Document:

EX-10.1

April 23, 2007

Dear Ray:

This letter amends and updates your offer letter (the “Initial Offer Letter”) from Sipex
Corporation (the “Company”) dated March 26, 2004 regarding your employment arrangements as Senior
Vice President of Finance and Chief Financial Officer of the Company. Specifically, this letter
supersedes and replaces portions of the offer letter regarding severance and change of
control-related benefits to which you may become entitled, though we will continue to rely upon
certain definitions in your offer letter. To the extent not amended hereby, the Initial Offer
Letter remains in full force and effect.

To reward you for the Company achievements in which you have had a significant role over the past
year or more, the Board of Directors has determined to pay you bonuses as follows: You will be
paid $22,500 (less applicable withholding taxes) on the next payroll date following your execution
of this letter and an additional $22,500 (less applicable withholding taxes) on the payroll date
next following the effective date of the registration statement filed by Sipex Corporation on April
20, 2007 registering the 5.5% Redeemable Convertible Senior Notes due 2026, if you remain a Company
employee through such effective date.

In addition, effective immediately, if you experience an “Involuntary Termination” (as defined
below) and provided that you sign and do not revoke a standard release of claims with the Company,
then:

(A) all outstanding options to purchase Common Stock of the Company and other
Company equity awards that you then hold (the “Awards”) shall immediately vest and
become fully exercisable as of your termination date, and you will have until the
earlier of the first anniversary of your termination date or the applicable option
expiration date in which to exercise any vested option shares,

(B) you shall be entitled to receive a payment equal to 12 months of your Base
Salary rate as then in effect (less applicable withholding taxes) on the payroll
date next following the effective date of the release of claims, and

(C) the Company will, for the 12 months beginning at the time you experience a
“qualifying event” under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”), pay your costs to continue your and your eligible dependents’ healthcare
coverage should you timely elect to continue such coverage (such payments to cease
upon your becoming eligible for similar coverage under a group health care plan
provided to you by a new employer or, if earlier, upon such date as you or your
eligible dependents are no longer eligible for continuation coverage under COBRA).

Notwithstanding the foregoing, if, upon or within 90 days following a “Change of Control,” you
experience an Involuntary Termination and execute and do not revoke a standard release of claims
with the Company, but agree, at the Company’s (or a successor’s) request, to continue as an
employee to provide transition services for up to 90 days at your then-current salary and at the
level of benefits provided to similarly-situated employees, then you will be entitled to the
benefits under subsections (B) and (C) above and in lieu of the benefits provided under subsection
(A) above, all of your Awards shall immediately vest and become fully exercisable as of the date on
which such transition period begins, and you will have until the earlier of the first anniversary
of your actual employment termination date or the applicable option expiration date in which to
exercise any vested option shares. For the avoidance of doubt, in the event that you are requested
to enter into a transition period on the terms described above and you agree to do so, and whether
or not the terms of such transition arrangement is reflected in a written agreement between you and
the Company, in addition to any release of claims you have previously executed, upon your actual
date of termination, the Company will provide you with a new release of claims which you must
execute and not revoke in order to receive any further severance benefits to which you may be
entitled under subsection (C) above.

In addition, in the event you experience an Involuntary Termination, you may retain for your
personal use the cell phone, with account and phone number transferred from the Company to you, and
the laptop computer, after the Company cleanses it of Company documents, provided to you by the
Company. You will be responsible for any applicable tax withholdings that apply.

For purposes of this letter, an “Involuntary Termination” will mean the termination of your
employment with the Company (1) by the Company without “Cause” (as defined in the Initial Offer
Letter) or (2) by you for Good Reason (the definition of which is being expanded by this letter).
Any termination by reason of your death or disability will not be deemed to be an Involuntary
Termination. For the purposes of this letter, “Cause,” “Change of Control” and “Good Reason” have
the meanings given them in your offer letter; provided that in addition to the events set forth in
the offer letter giving rise to Good Reason for you to terminate your employment, the following
events will also give you Good Reason to terminate your employment: (i) your not remaining Chief
Financial Officer of the Company or any successor, and (ii) the failure of any successor to the
Company to assume and honor the Company’s obligations under this letter. You agree to give the
Company written notice of the existence of the condition causing Good Reason within 90 days of the
initial existence of the condition, and you agree to provide the Company with 30 days from such
notice to remedy the condition prior to terminating your employment with the Company for Good
Reason.

