Sipex Corporation 2005 Executive Bonus Plan Summary
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Summary
Sipex Corporation's Board of Directors has approved a 2005 executive bonus plan for its top executives. The plan rewards the CEO, Senior VP of World Wide Sales, and CFO/Senior VP of Finance with cash bonuses if they achieve specific business goals, such as selling a facility, restating financial statements, improving liquidity, increasing revenue, reducing expenses and inventory, developing new products and strategies, and enhancing production quality and IT resources. The maximum bonuses are $200,000 for the CEO, $90,000 for the Senior VP of Sales, and $80,000 for the CFO.
EX-10.1 2 f12301exv10w1.htm EXHIBIT 10.1 exv10w1
Exhibit 10.1
2005 Executive Bonus Plan Summary
The Board of Directors of Sipex Corporation (“Sipex”) has approved an executive bonus plan that will be based upon achievement of certain goals and completion certain milestones including the following:
| • | Successful completion of the sale of Sipex’s fabrication facility | ||
| • | Successful completion of the restatement of Sipex’s financial statements | ||
| • | Improved liquidity position | ||
| • | Quarterly revenue growth | ||
| • | Reduced expenses | ||
| • | Development of corporation strategy | ||
| • | Reduction in inventory | ||
| • | Development of new products | ||
| • | Improved production quality | ||
| • | Development of information technology resources |
Based upon the achievement of the above goals, the maximum payout for the named executive officer participants in the bonus plan would be as follows:
Ralph Schmitt, Chief Executive Officer | $ | 200,000 | ||
Rick Hawron, Senior VP of World Wide Sales | $ | 90,000 | ||
Ray Wallin, Chief Financial Officer and Senior VP of Finance | $ | 80,000 |
