Document:

Sipex Corporation 1997 Stock Option Plan

 Exhibit 4.5 
 SIPEX CORPORATION 
 1997 STOCK OPTION PLAN 
 1. PURPOSE. The purpose of the SIPEX Corporation 1997 Stock Option Plan (the “Plan”) is to encourage key employees of SIPEX Corporation (the
“Company”) and of any present or future parent or subsidiary of the Company (collectively, “Related Corporations”) and other individuals who render services to the Company or a Related Corporation, by providing opportunities to
participate in the ownership of the Company and its future growth through (a) the grant of options which qualify as “incentive stock options” (“ISOs”) under Section 422(b) of the Internal Revenue Code of 1986, as
amended (the “Code”); (b) the grant of options which do not qualify as ISOs (“Non-Qualified Options”); (c) awards of stock in the Company (“Awards”); and (d) opportunities to make direct purchases of
stock in the Company (“Purchases”). Both ISOs and Non-Qualified Options are referred to hereafter individually as an “Option” and collectively as “Options.” Options, Awards and authorizations to make Purchases are
referred to hereafter collectively as “Stock Rights.” As used herein, the terms “parent” and “subsidiary” mean “parent corporation” and “subsidiary corporation,” respectively, as those terms are
defined in Section 424 of the Code. 
 2. ADMINISTRATION OF THE PLAN 
 A. BOARD OR COMMITTEE ADMINISTRATION. The Plan shall (be administered by the Board of Directors of the Company (the “Board”) or,
subject to paragraph 2(D) (relating to compliance with Section 162(m) of the Code), by a committee appointed by the Board (the “Committee”). Hereinafter, all references in this Plan to the “Committee” shall mean the Board if
no Committee has been appointed. Subject to ratification of the grant or authorization of each Stock Right by the Board (if so required by applicable state law), and subject to the terms of the Plan, the Committee shall have the authority to
(i) determine to whom (from among the class of employees eligible under paragraph 3 to receive ISOs) ISOs shall be granted, and to whom (from among the class of individuals and entities eligible under paragraph 3 to receive Non-Qualified
Options and Awards and to make Purchases) Non-Qualified Options, Awards and authorizations to make Purchases may be granted; (ii) determine the time or times at which Options or Awards shall be granted or Purchases made; (iii) determine
the purchase price of shares subject to each Option or Purchase, which prices shall not be less than the minimum price specified in paragraph 7; (iv) determine whether each Option granted shall be an ISO or a Non-Qualified Option;
(v) determine (subject to paragraph 8) the time or times when each Option shall become exercisable and the duration of the exercise period; (vi) extend the period during which outstanding Options may be exercised; (vii) determine
whether restrictions such as repurchase options are to be imposed on shares subject to Options, Awards and Purchases and the nature of such restrictions, if any, and (viii) interpret the Plan and prescribe and rescind rules and regulations
relating to it. If the Committee determines to issue a Non-Qualified Option, it shall take whatever actions it deems necessary, under Section 422 of the Code and the regulations promulgated thereunder, to ensure that such Option is not treated
as an ISO. The interpretation and construction by the Committee of any provisions of the Plan or of any Stock Right granted under it shall be final unless otherwise determined by the Board. The Committee may from time to time adopt such rules and
regulations for carrying out the Plan as it may deem advisable. No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Stock Right granted under it. 
  

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 B. COMMITTEE ACTIONS. The Committee may select one of its members as its chairman, and
shall hold meetings at such time and places as it may determine. A majority of the Committee shall constitute a quorum and acts of a majority of the members of the Committee at a meeting at which a quorum is present, or acts reduced to or approved
in writing by all the members of the Committee (if consistent with applicable state law), shall be the valid acts of the Committee. From time to time the Board may increase the size of the Committee and appoint additional members thereof, remove
members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan. 
 C. GRANT OF STOCK RIGHTS TO BOARD MEMBERS. Stock Rights may be granted to members of the Board. All grants of Stock Rights to members of
the Board shall in all respects be made in accordance with the provisions of this Plan applicable to other eligible persons. Members of the Board who either (i) are eligible to receive grants of Stock Rights pursuant to the Plan or
(ii) have been granted Stock Rights may vote on any matters affecting the administration of the Plan or the grant of any Stock Rights pursuant to the Plan, except that no such member shall act upon the granting to himself or herself of Stock
Rights, but any such member may be counted in determining the existence of a quorum at any meeting of the Board during which action is taken with respect to the granting to such member of Stock Rights. 
 D. PERFORMANCE-BASED COMPENSATION. The Board, in its discretion, may take such action as may be necessary to ensure that Stock Rights
granted under the Plan qualify as “qualified performance-based compensation” within the meaning of Section 162(m) of the Code and applicable regulations promulgated thereunder (“Performance-Based Compensation”). Such action
may include, in the Board’s discretion, some or all of the following (i) if the Board determines that Stock Rights granted under the Plan generally shall constitute Performance-Based Compensation, the Plan shall be administered, to the
extent required for such Stock Rights to constitute Performance-Based Compensation, by a Committee consisting solely of two or more “outside directors” (as defined in applicable regulations promulgated under Section 162(m) of the
Code), (ii) if any Non-Qualified Options with an exercise price less than the fair market value per share of Common Stock are granted under the Plan and the Board determines that such Options should constitute Performance-Based Compensation,
such options shall be made exercisable only upon the attainment of a pre-established, objective performance goal established by the Committee, and such grant shall be submitted for, and shall be contingent upon shareholder approval and
(iii) Stock Rights granted under the Plan may be subject to such other terms and conditions as are necessary for compensation recognized in connection with the exercise or disposition of such Stock Right or the disposition of Common Stock
acquired pursuant to such Stock Right, to constitute Performance-Based Compensation. 
 3. ELIGIBLE EMPLOYEES AND OTHERS. ISOs may be granted
only to employees of the Company or any Related Corporation. Non-Qualified Options, Awards and authorizations to make Purchases may be granted to any employee, officer or director (whether or not also an employee) or consultant of the Company or any
Related Corporation. The Committee may take into consideration a recipient’s individual circumstances in determining whether to grant a Stock Right. The granting of any Stock Right to any individual or entity shall neither entitle that
individual or entity to, nor disqualify such individual or entity from, participation in any other grant of Stock Rights. 
 4. STOCK. The
stock subject to Stock Rights shall be authorized but unissued shares of Common Stock of the Company, par value $.01 per share (the “Common Stock”), or shares of Common Stock reacquired by the Company in any manner. The aggregate number of
shares which may be issued pursuant to the Plan is 