Finally, we will pay to Heller Ehrman LLP up to $5,000 of actual expenses incurred by you with
respect to Heller Ehrman’s representation of you in connection with this letter.

This letter is not a term employment agreement and does not constitute a guarantee or promise of
employment, it being your and our agreement, that you will continue to be an employee at will and
that your employment may be terminated at any time by either the Company or you. This letter may
not be modified or amended except by written agreement, signed by you and Sipex Corporation. This
letter and the Initial Offer Letter, as amended hereby, constitute the entire agreement between you
and the Company on your employment severance matters. This letter and the Initial Offer Letter are
intended to comply with the requirements of Section 409A of Internal Revenue Code of 1986, as
amended and the regulations thereunder “Section 409A”), and, in the event of any ambiguity related
to the terms of such letters, such terms shall be interpreted to comply with Section 409A.

Sincerely,

/s/ Ralph Schmitt

Ralph Schmitt

Sipex Corporation

Chief Executive Officer

I understand and accept the terms of this letter, including as it amends my offer letter.

/s/ Clyde R. Wallin

Ray Wallin

Date: 4/24/07Amendment No. 1 to JPMorgan Master Repurchase Agreement

EXHIBIT 10.1

EXECUTION VERSION

 

AMENDMENT NO. 1 

TO MASTER REPURCHASE AGREEMENT

Amendment No. 1, dated as of April 25, 2007 (this “Amendment”), by and among JPMORGAN CHASE BANK, N.A. (the “Buyer”), HOMEBANC MORTGAGE CORPORATION (a “Seller”) and HOMEBANC CORP. (a “Seller”).

RECITALS

The Buyer and the Sellers are parties to that certain Master Repurchase Agreement, dated as of January 23, 2007, (the “Existing Repurchase Agreement” as amended by this Amendment, the “Repurchase Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement.

The Buyer and the Sellers have agreed, subject to the terms and conditions of this Amendment, that the Existing Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Repurchase Agreement.

Accordingly, the Buyer and the Sellers hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Repurchase Agreement is hereby amended as follows:

SECTION 1.     Security Interest.  Section 8 of the Existing Repurchase Agreement is hereby amended by deleting the first paragraph thereto in its entirety and replacing it with the following language:

“Although the parties intend that all Transactions hereunder be sales and purchases and not loans (provided, however, that the parties intend to treat Transactions as Indebtedness for accounting and tax purposes), in the event any such Transactions are deemed to be loans, each Seller hereby pledges to Buyer as security for the performance by the Sellers of their Obligations and hereby grants, assigns and pledges to Buyer a security interest in the Purchased Mortgage Loans, the Records, all servicing rights related solely to the Purchased Mortgage Loans, the Repurchase Documents (to the extent such Repurchase Documents and the Sellers’ rights thereunder relate to the Purchased Mortgage Loans), any Property relating to any Purchased Mortgage Loan or the related
Mortgaged Property, all insurance policies and insurance proceeds relating to any Purchased Mortgage Loan or the related Mortgaged Property, including but not limited to any payments or proceeds under any related primary insurance or hazard insurance, any Income relating to any Purchased Mortgage Loan, the Collection Account, any Interest Rate Protection Agreements relating to any Purchased Mortgage Loans, any rights (but excluding the obligations) to participation interests in any Interest Rate Protection Agreement relating to any Purchased Mortgage Loan, any accounts relating to any Purchased Mortgage Loan, and any other contract rights, accounts (including any interest of the Sellers in escrow accounts), payments, rights to payment (including payments of interest or finance charges) and general intangibles to the extent that the foregoing relates to any Purchased Mortgage Loan and any other assets relating to the Purchased Mortgage Loans or any interest in the Purchased Mortgage
Loans, all 

