Sipex Corporation Non-Employee Director Compensation Plan (2005)

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation plan for non-employee directors of Sipex Corporation for 2005. It specifies annual cash payments for each director, with fees paid quarterly, and details additional stock option grants. Directors are also reimbursed for reasonable expenses related to their duties. Special provisions apply to certain directors, such as reduced compensation for Douglas M. McBurnie due to his interim CEO role. Audit Committee members receive extra stock options in recognition of increased responsibilities. The plan is effective as of January 1, 2005.

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EX-10.2 3 f12634exv10w2.htm EXHIBIT 10.2 exv10w2  

Exhibit 10.2
Sipex Corporation
Non-Employee Director Compensation Plan
Annual Retainer Schedule
Category
           
    Annual Cash    
    Compensation  
John D. Arnold, Audit Committee Member
         $      32,000
Joseph C. Consoli, Chairman of Audit Committee
         $      38,000
Brian Hilton, Audit Committee Member
         $      32,000
Douglas M. McBurnie*
         $      28,000
Lionel H. Olmer, Chairman of Compensation Committee
         $      30,000
Thomas P. Redfern
         $      28,000
 
*   Mr. McBurnie will receive only $14,000 of the annual cash compensation amount as he was employed as the interim Chief Executive Officer for Sipex during the first half of 2005.
All fees are paid quarterly in arrears. In addition, Sipex reimburses directors for reasonable travel and other expenses incurred in attending meetings or participating in professional development and education activities. All changes to the 2005 Non-Employee Director Compensation Plan are effective January 1, 2005.
In addition, each of the directors is entitled to an option to purchase 10,000 shares of Sipex common stock, which vests in equal quarterly installments over the one-year period ending July 18, 2006. Furthermore, each member of the Audit Committee is entitled to an additional option to purchase 15,000 shares of fully vested Sipex common stock, in consideration for the increased service to Sipex as a result of the ongoing internal investigation.