  

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600,000, subject to adjustment as provided in paragraph 14. If any Option granted under the Plan shall expire or terminate for any reason without having been
exercised in full or shall cease for any reason to be exercisable in whole or in part or shall be repurchased by the Company, the unpurchased shares of Common Stock subject to such Option shall again be available for grants of Stock Rights under the
Plan. 
 No employee of the Company or any Related Corporation may be granted Options to acquire, in the aggregate, more than 420,000 shares
of Common Stock under the Plan during any fiscal year of the Company. If any Option granted under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in
part or shall be repurchased by the Company, the shares subject to such Option shall be included in the determination of the aggregate number of shares of Common Stock deemed to have been granted to such employee under the Plan. 
 5. GRANTING OF STOCK RIGHTS. Stock Rights may be granted under the Plan at any time on or after March 14, 1997 and prior to March 13, 2007. The
date of grant of a Stock Right under the Plan will be the date specified by the Committee at the time it grants the Stock Right; provided, however, that such date shall not be prior to the date on which the Committee acts to approve the grant.

 6. AUTOMATIC GRANT OF OPTIONS TO NON-EMPLOYEE DIRECTORS. 
 A. Each director who is not an employee or officer or consultant of the Company (a “Non-Employee Director”) who becomes a
director after the third Monday in July, 1997 shall be automatically granted on the date such person first becomes a member of the Board, without further action by the Board, an Option to purchase 5,000 shares of Common Stock. 
 B. Subject to the availability of shares under this Plan, each person who is a member of the Company’s Board of Directors on the
third Monday in July, 1997 and on the same day of each year thereafter during the term of this Plan, and who is a Non-Employee Director of the Company on any such date, is automatically granted on each such date, without further action by the Board
of Directors, an Option to purchase 5,000 shares of the Company’s Common Stock. 
 C. OPTION PRICE. The purchase price of
the stock covered by an Option granted pursuant to this paragraph shall be 100% of the fair market value of such shares on the day the Option is granted. “Fair market value” shall be determined in accordance with paragraph 7D hereof.

 D. PERIOD OF OPTION. An Option granted under this paragraph shall expire on the date which is ten (10) years after the
date of grant of the Option unless sooner terminated in accordance with paragraphs 10 or 11 of this Plan. 
 E. VESTING OF
SHARES. Options granted under this paragraph shall become exercisable, in accordance with the following schedule, provided that the optionee has continuously served as a member of the Board through such date: 
  

			
	 PERCENTAGE OF OPTION
SHARES FOR
WHICH
OPTION WILL BE EXERCISABLE
	  	 DATE OPTION SHARES
 BECOME EXERCISABLE

	 0%
	  	Less than 1 year from the date of grant
	 20%
	  	1 year from the date of grant
	 40%
	  	2 years from the date of grant
	 60%
	  	3 years from the date of grant
	 80%
	  	4 years from the date of grant
	 100%
	  	5 years from the date of grant

  