 

USActive 7659101.2 

 

 

collateral under any other secured debt facility between a Seller or their Affiliates on the one hand and the Buyer and the Buyer’s Affiliates on the other, and any proceeds (including the related securitization proceeds) and distributions and any other property, rights, title or interests as are specified on a Trust Receipt and Exception Report with respect to any of the foregoing, in all instances, whether now owned or hereafter acquired, now existing or hereafter created, and wherever located (collectively, the “Repurchase Assets”).”

SECTION 2.     Conditions Precedent.  This Amendment shall become effective on the date hereof (the “Amendment Effective Date”) subject to the satisfaction of the following conditions precedent:

2.1          Delivered Documents.  On the Amendment Effective Date, the Buyer shall have received the following documents, each of which shall be satisfactory to the Buyer in form and substance:

(a)          this Amendment, executed and delivered by duly authorized officers of the Buyer and the Sellers; 

(b)          evidence that all other actions necessary, or in the opinion of the Buyer, desirable to perfect and protect Buyer’s interest in the Transaction and other Repurchase Assets have been taken, including, without limitation, UCC searches and duly authorized and filed Uniform Commercial Code financing statements on Form UCC3 with respect to each Seller; and

(c)          such other documents as the Buyer or counsel to the Buyer may reasonably request.

SECTION 3.     Representations and Warranties.  Each Seller hereby represents and warrants to the Buyer that it is in compliance with all the terms and provisions set forth in the Existing Repurchase Agreement on its part to be observed or performed, and that no Event of Default has occurred or is continuing, and each hereby confirms and reaffirms the representations and warranties contained in Section 11 of the Existing Repurchase Agreement.

SECTION 4.     Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.

SECTION 5.     Fees.  Each Seller agrees to pay as and when billed by the Buyer all of the reasonable fees, disbursements and expenses of counsel to the Buyer in connection with the development, preparation and execution of, this Amendment or any other documents prepared in connection herewith and receipt of payment thereof shall be a condition precedent to the Buyer entering into any Transaction pursuant hereto.

SECTION 6.  Confidentiality.  The parties hereto acknowledge that this Amendment, the Existing Repurchase Agreement, and all drafts thereof, documents relating thereto and transactions contemplated thereby are confidential in nature and the Sellers agree that, unless otherwise directed by a court of competent jurisdiction, they shall limit the 

 

	
            USActive 7659101.2
 	
            -2-
 

 

 

distribution of such documents and the discussion of such transactions to such of its officers, employees, attorneys, accountants and agents as is required in order to fulfill its obligations under such documents and with respect to such transactions.

SECTION 7.   GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 8.     Counterparts.  This Amendment may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which, when so executed, shall constitute one and the same agreement.

SECTION 9.    Conflicts.  The parties hereto agree that in the event there is any conflict between the terms of this Amendment, and the terms of the Existing Repurchase Agreement, the provisions of this Amendment shall control.

[SIGNATURE PAGE FOLLOWS]

 

	
            USActive 7659101.2
 	
            -3-
 

 

 

 

IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

JPMORGAN CHASE BANK, N.A.

as Buyer

	
             
 	
            By:
 	
             /s/ JONATHAN P. DAVIS                            
 

Name:  Jonathan P. Davis

	
             
 	
            Title:  
 	
            Executive Director
 

HOMEBANC MORTGAGE CORPORATION 

as a Seller

	
             
 	
            By:
 	
             /s/ JAMES L. KRAKAU                                
 

Name:  James L. Krakau

	
             
 	
            Title:  
 	
            Senior Vice President
 

HOMEBANC CORP.,

as  Seller

	
             
 	
            By:
 	
             /s/ JAMES L. KRAKAU                                
 

Name:  James L. Krakau

	
             
 	
            Title:  
 	
            Senior Vice President
 

 

 

 

USActive 7659101.2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]