrants Annual Report on Form 10-K for the period ended December 31, 2005, filed
with the SEC on August 17, 2006;
(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act
since the end of the latest fiscal year covered by the documents referred to in (1) above; and
(c) The section entitled Description of Registrants Securities to be Registered contained
in the Registrants registration statement on Form 8-A filed with the SEC on October 28, 2003
pursuant to Section 12(g) of the Exchange Act.
All documents subsequently filed with the SEC by the Registrant pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered herein have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this Registration
Statement and to be a part hereof from the date of filing of such documents; provided, however,
that we are not incorporating any information from any filed documents furnished under either Item
2.02 or Item 7.01 of any Current Report on Form 8-K.
Item 4. Description of Securities.
Not applicable.
Item 5. Interest of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers.
Our bylaws and certificate of incorporation limit the liability of our directors and officers
for expenses to the maximum extent permitted by Delaware law. Delaware law provides that directors
of a corporation will not be personally liable for monetary damages for breach of their fiduciary
duties as directors, except for liability (i) for any breach of their duty of loyalty to the
corporation or its stockholders; (ii) for acts or omissions not in good faith or that involve
intentional misconduct or a knowing violation of law; (iii) for unlawful payments of dividends or
unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General
Corporation Law; or (iv) for any transaction from which the director derived an improper personal
benefit.
Our bylaws and certificate of incorporation provide that we must indemnify our directors and
may indemnify our other officers, employees and agents to the fullest extent permitted by law.
We have entered into agreements to indemnify our directors and officers, in addition to
indemnification provided for in our bylaws and certificate of incorporation. These agreements,
among other things, indemnify our directors and officers for certain expenses (including attorneys
fees), judgments, fines and settlement amounts incurred by any such person in any action or
proceeding, including any action by or in the right of Sipex, arising out of such persons services
as a director, officer, employee or agent of Sipex or any other company or enterprise to which the
person provides services at our request.
Our bylaws also permit us to secure insurance on behalf of any officer, director, employee or
other agent for any liability arising out of his or her actions in such capacity, regardless of
whether the bylaws and
certificate of incorporation would permit indemnification. We also maintain an insurance
policy insuring our directors and officers against liability for certain acts and omissions while
acting in their official capacities.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
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Exhibit |
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Number |
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Description |
4.1
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Form of Stand-Alone Stock Option Agreement for Employees. |
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4.2
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Form of Stand-Alone Stock Option Agreement for Directors. |
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4.3
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Stand-Alone Stock Option Agreement for Ralph Schmitt. |
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4.4
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Stand-Alone Stock Option Agreement for Clyde R. Wallin. |
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5.1
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Opinion of Wilson Sonsini Goodrich & Rosati, Professional Corporation, as to the legality
of the securities being registered. |
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23.1
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Consent of Independent Registered Public Accounting Firm. |
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23.2
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Consent of Wilson Sonsini Goodrich & Rosati, Professional Corporation (included in
Exhibit 5.1). |
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24.1
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Power of Attorney (included as part of the signature page to this Registration Statement). |
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the dollar value of securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum aggregate offering price set
forth in the Calculation of Registration Fee table in the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration
Statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrants annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of any employee benefit plans annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement
shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto, duly authorized, in the City of Milpitas, State of
California, on September 22, 2006.
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SIPEX CORPORATION
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By: |
/s/ Clyde R. Wallin
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Clyde R. Wallin |
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Chief Financial Officer and
Senior Vice President of Finance |
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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Clyde R. Wallin, his attorney-in-fact, with the power of substitution, for him in any
and all capacities, to sign any amendment to this Registration Statement on Form S-8, and to file
the same, with exhibits thereto and other documents in connection therewith, with the Securities
and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact, or his
substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed on September 22, 2006 by the following persons in the capacities indicated.
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/s/ Ralph Schmitt
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Chief Executive Officer and |
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Ralph Schmitt
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Director (Principal Executive Officer) |
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/s/ Clyde R. Wallin
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Chief Financial Officer and Senior Vice
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Clyde R. Wallin
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President of Finance (Principal Accounting and Financial Officer) |
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/s/ John D. Arnold
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Director |
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John D. Arnold |
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Director |
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Dan Casey |
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Joseph C. Consoli
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Director |
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/s/
Pierre Guilbault
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Director |
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Pierre Guilbault |
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/s/
Brian Hilton
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Chairman of the Board of Directors |
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Brian Hilton |
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/s/ Alan Krock
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Director |
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Alan Krock |
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/s/ Douglas M. McBurnie |
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Director |
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Douglas M. McBurnie |
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Director |
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Lionel H. Olmer |
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/s/ Thomas P. Redfern
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Director |
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Thomas P. Redfern |
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Index to Exhibits
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Exhibit |
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Number |
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Description |
4.1
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Form of Stand-Alone Stock Option Agreement for Employees. |
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4.2
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Form of Stand-Alone Stock Option Agreement for Directors. |
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4.3
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Stand-Alone Stock Option Agreement for Ralph Schmitt. |
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4.4
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Stand-Alone Stock Option Agreement for Clyde R. Wallin. |
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5.1
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Opinion of Wilson Sonsini Goodrich & Rosati, Professional Corporation, as to the legality
of the securities being registered. |
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23.1
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Consent of Independent Registered Public Accounting Firm. |
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23.2
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Consent of Wilson Sonsini Goodrich & Rosati, Professional Corporation (included in
Exhibit 5.1). |
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24.1
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Power of Attorney (included as part of the signature page to this Registration Statement). |