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 The number of shares as to which Options may be exercised shall be cumulative, so that
once the Option shall become exercisable as to any shares it shall continue to be exercisable as to said shares, until expiration or termination of the Option as provided in this Plan. 
 7. MINIMUM OPTION PRICE; ISO LIMITATIONS. 
 A. PRICE FOR NON-QUALIFIED OPTIONS, AWARDS AND PURCHASES. The exercise price per share specified in the agreement relating to each Non-Qualified Option granted, and the purchase price per share of stock granted in any
Award or authorized as a Purchase, under the Plan may not be less than the fair market value (as determined in accordance with paragraph 7(D)) of the Common Stock of the Company on the date of grant. 
 B. PRICE FOR ISOS. The exercise price per share specified in the agreement relating to each ISO granted under the Plan shall not be less
than the fair market value per share of Common Stock on the date of such grant. In the case of an ISO to be granted to an employee owning stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of
the Company or any Related Corporation, the price per share specified in the agreement relating to such ISO shall not be less than one hundred ten percent (110%) of the fair market value per share of Common Stock on the date of grant. For
purposes of determining stock ownership under this paragraph, the rules of Section 424(d) of the Code shall apply. 
 C.
$100,000 ANNUAL LIMITATION ON ISO VESTING. Each eligible employee may be granted Options treated as ISOs only to the extent that, in the aggregate under this Plan and all incentive stock option plans of the Company and any Related Corporation, ISOs
do not become exercisable for the first time by such employee during any calendar year with respect to stock having a fair market value (determined at the time the ISOs were granted) in excess of $100,000. The Company intends to designate any
Options granted in excess of such limitation as Non-Qualified Options, and the Company shall issue separate certificates to the optionee with respect to Options that are Non-Qualified Options and Options that are ISOs. 
 D. DETERMINATION OF FAIR MARKET VALUE. If, at the time an Option is granted under the Plan, the Company’s Common Stock is publicly
traded, “fair market value” shall be determined as of the date of grant or, if the prices or quotes discussed in this sentence are unavailable for such date, the last business day for which such prices or quotes are available prior to the
date of grant and shall mean (i) the average (on that date) of the high and low prices of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national
securities exchange; or (ii) the last reported sale price (on that date) of the Common Stock on the Nasdaq National Market, if the Common Stock is not then traded on a national securities exchange; or (iii) the closing bid price (or
average of bid prices) last quoted (on that date) by an established quotation service for over-the-counter securities, if the Common Stock is not reported on the Nasdaq National Market. If the Common Stock is not publicly traded at the time an
Option is granted under the Plan, “fair market value” shall mean the fair value of the Common Stock as determined by the Committee after taking into consideration all factors which it deems appropriate, including, without limitation,
recent sale and offer prices of the Common Stock in private transactions negotiated at arm’s length. 
 8. OPTION DURATION. Subject to
earlier termination as provided in paragraphs 10 and 11 or in the agreement relating to such Option, each Option shall expire on the date specified by the Committee, but not more than (i) ten years from the date of grant in the case of Options
generally and (ii) five years from the date of grant in the case of ISOs granted to an employee owning stock possessing more than ten percent 

  

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(10%) of the total combined voting power of all classes of stock of the Company or any Related Corporation, as determined under paragraph 7(B). Subject to
earlier termination as provided in paragraphs 10 and 11, the term of each ISO shall be the term set forth in the original instrument granting such ISO, except with respect to any part of such ISO that is converted into a Non-Qualified Option
pursuant to paragraph 17. 
 9. EXERCISE OF OPTION. Subject to the provisions of paragraphs 10 through 13, each Option granted under the Plan
shall be exercisable as follows: 
 A. VESTING. Except for options granted under Section 6, Options shall either be fully
exercisable on the date of grant or shall become exercisable thereafter in such installments as the Committee may specify. 
 B. FULL VESTING OF INSTALLMENTS. Once an installment becomes exercisable, it shall remain exercisable until expiration or termination of the Option, unless otherwise specified by the Committee. 
 C. PARTIAL EXERCISE. Each Option or installment may be exercised at any time or from time to time, in whole or in part, for up to the
total number of shares with respect to which it is then exercisable. 
 D. ACCELERATION OF VESTING. The Committee, or Board
with respect to Options granted to any Non-Employee Director pursuant to Section 6, shall have the right to accelerate the date that any installment of any Option becomes exercisable; provided that the Committee shall not, without the consent
of an optionee, accelerate the permitted exercise date of any installment of any Option granted to any employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to paragraph 17) if such acceleration would violate the
annual vesting limitation contained in Section 422(d) of the Code, as described in paragraph 7(C). 
 10. TERMINATION OF EMPLOYMENT.
Unless otherwise specified in the agreement relating to such ISO, if an ISO optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or disability as defined in paragraph 11, no further installments of
his or her ISOs shall become exercisable, and his or her ISOs shall terminate on the earlier of (a) three months after the date of termination of his or her employment, or (b) their specified expiration dates, except to the extent that
such ISOs (or unexercised installments thereof) have been converted into Non-Qualified Options pursuant to paragraph 17. For purposes of this paragraph 10, employment shall be considered as continuing uninterrupted during any bona fide leave of
absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such optionee’s right to reemployment is
guaranteed by statute or by contract. A bona fide leave of absence with the written approval of the Committee shall not be considered an interruption of employment under this paragraph 10, provided that such written approval contractually obligates
the Company or any Related Corporation to continue the employment of the optionee after the approved period of absence. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related
Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. Nothing in the Plan shall be deemed to give any grantee of any Stock Right the right to be retained in employment or other service by the
Company or any Related Corporation for any period of time. 
 11. DEATH; DISABILITY. 
 A. DEATH. If an ISO optionee ceases to be employed by the Company and all Related Corporations by reason of his or her death, any ISO
owned by such optionee may be exercised, to the extent otherwise exercisable on the date of death, by the estate, personal representative or beneficiary who has 

  

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acquired the ISO by will or by the laws of descent and distribution, until the earlier of (i) the specified expiration date of the ISO or (ii) 180
days from the date of the optionee’s death. 
 B. DISABILITY. If an ISO optionee ceases to be employed by the Company and
all Related Corporations by reason of his or her disability, such optionee shall have the right to exercise any ISO held by him or her on the date of termination of employment, for the number of shares for which he or she could have exercised it on
that date, until the earlier of (i) the specified expiration date of the ISO or (ii) 180 days from the date of the termination of the optionee’s employment. For the purposes of the Plan, the term “disability” shall mean
“permanent and total disability” as defined in Section 22(e)(3) of the Code or any successor statute. 
 12. ASSIGNABILITY. No
ISO shall be assignable or transferable by the optionee except by will or by the laws of descent and distribution, and during the lifetime of the optionee shall be exercisable only by such optionee. Stock Rights other than ISOs shall be transferable
to the extent set forth in the agreement relating to such Stock Right. 
 13. TERMS AND CONDITIONS OF OPTIONS. Options shall be evidenced by
instruments (which need not be identical) in such forms as the Committee may from time to time approve. Such instruments shall conform to the terms and conditions set forth in paragraphs 6 through 12 hereof and may contain such other provisions as
the Committee deems advisable which are not inconsistent with the Plan, including restrictions applicable to shares of Common Stock issuable upon exercise of Options. The Committee may specify that any Non- Qualified Option shall be subject to the
restrictions set forth herein with respect to ISOs, or to such other termination and cancellation provisions as the Committee may determine. The Committee may from time to time confer authority and responsibility on one or more of its own members
and/or one or more officers of the Company to execute and deliver such instruments. The proper officers of the Company are authorized and directed to take any and all action necessary or advisable from time to time to carry out the terms of such
instruments. 
 14. ADJUSTMENTS. Upon the occurrence of any of the following events, an optionee’s rights with respect to Options
granted to such optionee hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in the written agreement between the optionee and the Company relating to such Option: 
 A. STOCK DIVIDENDS AND STOCK SPLITS. If the shares of Common Stock shall be subdivided or combined into a greater or smaller number of
shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, the number of shares of Common Stock deliverable upon the exercise of Options shall be appropriately increased or decreased
proportionately, and appropriate adjustments shall be made in the purchase price per share to reflect such subdivision, combination or stock dividend. 
 B. CONSOLIDATIONS OR MERGERS. If the Company is to be consolidated with or acquired by another entity in a merger or other reorganization in which the holders of the outstanding voting stock of the Company immediately
preceding the consummation of such event, shall, immediately following such event, hold, as a group, less than a majority of the voting securities of the surviving or successor entity, or in the event of a sale of all or substantially all of the
Company’s assets or otherwise (each, an “Acquisition”), the Committee or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options,
either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the shares then subject to such Options either (a) the consideration payable with respect to the outstanding shares of
Common Stock in connection with the Acquisition, (b) shares of stock of the surviving or 

  

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successor corporation or (c) such other securities as the Successor Board deems appropriate, the fair market value of which shall not materially exceed
the fair market value of the shares of Common Stock subject to such Options immediately preceding the Acquisition; or (ii) upon written notice to the optionees, provide that all Options must be exercised, to the extent then exercisable or to be
exercisable as a result of the Acquisition, within a specified number of days of the date of such notice, at the end of which period the Options shall terminate; or (iii) terminate all Options in exchange for a cash payment equal to the excess
of the fair market value of the shares subject to such Options (to the extent then exercisable or to be exercisable as a result of the Acquisition) over the exercise price thereof. 
 C. RECAPITALIZATION OR REORGANIZATION. In the event of a recapitalization or reorganization of the Company (other than a transaction
described in subparagraph B above) pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, an optionee upon exercising an Option shall be entitled to receive for the
purchase price paid upon such exercise the securities he or she would have received if he or she had exercised such Option prior to such recapitalization or reorganization. 
 D. MODIFICATION OF ISOS. Notwithstanding the foregoing, any adjustments made pursuant to subparagraphs A, B or C with respect to ISOs
shall be made only after the Committee, after consulting with counsel for the Company, determines whether such adjustments would constitute a “modification” of such ISOs (as that term is defined in Section 424 of the Code) or would
cause any adverse tax consequences for the holders of such ISOs. If the Committee determines that such adjustments made with respect to ISOs would constitute a modification of such ISOs or would cause adverse tax consequences to the holders, it may
refrain from making such adjustments. 
 E. DISSOLUTION OR LIQUIDATION. In the event of the proposed dissolution or
liquidation of the Company, then the Committee shall, as to outstanding Options, at its discretion provide, upon written notice to the optionees, (i) that all Options must be exercised, to the extent then exercisable within a specified number
of days of the date of such notice, at the end of which period, the Options shall terminate or (ii) that such Options (including those which have not yet vested) shall be exercisable within a specified number of days of such notice, at the end
of which period the Options shall terminate. 
 F. ISSUANCES OF SECURITIES. Except as expressly provided herein, no issuance
by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Options. No
adjustments shall be made for dividends paid in cash or in property other than securities of the Company. 
 G. FRACTIONAL
SHARES. No fractional shares shall be issued under the Plan and the optionee shall receive from the Company cash in lieu of such fractional shares. 
 H. ADJUSTMENTS. Upon the happening of any of the events described in subparagraphs A, B, C or E above, the class and aggregate number of shares set forth in paragraph 4 hereof that are subject to Stock Rights which
previously have been or subsequently may be granted under the Plan shall also be appropriately adjusted to reflect the events described in such subparagraphs. The Committee or the Successor Board shall determine the specific adjustments to be made
under this paragraph 14 and, subject to paragraph 2, its determination shall be conclusive. 
 15. MEANS OF EXERCISING OPTIONS. An Option (or
any part or installment thereof) shall be exercised by giving written notice to the Company at its principal office address, or to such transfer agent as the Company 

  

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shall designate. Such notice shall identify the Option being exercised and specify the number of shares as to which such Option is being exercised,
accompanied by full payment of the purchase price therefor either (a) in United States dollars in cash or by check, (b) at the discretion of the Committee, through delivery of shares of Common Stock having a fair market value equal as of
the date of the exercise to the cash exercise price of the Option, (c) at the discretion of the Committee, by delivery of the grantee’s personal recourse note bearing interest payable not less than annually at no less than 100% of the
lowest applicable Federal rate, as defined in Section 1274(d) of the Code, (d) at the discretion of the Committee and consistent with applicable law, through the delivery of an assignment to the Company of a sufficient amount of the
proceeds from the sale of the Common Stock acquired upon exercise of the Option and an authorization to the broker or selling agent to pay that amount to the Company, which sale shall be at the participant’s direction at the time of exercise,
or (e) at the discretion of the Committee, by any combination of (a), (b), (c) and (d) above. If the Committee exercises its discretion to permit payment of the exercise price of an ISO by means of the methods set forth in clauses
(b), (c), (d) or (e) of the preceding sentence, such discretion shall be exercised in writing at the time of the grant of the ISO in question. The holder of an Option shall not have the rights of a shareholder with respect to the shares
covered by such Option until the date of issuance of a stock certificate to such holder for such shares. Except as expressly provided above in paragraph 14 with respect to changes in capitalization and stock dividends, no adjustment shall be made
for dividends or similar rights for which the record date is before the date such stock certificate is issued. 
 16. TERM AND AMENDMENT OF
PLAN. This Plan was adopted by the Board on March 14, 1997, subject, with respect to the validation of ISOs granted under the Plan, to approval of the Plan by the shareholders of the Company at the next Meeting of Shareholders or, in lieu
thereof, by written consent. If the approval of shareholders is not obtained prior to March 14, 1998, any grants of ISOs under the Plan made prior to that date will be rescinded. The Plan shall expire at the end of the day on March 13,
2007 (except as to Options outstanding on that date). Subject to the provisions of paragraph 5 above, Options may be granted under the Plan prior to the date of shareholder approval of the Plan. The Board may terminate or amend the Plan in any
respect at any time, except that, without the approval of the shareholders obtained within 12 months before or after the Board adopts a resolution authorizing any of the following actions: (a) the total number of shares that may be issued under
the Plan may not be increased (except by adjustment pursuant to paragraph 14); (b) the provisions of paragraph 3 regarding eligibility for grants of ISOs may not be modified; (c) the provisions of paragraph 7(B) regarding the exercise
price at which shares may be offered pursuant to ISOs may not be modified (except by adjustment pursuant to paragraph 14); and (d) the expiration date of the Plan may not be extended. Except as otherwise provided in this paragraph 16, in no
event may action of the Board or shareholders alter or impair the rights of a grantee, without such grantee’s consent, under any Stock Right previously granted to such grantee. 
 17. MODIFICATIONS OF ISOS; CONVERSION OF ISOS INTO NON-QUALIFIED OPTIONS. Subject to paragraph 14(D), without the prior written consent of the holder of
an ISO, the Committee shall not alter the terms of such ISO (including the means of exercising such ISO) if such alteration would constitute a modification (within the meaning of Section 424(h)(3) of the Code). The Committee, at the written
request or with the written consent of any optionee, may in its discretion take such actions as may be necessary to convert such optionee’s ISOs (or any installments or portions of installments thereof) that have not been exercised on the date
of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the optionee is an employee of the Company or a Related Corporation at the time of such conversion. Such actions may include, but shall
not be limited to, extending the exercise period or reducing the exercise price of the appropriate installments of such ISOs. At the time of such conversion, the Committee (with the consent of the optionee) may impose such conditions on the exercise
of the resulting 

  

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Non-Qualified Options as the Committee in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in
the Plan shall be deemed to give any optionee the right to have such optionee’s ISOs converted into NonQualified Options, and no such conversion shall occur until and unless the Committee takes appropriate action. Upon the taking of such
action, the Company shall issue separate certificates to the optionee with respect to Options that are Non-Qualified Options and Options that are ISOs. 
 18. APPLICATION OF FUNDS. The proceeds received by the Company from the sale of shares pursuant to Options granted and Purchases authorized under the Plan shall be used for general corporate purposes. 
 19. NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION. By accepting an ISO granted under the Plan, each optionee agrees to notify the Company in writing
immediately after such optionee makes a Disqualifying Disposition (as described in Sections 421, 422 and 424 of the Code and regulations thereunder) of any stock acquired pursuant to the exercise of ISOs granted under the Plan. A Disqualifying
Disposition is generally any disposition occurring on or before the later of (a) the date two years following the date the ISO was granted or (b) the date one year following the date the ISO was exercised. 
 20. WITHHOLDING OF ADDITIONAL INCOME TAXES. Upon the exercise of a Non-Qualified Option, the transfer of a Non-Qualified Stock Option pursuant to an
arm’s-length transaction, the grant of an Award, the making of a Purchase of Common Stock for less than its fair market value, the making of a Disqualifying Disposition (as defined in paragraph 19), the vesting or transfer of restricted stock
or securities acquired on the exercise of an Option hereunder, or the making of a distribution or other payment with respect to such stock or securities, the Company may withhold taxes in respect of amounts that constitute compensation includible in
gross income. The Committee in its discretion may condition (i) the exercise of an Option, (ii) the transfer of a Non-Qualified Stock Option, (iii) the grant of an Award, (iv) the making of a Purchase of Common Stock for less
than its fair market value, or (v) the vesting or transferability of restricted stock or securities acquired by exercising an Option, on the grantee’s making satisfactory arrangement for such withholding. Such arrangement may include
payment by the grantee in cash or by check of the amount of the withholding taxes or, at the discretion of the Committee, by the grantee’s delivery of previously held shares of Common Stock or the withholding from the shares of Common Stock
otherwise deliverable upon exercise of a Option shares having an aggregate fair market value equal to the amount of such withholding taxes. 
 21. GOVERNMENTAL REGULATION. The Company’s obligation to sell and deliver shares of the Common Stock under this Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance or
sale of such shares. 
 Government regulations may impose reporting or other obligations on the Company with respect to the Plan. For
example, the Company may be required to send tax information statements to employees and former employees that exercise ISOs under the Plan, and the Company may be required to file tax information returns reporting the income received by grantees of
Options in connection with the Plan. 
 22. GOVERNING LAW. The validity and construction of the Plan and the instruments evidencing Stock
Rights shall be governed by the laws of Massachusetts, or the laws of any jurisdiction in which the Company or its successors in interest may be organized. 
  

 9Form of Stand-Alone Agreements for Employees

 EXHIBIT 4.6 
 SIPEX CORPORATION 
 STAND-ALONE STOCK OPTION AGREEMENT 
  

	I.	NOTICE OF STOCK OPTION GRANT 

 «First» «MI» «Last» 
 «Address1» 
 «City», «ST» «Zip» 
 You have been granted a Nonstatutory Stock Option to purchase Common Stock of the Company, subject to the terms and conditions of this Agreement, as follows: 
  

			
	Date of Grant	  	«Grantdate»
	Vesting Commencement Date	  	«VestBaseDate»
	Exercise Price per Share	  	$«OptionPrice»
	Total Number of Shares Granted	  	«SharesGranted»
	Total Exercise Price	  	$«TotalOption»
	Term/Expiration Date:	  	«ExpireDatePeriod1»

 Vesting Schedule: 
 This Option shall vest and may be exercised, in whole or in part, in accordance with the following schedule, subject to the Optionee continuing to be a
Service Provider on such dates: 
  

			
	«VestDatePeriod1»	  	«SharesPeriod1» shares
	«VestDatePeriod2»	  	«SharesPeriod2» shares
	«VestDatePeriod3»	  	«SharesPeriod3» shares
	«VestDatePeriod4»	  	«SharesPeriod4» shares

 Termination Period 
 This Option may be exercised for three (3) months after Optionee ceases to be a Service Provider in accordance with Section 7 of this Agreement.
Upon the death or Disability of the Optionee, this Option may be exercised for one hundred and eighty (180) days after the Optionee 

 
ceases to be a Service Provider in accordance with Sections 8 and 9 of this Agreement. In no event shall this Option be exercised later that the
Term/Expiration Date provided. This Option shall terminate and immediately cease to be exercisable on the date Optionee receives notice of termination for Cause in accordance with Section 10 of this Agreement. 
  

	II.	AGREEMENT 

 1. Definitions. As used
herein, the following definitions shall apply: 
 (a) “Agreement” means this stock option agreement between
the Company and Optionee evidencing the terms and conditions of this Option. 
 (b) “Applicable Laws”
means the requirements relating to the administration of stock options under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the
applicable laws of any foreign country or jurisdiction that may apply to this Option. 
 (c) “Board” means
the Board of Directors of the Company or any committee of the Board that has been designated by the Board to administer this Agreement. 
 (d) “Cause” means conduct involving one or more of the following: (i) the substantial and continuing failure of the Optionee, after notice thereof, to render services to the Company or any Parent
or Subsidiary in accordance with the terms or requirements of Optionee’s employment or business relationship; (ii) gross negligence, willful misconduct, dishonesty, fraud or breach of fiduciary duty to the Company or any Parent or
Subsidiary; (iii) the commission of an act of embezzlement or fraud; (iv) deliberate disregard of the rules or policies of the Company or any Parent or Subsidiary, or breach of an employment or other agreement with the Company or any
Parent or Subsidiary, either of which results in significant direct or indirect loss, damage or injury to the Company or any Parent or Subsidiary; (v) the unauthorized disclosure of any trade secret or confidential information of the Company or
any Parent or Subsidiary; or (vi) the commission of an act which constitutes unfair competition with the Company or any Parent or Subsidiary or which induces any customer or supplier to breach a contract with the Company or any Parent or
Subsidiary. 
 (e) “Change in Control” means 
 (1) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing sixty percent (60%) or more of the total voting power represented by the Company’s then outstanding voting
securities; or 
 (2) a change in the composition of the Board occurring within a two-year period, as a result of which
fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” will mean directors who either (A) are directors of the Company as of June 7, 2005, or (B) are elected, or nominated for election, to the
Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors to the Company); or 
  

 -2- 

 (3) the date of the consummation of a merger or consolidation of the Company with any
other corporation that has been approved by the stockholders of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than sixty percent (60%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company; or 
 (4) the date of the consummation of the sale or disposition by the Company of all or substantially all the Company’s assets. 
 Notwithstanding the foregoing, a “Change in Control” shall not include any transaction or series of transactions involving the Company’s issuance of any equity or debt securities to third parties for
capital raising purposes. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 
 (g) “Common Stock” means the common stock of the Company. 
 (h) “Company” means SIPEX Corporation, a Delaware corporation. 
 (i) “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render
services to such entity. 
 (j) “Director” means a member of the Board. 
 (k) “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 
 (l) “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of
the Company. A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any
successor. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company. 
 (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (n) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 
 (1) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, or is actively traded over-the-counter, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such
exchange or system on the date of grant, or if unavailable, for the 

  

 -3- 

 
last market trading day prior to date of grant, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 (2) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair
Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the last market trading day prior to the day of determination; or 
 (3) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by
the Board. 
 (o) “Nonstatutory Stock Option” means an Option not intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
 (p) “Notice
of Grant” means a written notice, in Part I of this Agreement, evidencing certain the terms and conditions of this Option grant. The Notice of Grant is part of the Option Agreement. 
 (q) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act
and the rules and regulations promulgated thereunder. 
 (r) “Option” means this stock option. 
 (s) “Optioned Stock” means the Common Stock subject to this Option. 
 (t) “Optionee” means the person named in the Notice of Grant or such person’s successor. 
 (u) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e)
of the Code. 
 (v) “Service Provider” means an Employee, Director or Consultant. 
 (w) “Share” means a share of the Common Stock, as adjusted in accordance with Section 11 of this Agreement.

 (x) “Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as defined
in Section 424(f) of the Code. 
 2. Grant of Option. The Board hereby grants to the Optionee named in the Notice of Grant
attached as Part I of this Agreement the Option to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant (the “Exercise Price”), subject to the terms and
conditions of this Agreement. 
  

 -4- 

 3. Exercise of Option. 
 (a) Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of
Grant and the applicable provisions of this Agreement. 
 (b) Method of Exercise. This Option is exercisable by
delivery of an exercise notice, in the form attached as Exhibit A (the “Exercise Notice”), which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the
“Exercised Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be completed by the Optionee and delivered to the Secretary of the Company. The Exercise Notice shall be
accompanied by payment of the aggregate Exercise Price as to all Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price.

 (c) Legal Compliance. No Shares shall be issued pursuant to the exercise of this Option unless such issuance and
exercise complies with Applicable Laws. Assuming such compliance, for income tax purposes the Exercised Shares shall be considered transferred to the Optionee on the date the Option is exercised with respect to such Exercised Shares. 
 (d) Buyout Provisions. The Board may at any time offer to buy out for a payment in cash or Shares an Option previously granted
based on such terms and conditions as the Board shall establish and communicate to the Optionee at the time that such offer is made. 
 4.
Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: 
 (a) cash or check; 
 (b) consideration received by the Company under a cashless exercise program implemented by the Company; 
 (c) surrender of other Shares which (i) in the case of Shares acquired upon exercise of an option, have been owned by the Optionee for more than six (6) months on the date of surrender, and
(ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares. 
 5.
Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by the Optionee. The terms of this
Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 
 6. Term of Option.
This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the terms of this Agreement. Notwithstanding any other provision of this Agreement, in no event shall
this Option be exercised later than the Term/Expiration Date provided. 
 7. Termination of Relationship as a Service Provider. If the
Optionee ceases to be a Service Provider (other than for death or Disability), this Option may be exercised for a period of three (3) months after the date of such termination (but in no event later than the expiration date of 

  

 -5- 

 
this Option as set forth in the Notice of Grant) to the extent that the Option is vested on the date of such termination. To the extent that the Optionee
does not exercise this Option within the time specified herein, the Option shall terminate. 
 8. Disability of Optionee. If the
Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, this Option may be exercised for a period of one hundred and eighty (180) days after the date of such termination (but in no event later than the expiration
date of this Option as set forth in the Notice of Grant) to the extent that the Option is vested on the date of such termination. To the extent that Optionee does not exercise this Option within the time specified herein, the Option shall terminate.

 9. Death of Optionee. If the Optionee dies while a Service Provider, the Option may be exercised at any time within one hundred and
eighty (180) days following the date of death (but in no event later than the expiration date of this Option as set forth in the Notice of Grant), by the Optionee’s estate or by a person who acquired the right to exercise the Option by
bequest or inheritance, but only to the extent that the Optionee was entitled to exercise the Option at the date of death. If, after death, the Optionee’s estate or a person who acquired the right to exercise the Option by bequest or
inheritance does not exercise the Option within the time specified herein, the Option shall terminate. 
 10. Termination for Cause.
If the Optionee is terminated for Cause, this Option shall terminate immediately upon the Optionee’s receipt of written notice of such termination and shall thereafter not be exercisable to any extent whatsoever. 
 11. Adjustments upon Changes in Capitalization, Dissolution, Merger or Asset Sale. 
 (a) Subject to any required action by the stockholders of the Company, the number of shares of Common Stock and class of securities
covered by this Option, as well as the price per share of Common Stock covered by this Option and the vesting schedule, shall be proportionately adjusted (or a substituted option may be granted) for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off, split-up or other
similar event or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible
securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board or its designated committee, whose determination in that respect shall be final, binding and
conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect
to, the number or price of shares of Common Stock subject to this Option. 
 (b) Dissolution or Liquidation. In the
event of the proposed dissolution or liquidation of the Company, the Board or its designated committee shall notify Optionee as soon as practicable prior to the effective date of such proposed transaction. The Board or its designated committee in
its discretion may provide for the Optionee to have the right to exercise his or her 

  

 -6- 

 
Option until fifteen (15) days prior to such transaction as to all of the Optioned Stock covered thereby, including Shares as to which the Option would
not otherwise be exercisable. To the extent it has not been previously exercised, the Option will terminate immediately prior to the consummation of such proposed 
 (c) Merger or Change in Control. In the event of a merger of the Company with or into another corporation, or a Change in Control,
the Option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation in a merger or Change in Control refuses to assume or
substitute for the Option, then the Optionee shall fully vest in and have the right to exercise the Option as to all of the Optioned Stock, including Shares as to which it would not otherwise be vested or exercisable. If the Option is not assumed
or substituted in connection with a merger or Change in Control, the Board or its designated committee shall notify the Optionee in writing or electronically that the Option shall be fully exercisable for a period of fifteen (15) days from
the date of such notice, and the Option shall terminate upon the expiration of such period. For the purposes of this paragraph, the Option shall be considered assumed if, following the merger or Change in Control, the option confers the right to
purchase or receive, for each Share subject to the Option immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Common
Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such
consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Board or its designated committee may, with the consent of the successor corporation, provide for the consideration
to be received upon the exercise of the Option, for each Share subject to the Option, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of common stock
in the merger or Change in Control. 
 12. Notices. Any notice to be given to the Company hereunder shall be in writing and shall be
addressed to the Company at its then current principal executive office or to such other address as the Company may hereafter designate to the Optionee by notice as provided in this Section. Any notice to be given to the Optionee hereunder shall be
addressed to the Optionee at the address set forth beneath his signature hereto, or at such other address as the Optionee may hereafter designate to the Company by notice as provided herein. A notice shall be deemed to have been duly given when
personally delivered or mailed by registered or certified mail to the party entitled to receive it. 
 13. Tax Consequences. Some of
the federal tax consequences relating to this Option, as of the date of this Option, are set forth below. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE OPTIONEE SHOULD CONSULT A TAX ADVISER
BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
 (a) Exercising the Option. The Optionee may incur regular
federal income tax liability upon exercise of a Nonstatutory Stock Option (an “NSO”). The Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair
Market Value of the Exercised Shares on the date of exercise over their aggregate 

  

 -7- 

 
Exercise Price. If the Optionee is an Employee or a former Employee, the Company will be required to withhold from his or her compensation or collect from
Optionee and pay to the applicable taxing authorities an amount in cash equal to a percentage of this compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not
delivered at the time of exercise. 
 (b) Disposition of Shares. If the Optionee holds NSO Shares for at least one
year, any gain realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes. 
 14.
Entire Agreement; Governing Law. This Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with
respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This agreement is governed by the internal substantive laws, but not the choice
of law rules, of California. 
 15. NO GUARANTEE OF CONTINUED SERVICE. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES
PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND
AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUES ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT
ALL, AND SHALL NOT INTERFERE WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
  

 -8- 

 By your signature and the signature of the Company’s representative below, you and the Company agree
that this Option is granted under and governed by the terms and conditions of this Agreement. Optionee has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully
understands all provisions of this Agreement. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board upon any questions relating to this Agreement. Optionee further agrees to notify the
Company upon any change in the residence address indicated below. 
  

									
	OPTIONEE	 		 	SIPEX CORPORATION
			
		 		 	
	Signature	 		 	By:	 	Ralph Schmitt, President & CEO
				
	«First» «MI» «Last»	 		 		 	
				
	Name	 		 		 	
				
	«Address1»	 		 		 	
				
	Residence Address	 		 		 	
				
	«City», «ST» «Zip»	 		 		 	

  

 -9- 

 EXHIBIT A 
 SIPEX CORPORATION 
 EXERCISE NOTICE 
 SIPEX Corporation 
 233 South Hillview Drive 
 Milpitas, CA 95053 
 Attention: 
 Exercise of Option. Effective as of today,         , 200  , the undersigned
(“Purchaser”) hereby elects to purchase          shares (the “Shares”) of the Common Stock of SIPEX Corporation (the “Company”) under and pursuant to the Stock Option
Agreement dated          (the “Option Agreement”). The purchase price for the Shares shall be $        , as required by the Option
Agreement. 
 Delivery of Payment. Purchaser herewith delivers to the Company the full purchase price for the Shares. 
 Representations of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Option Agreement and agrees to abide by
and be bound by their terms and conditions. 
 Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the
Option. The Shares so acquired shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as
provided in Section 11 of the Option Agreement. 
 Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax
consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and
that Purchaser is not relying on the Company for any tax advice. 
 Successors and Assigns. The Company may assign any of its rights
under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be
binding upon Optionee and his or her heirs, executors, administrators, successors and assigns. 

 Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be
submitted by Optionee or by the Company forthwith to the Administrator which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties. 
 Entire Agreement; Governing Law. The Option Agreement is incorporated herein by reference. This Agreement, and the Option Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely
to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This agreement is governed by the internal substantive laws, but not the choice of law rules, of California. 
  

					
	Submitted by:	 		 	Accepted by:
			
	OPTIONEE	 		 	SIPEX CORPORATION
			
		 		 	
	 Signature
	 		 	
		 		 	
	 Print Name
	 		 	
		 		 	
	 Address:
	 		 	Address:
			
		 		 	233 South Hillview Drive
			
		 		 	Milpitas, CA 95053
			
		 		 	Date Received: ______________________

  

 -2-

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